Search found 220 matches

by ICH
Thu Dec 05, 2019 10:59 am
Forum: United Arab Emirates
Topic: Non US, non Europe based broker with access to Irish ETFs ?
Replies: 9
Views: 407

Re: Non US, non Europe based broker with access to Irish ETFs ?

Do you know a local (UAE) broker that give access to the LSE ? Sorry, I don't know any about the UAE except where it is on a map :D Given the wealth there, I'd be shocked if there aren't local brokers giving access to the London Stock Exchange, though. There are. But cost an arm and a leg. Plus the...
by ICH
Wed Oct 23, 2019 2:04 pm
Forum: Non-US Investing
Topic: [Non-US] Planning to meet a wealth management advisor for education
Replies: 16
Views: 1082

Re: [Non-US] Planning to meet a wealth management advisor for education

You can ask him if he is a fiduciary, but you already know the answer I guess... From what I see, WM industry is thriving, as usual. Who are the clients? Oh, plenty of victims around. WM throws in a yield of 15% and the sheep follow. Until they discover in a couple of years that 15% was an imaginary...
by ICH
Fri Jun 21, 2019 3:50 am
Forum: Non-US Investing
Topic: Non-US citizen with US Brokers: Estate Tax risk?
Replies: 103
Views: 35728

Re: Non-US citizen with US Brokers: Estate Tax risk?

. I have just read a book by Andrew Hallam (Global Expatriate's Guide to Investing_ From Millionaire Teacher to Millionaire Expat) in which he says time and time again to stay away from US domiciled investments and brokers. He suggest various brokers but none such as Interactive Brokers which it ma...
by ICH
Thu Jun 20, 2019 11:39 am
Forum: Non-US Investing
Topic: Best Brokers for those in other nations
Replies: 10
Views: 1493

Re: Best Brokers for those in other nations

Strange. I opened it a year ago, specifically told them that I am resident in another non-EU country and they were OK with it. I opened it in the UK since I have a bank account there. I don't have a UK postal address, I used my real one.
Maybe it is new requirement. I don't plan on closing my account.
by ICH
Sun Jun 02, 2019 12:18 pm
Forum: Non-US Investing
Topic: International Bond UCITS for an Sg-based Investor - IUAA vs AGGU vs IGLA
Replies: 25
Views: 2261

Re: International Bond UCITS for an Sg-based Investor - IUAA vs AGGU vs IGLA

Anyone have an opinion on AGGU v IAAA? IAAA is Global AAA-AA Govt Bonds. It is USD unhedged, so you will feel the full effect of currency fluctuations. But in panic times, it is likely to increase in value as investors opt for safety. AGGU is Global Aggregate Bond. It is hedged to the USD so no iss...
by ICH
Sun Jun 02, 2019 12:05 pm
Forum: Non-US Investing
Topic: Which of these EU bond funds would you pick as temporary storage / safe haven for stocks?
Replies: 12
Views: 999

Re: Which of these EU bond funds would you pick as temporary storage / safe haven for stocks?

For 1 month or 3 years, I would keep it in the bank. Too short duration to consider bonds. Is this your emergency fund or retirement fund? 3 years too short? I'm surprised. It's just an ETF that's easy to buy and sell. 3 years was just a random number, I may not need it again ever. Or I might need ...
by ICH
Fri May 31, 2019 1:08 pm
Forum: Non-US Investing
Topic: Which of these EU bond funds would you pick as temporary storage / safe haven for stocks?
Replies: 12
Views: 999

Re: Which of these EU bond funds would you pick as temporary storage / safe haven for stocks?

For 1 month or 3 years, I would keep it in the bank. Too short duration to consider bonds. Is this your emergency fund or retirement fund?
by ICH
Fri May 31, 2019 1:02 pm
Forum: Non-US Investing
Topic: Difference in US Withholding Tax for Vanguard Ireland Funds vs ETFs
Replies: 4
Views: 748

Re: Difference in US Withholding Tax for Vanguard Ireland Funds vs ETFs

Very strange issue. I don't believe the MF ends up paying double withholding tax than needed. It doesn't make sense. But this is what the statements are saying. I found three USD denominated share classes of the MF, with different expense ratios: IE0002639775 -> Institutional -> 0.10% IE00BFPM9T72 -...
by ICH
Tue Apr 30, 2019 12:48 pm
Forum: Non-US Investing
Topic: Do Eurozone investors pay negative interest rates?
Replies: 8
Views: 1115

Re: Do Eurozone investors pay negative interest rates?

In Lithuania the highest rate at credit union is 2 % per year and 1 % at the bank. No negative interest. 1. How much is the deposit guarantee? 2. How likely is it that it will be honoured? In Greece you can get 1.6% in 6month term deposits, 0.5% in a savings account. However the answers to the abov...
by ICH
Thu Apr 18, 2019 10:49 am
Forum: Non-US Investing
Topic: New to investing [Greece]
Replies: 33
Views: 3185

Re: New to investing [Greece]

Sorry, I forgot to mention. I used this tool which says +165% dividends reinvested . PraefectusDelegatus: Try justetf: https://www.justetf.com/de-en/etf-profile.html?groupField=index&from=search&isin=IE00B5BMR087&query=IE00B5BMR087&tab=chart you can see the effect of different currencies and if you...
by ICH
Thu Apr 18, 2019 9:48 am
Forum: Non-US Investing
Topic: New to investing [Greece]
Replies: 33
Views: 3185

Re: New to investing [Greece]

CSPX has tripled since January 2011, while the S&P 500 has increased by less than 150%. Does that mean CSPX is not hedged against currency volatility? I assume the difference in performance is because EUR is so cheap compared to USD? Note: CSPX is accumulating; i.e. the dividends are not distribute...
by ICH
Thu Apr 18, 2019 9:45 am
Forum: Non-US Investing
Topic: New to investing [Greece]
Replies: 33
Views: 3185

