Fidelity Tax-Managed US Equity Index Strategy is a separately managed account (SMA) that seeks to pursue the long-term growth potential of US large-cap stocks and deliver enhanced after-tax returns. Skip to Main Content. Prior to January 1, 2014, the Fund’s benchmark was the Russell 1000 Value Index. Prior to October 1, 2005, the Fund’s benchmark was the Russell 3000 Value Index. The Fund invests its assets in units of Fidelity American Equity Fund. Holdings information shown on this page represents the Fund’s exposure to the holdings of Fidelity American Equity Fund. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in them, and receive compensation, directly or indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services.