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Under the Additional Disclosures heading of the fund overview for the Fidelity Extended Market Index Fund it states:

This description is only intended to provide a brief overview of the mutual fund. Read the fund's prospectus for more detailed information about the fund.

The Dow Jones U.S. Completion Total Stock Market Index is an unmanaged index that represents all U.S. equity issues with readily available prices, excluding components of the S&P 500.

Returns prior to September 8, 2011 are those of the Premium Class and reflect the Premium Class' expense ratio. Had the Institutional Premium Class' expense ratio been reflected, total returns would have been higher.

See https://fundresearch.fidelity.com/mutual-funds/summary/315911743 for the full description.

What is meant by "excluding components of the S&P 500" in the second paragraph? What are the components it is referring to and how can I know which ones are excluded from this index?

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  • "Excluding" components of the S&P 500 means that they are not included. To determine which ones they are, you'd have to google for a list of S&P 500 components. Jul 12 at 13:24
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The components of the S&P 500 are 500 of the largest publicly-traded companies in the US. The index you're referring to is attempting to represent the rest of the US stock market.

Quite possibly, it can be used by investors that already have large exposure to the S&P Index, but want to expand to the entire stock market without liquidating their existing positions (likely for capital gains purposes). They can add on funds that track this "extended" index without having any overlap with their existing funds.

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