Fidelity may have lowered fees on five of its equity funds earlier this week, but Vanguard was quick to fire back with multiple warnings to investors, urging them to read the fine print.

Vanguard issued a barrage of releases on Wednesday, including ones titled "Reduced fees sound good, but check the fine print," "Watch out for funds waiving fees," and "All index funds are not created equal."

Without mentioning Fidelity by name, Vanguard pointed out "[o]ne heavily advertised reduction in index fund fees, for example, contains the following note in fine print accompanying the advertisement: 'This arrangement may be discontinued at any time.'"

Fidelity's release on the fund fees stated, "[t]he expense ratios here have been capped at 10 basis points because the fund's investment advisor has agreed, voluntarily and indefinitely, to reimburse fund expenses to the extent that annual expenses exceed 10 basis points…[t]his arrangement may be discontinued at any time."

Fidelity announced it was capping expense ratios on five equity index funds to 10 basis points on Tuesday. 

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