Pathfinder: Keeping ETF fees real

What are the cheapest ETFs?

The US really does have a range of breathtakingly cheap ETFs.  Here are 5 ETFs from different providers -

Provider	Ticker	ETF equities	ETF fee	ETF Size
State Street	SPY	S&P 500	0.09%	US$147 billion
iShares	IVV	S&P 500	0.10%	US$44 billion
Vanguard	VOO	S&P 500	0.05%	US$11 billion
Charles Schwab	SCHB	Broad US market	0.04%	US$2.2 billion
Charles Schwab	SCHD	US Dividend Equity	0.07%	US$1.2 billion

All of the above ETFs have a management fee of 0.10% or lower.  That is exceptional value – however it is worth noting some common features.  Firstly virtually all the cheapest equity ETFs  cover the US market – only 1 of the 23 US listed equity ETFs with a management fee of 0.10% or lower covers stocks outside the US (SCHF).   Secondly, they are large, very large in terms of FUM – this may give us some insight into why they are so cheap.

How can ETFs be so cheap?