(Bloomberg) -- The race to cut fees in ETFs is getting ever more intense.

Vanguard, the second-largest provider, lowered expense ratios for 68 ETFs and mutual funds Friday, including the world's largest funds focused on emerging equities and European stocks. It's the third set of reductions by Vanguard since late December, and comes after similar moves in the past year by State Street and the biggest ETF provider, BlackRock.

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