The Fidelity Spartan 500 Index fund's “seasoned team” and “competitive price” has made it a “top option” in the eyes of Morningstar.

Specifically, “the fund's managers have skillfully kept this offering's tracking error among the lowest of any S&P 500 funds--a minuscule 0.05% in the trailing 10 years through August,” according to Flynn Murphy, an analyst at Morningstar.

“As a result, the fund's expense ratio, though low, is the primary reason its returns lag the benchmark. Thanks in part to a fee waiver set to run through April 2013, this fund is one of the cheapest S&P 500 Index mutual fund options.”

The fund sports an expense ratio of 10 basis points, ranking it among the three cheapest no-load S&P 500 index mutual funds next to Vanguard 500 Index Admiral (5 bps) and Schwab S&P 500 Index (9 bps), according to Morningstar.

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