Vanguard has introduced a special class of low-cost shares targeted at institutional investors, the company highlighted in a news advisory. Signal Shares will be offered to qualifying institutional clients with assets of between $1 million and $10 million per fund, and are aiming at expense ratios from 9 to 13 basis points.

At first, the Signal Shares will only be available on twelve index funds, but Vanguard plans to apply the class to other funds as time goes on. All Vanguard's share classes -- there are four others in existence -- have expense ratios related to their associated service, administration and advisory costs.  

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