ETFs had a record quarter. Twice.
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ETFs had a record quarter. Twice.
Q1 was a perfect storm. The market started the quarter expecting Fed rate cuts. Within weeks, the conversation flipped – three years of cycle in three weeks. Portfolios were positioned for the wrong environment, and investors turned to ETFs to hedge fast: fixed income, oil, regional exposure. By March, geopolitical tension and rising oil prices had pushed borrow demand – and securities lending revenues – to record highs. The platforms and long-term investors who lent their ETFs turned the volatility into extra income.
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