(Bloomberg) -- BlackRock, the world’s largest asset manager, hasmade steep fee cuts to three socially responsible exchange-traded funds, acategory that’s struggling to attract investors.

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The company lowered fees by as much as 20 basis points at theofferings, which total about $204 million in assets, according to aSecurities and Exchange Commission filing.

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It also made reductions of about 2 basis points on eight bondETFs. The 11 funds have total assets undermanagement of about $4 billion.

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“As previously outlined, we are purposefully leveraging thebenefits of our global scale and investing in our business todeliver value to clients and shareholders,” said Melissa Garville,a spokeswoman at BlackRock.

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The move by BlackRock is the latest in a series of fee cuts madeas firms compete to win assets. Last October, the firm paredexpense ratios on 15 ETFs mostly offered to price-sensitive retailcustomers and financial advisers. That resulted in significantinflows. Even as money managers expand socially responsibleofferings, they’ve found it difficult to win over investors.

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“The whole ESG space is underwhelming and mostly a dudcompared to the hype it has gotten,” said Eric Balchunas, anETF analyst for Bloomberg Intelligence.

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Socially responsible ETFs hold the least amount of assets of anysmart beta category at $1.8 billion, according to data compiled byBloomberg.

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BlackRock reduced the expense on its $123 million iShares MSCIEAFE ESG Optimized ETF to 0.20 percent from 0.40 percent, thesteepest cut across the 11 offerings. The $75 million iShares MSCIEM ESG Optimized ETF and the $5.4 million iShares MSCI USA ESGOptimized ETF got reductions of 20 basis points and 13 basispoints, respectively.

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The following is a list of all the funds:

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ETFs

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Source: SEC filings.

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ETF.com earlier reported on the reductions.

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