Securities Lending Fully Paid Program

I read Howard R’s article last year and promptly researched at Schwab and found that none of my ETFs fit their needs.
Two months ago Schwab reached out to gauge my interest and I signed up. Promptly some of my Vanguard bond ETFs from my traditional IRA were snapped up and the equivalent $ value deposited in a separate Securities Lending account which Schwab set up in my name.
Since then the ETFs have moved back and forth frequently. Sometimes they leave and are deposited back the same day and don’t seem to generate any income. If the ETF’s are left in the Lending Account over the weekend they earn income 7 days a week at the specified interest rate even though the markets are closed.
I receive a daily notification of income generated (if any) and on the first business day of the following month the total income earned the previous month is deposited in the lending account and then automatically swept back into the IRA and doesn’t generate taxable income. Dividends from the ETFs unaffected.
Last month’s income total was around $900 and this month is closing in on $1000.
There must be significant “short” selling of bonds right now and that must be generating the interest. The interest rate they give for one ETF fund is 22.5% and another 45%.
I’m guessing this level of activity won’t last long but has been enough for a few free lunches 😊. I have not experienced any issues and it seems to work as advertised.