Barclays Global Investors said Monday it is slashing the expense ratios of its iShares sector funds.

In a regulatory filing, the San Francisco-based firm said the annual expense ratios of 24 out of its 25 iShares sector funds will be lowered to 0.48 percent from the current range of 0.50 percent to 0.65 percent. The new pricing will take effect on May 1.

Not covered in the change is the iShares Cohen & Steers Realty Majors Fund, the expense ratio of which currently stands at 0.35 percent, said BGI spokesperson Christine Hudacko.

In a separate filing, Barclays said the expense ratios of its pending subsector funds will be set at 0.48 percent. The 10 iShares Dow Jones Subsector Index Funds are expected to be available sometime next month.

"We're committed to offering investors with a compelling value proposition, which is achieved by balancing competitive pricing with the ETF industry's widest array of products and services," said Lee Kranefuss, chief executive of BGI's intermediary and exchange traded fund business.

iShares sector funds had $16 billion in assets under management as of April 13. The iShares Funds include 101 ETFs with over $196 billion in assets under management.  

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