I already explained that while 60% of the revenue doesn't go to the fund investors, it doesn't go to Fidelity either. If you look at the Statement of Additional Informtaion for the fund, 56.7% goes back to the borrower (not Fidelity, the security borrower) in the form of a rebate. The profit motive doesn't explain this, at least not in the simple framing you've made of the issue.