Fidelity and Vanguard seem to be having a race to the bottom. Each keeps lowering their fees on index funds.
Recently, Fidelity lowered its fees on 27 index funds and ETFs. Fidelity, which already had some of the lowest fees in the industry just lowered the fees that you pay for several of its most popular index funds by 0.5 and 6.0 basis points.
Fees on the Fidelity 500 Index Fund, which mirrors the S&P 500, have dropped to 0.09% from 0.095%. That is the same as a comparable product at Charles Schwab and it is lower than the Vanguard 500 Index Fund Investor Shares fund, which costs 0.16%.
A whole host of funds at Fidelity now have lower fees. The Total Market Index Fund lowered its fees from 0.10% to 0.09%. The Mid Cap and Small Cap Index Funds lowered their fees from 0.22% and 0.23% to 0.19% for both, a decline of 0.03% and 0.04%, respectively.
Several sector ETFs also saw their fees lowered by 0.36% from 0.12% to 0.084%.
If you are fortunate enough to be part of a premium institution plan, you may see your fees drop to nearly nothing, really. The Premium Institution fees for the Fidelity S&P 500 index fund have been lowered from 0.02% to just 0.015%. The institutional premium class is for groups with more than $100 million in assets in that share class.
For the entire list of funds with lower fees, I direct you to the Fidelity press release.