Asset manager Vanguard said on Monday it was lowering the cost of investing across its fund lineup in its largest cut ever and estimated that this would translate into savings of more than $350 million for its investors this year.

Vanguard’s new fee cuts are a win for retail investors — helping to boost long-term returns. Here's what a low expense ratio means.

As one of the world’s largest asset managers, Vanguard’s move will pass on significant savings to investors while also putting significant margin pressure on ETF competitors. However, the implications for the ETF industry will vary by ETF category.