A market commentary post highlighted that SPY launched in 1993 with a 20-basis-point fee, matching the Vanguard 500 index fund’s fee at the time. The post said State Street’s decision to price SPY at 20 bps was considered unusually low and helped drive ETF adoption among advisors and retail investors. The post also linked that pricing decision to Vanguard’s 1974 mutual ownership structure under Bogle, arguing that the model helped shape later developments across the fund and ETF industry.