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Stocks entered a bear market earlier this year and are down 14.9% from their peak as of July 27.1 Meanwhile, bonds, which are often a haven for investors in times of trouble, are down 8.8% in the same period.2

Today’s announcement that the US gross domestic product (GDP) declined 0.9% in the second quarter of 2022 is another disappointing addition to this list of gloomy indicators. With two consecutive quarters of negative GDP growth on the books, many investors are no longer wondering whether a recession is coming—they’re wondering if it’s already started. “When you have 2 negative quarters of GDP growth, many news headlines will point to that as a sure sign of a recession,” says Naveen Malwal, institutional portfolio manager with Strategic Advisers, LLC. But while GDP does provide some insight into the health of the US economy, it may not be the whole story.

FundVVIAX0.05%CRSP US Large Cap Value IndexFidelity Large Cap Value Index FundFLCOX0.035%Russell 1000 Value IndexMid-Cap GrowthVanguard Mid-Cap Growth Index FundVMGMX0.07%CRSP US Mid Cap Growth IndexFidelity Mid Cap Growth Index FundFMDGX0.05%Russell Midcap Growth IndexMid-Cap ValueVanguard Mid-Cap Value Index FundVMVAX0.07%CRSP US Mid Cap Value IndexFidelity Mid Cap Value Index FundFIMVX0.05%Russell Midcap Value IndexSmall-Cap GrowthVanguard Small-Cap Growth Index FundVSGAX0.07%CRSP US Small Cap Growth IndexFidelity Small Cap Growth Index FundFECGX0.05%Russell 2000 Growth IndexSmall-Cap ValueVanguard Small-Cap Value Index FundVSIAX0.07%CRSP US Small Cap Value IndexFidelity Small Cap Value Index FundFISVX0.05%Russell 2000 Value IndexReal EstateVanguard Real Estate Index FundVGSLX0.12%MSCI US Investable Market Real Estate 25/50 IndexFidelity Real Estate Index FundFSRNX0.07%Dow Jones U.S.
Vanguard, even compared to the $3,000-minimum Admiral Class shares.

  • On August 3, 2018, Fidelity began offering two new Fidelity ZERO Index Funds with a 0.00% expense ratio, the Fidelity ZERO Total Market Index Fund and the Fidelity ZERO International Index Fund. These funds track proprietary Fidelity indexes covering the total US stock market and the global ex-US mid-/large-cap markets respectively.
    As of January 2019, Fidelity offers four Zero Index Funds, with the addition of Fidelity Large Cap Zero Index Fund (FNILX) and Fidelity Extended Market Zero Index Fund.
  • Fidelity mutual funds do not share the same structure that allows Vanguard mutual funds to avoid distributing capital gains, which may have tax consequences for investors.

Management giant fidelity forum

A new filing with the U.S. Securities and Exchange Commission indicates that asset management giant Fidelity is seeking to create a bitcoin exchange-traded fund (ETF).

The Wise Origin Bitcoin ETF is the latest entrant in a growing race to launch a bitcoin exchange-traded product in the United States. According to the filing, a firm called FD Funds Management LLC is the sponsor of the fund, with Fidelity Service Company, Inc.
serving as administrator. Per the document, FD Funds Management LLC shares the same Boston, MA address as Fidelity’s office.

Fidelity Digital Assets, the asset manager’s crypto-focused arm, will serve as custodian.

Total US Stock MarketVanguard Total Stock Market Index FundVTSAX0.04%CRSP Total Market Index~ 3900Fidelity Total Market Index FundFSKAX0.015%Dow Jones US Total Stock Market Index~ 3700Fidelity ZERO Total Market Index Fund[note 2]FZROX0.00%Fidelity U.S. Total Investable Market Index~ 2700By sizeFund classFund nameTickerERIndex trackedNo.
of holdings[note 1]

S&P 500 / Large-CapVanguard 500 Index FundVFIAX0.04%S&P 500~ 500Fidelity 500 Index FundFXAIX0.015%S&P 500~ 500Fidelity ZERO Large Cap Index FundFNILX0.00%Fidelity U.S. Large Cap Index~ 500Extended MarketVanguard Extended Market Index FundVEXAX0.08%S&P Completion Index~ 3500Fidelity Extended Market Index FundFSMAX0.045%Dow Jones U.S.

