Fidelity’s Largest Money Market Fund Waives $247 Million of Fees
- Fidelity Government fund’s waivers grew along with assets
- Fund firm took the step to avoid negative yields for investors
The financial fallout from the pandemic has led to surging assets for Fidelity Government.
Photographer: Alexi Rosenfeld/Getty Images North AmericaThis article is for subscribers only.
Fidelity Investments has waived nearly $250 million in fees and expenses for its largest money market fund, a sign of how low yields pressured the products in an unprecedented year.
The Fidelity Government Money Market Fund reported the figure for the six months ended Oct. 31 in a filing last week. Without the waivers, investors in the $212 billion fund would have faced negative yields on their holdings.