Fidelity® U.S. Total Market Index Strategy

A separately managed account that seeks to approximate the pre-tax returns and risk profile of the Fidelity U.S. Total Investable Market Index by investing large, mid, and small cap U.S. stocks, while using tax-smart strategies in an effort to enhance after-tax returns in taxable accounts.3

Investment objective: A direct indexing approach that seeks the long-term growth potential of the full range of the U.S. stock market by pursuing the pre-tax returns and risk characteristics of the Fidelity U.S. Total Investable Market Index.


Types of investments: Primarily US large-cap, mid-cap, and small-cap stocks

Investment minimum: $100,0001


Eligible Registration Types: Taxable only


Gross annual advisory fee: 0.20% – 0.40% 2 (varies based on total assets invested)

Your account will be managed in an effort to provide long-term growth, diversified across large, mid, and small cap U.S. stocks to create a multi-cap U.S. equity exposure.


Strategic Advisers LLC (Strategic Advisers) constructs portfolios by seeking to approximate pre-tax returns and risk characteristics of the Fidelity U.S. Total Investable Market IndexSM. The Fidelity U.S. Total Investable Market Index is designed to provide an allocation to a broad range of U.S. stocks. The index is constructed from a starting universe of the largest 3000 U.S. stocks, representing approximately 98% of the total available U.S. equity market. The final constituent count of the index can be less than 3,000 stocks if enough stocks do not survive the liquidity and investability screens.


Fidelity U.S. Total Investable Market Index


Benchmark market capitalization as of 12/31/2024


Chart showing the market capitalization breakdown by number of companies and percentage of index represented.


Indexes are unmanaged. It is not possible to invest directly in an index. This illustration is not intended to represent performance of any Fidelity account. Investing in this manner involves risk, including the risk of loss, and will not ensure a profit. Diversification does not ensure a profit or guarantee against loss.

Source: Fidelity Investments and FactSet as of 12/31/24.


A Total Market Index approach diversifies exposure to US equities over a broad range of large, mid, and small-cap stocks:


  • Large-cap stocks may pay dividends to shareholders and are generally more conservative investments than stocks issued by smaller companies, potentially posing less risk and less growth potential than small- and mid-cap stocks.
  • Mid-cap stocks may offer more growth potential than large-caps, and potentially less risk than small-caps.
  • Small-cap stocks may offer significant growth potential to long-term investors while exhibiting greater volatility and risk than stocks issued by larger companies.
  • Exposure to a variety of market caps may help diversify portfolios and support clients in the pursuit of their long-term financial goals.

Your equity SMA will be managed in an effort to harness the long-term growth potential of stocks while seeking to enhance after-tax returns through the ongoing monitoring and application of tax-smart investing strategies.3 In fact, 94% of our clients investing in SMAs in taxable accounts have had their advisory fees covered by the tax savings provided.4


Beyond tax-loss harvesting—our comprehensive tax-smart approach


When it comes to tax management, not every approach is the same. Our approach is ongoing, active, and consistent. We evaluate your account during every trading day in search of tax-loss harvesting opportunities. We also look for ways to apply a number of other strategies that have potential to create additional tax savings.


Visualizes Fidelity's tax-smart approach, including harvest tax losses, defer realizing short-term gains, manage tax lots, and transition existing holdings.

We take a disciplined and thoughtful approach to building and maintaining your account by applying a number of tax-sensitive techniques designed to help reduce the impact of taxes and enhance after-tax returns3 in an effort to help you achieve your financial goals.


Visualizes Fidelity's tax-smart approach, including harvest tax losses, defer realizing short-term gains, manage tax lots, and transition existing holdings.

More information