The Short Answer
FSKAX is the Fidelity Total Market Index Fund — a single fund that holds approximately 3,900 U.S. stocks, from Apple and Microsoft down to small regional companies, tracking the entire U.S. stock market at a 0.015% annual expense ratio. It's the lowest-cost, broadest U.S. equity fund at Fidelity. For ITIN holders using a Fidelity Roth IRA, FSKAX is typically the 80% core holding in an index fund portfolio.
(= $1.50 per $10,000)
(entire market)
in a Fidelity IRA
What Is FSKAX?
FSKAX — ticker symbol for the Fidelity Total Market Index Fund — is a passively managed mutual fund that tracks the Dow Jones U.S. Total Stock Market Index. Unlike actively managed funds where a team of analysts picks stocks, FSKAX simply holds every publicly traded U.S. company in proportion to its size. No guessing, no manager fees, no churn.
When you own FSKAX, you own a tiny slice of the entire U.S. economy. That includes:
- Large-cap stocks (S&P 500 companies like Apple, Microsoft, Amazon, NVIDIA) — roughly 82% of the fund
- Mid-cap stocks — companies in the middle range of market size — roughly 11%
- Small-cap stocks — smaller regional and growth companies — roughly 7%
Because large companies make up most of the index by weight, FSKAX behaves similarly to an S&P 500 fund day-to-day — but the small- and mid-cap exposure adds breadth that the S&P 500 alone doesn't capture.
Why "total market" matters
The S&P 500 covers about 80% of the U.S. market by capitalization. The total market index covers nearly 100%. Over long periods, small- and mid-cap stocks have historically delivered return premiums over large caps — so owning the total market gives you that upside without having to pick which small companies will win.
What Does FSKAX Hold?
FSKAX holds approximately 3,900 individual stocks. Here's how the portfolio breaks down by sector:
Approximate allocations — weights shift as market values change.
The top individual holdings are the largest U.S. companies by market cap: Apple, Microsoft, NVIDIA, Amazon, Alphabet (Google), Meta, Berkshire Hathaway, and others. Each individual company, even the biggest, makes up only a few percent of the total fund — so no single company's failure can significantly damage your portfolio.
The 0.015% Expense Ratio, In Dollars
FSKAX charges 0.015% per year — that's $0.15 per $1,000 invested. Here's what that means at different portfolio sizes:
| Portfolio Size | Annual Fee (0.015%) | Monthly Fee | What You Keep |
|---|---|---|---|
| $5,000 | $0.75 | $0.06 | $4,999.25 |
| $10,000 | $1.50 | $0.13 | $9,998.50 |
| $50,000 | $7.50 | $0.63 | $49,992.50 |
| $100,000 | $15.00 | $1.25 | $99,985.00 |
For comparison: the average actively managed U.S. equity mutual fund charges around 0.66% per year. On a $50,000 portfolio, that's $330/year vs FSKAX's $7.50. The difference compounds dramatically over 30 years — not just the $322/year you saved, but all the growth that money would have generated if it had stayed invested.
The compounding cost of high fees
A 1% annual fee on a $100,000 portfolio over 30 years at 7% growth costs you roughly $180,000 in lost final value compared to FSKAX's 0.015%. That's not a typo — one percent per year, compounded over decades, erases more than the original investment.
FSKAX vs Alternatives
Several funds compete in the "broad U.S. market" space. Here's how FSKAX stacks up:
| Fund | Expense Ratio | Structure | Coverage | Transferable? |
|---|---|---|---|---|
| FSKAX | 0.015% | Mutual fund | Total U.S. (~3,900) | Yes |
| FZROX | 0.00% | Mutual fund | Total U.S. (~2,700) | No — Fidelity only |
| VTI | 0.03% | ETF | Total U.S. (~3,700) | Yes |
| FXAIX | 0.015% | Mutual fund | S&P 500 only (500) | Yes |
| VOO | 0.03% | ETF | S&P 500 only (500) | Yes |
| SPY | 0.0945% | ETF | S&P 500 only (500) | Yes |
FSKAX vs FZROX: FZROX's 0.00% expense ratio is attractive, but the fund uses a proprietary Fidelity index with fewer holdings (~2,700 vs ~3,900) and cannot be transferred to another brokerage. If you ever switch from Fidelity, you'd have to sell FZROX first — which triggers a taxable event in a taxable account (not a problem inside a Roth IRA). For most long-term Roth IRA investors, the cost difference of $1.50/year per $10,000 is trivial.
