Sunday, September 6th, 2026
Lending out the shares a fund holds has offset fees for years and rarely appears in the conversation about cost. As balances grow, the question of who keeps the proceeds is getting harder to leave unasked.
Fund launches have been outpaced by closures for the first sustained stretch in the product's history. The survivors reveal what the proliferation was actually for.
Broad market index funds have become substantially less diversified than the word index implies. Institutional allocators are reworking mandates written when the assumption held.