Everyone here's misspelling "Fellowship".
Arguably I think the closest example the saga has to a "Chosen One" is Strider/Aragorn, who even gets the girl after transforming from unassuming Ranger to King of all Mankind.
But what makes LotR special is that it doesn't really have one saviour/chosen-type character; it has an ensemble cast and no character within it is really capable for independently leading the charge on every front, of solo clearing every obstacle, of beating up every bad guy in every scenario alone. Frodo's pretty useless as a character and every training montage he endures only further weakens his resolve, his bravery, his moral virtue and his physical condition to the point where he ultimately fails his final test of making a heroic sacrifice, instead choosing the temptation of power. While we understand this isn't really his fault and that he held out better than most would, I would still argue this is in direct contradiction to the standard protagonist/chosen arc. Yet true, he alone had the ability to bear the ring for so long, whereas even someone like Aragorn (especially someone like Aragorn) could not. The thing is, everyone in that Fellowship has something they alone can do, and many things they simply cannot do.
This kind of narrative is by and large sorely lacking in Western culture IMO — it represents a kind of communal heroism rather than that of a lone individual. It celebrates diversity, perhaps not in the modern sense of identity, but of skill and thought. That many people together, albeit each with their many flaws, can accomplish a task no one could accomplish alone, even when their involvement isn't immediately obvious. (Aragorn & Co. serve to distract Sauron in order to give Frodo, Sam and Gollum a better chance to get the ring to Mount Doom. The quest's glory isn't theirs directly, but they're nonetheless integral to its success behind the scenes.)
I'm not religious by any stretch, but imagine Tolkien's Catholic faith had a lot to do with this, as did his lower class upbringing and wartime experiences.