Measure
Securities lending
Fund revenue earned by lending portfolio holdings to short sellers against collateral.
Definition
Fund revenue earned by lending portfolio holdings to short sellers against collateral.
How to read it
Returned to the fund, it can offset part or occasionally all of the stated expense ratio.
What it does not tell you
It introduces counterparty and collateral-reinvestment risk that no expense ratio displays, and the split between fund and manager varies widely by issuer.
Applied in 4 articles
4- Why 2,017 IWM Holdings Read as 33: Securities Lending in the Russell 2000 ETF
- Securities Lending: The Quiet Revenue Stream Inside Your Index Fund — Benefit or Risk?
- QQQ vs QQQM: Same Index, Different Wrapper — When the Cheaper Twin Actually Wins
- Why Tracking Error Matters More Than Expense Ratio in 2026
Every figure computed with this measure on this site follows the conventions set out in the methodology. All measures →