Dataset · CC BY 4.0 · SEC Form N-PORT Item B.4.a
Who borrows the stock these funds lend
An index fund lends its holdings and takes collateral against them. This site already measures the part of that collateral the fund holds as a position — counted as a holding, it made IWM's 2,017 stocks read as 33. The other half of the trade is in the same filing and is rarely read: the fund names every borrower, with its legal entity identifier and the amount on loan to it. Across 742 lending funds that is 116 firms and $178.5B of stock, at the latest filing of each.
Measured 2026-10-10. Per fund and quarter: /data/lending/TICKER.json.
The borrowers
25Total on loan to each firm across every fund's latest filing, and how many funds it borrows from. Names are normalised by legal entity identifier, so one firm filed under three spellings counts once.
| Borrower | On loan | Funds | Largest single fund |
|---|---|---|---|
| JP MORGAN SECURITIES LLC | $29.2B | 401 | IWM $10.9B |
| MORGAN STANLEY & CO LLC | $16.2B | 446 | ARKK $1.2B |
| GOLDMAN SACHS & CO. | $14.5B | 373 | VXUS $1.5B |
| BARCLAYS BANK PLC | $13.4B | 275 | VTI $662M |
| BofA Securities, Inc. | $12.9B | 454 | VTI $1.5B |
| CITIGROUP GLOBAL MARKETS INC. | $12.6B | 405 | VTI $1.3B |
| J.P. MORGAN SECURITIES PLC | $8.1B | 93 | VXUS $2.6B |
| GOLDMAN SACHS INTERNATIONAL | $7.1B | 148 | IEMG $1.6B |
| MORGAN STANLEY & CO. INTERNATIONAL PLC | $6.8B | 79 | IEMG $1.9B |
| BNP PARIBAS PRIME BROKERAGE INTERNATIONAL LIMITED | $5.5B | 242 | IJR $493M |
| Wells Fargo Securities LLC | $4.7B | 283 | VTI $1.0B |
| BARCLAYS CAPITAL INC. | $4.6B | 295 | VXUS $614M |
| UBS AG | $3.6B | 252 | IJR $307M |
| National Financial Services LLC | $3.5B | 219 | VTI $394M |
| STATE STREET BANK & TRUST COMPANY | $3.1B | 191 | SHY $354M |
| Wells Fargo Bank, National Association | $2.9B | 162 | RSP $380M |
| BNP PARIBAS SECURITIES CORP | $2.6B | 260 | IEFA $230M |
| HSBC BANK PLC | $2.4B | 229 | DFAS $213M |
| UBS SECURITIES LLC | $1.7B | 185 | VTI $268M |
| BANK OF NEW YORK MELLON | $1.6B | 31 | RSP $560M |
| Jefferies LLC | $1.4B | 261 | VXUS $112M |
| CITIGROUP GLOBAL MARKETS LIMITED | $1.4B | 64 | IEMG $607M |
| TD SECURITIES (USA), LLC | $1.4B | 176 | SDY $157M |
| NOMURA SECURITIES INTERNATIONAL INC. | $1.3B | 149 | VTI $172M |
| Macquarie Bank Limited | $1.2B | 71 | VXUS $446M |
Funds lending most, by share of the fund
20Amount on loan as a share of net assets. Cash cover is the collateral the fund reports holding as a position, over the amount lent — a floor on the collateral, not the whole of it. Read the section below before using it.
