(Bloomberg) -- Investors in U.S mutual funds and ETFs are paying lower fees than ever before to have their money managed as they shift cash into cheaper products that track indexes, especially those sold by Vanguard.

Investors paid 61 cents for every $100 managed in 2015, down from 64 cents in 2014 and and 73 cents five years ago, according to a study released today by Chicago-based Morningstar that looked at the asset-weighted average net expense ratio of funds.

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