Looking for cheaper investment options? Vanguard's massive new fee reduction could save you thousands in the long run.

Vanguard announced fee reductions for 168 mutual fund and exchange-traded share classes across 87 funds. The move will save investors roughly $350 million this year.

The cuts mean Vanguard’s average asset-weighted fee is now just 0.07% for its $10 trillion under management, compared with 0.44% for the rest of the industry.

JPMorgan analyst Kenneth B. Worthington laid out a worst-case scenario where BlackRock matches Vanguard’s reductions across its product lineup, which would lead to a revenue impact of $900 ...

The cuts mean Vanguard’s average asset-weighted fee is now just 0.07% for its $10 trillion under management, compared with 0.44% for the rest of the industry.