Fund Evaluator:
Fidelity U.S. Bond Index (FXNAX)
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Best Performing in Intermediate Core Bond Over the Last Year
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| 5.0% | Aristotle Pacific EXclusive Series I (APXIX) |
| 4.5% | Nuveen Core Impact Bond I (TSBHX) |
| 4.3% | Carillon Reams Core Bond I (SCCIX) |
Fund Details
Fidelity U.S. Bond Index Overview
Fidelity U.S. Bond Index (FXNAX) is a passively managed Taxable Bond Intermediate Core Bond fund. Fidelity Investments launched the fund in 2011.
The investment seeks to provide investment results that correspond to the aggregate price and interest performance of the debt securities in the Bloomberg U.S. Aggregate Bond Index. The fund normally invests at least 80% of the fund's assets in bonds included in the Bloomberg U.S. Aggregate Bond Index. Its manager uses statistical sampling techniques based on duration, maturity, interest rate sensitivity, security structure, and credit quality to attempt to replicate the returns of the Bloomberg U.S. Aggregate Bond Index using a smaller number of securities. The fund invests in Fidelity's central funds.
About Fidelity U.S. Bond Index (FXNAX)
There are 3 members of the management team with an average tenure of 4.82 years: Brandon Bettencourt (2014), Mark Lande (2024), Van Eswara (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Fidelity U.S. Bond Index has 10435 securities in its portfolio. The top 10 holdings constitute 7.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Fidelity U.S. Bond Index is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Fidelity U.S. Bond Index has 6.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.9% (93.8% domestic bond, 6.1% foreign bond and 0.0% convertible bond). Fidelity U.S. Bond Index has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $69 billion in total assets, which is above the $3 billion average for the Intermediate Core Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FXNAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity U.S. Bond Index expense ratio is low compared to funds in the Intermediate Core Bond category. Fidelity U.S. Bond Index has an expense ratio of 0.03%, which is 96% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity U.S. Bond Index has a portfolio turnover rate of 45%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 150% for the Intermediate Core Bond category.
Recently, in the month of June 2026, Fidelity U.S. Bond Index returned 0.2%, which earned it a grade of D, as the Intermediate Core Bond category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Fidelity U.S. Bond Index has a trailing yield of 3.73%, which is below the 3.97% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Fidelity U.S. Bond Index Grades
Year to date, the fund has returned 0.7%, 0.1 percentage points better than the category, which translates into a grade of B. The fund has returned 3.8% over the past year (grade of B), 4.1% over the past three years (grade of C) and 0.1% per year over the past five years (grade of C) and 1.5% per year over the past 10 years (grade of C).
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FXNAX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FXNAX Return (NAV) | 0.2% | 0.7% | 3.8% | 4.1% | 0.1% | 1.5% |
| FXNAX Grade | D | C | B | C | C | C |
| +/- Category | -0.0% | -0.0% | 0.1% | -0.0% | 0.1% | -0.1% |
| Intermediate Core Bond Avg | 0.2% | 0.7% | 3.7% | 4.2% | -0.0% | 1.6% |
| FXNAX Tax Cost Ratio | na | na | 1.2% | 1.0% | 0.9% | 0.9% |
FXNAX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FXNAX Return (NAV) | 0.7% | 7.1% | 1.3% | 5.5% | -13.0% | -1.8% | 7.8% | 8.5% | 0.0% | 3.5% | 2.5% |
| FXNAX Grade | B | C | D | C | B | D | C | C | B | C | D |
| +/- Category | 0.1% | 0.1% | -0.2% | -0.1% | 0.1% | -0.3% | -0.3% | 0.0% | 0.4% | -0.1% | -0.3% |
| Intermediate Core Bond Avg | 0.6% | 7.0% | 1.6% | 5.6% | -13.2% | -1.5% | 8.1% | 8.5% | -0.4% | 3.6% | 2.8% |
| Risk Measures | |
| Standard Deviation: | 5.5% |
| Total Risk Index: | 0.45 - Low |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (54% Rank) |
| Beta: | 1.00 |
| R-Squared: | 100% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | None |
| Total Assets: | $69164 Mil |
| Fund Total Assets: | $69,165 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 45% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 12.1 years | |||
| Average Tenure: 4.8 years | |||
| Managers (Year): Bettencourt Brandon (2014), Lande Mark (2024), Eswara Van (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 10435 |
| % in Top 10 Holdings: | 7.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 93.8% |
| Foreign Bond: | 6.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-8544 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | May 4, 2011 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.03% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.57% |
| Share Class: | Fidelity U.S. Bond Index |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
