Yes, and the Vanguard S&P 500 exchange-traded fund (VOO) is even cheaper and costs 0.03% a year. That's 50 times less than the average hedge fund!
%% OK /VOO does have a bit cheaper manage fee than SPY; but ALL my charts are spy/LOL. So while I may or may not ever pay any ''2/20''. I pay up for spy /all my charts are spy.