This ETF is Now My Favorite Dividend Income Holding - 12% Yield
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- čas přidán 31. 05. 2024
- After first coming across a relatively new ETF and doing research into it, then slowly buying into it over time, I've been becoming a big fan of SPYI, which is Neos S&P 500 High Income ETF. As time has moved on, I've been really pleased with the consistent high monthly dividend and low volatility that this investment has offered. So much so that I now consider SPYI to be one of my favorite monthly income holdings. So in this video I'm gonna go into why I’ve become a fan of this ETF. I’ll talk about how this fund works and its performance up to this point. I'll also cover the pros and cons of it and what sets it apart, in my opinion. While I'm at it, I'm also gonna compare it to other covered call S&P 500 funds, as well as to other high yielding investments like closed-end funds that are offering similar yields.
The Neos S&P 500 High Income ETF describes itself as a fund that seeks high monthly income in a tax efficient manner, with the potential for upside appreciation in rising markets. The fund invests directly and through derivatives in stocks of companies operating across diversified sectors and uses derivatives such as options to create its portfolio. This ETF seeks to generate high income from the premiums earned from SPY call options as well as the dividends received from the fund's equity holdings. It's managed by Neo's Funds, who launched SPYI back in August of 2022. On their website they highlight three main features of this ETF. The first is the high monthly income, which is says "Investors may seek increased income generation potential within their portfolios through option writing".
/ dividendbull
I have been a dividend focused investor for a long time. This does not mean I don't own growth stocks, I do. A well rounded portfolio should be a mixture of both categories. One way to minimize the anxiety out of stock market investing, is to make sure you keep a large cash cushion. I invest in the market, but never put all my money in market.
Dividends are dope. Personally, I sometimes use my dividends to buy other dividend and growth stocks for diversification instead of reinvesting in the same stock. To each their own methods though. The good thing is that you’re investing in the first place and that’s what’s important. Salute for the content!
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
She is ‘’Rachel Sarah Parrish'’.... I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
The S&P 500 finished down 20% in 2022. This means long term investors have a great starting point in 2023. Here are 4 very popular ETF’s: $VOO- S&P 500 fund $VTI- Total US stock market $QQQ- High growth, tech $SCHD- Growth + Dividends| I just tallied my dividends for the year;$167k Blessed and grateful, disciplined and focused.
My "boring" index funds just paid me over $6,000 in dividends last month. This is money that i can choose to spend without having to sell any of my shares. But for now i have it all set to reinvest to buy me even more index funds.
Anyone have recommendations for a reliable monthly investment? I hope to ultimately supplement my income from work with a monthly income from investments. I will still make long-term investments, but it would be wonderful to have a little additional money each month.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
*The first step to achieving wealth is figuring out your goals and risk tolerance. Either on your own or with the help of a financial planner. And by following through with an intelligent plan, you will gain financial growth over the years and enjoy the benefits of growing your money.*
*Browse Donald Nathan Scott for more insights.*
My dividend journey began when I realized that two particular expenses in my budget were always going to go up and never go down. The two expenses were taxes and insurance. I realized that the dramatic rise in both will need some added income. So, I started buying shares paying dividends. I can now see that this will be the path I need to take to make sure those two expenses will not overtake my future income.
As a beginner, educate yourself, Learn the basics of investing and the stock market. There are many resources available online, including books, articles, and online courses. It’s a good idea to diversify your portfolio across different stocks and sectors to minimize risk. I’ve heard of people accruing over $550k during recessions and inflation, its important to do your own research.
Yes, I've been in constant touch with a Financial Analyst for approximately 8 months. You know, these days it's really easy to buy into trending stocks, but the task is determining when to sell or keep. That's where my manager comes in, to help me with entry and exit points in the industries I'm engaged in. Can’t say I regret it, I’m 40% up in profits just in 5months with my initial capital of $160k
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
I really don't like making such recommendations, because everybody's situation is unique. But there are many freelance advisors you could check out. We have been working with Tenley Megan Amerson, and she's really, really good. If she meets your discretion, then you could go ahead with her. I endorse her.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Buying of just any ETFs is easy, but buying the right one without a time-tested strategy is incredibly hard. Hence which is best to buy now or put on a watchlist? I’ve been trying to grow my portfolio for sometime now, my major challenge is not knowing the best entry and exit strategies.
Before investing in any ETF, it's important to conduct thorough research. Understand the fund's objectives, track record, expense ratio, and the index it aims to replicate.
