Hi Brewster, they are disappointed because they are not charging...

Hi Brewster, they are disappointed because they are not charging you borrowing fees! The share price move in period they lent out the ADN is irrelevant because their fund holds the same % weight as the index they track. All that matters to eg. Vanguard is "relative to the index" NOT "the index or portfolio return". If the index falls 15% and they fall 14.9%, that's a win. They will never be more than 0.25% or so away from the index return unless there is a screw up. So the fact I borrowed their stock at 35c, sold it into the market, repurchased it and handed it back to them at 6c means nothing to them other than their fees were falling with the stock price and go to zero once I've returned it. ADN is less than a bee's pube weighting in the index so it wouldn't matter whether it went up 50% or down 90%.