In the latest move in the ETF pricing war, BlackRock unveiled a series of cost-cutting initiatives aimed, almost directly, at rival Vanguard, which last week enacted some price-saving moves of its own.
As part of the new initiatives, BlackRock’s iShares ETF business said it would create iShares Core Series, a group of 10 ETFs specially designed for the needs of long-term, buy-and-hold investors. BlackRock also will create a dedicated advertising campaign, including its first-ever television ads, to target smaller retail investors and educate them about the uses of ETFs in their portfolios. BlackRock also said it would cut fees on some iShares Core Series ETF products and reorganize its sales force as part of these initiatives.
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