(Bloomberg) -- Fidelity Investments, known for its history in active money management, is cutting fees for 27 index mutual funds and ETFs in a bid to attract more assets into passive strategies.

The reductions will save current investors about $20 million annually, and bring the average expense ratio for the funds to 10.2 basis points from 11.6 basis points, Boston-based Fidelity said Tuesday in a statement. Two of the funds will have an expense ratio of as low as 1.5 cents per $100 invested, depending on the share class, when the changes go into effect on July 1.

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