The Wall Street Journal - 07.10.2019

THE WALL STREET JOURNAL. Monday, October 7, 2019 |R3

ZEROminimum investment

mutual funds

4

ZEROexpense ratio

index mutual funds

Lowerexpense ratios onALLcomparable

stock and bond index mutual funds

FIDELITY®

YES

YES

YES

YES

VANGUARD®

NO

NO

NO

24/7live customer service NO

REAL

VALUE

24/7

With live24/7customer service, the industry’s first zero expense ratio index funds

available directly to investors,

1

and stock and bond index funds with lower expenses

thanALLcomparable Vanguard funds,

2, 3

there’s zero reason to invest anywhere else.

VisitFidelity.com/indexinvestingor call800.FIDELITYto find

out more about investing in Fidelity mutual funds.

Only at Fidelity.

Before investing, consider the funds’ investment objectives, risks, charges, and expenses. Contact Fidelity

for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

Fidelity now offers the Fidelity ZERO Total Market Index Fund (FZROX), Fidelity ZERO International Index Fund (FZILX), Fidelity ZERO Large Cap Index Fund (FNILX), and Fidelity ZERO Extended Market Index Fund

(FZIPX). Fidelity ZERO Index Funds, the industry’s first self-indexed mutual funds with a permanent zero gross expense ratio, are available directly to individual investors who purchase their shares through a Fidelity retail

brokerage account.

As of May 1, 2019, Fidelity contractually lowered fund operating expense ratios. See Fidelity.com/indexinvesting for more detail.

Fidelity beats Vanguard on expenses on 23 of 23 comparable stock and bond index funds, across all Vanguard share classes with a minimum investment of less than $3 billion. Total expense ratios as of July 16, 2019. Please

consider other important factors including that each fund’s investment objectives, strategy, and index tracked to achieve its goals may differ, as well as each fund’s features and risks.

Vanguard offers other share classes of these funds with different investment minimums and expense ratios.

The trademarks and service marks appearing herein are the property of their respective owners.

Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.

Fidelity Brokerage Services LLC, Member NYSE, SIPC. © 2019 FMR LLC. All rights reserved. 852336.10.0