Is securities lending excluded?

Securities lending of ETFs or index funds, i.e. the lending of these securities, is not currently used by True Wealth or the custodian bank.

It should be noted that securities lending can be used in the portfolio management of the fund providers themselves, which is not necessarily a bad thing per se.

If securities lending is properly secured by structured collateral management and the majority of the resulting income is passed on to the clients or pension fund beneficiaries, there is nothing wrong with securities lending in principle.