Finadium has released a full analysis of US mutual fund and ETF securities lending revenue and expense data for calendar year 2019. This analysis discloses a complex level of expenses across agent lender, administrative, collateral and other fees.
The analysis also shows the continued complexity of registered US fund reporting, including four SEC filings where securities lending information is disclosed. We identify what is working, what filings are robust and which obscure important information, and how completely US funds are reporting given existing SEC rules and definitions. Our analysis covers fund annual reports, Statements of Additional Information, and forms N-CEN and N-PORT.
We are issuing this analysis as a presentation and accompanying webinar. The table of contents is:
- What US mutual funds and ETFs file with the SEC
- About the Finadium database
- Revenues and expenses
- Cash collateral analysis
- Examples of investment categories including ESG
- A methodology for understanding investor value in fund securities lending activities
This analysis is recommended for US mutual fund and ETF representatives, Board members, agent lenders and corporate governance specialists.
A direct link to the report for Finadium research clients is https://finadium.com/finadium-report-desc/revenues-and-expenses-of-us-mutual-funds-and-etfs-in-securities-lending/
For non-subscribers, more information is available here.