BOSTON (AP) - BlackRock Inc.'s iShares unit is reducing the investment fees charged at six of its largest exchange-traded funds, the latest move in an ETF fee-cutting war that's benefiting cost-conscious investors.
Beginning Wednesday BlackRock's two lowest-cost stock ETFs will charge expense ratios of 0.07 percent. Those are the ongoing charges to cover fund operations, expressed as a percentage of assets.
Those cuts and reductions at four other ETFs bring iShares expenses closer to the fees charged by ETF rivals such as Vanguard and Charles Schwab. IShares is the largest ETF family measured by assets.
BlackRock on Monday also announced that it's launching four new iShares ETFs and revamping some of its existing ETFs. The goal is to make ETFs more appealing to long-term, buy-and-hold investors, as well as professional traders.