Backpack CEO: Onchain Rebuild Could Cut SPY-Style ETF Fees to 1 Basis Point or Zero

Cointime update: Backpack founder and CEO Armani Ferrante said on the Rollup podcast on Nov. 5 that rebuilding ETFs like SPY with onchain smart contracts could cut fees to 1 basis point or even zero, versus the roughly 7-9 basis points such funds charge on assets under management. He said Wall Street becoming an API for developers would lower the barrier to launching brokerage and financial applications, and cited efforts to split SpaceX equity into exposure to revenue streams such as Starlink or space data centers.