The best course of action if you lack market knowledge is to ask a consultant for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since 2023 January. I believe that is the most effective way to go about
Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
The decision on when to pick an Adviser is a very personal one. I take guidance from Sharon Ann Meny, to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
I just googled her now and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my inherited portfolio of about $2.5m. I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Melissa up and send her a message. You've truly motivated me. God's blessings on you.
VOO is better diversified, while SCHD has more holdings concentration risk. i would think a blend of both based on one's personal situation is essential . in terms of profits, VOO has offered me more ROI as it is 22.25% up . i have $250k which i am looking to invest in covered call ETFS for dividend. Here for ideas...
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation
Bot Alert!
@CatherineBates-bg4fcShe is a scam! Do not get tricked! NO ONE beats the market consistently ! You don’t think Warren Buffet likes money, Elon Musk would have given her billions …
VOO has the same thin options problem as SPYI- I swing trade the much more profitable LONG options to compound and fund dividend bearing stock purchases...
I would steer clear of “advisors” and if you really think you need guidance, go with a Fiduciary. They are required by law to look out for your best interests, Advisors are paid to push products that often have very high fees and don’t even beat the indexes.
Been beating myself up a bit that I sold my 53 shares of NVDA at $303 each back in May 2023. Now thinking of liquidating a few other investments to rebuy but afraid to do so. I also currently have 500k in savings making me next to nothing.
Invest in real estate, ETfs and high-yield savings account.
Just buy Gold and protect your assets, the stock market is a rollercoaster.
The market is not necessarily a rollercoaster if you know your way around the market, there are various opportunities in the present market to accrue good profit, If you are not too savvy with the market, just buy and hold on strong companies with good earnings, or consult with advisors on Etfs and actively managed funds. I am up by 28% in 6 years under guidance.
I fired mine 13yrs ago. now I am beginning to see the benefits, how do I get one? Considering your point I won’t want to get into a bubble. Can you recommend any?
"Heather Ann Christensen" is who i work with and she is a hot topic even among financial elitist in California. Just browse, you’d find her, thank me later.
Excellent video! Really enjoyed the comparisons - I’ll be checking SPYI out now. Thank you for preparing this presentation.
I agree that many people are considering NVDA as the "Stock of the year." However, I'm curious about which stocks could potentially become the next META in terms of growth over the next decade. I've allocated $200k for investment, aiming to retire comfortably.
I think the next big thing will be A.I. For enduring growth akin to META, it's vital to avoid impulsive decisions driven by short-term fluctuations. Prioritize patience and a long-term perspective consider financial advisory for informed buying and selling decisions.
Impressive can you share more info?
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
For $100 I'll tell ya
I dipped into SPYI for the exact reasons you called out! So far, its been great!
It’s my favorite as well and my 4th largest holding I sold out of JEPI awhile ago for SPYI and have been happy I am up 7.75%
glade you covered this, i've had SPY-I for awhile for income along with SPYG for a growth investment (I'm and S&P 500 bro lol) thanks for the content and research you do on this channel, its highly appreciated
Overall, 51% of traders think this year would favor stocks, mutual funds, and other equity-based investments, despite Treasury yields and other safer cash-like investments paying big. I’m looking for opportunities in the market that could fetch me $1m ahead of retirement by 2025
Although the stock market is continuing rallying, there is a risk of reversals in the key indexes, sectors, and top stocks in particular. I advise you to consult a broker or financial counselor for advice.
I agree, before the pandemic got real serious, I used to handle all my investment and I was pretty good at it, fast forward to post-pandemic and my-portfolio is steady in the red with profit rate down to the lowest, that's when I touched-base with a coach I saw featured on businessweek, who restructured my portfolio and over the last couple months, I've made over $850k from initially $210K
That's impressive, have you always had guidance?
how do I go about it the right way. I’d love to use similar terms as yours.
Finding financial advisors like Jennifer Lea Jenson who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thanks! Good explanation. You just verified my purchase. Had it for a few months now.
Yessssss it’s my second largest holding now 🙌🏼
Approaching 1000 shares and couldn’t be happier
what is your first?
@@blackwaltz3135 SCHD is my largest holding at also 1000 shares
SPYI and SVOL are the two best monthly dividend ETFs around right now.
Dgrw beat voo over the last 10 years. Far smaller dividend but better appreciation. So it depends what you're looking for.
You betchya! I'm in both in a modest way for now, but will be continuously adding to my positions. We shall see what we shall see....
