Fidelity
Fidelity Exchange Fund
OpenForm D amended 2026-06-26 shows continuing sales.
- Assets
- $601M
- Fee a year
- 0.54%–1.04%
- Minimum
- $250K
- Tracking error
- Not disclosed
- Investors
- 322
- Open to
- Qualified purchasers
- Lock-up
- 3-year lock-up. 7 years for the tax deferral. Exit after year 7 into a basket of at least 3-10 names.
- New money gets in
- Not disclosed
- Illiquid sleeve
- Captive REIT (Fidelity Exchange Fund REIT, LLC filed a Form D in 2023-12)
- Holdings
- Not disclosed
- Benchmark
- S&P 500
- Custodians
- Not disclosed
- Access
- Through an advisor
- Launched
- 2023
- Assets, in detail
- As of 2026-03. Form ADV gross asset value of Fidelity Exchange Fund, LP (323 beneficial owners, minimum $250K), reported by Fidelity Diversifying Solutions LLC. The value changed in the 2026 annual ADV and is repeated in the 2026-08-20 filing. Gross asset value can include borrowing. The Form D amount sold was $486.6M at contribution value (2026-06).
- Fee schedule
- Management fee up to 0.54% of gross assets plus administrative expenses up to 0.50% (Cache comparison).
- Other costs
- Some shares carry a 0.25% servicing fee and a 1.5% placement fee (Cache comparison). Form D reports $0 sales commissions; Fidelity Brokerage Services and Fidelity Distributors place the fund.
- Tracking error, method
- Not disclosed.
Assets over time
Sources
Checked 2026-10. Confidence: high.
- SEC Form ADV, Fidelity Diversifying Solutions LLC (CRD 315088), filed 2026-08-20, Schedule D 7.B.(1)
- Private Fund Data: Fidelity Exchange Fund, LP (Form ADV history)
- SEC Form D/A, Fidelity Exchange Fund, LP (CIK 1972395), 2026-06-26
- SEC Form D, Fidelity Exchange Fund REIT, LLC (CIK 2003240)
- Cache: list of exchange fund providers
Where to get it
The same product costs a different amount through each door. The all-in fee adds the access provider's own fee to the product fee. Placement fees, financing, and fund expenses are extra.
| Through | Their fee | All-in fee | Minimum | Onboarding and queue | Status |
|---|---|---|---|---|---|
| Fidelity Wealth Management (Private Wealth Management)Independent advisor | Not disclosed | Not disclosed | $250K | Fidelity does not publish offering windows or closing dates. | Unknown |