Details
Morningstar Category
Foreign Large Blend
Fund Inception
11/05/1997
09/08/2011
04/29/20240.035%
04/29/20240.035%
01/08/2025$47.99
Minimum to Invest
$0.00
08/31/20244.00%
12/31/2024$51,283.49
12 Month Low-High
12/31/2024$45.95 - $53.93
Fund Manager(s)  footnote 4
Commentary
Fund Overview
Average Annual Total Returns  footnote 2 footnote 3 footnote 9 footnote 10
AS OF 12/31/2024
Fund Inception 11/05/1997
Hypothetical Growth of $10,000  footnote 9 footnote 11
AS OF 12/31/2024
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The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.
Calendar-Year Total Returns  footnote 2 footnote 3 footnote 9 footnote 10
AS OF 12/31/2024
Quarter-End Average Annual Total Returns  footnote 2 footnote 3 footnote 9
AS OF 12/31/2024
Fund Inception 11/05/1997
 0.035% AS OF 04/29/2024
Cumulative Total Returns  footnote 2 footnote 3
AS OF 12/31/2024
*AS OF 01/08/2025
Fund inception 11/05/1997
Fund Risk and Return
AS OF 12/31/2024
Risk
Volatility Measures
12/31/20241.05
12/31/20240.98
12/31/2024-0.13
12/31/202417.80
Historical Fund Performance  footnote 3
Characteristics & Attribution
Morningstar Ratings
AS OF 12/31/2024
Lipper Ranking
AS OF 12/31/2024
Major Market Sectors  footnote 12
AS OF 11/30/2024
Equity StyleMap®*  footnote 5
AS OF 11/30/2024
AS OF 11/30/2024
Top 10 Holdings  footnote 12
AS OF 11/30/2024
Regional Diversification  footnote 12
AS OF 11/30/2024
Country Diversification  footnote 12
AS OF 11/30/2024
Currency Diversification  footnote 12
AS OF 11/30/2024
Historical Fund Information
Fund Facts
February
Fund Inception
11/05/1997
09/08/2011
12/31/2024$51,283.49
Fund Number
2363
Fund Symbol
FSPSX
04:00 PM EST
Prospectus & Reports
Expenses & Fees
04/29/2024($0.35 per $1,000)0.035%
04/29/2024($0.35 per $1,000)0.035%
Dividend History
Capital Gains History
Minimums
Initial Investment
$0.00
Additional Investment
$0.00
Initial IRA Investment
$0.00
Additional IRA Investment
$0.00
Initial Group Retirement Investment
$0.00
Additional Group Retirement Investment
$0.00
Pricing
AS OF 12/31/2024
01/08/2025$47.99
12 Month Low-High
$45.95 - $53.93
On
12/31/2024$47.54
Price History By Month
Features
Fidelity® International Index Fund: Quarterly Fund Review
SEPTEMBER 30, 2024
View as PDF
Performance Review

The fund finished the third quarter in line with the 7.29% advance of the MSCI EAFE Index. A required tax withholding and foreign tax reclaims from a prior fiscal year was positive for the fund, while a fair value pricing adjustment and the performance variance between futures held by the fund (to equitize cash and accruals) and that of the index had slightly negative impacts. Efficient trading and implementation strategies helped limit transaction costs while replicating the exposures and characteristics of the index.

Equities, as represented by the MSCI EAFE Index, posted solid gains in Q3. This quarter, the U.S. Federal Reserve, Bank of England, Bank of Canada and European Central Bank each cut interest rates, supporting the trend of global monetary easing. Japan remained the outlier by hiking rates. Global disinflation trends continued, as core inflation fell across most major developed and emerging economies. The combination of lower core inflation, falling energy and food costs, and recent cuts in policy rates across most major central banks, all support household real incomes and consumer spending. Corporate earnings growth has reaccelerated across all regions, and for the first time in more than a year, earnings-per-share growth in non-U.S. markets is even with or surpassing the pace in the U.S. Global manufacturing activity decelerated in Q3 but was offset by positive momentum in global services activity and generally stable employment across both developed and emerging markets. Against this dynamic backdrop, by region, Asia Pacific ex Japan (+14%) delivered the strongest result in the MSCI EAFE index, lifted by strong results in Hong Kong (+24%) and Singapore (+18%). The U.K. (+8%) followed, in the wake of its general election results that fueled hopes of a sustained economic recovery. Conversely, Europe ex U.K. (+6%) lagged, hampered by a weak result in Denmark, while Japan (-6%) also underperformed. From a style perspective, value shares outpaced growth, while small-cap stocks topped larger-caps. By sector, interest-rate-sensitive real estate (+17%) and utilities (+15%) posted the biggest gains in Q3. Communication services (+12%) followed, propelled by telecommunication services (+12%). In contrast, energy (-6%) lagged the most, as oil prices dipped. Information technology (-2%) also declined, hampered by questions about the durability of artificial intelligence-related spending.

Regardless of the market environment, we continue to apply a disciplined investment process across all our strategies, relying on highly skilled professionals and robust investment infrastructure. Investment performance is the foundation of our value proposition for shareholders. This is true of our comprehensive suite of low-cost index funds. We expect our index funds to deliver low tracking difference, which is the difference in a fund's performance to that of its stated benchmark. We also seek to minimize tracking error, which measures the volatility of these return differences over a period of time. Whether it's through solid trading techniques for funds that replicate an index or our optimization techniques, when necessary, we are focused on delivering returns in line with benchmark performance. ■

LARGEST ABSOLUTE CONTRIBUTORS
Holding Market Segment Average Weight Contribution (basis points)*
Roche Holding AG (participation certificate) Health Care 1.27% 17
SAP SE Information Technology 1.28% 15
Unilever PLC Consumer Staples 0.88% 15
AIA Group Ltd. Financials 0.45% 15
ICE MSCI EAFE Index Contracts Futures and Options 2.04% 12
* 1 basis point = 0.01%.
LARGEST ABSOLUTE DETRACTORS
Holding Market Segment Average Weight Contribution (basis points)*
Novo Nordisk A/S Series B Health Care 2.51% -51
ASML Holding NV (Netherlands) Information Technology 2.07% -48
Toyota Motor Corp. Consumer Discretionary 1.13% -16
Shell PLC (London) Energy 1.29% -12
Tokyo Electron Ltd. Information Technology 0.50% -11
* 1 basis point = 0.01%.
Fidelity® International Index Fund: Investment Approach
  • Fidelity® International Index Fund is a diversified international equity strategy that seeks to closely track the returns and characteristics of the MSCI EAFE Index, a market-cap-weighted index that includes large/mid-cap firms in 21 developed-markets countries, excluding the U.S. and Canada.
  • The fund employs a replication/efficient-substitution approach; it holds as many index names at approximate index weights as possible. In some instances, it may be impractical or even impossible for the fund to hold a specific index security. For example, the fund may be subject to foreign ownership restrictions, round-lot size constraints, compliance limitations, or liquidity or tax issues. Acceptable substitutes may include depository receipts of affected companies.
  • The fund may use fair-value pricing techniques to better reflect the value of foreign securities whose prices may be stale due to differences in market-closure times and dates around the world. Fair-value pricing is an adjustment process that attempts to best represent the value of fund holdings as of the close of trading in U.S. markets, accounting for any major changes occurring after the close of foreign markets. The MSCI EAFE does not engage in fair-value pricing; differences between fund and index pricing methodologies may cause short-term discrepancies in performance, which tend to smooth out over time.