I’m looking for income and growth.
TUGN is a solid i new ncome fund too
Jepi and Jepq ❤
Yes, I'm IN. Thanx 4 doing the research 4 us.
Thanks, definitely an etf worth investigating.
Seems like a winner. Thanks for reviewing it.
Waaaaaaaaa I thought I was the only one who liked this etf. Now you're reviewing it too, I guess my theories are working well
Great video. SPYI is my largest position. I hold it in my taxable account which saves me 30% on my federal/state taxes. Paying 1% of the principle(12% over the year) is top tier compared to competitors. The bonus is the new NEOS product released 6 weeks ago is the sister to SPYI, QQQI is the symbol. Run exactly like SPYI only on the NASDQ 100. You have the market covered with these two!
I'm new to this and want to get into dividends and I'm researching what the taxation is, our how to reduce it. Could you please explain more about a "taxable account"? Is this something with your brokerage?
A typical brokerage account is a taxable account. There is also another choice which is an IRA brokerage account(not subject to taxes until it is withdrawn). SPYI AND QQQI qualify for their dividends(90% to 97%) being considered as return of capital which reduces your cost basis. To me this this is the cherry on top of two great ETF's. @@SomeUserNameBlahBlah
@@SomeUserNameBlahBlahI believe they meant “tax free or ROTH” account! Not sure how anyone could save 30% in taxes on a TAXABLE account lol
@@laughuntilyoucryordie if it's in a taxable account, the dividends are treated as "qualified dividends" & hence are taxed at a much lower tax rate. Hence the savings in taxes.
I personally think investors should pay attention to under-the-radar stocks, especially considering the current stock market volatility. 35% of my $270,000 portfolio is made up of sinking stocks that were once respected, and I have no idea where to go from here.
I agree! That's why it is advisable that you have to invest while you still have a regular job or earning a regular income, and do it constantly. You still need to have something that will keep you going even if you're investing. Good financial planning and money allocation is the key.
Currently, working with a reputable investing coach is the greatest market approach. I've been working with a coach for a while now, primarily because I don't have the amount of knowledge and mental fortitude necessary to handle the current state of the market. Your lack of experience, not anything you're doing incorrectly, is the reason you don't have the knowledge required to thrive in a cutthroat industry.Read more
Due to the significant falls, I need advice on how to rebuild my portfolio and develop more successful tactics. Where can I find this coach?
Her name is Vivian Carol Gioia can't divulge much. Most likely, the internet should have her basic info, you can research if you like
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
They’re doing a great job, I appreciate the more consistent income.
I've been in SPYI and I certainly intend to stay in for a long time😊
Appreciate your videos. 🎉🎉🎉
Yes. I think its a good position as well. I keep about 1/2 percent of my holdings in it. I also like svol. So far it has had a fairly consistent 16% yld. Both of them have seen the best of times. I'm wondering how the fair and the worst of times.
I will still hold XYLD, I also have QYLD which i've been pretty happy with-even though they don't perform as well, I still think they're solid ETFs. But definitely going to add SPYI to my portfolio as well, thanks for sharing :)
Great vid. For income, I have SPYI, JEPQ, and SVOL. I expect to replace JEPQ with QQQI soon.
why QQQI instead of JEPQ?
I have both jepq is steady qqqi is up and down comparitively
I buy SPYI with my SVOL dividends.
Thanks for your content. I'm looking for more lower risk income options, so I appreciate your insight. I'll do some more analysis to see if this will make a good addition. Cheers
I’m guessing SPYI-ugh he mentioned it so quick I couldn’t even complete this comment before he mentioned it lol, thanks for another video to sink our teeth into DB, you continuously help me with a base of information to help form my own conclusions in my pursuit to financial freedom 😌
Sorry, but I couldn't help noticing...if you like Dividend Bull, you may not want to refer to him as DB. Just sayin...
@@user-fe8bf2lj2y uh oh it was just my way of shortening the CZcams channel am I just so out of touch it stands for something bad? 😆
@@user-fe8bf2lj2y ?
Thanks for the video Alan.
You could invest in stocks, start a side business, or focus on advancing your career. It's important to set goals and make a plan. Remember, wealth can mean different things to different people, One thing i can say that helped me in life to reach my first million was starting early, i got curious and informed i became open to passive income, investments in equities , etfs and the likes. also sought help to handle my portfolio which was my foundation. i'm ever grateful to Anna Rounds Fay my FA.
