[H8crilA]

There's also securities lending (to short sellers), many ETF sponsors retain all proceeds from securities lending for themselves. This is similar to how many brokerages earn most of their revenues by taking a spread on cash balances, so they can charge very little on transaction costs (i.e., they pay you less for unused cash than money markets pay them). After all borrowing money is the same as shorting cash, so there's nice symmetry here :)