SPY's 9.45 Basis Points Hides $6,450 a Decade on $100,000 Versus Cheaper Peers

The article argues that SPY's apparently low expense ratio masks a structural feature that may impose an unreported drag on long-term investor returns. No quantitative estimate of the alleged cost or specific mechanism is provided in the excerpt, limiting the immediate market relevance but raising a caution for long-horizon SPY holders.