That’s some good values. sounds like you got something going for you
did a quick search and found her webpage. I must say her resume is pretty impressive. will be writing her.
she has a pretty decent bio.
I did a web search; she has a pretty decent bio, I wrote her and am waiting for her reply.
Thanks for the tip mister, i also reached out to her through her web and her responses were articulated. I'm more confident working with her now
Thanks for the video I may pivot from JEPQ to SPYI soon to pair with SCHD and DGRW.
Hi. If u dont mind, can u say why u would shift over? I'm looking yo start a dividend inc. ETF. Thanks
Better diversification. SCHD and JEPQ select from the Dow Jones 100 where as SPYI selects from the S&P 500 so there's no overlap.
Thanks...I thought jepq is nasdaq.
But i get the point
The management knows what it's doing. It would Appear. 👍
Hopefully. I was not thrilled with how they managed NUSI, but I do hold some SPYI.
The NUSI wound has healed, but the scar is still there. It's like trying to regain trust in a gf that cheated on you. I think I'll pass LOL
Own it!
I have SPYI SVOL TUGN FEPI QYLD RYLD so far all ok!
I am also really liking SVOL right now, it's paying an even higher dividend yield, maybe you could do a video on that stock.
Agree re: SVOL. It has a higher dividend, and SVOL also has a lower expense ratio than SPYI too (.50 vs .68)
Is this a bad etf for low income investors? I can't buy partial shares so as a result can't drip (my dividend won't buy another share) Am I missing something or kinda screwed until I can invest enough for my dividend to buy another share?
At the current price of around $50 per share for SPYI, if you buy 9 shares for $450 the 12% dividend will buy another share per year. Even if you can only buy 1 share now, if you continue to buy 1 share per month at $50, you will have the 9 shares in less than a year.
Spyi v QYLD? I know Qyld has gone down in value from inception, but I bought in at 16.53 plus the drip of 18 ish months.
QYLD here too. 3000 shares, cost basis is $16.89. Will keep using the divs to pad my rainy day fund and growth ETF.
How does it get Capital appreciation? Are the options out of the money ?
Yes
I have this one at the top of my watchlist for when I want to add an ETF for income.
Great video
How does this fund perform in a down market? Would it have losses more severe than a regular SPY ETF in a Bull market?
I like spyi too I think it's #1 not jepi..... that being said fepi could be the future
I just dipped my toes into FEPI Monday. Bought 220 shares. Will be adding monthly until my desired amount then use divs for something else. Don't need to supplement my income at this time.
Could you do update video on ACRE? TIA
When re-investing dividends, SPYI is very similar to XYLG. However, SPYI is probably more tax efficient because of the type of options used.
Nice
Great video! I am a big fan of dividend paying stocks. I am hoping to invest more in the near future. I will look into this recommendation. Be well.
To possibly improve my total return in my SP500 holdings, for every dollar I invest in SPYI, I buy 0.25 of SPY (or VOO).
They also run QQQI
Do ETFs count as qualified dividends if you hold them long enough? Or are qualified dividends only for owning a stock outright, and not through an ETF?
shouldn't you hold off and pool your money and wait till it is below the 52-week mean or is the $5.9 divided recouping the cost
I dont see any options chain to SPYI.
I would buy that and sell covered calls on that etf. It would be double covered call strategy
Where can you buy calls on ETFs? Not Schwab. Not Tastytrade. Not TD.
I'm holding SPYI now. I still like QYLD better tho for that extra 2% yield.
What do you think of SVOL ?
Yes, but it carries a .68 expense fee. Why not buy a a stock like trin with a 13.5% div😮unless are dependent on the monthly return?
Sold Jepi for this
One thing to remember is that the dividends are probably not qualified, so take this into consideration when deciding what type of account to put this in. I tend to put these types of funds into IRA accounts, where the type of dividend doesn’t matter.
can you recommend a good dividend reinvestment calculator?
I just wanted to thank you for all your videos. I enjoy and rely upon your analysis. I am retired from a major PD on the west coast. I have a very nice pension and deferred compensation. I started following you and your advice. I began to invest in dividend stocks a few years ago. I have amassed 205K and about 2100 a month in dividend payments. Thanks again.. I wish young people would follow your advice and strategies. Life goes by very quickly. I started investing for my three grandchildren as well
SPYI seems like a good one to have. 👍
It doesn't beat the spy tho😂
Div adjusted of course
Looks like SPYI current price is at ( or clise to) It's all time high. What 's a good price point to initiate a position?
