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US fund veteran makes selling point of ETFs' dirty little secret

BlackRock gives between 71.5 and 80 per cent of lending income to its ETFs, depending on the underlying asset class.

New York

BRAD Lamensdorf is an unlikely whistle-blower on the inner workings of exchange-traded funds.

A hedge fund alumnus and now chief executive of a tiny ETF startup, Mr Lamensdorf has long been aware of the sometimes embarrassing secret at the heart of these funds: securities...

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