I'm no finance expert but the move to "Lendable" funds sounds a bit scary to me. Seems that means the institution can now lend the huge amount of 401k investments in these funds, which you'd think could increase risk. I don't want my retirement savings going to this green/esg crap.
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Not sure if this is related to the difference between the "Non-Lendable" and "Lendable" fund:
https://www.blackrock.com/institutions/en-zz/solutions/securities-lending
Edit:
Also found this (different from the fund I'm curious about but I'm guessing this is what a "Lendable" fund means):
https://www.blackrock.com/us/individual/literature/summary-prospectus/sumpro-lpi2060-p-us.pdf
So I'm guessing it is about lending assests in the fund to other financial institutions.