14 Low-Cost Index Funds and ETFs for May 2026

Low-cost index funds and ETFs make high expense ratios a thing of the past.

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

Updated May 1, 2026 Written by Editor & Content Strategist + more + more Edited by Managing Editor SOME CARD INFO MAY BE OUTDATED

This page includes information about these cards, currently unavailable on NerdWallet. The information has been collected by NerdWallet and has not been provided or reviewed by the card issuer.

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. » Learn: What are the differences between index funds and ETFs? » Learn:

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 May 1, 2026, and is intended for informational purposes only, not for trading purposes. Source: Morningstar. Data is current as of May 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.

NerdWallet rating Learn more Learn more

on Fidelity's website

NerdWallet rating Learn more Learn more

on E*TRADE's website

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% VUG Vanguard Growth Index Fund ETF Shares 0.030% VB Vanguard Small-Cap Index Fund ETF Shares 0.030% SPTM State Street® SPDR® Portfolio S&P 1500 Composite Stock Market ETF 0.030% VOO Vanguard S&P 500 ETF 0.030% IVV iShares Core S&P 500 ETF 0.030% Source: Morningstar. Data is current as of May 1, 2026, and is intended for informational purposes only, not for trading purposes. Source: Morningstar. Data is current as of May 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 » Ready to get started? About the author Alana Benson Alana Benson is an investing writer who covers socially responsible and ESG investing, financial advice and beginner investing topics. Her work has appeared in The New York Times, The Washington Post, MSN, Yahoo Finance, MarketWatch and others. See full bio. Top-rated low-cost index funds 😮 Wait, is that a free index fund? Top-rated low-cost index ETFs More like this Best Retirement Plans By June Sham, Elizabeth Ayoola Best Roth IRA Accounts for 2026 By Alana Benson Best Robo-Advisors: Top Picks for 2026 By Alana Benson, Sabrina Parys