Fidelity Investments introduced new shares of five of its Spartan equity index funds that have lower expenses than the funds’ other shares.

The new “Advantage” class shares have expense ratios of 0.07%, compared with 0.10% for the funds’ other shares, which are now called “Investor” shares.

Expenses for new shares of four of the funds — Fidelity Spartan 500 Index (FSMKX), Fidelity Spartan U.S. Equity Index (FUSEX), Fidelity Spartan Total Market Index (FSTMX), Fidelity Spartan Extended Market Index (FSEMX) — cannot be raised without shareholder approval. Fidelity said it would voluntarily cap expenses for Advantage shares of the fifth fund, Fidelity Spartan International Index (FSIIX), at 0.07%.

Individual investors will be able to own the new shares if they have at least $100,000 invested in one of the five funds. For employer-sponsored retirement plans, a $100 million minimum is required. Fidelity said eligible accounts will be converted into the new shares unless shareholders decline to make the switch.

Fidelity permanently reduced expenses on the funds to 0.10% in March.

InvestmentAdvisor.com has more mutual fund news from Standard & Poor’s available here.