| Fund | On loan | Share of fund | Cash cover | Borrowers | Largest borrower | As of |
|---|---|---|---|---|---|---|
| SMMD | $1.4B | 37.40% | 101.8% | 17 | 61.4% | 2026-06-30 |
| DWAS | $136M | 32.51% | 102.4% | 23 | 16.3% | 2026-05-31 |
| PPTY | $38M | 31.83% | 103.1% | 12 | 53.5% | 2023-02-28 |
| KBWD | $127M | 29.77% | 103% | 21 | 28.4% | 2026-05-31 |
| XLSR | $282M | 28.23% | 98.9% | 9 | 71.1% | 2026-06-30 |
| HEWJ | $170M | 27.16% | 102.1% | 2 | 87.5% | 2026-02-28 |
| IBTK | $626,555 | 27.15% | — | 1 | 100% | 2021-04-30 |
| APIE | $277M | 26.51% | 102.6% | 19 | 14.3% | 2026-05-31 |
| BIZD | $430M | 26.35% | 70.6% | 23 | 31.4% | 2026-06-30 |
| PBW | $113M | 25.10% | 102.7% | 24 | 17% | 2026-04-30 |
| TAN | $487M | 21.24% | 103.6% | 33 | 25.7% | 2026-05-31 |
| UFOX | $201M | 19.84% | 98.5% | 14 | 25.9% | 2026-06-30 |
| IBTE | $347M | 19.29% | 114.8% | 2 | 98.6% | 2024-10-31 |
| IWC | $288M | 18.95% | 98.6% | 27 | 28.8% | 2026-06-30 |
| QQQJ | $203M | 18.32% | 102.2% | 23 | 25% | 2026-05-31 |
| BLOK | $208M | 17.83% | 104.5% | 21 | 26.2% | 2026-06-30 |
| SLYV | $852M | 17.64% | 31.7% | 23 | 64.7% | 2026-06-30 |
| GWX | $153M | 17.61% | 44.2% | 29 | 12.6% | 2026-06-30 |
| XME | $753M | 17.19% | 48.3% | 23 | 34.8% | 2026-06-30 |
| EWX | $123M | 16.77% | 11.2% | 25 | 37% | 2026-06-30 |
Funds lending most, by amount
20| Fund | On loan | Share of fund | Borrowers | Largest borrower | As of |
|---|---|---|---|---|---|
| IWM | $13.3B | 16.03% | 30 | JP MORGAN SECURITIES LLC $10.9B | 2026-06-30 |
| VXUS | $10.3B | — | 24 | J.P. MORGAN SECURITIES PLC $2.6B | 2026-07-31 |
| VTI | $10.2B | 0.44% | 35 | BofA Securities, Inc. $1.5B | 2026-06-30 |
| IEMG | $7.8B | 4.79% | 23 | MORGAN STANLEY & CO. INTERNATIONAL PLC $1.9B | 2026-05-31 |
| IJR | $6.0B | 5.41% | 30 | JP MORGAN SECURITIES LLC $927M | 2026-06-30 |
| IJH | $4.7B | 3.79% | 31 | JP MORGAN SECURITIES LLC $1.1B | 2026-06-30 |
| VWO | $4.4B | — | 22 | J.P. MORGAN SECURITIES PLC $1.5B | 2026-07-31 |
| RSP | $4.0B | — | 34 | BANK OF NEW YORK MELLON $560M | 2026-07-31 |
| VXF | $3.6B | 3.67% | 33 | GOLDMAN SACHS & CO. $518M | 2026-06-30 |
| VEA | $3.6B | 1.13% | 19 | J.P. MORGAN SECURITIES PLC $811M | 2026-06-30 |
| VB | $2.9B | 1.55% | 33 | BofA Securities, Inc. $567M | 2026-06-30 |
| BIL | $2.5B | 5.40% | 3 | JP MORGAN SECURITIES LLC $2.2B | 2026-06-30 |
| IWO | $2.2B | 14.38% | 31 | JP MORGAN SECURITIES LLC $464M | 2026-06-30 |
| LQD | $2.1B | 7.00% | 27 | GOLDMAN SACHS & CO. $507M | 2026-05-31 |
| HYG | $2.0B | 12.17% | 29 | DEUTSCHE BANK SECURITIES INC $331M | 2026-05-31 |
| IGIB | $2.0B | 10.73% | 27 | BARCLAYS BANK PLC $411M | 2026-05-31 |
| IEFA | $1.9B | — | 24 | JP MORGAN SECURITIES LLC $602M | 2026-07-31 |
| AVEM | $1.8B | 6.89% | 29 | BARCLAYS CAPITAL SECURITIES LIMITED $372M | 2026-05-31 |
| QQQ | $1.6B | 0.33% | 16 | BofA Securities, Inc. $462M | 2026-06-30 |
| USIG | $1.6B | 9.13% | 27 | JP MORGAN SECURITIES LLC $354M | 2026-05-31 |
Lending concentrated in one borrower
15Funds where a single firm holds 60% or more of everything lent. The filing states it; what it means for the fund is not something the filing says.
