The iShares S&P 500 (NYSEArca: IVV) was the best-selling ETF in October after manager BlackRock (NYSE: BLK) slashed the fund’s fees in response to increased competition from low-cost rivals.

IVV saw inflows of more than $2 billion last month while competitor SPDR S&P 500 (NYSEArca: SPY) posted outflows of $7.2 billion, the largest withdrawal for any U.S.-listed ETF, the Financial Times reports.

Vanguard S&P 500 (NYSEArca: VOO) saw inflows of $227 million in October.

Last month, BlackRock lowered IVV’s expense ratio to 0.07% from 0.09% as the largest ETF provider introduced the new iShares Core Series designed for buy-and-hold investors. [BlackRock Cuts ETF Fees]

SPY is the biggest ETF by assets with over $100 billion and charges a net expense ratio of 0.0945%, according to manager State Street (NYSE: STT). Vanguard’s VOO levies a fee of 0.05%.

“BlackRock has seen a positive reaction to its decision last month to cut fees on some of its US-listed iShares ETFs, while Vanguard’s move to cut costs for investors by switching the index provider on some of its largest ETFs has been met with less enthusiasm,” the Financial Times reports.

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