Vanguard is testing the limits of how far down it can push fees on its low-cost funds, filing a proposal with the SEC that would drive down fees for large investments in certain funds to just a penny for every $100 invested, Bloomberg reports.

The 0.01% annual fee would be applicable for investments between $3 billion and $5 billion in a new share class dubbed “institutional select” applicable in the Vanguard Total Stock Market Index Fund, Vanguard Total Bond Market Index Fund and Vanguard S&P 500 Index Fund, a company spokesman tells Bloomberg. Three other funds will come with slightly higher fees, according to the news service.

While such a high entry level is out of reach for most, advisors at wirehouses and large independents which can pool assets might be able to take advantage of the low cost.

Vanguard manages about $3 trillion in assets across 160 U.S. funds and 120 funds outside the U.S., according to Reuters. It has made other recent moves to remain competitive, including lifting some of the restrictions on trading the same fund within 30 days, Reuters writes.

Its 0.01% fee, however, can be seen as Vanguard “putting a stick in the eye of the competition” and signals to its rivals its ability to continue dropping fees, Daniel Wiener, editor of the Independent Adviser for Vanguard Investors, tells Bloomberg.