| Fund | Largest borrower's share | Borrowers | On loan | Who |
|---|---|---|---|---|
| ICF | 99.8% | 2 | $31M | CITIGROUP GLOBAL MARKETS INC. |
| JPEF | 99.8% | 2 | $10M | NOMURA SECURITIES INTERNATIONAL INC. |
| TGRW | 99.7% | 2 | $2M | BARCLAYS BANK PLC |
| SPTL | 99.4% | 2 | $38M | BARCLAYS CAPITAL INC. |
| NULV | 99.2% | 3 | $2M | BNP PARIBAS SECURITIES CORP |
| CGMM | 99% | 2 | $3M | JP MORGAN SECURITIES LLC |
| EWK | 98.7% | 2 | $166,640 | GOLDMAN SACHS & CO. |
| IBTE | 98.6% | 2 | $347M | JP MORGAN SECURITIES LLC |
| TNA | 98.4% | 2 | $86M | BARCLAYS CAPITAL INC. |
| IETC | 98.3% | 3 | $3M | TD SECURITIES (USA), LLC |
| SMH | 97% | 3 | $88M | BNP PARIBAS PRIME BROKERAGE INTERNATIONAL LIMITED |
| XLI | 95.6% | 5 | $118M | BARCLAYS BANK PLC |
| EYLD | 95.5% | 2 | $2M | JP MORGAN SECURITIES LLC |
| XLB | 95.5% | 5 | $332M | BARCLAYS BANK PLC |
| WTAI | 95.3% | 2 | $4M | GOLDMAN SACHS & CO. |
What the collateral figure is, and is not
A lender takes collateral, and the obvious check is whether it covers the loan. The filing does not support that check cleanly, and this is where a dataset can mislead if it rounds the problem away.
What the filing gives is the collateral the fund holds as a position — cash, reinvested, flagged as such. Of 742 lending funds, 210 report both a loan and cash collateral large enough to compare (each at least 1% of net assets). Their median cover is 102%, which is what a lender taking cash at a small margin looks like, and 145 of them sit between 95% and 125%. But 62 sit below 95% and 3 above 125%, and a further 38 funds lend materially while reporting almost no cash collateral at all.
Two readings would explain that — collateral taken in securities rather than cash would never appear among the fund's own positions, and cash flagged in a leveraged fund may be posted against its swaps rather than against any loan. The filing does not say which, so this site does not either. The figure is published as what it literally is: reported cash collateral over amount lent. It is a floor. A fund below 100% here is not shown to be under-collateralised, and this site will not claim it is on evidence it does not have.
What this can and cannot tell you
- Three different figures. The amount on loan is what the borrowers hold. The cash collateral is what the fund took against it. The value of positions whose lending flag is set is larger than both, because the flag marks a holding some part of which is lent and does not say how much. They are not meant to match.
- A date, not a rate. Loans open and close daily; this is the balance on the filing date, which is a quarter-end.
- No income here. The filing names borrowers and amounts, not what the fund earned from lending. That is in the annual report, which this site does not yet read.
- Machine-readable: /data/lending/TICKER.json per fund with every quarter, summary and borrowers for all funds.
Cite this
Mulden. (2026). Securities lending: borrowers and amounts, from SEC Form N-PORT. Retrieved 2026-10-10 from https://themulden.com/data/lending/
Select the line above to copy. CC BY 4.0 — attribution required, no permission needed.