FSKAX vs FXAIX: Both charge 0.015%, but FXAIX tracks only the S&P 500 (500 companies) while FSKAX covers the entire U.S. market (~3,900 companies). FSKAX gives broader diversification including small- and mid-cap exposure that FXAIX lacks.
FSKAX vs VTI: Very similar coverage and different fund structures. At Fidelity, FSKAX is the natural choice — you get fractional dollar investing, no bid-ask spread, and a slightly lower expense ratio (0.015% vs 0.03%).
Why ITIN Holders Use FSKAX
As an ITIN holder, you likely cannot access Social Security retirement income — which makes building your own retirement savings through a Roth IRA especially important. FSKAX fits that goal well for several reasons:
- No minimum investment — you can start with whatever you have, even $1, inside a Fidelity Roth IRA
- Fractional dollar investing — Fidelity lets you invest exactly $288 biweekly without worrying about share prices
- No ongoing decisions — you don't need to research individual companies or time the market; the fund rebalances itself automatically
- Tax-free growth inside a Roth IRA — dividends and capital gains accumulate tax-free; the only cost is the 0.015% expense ratio
- Portable — if you ever move your Roth IRA to another brokerage, FSKAX transfers in-kind without triggering a sale
The 80/20 two-fund strategy
Most ITIN holders on this site hold FSKAX as 80% of their Roth IRA, paired with FTIHX (Fidelity Total International Index Fund) at 20%. The combination gives you exposure to the entire global stock market — U.S. and international — at a blended expense ratio under 0.03%. See the stock vs. index fund guide for more on why this two-fund approach works.
How to Buy FSKAX in a Fidelity Roth IRA
If you already have a Fidelity Roth IRA, buying FSKAX takes about 90 seconds:
- Log in to Fidelity at fidelity.com
- Click on your Roth IRA account
- Select Trade → Mutual Funds
- In the "Symbol" field, type FSKAX and press Enter
- Choose Buy, then select Dollars (not shares)
- Enter your dollar amount — for example, $288
- Choose Next Business Day for the settlement date
- Review the order and confirm
Fidelity processes mutual fund orders at the market close (4:00 PM ET). Orders placed before the close execute at that day's price (called the NAV — net asset value). Orders placed after the close execute the following business day.
Setting up automatic contributions
In Fidelity, you can set up a recurring transfer from your bank account and a recurring buy of FSKAX on the same schedule — for example, every two weeks on payday. This automates the $288 biweekly contribution and removes the need to log in and manually invest each time. Under "Accounts & Trade" → "Automatic Investments" in the Fidelity menu.
Frequently Asked Questions
Does FSKAX pay dividends?
Yes. FSKAX distributes dividends quarterly, typically in March, June, September, and December. Inside a Roth IRA, dividends are automatically reinvested without taxes — they just become more shares of FSKAX. In a taxable brokerage account, dividends are taxable income in the year you receive them.
Is FSKAX the same as the S&P 500?
No — similar but broader. The S&P 500 holds the 500 largest U.S. companies. FSKAX holds approximately 3,900 U.S. companies including medium and small ones. Day-to-day performance is very similar because large caps dominate both indexes, but FSKAX provides additional diversification in smaller companies that the S&P 500 misses.
What happens to FSKAX in a market crash?
FSKAX drops along with the overall U.S. market. During the 2020 COVID crash, the U.S. total market fell roughly 34% in five weeks — then fully recovered within about five months and reached new highs. During the 2022 bear market, it fell about 20% before recovering. Total market index funds have recovered from every major crash in U.S. history. The risk is a temporary decline, not permanent loss — if you stay invested and keep contributing.
Should I buy FSKAX or FXAIX in my Roth IRA?
Both charge 0.015% and both are excellent. FSKAX is broader — ~3,900 companies vs FXAIX's 500 — giving you small- and mid-cap exposure. If you want to match the S&P 500 exactly, FXAIX does that. If you want the full U.S. market, FSKAX is the better fit. Most long-term investors at Fidelity use FSKAX for its wider coverage at the same cost.
Can I hold FSKAX outside a Roth IRA?
Yes — you can hold FSKAX in any Fidelity account: taxable brokerage, traditional IRA, rollover IRA, or 401(k) if your employer's plan offers it. Inside a Roth IRA, the growth is tax-free. In a taxable account, you'll owe taxes on dividends and capital gains distributions each year, plus capital gains tax when you sell.
How often should I buy FSKAX?
The most straightforward approach is to buy on a fixed schedule — every paycheck, or monthly. This is called dollar-cost averaging: you automatically buy more shares when prices are low and fewer when prices are high. It removes the temptation to try to time the market, which research consistently shows is a losing strategy even for professionals.