FAVPX Mutual Fund — Fidelity Freedom Index 2045 Fund - Premier II Class

Fidelity Freedom Index 2045 Fund - Premier II Class (FAVPX)

Updated October 15, 2026.

FAVPX is a low-cost Mutual Fund. its distribution rate is 1.75%, its trailing-12-month yield is 1.99%, its expense ratio is 0.04%. Dividend Vision Distribution Safety Score™ is 50/100 (Unproven). Total return is 37.8% over the past 2.1 years, 4.6 points behind SPY at 42.4%.

Fidelity Freedom Index 2045 Fund - Premier II Class is a mutual fund that invests in a diversified combination of Fidelity index funds tracking U.S. equities, international equities, bonds, and short-term instruments, designed as a target-date fund for investors planning to retire around 2045. The fund carries a very low expense ratio and currently distributes income at a modest rate. It appeals to long-term investors seeking a simple, diversified portfolio with automatic asset allocation adjustments as the target retirement date approaches.

FAVPX performance versus SPY

Price and return data through 2026-10-15.

Total return is 37.8% over the past 2.1 years, 4.6 points behind SPY at 42.4%. Over the past year its total return — price change plus distributions reinvested — is 14.7%. Its deepest 1-year drawdown was 8.8%.

FAVPX key facts

Distribution Safety Score™

50 · Unproven

Issuer

Fidelity Investments

Asset type

Mutual Fund

Asset class

Equity

Expense ratio

0.04%

Distribution rate

1.75%

Distribution frequency

Semi-Annual

Trailing yield

1.99%

Last close

$34.33 (as of 2026-10-15)

NAV

$34.08 as of 2026-09-30; source eodhd (stale)

Premium / discount

N/A (price 2026-10-15, NAV 2026-09-30) (NAV stale)

AUM

$21,436,172,288

Average volume

0.0

Dividend

$0.068

Ex-dividend date

05/08/2026

Beta

1.19

How Dividend Vision calculates yield and returns

Distribution rate (1.75%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (1.99%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Fidelity Investments; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

FAVPX risks and drawbacks

FAVPX's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Payments are semi-annual, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 8.8%.

Who may consider FAVPX — and who may not

FAVPX may suit someone looking for low-cost broad dividend exposure. It is a weaker fit for investors who need monthly cash flow (FAVPX pays semi-annual); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

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Frequently asked questions

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