Completion Total Stock Market Index[6]~ 3400Fidelity ZERO Extended Market Index FundFZIPX0.00%Fidelity U.S.
Fidelity’s in-house bitcoin price index, per the filing.

“The Trust’s investment objective is to seek to track the performance of bitcoin, as measured by the performance of the Fidelity Bitcoin Index PR (the “Index”), adjusted for the Trust’s expenses and other liabilities,” the filing notes, explaining elsewhere:

“The Trust provides direct exposure to bitcoin, and the Shares of the Trust are valued on a daily basis using the same methodology used to calculate the Index. The Trust provides investors with the opportunity to access the market for bitcoin through a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring bitcoin directly, acquiring it from a bitcoin spot market, or mining it.”

The fund’s name is similar to the Wise Origin Bitcoin Index Fund I, launched in August 2020 by Fidelity.

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Fidelity InvestmentsFormerlyFidelity Management and ResearchFounded1946FounderEdward C. Johnson IIHeadquartersBoston, Massachusetts

with regional offices in

United States Canada Europe

Asia / PacificAbigail Johnson (CEO)ProductsAUMUS$10.4 trillion [1]41,329 [2]WebsiteFidelity

Fidelity Investments, commonly referred to as Fidelity, earlier as Fidelity Management & Research (FMR), is a giant Boston-based mutual fund company and financial supermarket, and Vanguard’s biggest competitor in recent years.[3] Fidelity is sometimes credited with transforming the mutual fund business from a stodgy conservative world of funds managed by committee into the model of active funds managed by stock-picking superstar managers.

The building blocks of Boglehead-style investing are low-expense-ratioindex mutual funds and/or ETFs, which are available at Fidelity.

Bitcoin,” a company spokesperson told Reuters on June 1.

Fidelity Digital’s president Tom Jessop confirmed the news, explaining that:

“As the demand for digital assets continues to steadily grow and the marketplace evolves, we will continue to expand our hiring efforts.”

It is worth noting that the recent hiring spree seems to be part of the company’s wider efforts in jumping on the crypto bandwagon and intensifying crypto adoption in its operations.

Fidelity’s crypto efforts and intentions

Namely, over a year ago, in April 2021, Finbold reported on Jessop stating that the adoption of Bitcoin (BTC) in the financial sector had reached its tipping point during its bull run at the time, projecting the acceleration of crypto as an investment class while taking center stage in the traditional finance ecosystem.

Things appear to be gradually leveling off or slowing down.” While these are clear signs of an economic slowdown, Malwal believes that this doesn’t necessarily show the contraction that one would expect if we were in a recession.

What can investors watch for?

“I’m often asked, ‘Is the recession here?’ or ‘Is it coming soon?,'” says Malwal. “And the truth is that it’s nearly impossible to predict the start or end of a recession. It’s also exceedingly difficult to determine when stocks and bonds may find a bottom and start to recover.

Maybe we will experience more market volatility. Or perhaps the worst is behind us.”

“What we know from history is that recessions come and go,” says Malwal. “But stocks have historically risen over time. That’s why I believe it’s important that investors not react too strongly to predictions of what’s going to come.

Long Treasury IndexTIPSVanguard Inflation Protected Securities Fund[note 4]VAIPX0.10%Not an index fundFidelity Inflation-Protected Bond Index FundFIPDX0.05%Bloomberg Barclays U.S. TIPS IndexMunicipal BondVanguard Tax-Exempt Bond Index FundVTEAX0.09%S&P National AMT-Free Municipal Bond IndexFidelity Municipal Bond Index FundFMBIX0.07%Bloomberg Barclays Municipal Bond IndexCorporateFund classFund nameTickerERIndex trackedShort-Term AggregateVanguard Short-Term Bond Index FundVBIRX0.07%Bloomberg Barclays U.S.

1-5 Year Government/Credit Float Adjusted IndexFidelity Short-Term Bond Index FundFNSOX0.03%Bloomberg Barclays U.S.

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