FGKPX
Fidelity SAI Emerging Markets Low Volatility Index Fund
Fidelity Salem Street Trust
Index fund
Expense ratio1
0.24%
Net assets2
$2.72B
Holdings2
165
Category
International Equity
2025 return3
12.61%

Investment objective & strategy

As of Dec. 29, 2025 · prospectus

Objective. Fidelity SAI Emerging Markets Low Volatility Index Fund seeks to provide investment results that correspond to the total return of low volatility emerging markets stocks.

Strategy. Normally investing at least 80% of assets in securities included in the Fidelity Emerging Markets Low Volatility Focus IndexSM. The Fidelity Emerging Markets Low Volatility Focus Index SM reflects the performance of a broad range of emerging markets equities that in the aggregate have lower volatility relative to the broader emerging equity markets. The universe of equities for consideration in the index, which is intended to reflect the broader emerging markets equity markets, consists of the largest emerging markets equities based on float-adjusted market capitalization and certain liquidity and investability requirements. To determine whether a country qualifies as an emerging market, Fidelity uses both quantitative and qualitative inputs, including definitions provided by S&P Dow Jones Indices and certain other inputs … Normally investing at least 80% of assets in securities included in the Fidelity Emerging Markets Low Volatility Focus IndexSM. The Fidelity Emerging Markets Low Volatility Focus Index SM reflects the performance of a broad range of emerging markets equities that in the aggregate have lower volatility relative to the broader emerging equity markets. The universe of equities for consideration in the index, which is intended to reflect the broader emerging markets equity markets, consists of the largest emerging markets equities based on float-adjusted market capitalization and certain liquidity and investability requirements. To determine whether a country qualifies as an emerging market, Fidelity uses both quantitative and qualitative inputs, including definitions provided by S&P Dow Jones Indices and certain other inputs that include, but are not limited to, development of the market and exchange, market capitalization and liquidity, GDP per capita and sovereign debt rating. The Fidelity Emerging Markets Low Volatility Focus Index SM is constructed using Fidelity's rules-based proprietary index methodology. Equities are ranked and given a composite score based on low five-year standard deviation of price returns and low five-year beta. Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives. Using statistical sampling techniques based on such factors as capitalization, industry exposures, dividend yield, price-to-earnings (P/E) ratio, price-to-book (P/B) ratio, earnings growth, and country weightings to attempt to replicate the returns of the Fidelity Emerging Markets Low Volatility Focus Index?. Lending securities to earn income for the fund.

Top holdings

As of Jan. 31, 2026 · N-PORT
SecurityTickerValue% of fund
SAMSUNG ELECTRONICS CO LTD $64.62M 2.38%
HYUNDAI MOBIS $56.48M 2.08%
SINOPEC CORP-H $44.20M 1.63%
TECH MAHINDRA LT $44.07M 1.62%
ADV INFO SVC-F $43.93M 1.62%
HCL TECH LTD $42.72M 1.57%
ICBC-H $40.71M 1.50%
KT&G CORP $40.56M 1.49%
INFOSYS LTD COMMON STOCK INFY* $40.27M 1.48%
CHINA SHENHUA-H $39.99M 1.47%
View all holdings →

Allocation by sector

As of January 31, 2026 · N-PORT
View portfolio breakdown →

Portfolio moves

Oct 31, 2025 → Jan 31, 2026
Opened
22
Exited
4
Increased
5
Decreased
135
Unchanged
3

How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.

View portfolio moves →

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Advisers

As of October 31, 2025 · N-CEN
FirmRole
Fidelity Management & Research Company LLC Adviser
Geode Capital Management, LLC Sub-adviser

Footnotes

  1. Expense ratio as of December 29, 2025, from the fund's prospectus.
  2. Net assets and holdings count as of January 31, 2026, from the fund's N-PORT filing.
  3. Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).

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