More than happy with my SPYI holdings...
Do you think there is a safe way to do dividend capture?
It’s on my brokerages block list. Dunno if that means the brokerage or the etf is sketchy.
Get a better broker. Schwab, Tastytrade has Neos
T G T B T. Excellent presentation.
Spyi has a crazy high expense ratio!
Why does Quant at Seeking Alpha rate SPYI as a sell?
Good move. I am strongly against a passive covered call strategy. This is saying a lot since I advocate passive index investing in the S&P 500. An active covered call strategy is far superior to the passive covered call strategy when you consider long-term returns. That is why JEPI has had better staying power than XYLD. Thanks for sharing. I am now interested more in SPYI.
Not a huge fan of the .68% expense ratio
100% agreed, SPYI is on my favorites and sits high in my portfolio. I also have XYLD, but SPYI is superior in my opinion. 👍
SPYI is a good fund, but I prefer JEPI more. JEPI has better risk-adjusted return and is less correlated to the market. Its total return is almost the same as SPYI despite not having much exposure to the tech sector. That's hard to achieve.
Thats' not what portfolio visualizer shows. (JEPI total return for year 14.95%, SPYI 20.34% as of Feb 2024)
@@ros7788 I checked different time periods and outputs are different. I have "all" of them - jepi, jepq, spyi and now considering to add QQQI to my taxable account.
@@Alex-he1ve You have to chart it from SPYI's inception date. Please try again with the corrected inputs.
Good vide, I really like your focus on dividend income investing in a taxable (brokerage) account. Do you have any good overview videos for this type of investing? You should do a video on $QQQI and $FEPI, that would be great to see!
YEP
Excellent video. Thank you. Please check out and do a video on $MAIN. It pays a monthly dividend and 2 semiannual special dividends. It’s a SWAN i.e. sleep well at night type dividend play. Check out it’s stellar growth since it became public on 10/9/2007. 16.55% annual return with dividends reinvested. I cannot find any other such quality stock to surpass MAIN. It’s a BDC which means it’s required to payout 90% of its income. In dividends by tax law.
Check his old videos he has talked about MAIN lol you must be new
Positive video! I have about $300K to invest with a goal of generating passive income of $30K/yr or $2500/mo, where would I put it in?
My bank account.
Call hunter 😂
TPVG just dumped approx 12% recently, any thoughts? Many thanks for your excellent work!
That's a stock, not ETF, of a business dev company. Look at the one year chart, it has a monthly sawtooth pattern around dividend payouts. Looks like now is time to buy. Thx for head's up.
I started investing into SPYI last year so far I'm happy with it
What do you think of QQQI?
I seems like a sound ETF but I tend to dislike expense fees .5 or below.
I thought below .50 would be good expense ratio
No mention of using eln's like jepi Is that cuz they actually own the s and p equities unlike jepi so they dont need a synthetic security to link to s and p thru covered calls like jepi does? Thanx
how to buy this in germany?
Some good interviews with NEOS SPYI Co-Founder, Garrett, on Armchair Income channel.
These are short term only, achieving a yield through trading is not sustainable, ok in an up market then the underlying value tanks.
Then sell.
I'll be looking into it more, but at quick glance on Fidelity, it's hard to see where the tax advantage comes in except for when they distribute capital gains. Thanks.
Expensive ratio
Bali seems to have some growth. Wonder if it will overtake someday yield on cost.
It is consistent because all of its distributions are ROC. It is like getting your own money back on a budget. These types of investments are like annuities. Eventually your principals will diminish over time and no growth.
400 shares and adding
I bought 20 shares of SPYI after watching an interview with one of the fund managers. Definitely gonna be adding more when i can
I like SPYI and JEPQ in the category of these covered call ETFs that pay 8%-12%. However I don't believe this yield is enough to live off the dividends with just these funds. You would need 100k in SPYI just to make 1k monthly. You would do better buying SPY and doing your own covered calls and/or just holding SPY for the much higher growth potential and selling shares in retirement. This is my opinion not financial advice.
Im told it can use some return of capital.so im out !
Recession incoming. I’ll go in after I buy a house.
That expense rate though..
The CEF GOF is doing well this year with an 17.93% monthly paying dividend as well.
While the ETF looks great, I'm not liking that expense ratio. But I guess, like anything else, you get what you pay for.
love ur channel but aint touching more covered call etfs ever.
They are going up now.
A 12% yield and somehow you think that is good