FDLXX Money Market — Fidelity Treasury Only Money Market Fund

Fidelity Treasury Only Money Market Fund (FDLXX)

FDLXX is a Money Market. its distribution rate is 3.44%, its trailing-12-month yield is 3.41%, its expense ratio is 0.42%. Total return is 19.6% over the past 33.1 years, 2853.1 points behind SPY at 2872.7%.

At the current 3.44% distribution rate, a $10,000 investment would generate approximately $344 per year, or $28.67 per month.

Fidelity Treasury Only Money Market Fund is a money market fund that invests at least 99.5% of its assets in U.S. Treasury securities, with a Treasury-only mandate designed to maximize the portion of income that is exempt from state income taxes. The fund distributes income monthly and carries a current distribution rate in the mid-single-digit range. This fund appeals to investors seeking a stable, liquid investment with modest income and minimal credit risk, particularly those in higher-tax states seeking tax-advantaged cash management.

FDLXX performance versus SPY

Price and return data through 2026-09-18.

Total return is 19.6% over the past 33.1 years, 2853.1 points behind SPY at 2872.7%. Over the past year its total return — price change plus distributions reinvested — is 3.5%.

FDLXX key facts

Issuer

Fidelity Investments

Asset type

Money Market

Asset class

Fixed Income

Expense ratio

0.42%

Distribution rate

3.44%

Distribution frequency

Monthly

Trailing yield

3.41%

Last close

$1.00 (as of 2026-09-18)

Average volume

0.0

Last dividend

$0.0029

Last ex-dividend date

08/31/2026

Last payment date

09/01/2026

Beta

0.0065

How Dividend Vision calculates yield and returns

Distribution rate (3.44%) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (3.41%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. 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.

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.

FDLXX risks and drawbacks

FDLXX's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Total return has trailed SPY over the available window.

Who may consider FDLXX — and who may not

FDLXX may suit someone looking for moderate current income with a quality tilt. It is a weaker fit for 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.

Compare FDLXX

FDLXX vs similar funds:

• FDLXX vs SGOV

Frequently asked questions

More securities from Fidelity Investments.