14 Low-Cost Index Funds and ETFs for April 2026
Low-cost index funds and ETFs make high expense ratios a thing of the past.
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Managing Editor Looking to invest in a diversified fund without a steep price tag? Look no further than low-cost index funds and ETFs. These funds offer a basket of securities for a very minimal fee.
Top-rated low-cost index funds
The lowest-cost index fund may not be the best-performing index fund. When evaluating index funds, consider other factors, such as market capitalization and sector focus.
To arrive at our list, we filtered for index funds with the lowest expense ratios that have at least $10 billion in assets and a Morningstar rating of at least 4 stars.
| Ticker | Fund name | Expense ratio |
|---|---|---|
| FNILX | Fidelity ZERO Large Cap Index Fund | 0.000% |
| FLCPX | Fidelity SAI U.S. Large Cap Index Fund | 0.015% |
| FXAIX | Fidelity 500 Index Fund | 0.015% |
| SSEYX | State Street Equity 500 Index II Portfolio | 0.020% |
| SWPPX | Schwab® S&P 500 Index Fund | 0.020% |
| FSMDX | Fidelity Mid Cap Index Fund | 0.025% |
| FSPGX | Fidelity Large Cap Growth Index Fund | 0.035% |
| Source: Morningstar. Data is current as of April 1, 2026, and is intended for informational purposes only, not for trading purposes. | ||
😮 Wait, is that a free index fund?
Yes, Fidelity is one of very few brokers that offers access to no-expense-ratio index funds. The other is E*TRADE. The catch is that you need a brokerage account with these companies to access them. You can learn more about Fidelity and E*TRADE below, and be sure to read up on the pros and cons of free index funds, too.
Top-rated low-cost index ETFs
Some of the cheapest index funds out there are actually exchange-traded funds (ETFs). ETFs often track indexes just like index funds do, but they tend to have lower investment minimums (the amount of money you have to have in order to start investing in a fund).
To arrive at our list, we filtered for U.S. equity ETFs with the lowest expense ratios that have at least $10 billion in assets and a Morningstar rating of at least 4 stars.
| Ticker | Fund name | Expense ratio |
|---|---|---|
| SPYM | State Street® SPDR® Portfolio S&P 500® ETF | 0.020% |
| VO | Vanguard Mid-Cap Index Fund ETF Shares | 0.030% |
| VB | Vanguard Small-Cap Index Fund ETF Shares | 0.030% |
| VUG | Vanguard Growth Index Fund ETF Shares | 0.030% |
| SPTM | State Street® SPDR® Portfolio S&P 1500 Composite Stock Market ETF | 0.030% |
| IVV | iShares Core S&P 500 ETF | 0.030% |
| VV | Vanguard Large-Cap Index Fund ETF Shares | 0.030% |
| Source: Morningstar. Data is current as of April 1, 2026, and is intended for informational purposes only, not for trading purposes. | ||
» Ready to get started? See our roundup of the best online brokers for ETF investing
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