Re: New to investing [Greece]

You need to grasp the concept of the different types of ETF currencies and mainly the difference between "trading currency" and the currencies of the assets that the ETF holds. There is a nice summary here: https://www.bogleheads.org/wiki/Non-US_investors_and_ETF_currencies . Basically, you choose ...
by ICH
Fri Apr 12, 2019 2:07 am
Forum: Non-US Investing
Topic: Vanguard recently added several new Irish domiciled ETFs
Replies: 5
Views: 1068

Re: Vanguard recently added several new Irish domiciled ETFs

Good news. They seem to have made accumulating versions of all their fixed income ETFs. Equity ETFs soon to follow I guess. Expenses: EUR Corporate Bond UCITS ETF -> 0.12% EUR Eurozone Government Bond UCITS ETF -> 0.12% U.K. Gilt UCITS ETF -> 0.12% USD Corporate 1-3 Year Bond UCITS ETF -> 0.15% USD ...
by ICH
Tue Apr 09, 2019 1:42 pm
Forum: Non-US Investing
Topic: New to investing [Greece]
Replies: 33
Views: 3185

Re: New to investing [Greece]

Greek here also. -While I generally agree that the Vanguard FTSE All-World UCITS ETF is the best all-round etf for your equity exposure, if you go with a Degiro custody account, which is the cheapest solution, you should prefer accumulating etfs. In this case, go with 80-90% iShares MSCI World UCIT...
by ICH
Fri Apr 05, 2019 1:04 pm
Forum: Non-US Investing
Topic: New to investing [Greece]
Replies: 33
Views: 3185

Re: New to investing [Greece]

Hello, fellow Greek here. Just started reading about investing and would need some help with all that info. Could i pm you for some help? Since we 're becoming a crowd around here, why not post in public? A p.m. will get you one opinion. A post will definitely get you more. And can help another fel...
by ICH
Tue Apr 02, 2019 5:45 am
Forum: United Arab Emirates
Topic: First time investor at 24 y.o. with $1.5m, based in the UAE.
Replies: 11
Views: 3229

Re: First time investor at 24 y.o. with $1.5m, based in the UAE.

The ishares Core Global Aggregate Bond UCITS ETF has a Net Assets of Fund = USD 1,880,903,700. This is divided today (02-April-2019) as follows: AGGG - USD unhedged distributing : USD 306,445,615 AGGU - USD hedged Accummulating : USD 1,049,468,447 AGGH - EUR hedged Accummulating : EUR 294,401,485 AG...
by ICH
Fri Mar 29, 2019 1:45 pm
Forum: Non-US Investing
Topic: Alternatives to IB?
Replies: 8
Views: 1676

Re: Alternatives to IB?

(which i think there is no treaty for with HK - that is directed towards posters discussing SIPC protection of USD 250k, which is more than 4x the estate tax exemption limit of USD 60k). One should not keep large amounts of cash in a brokerage account - irrespective which brokerage. There are plent...
by ICH
Thu Mar 28, 2019 11:16 am
Forum: Non-US Investing
Topic: Alternatives to IB?
Replies: 8
Views: 1676

Re: Alternatives to IB?

IB ensures funds up to 500k, doesn’t it? What would happen if case the portfolio is bigger? Interactive brokers is a SIPC member. The limit of SIPC protection is $500,000, which includes a $250,000 limit for cash. https://www.sipc.org/for-investors/what-sipc-protects If Interactive Brokers one day ...
by ICH
Thu Mar 28, 2019 11:01 am
Forum: Non-US Investing
Topic: Newbie question CCY [currency] RISK
Replies: 3
Views: 429

Re: Newbie question CCY RISK

If yes how do i control it? You are already controlling it by having bonds hedged to euro. That's enough, for me. To avoid unnecessary currency conversion when buying / selling the ETFs, buy them in euro (trading currency) as follows : iShares Global Aggregate Bd ETF HAcc IE00BDBRDM35 Global aggreg...
by ICH
Fri Mar 22, 2019 12:01 pm
Forum: Non-US Investing
Topic: I am an Albanian living in Austria, what are my [investing] options?
Replies: 2
Views: 257

Re: I am an Albanian living in Austria, what are my [investing] options?

Did you try to open an account with one of the low cost, online brokers? If successful, you can then invest in ETFs (Vanguard or others).
Try Interactive Brokers, Degiro, Saxo, Internaxx.
Not sure if there are more economical options in Austria.
Definitely don't use an Albanian broker.
by ICH
Wed Mar 20, 2019 11:47 am
Forum: United Arab Emirates
Topic: First time investor at 24 y.o. with $1.5m, based in the UAE.
Replies: 11
Views: 3229

Re: First time investor at 24 y.o. with $1.5m, based in the UAE.

Just to confirm: have you found the UAE bogleheads chapter? We are quite active in the UAE, for passive investors :D 1. IB is OK, if not the best. 2. Irish dom OK. US investors pay additionally capital gains taxes. In UAE you don't. 3. You are confusing the matter here. You want to keep cash as part...
by ICH
Wed Mar 20, 2019 5:58 am
Forum: Non-US Investing
Topic: Anyone use money market funds or ultra short bond funds in Europe?
Replies: 30
Views: 1625

Re: Anyone use money market funds or ultra short bond funds in Europe?

Thanks ICH, Whats your view on the exchange rate risk? Is it a serious risk for $ bonds on a short term basis? Seems pointless to suffer a negative return on Euro bonds. Whats the cash equivalent alternative? DJN Huge mistake . If you have and need Euros -> stick to euros If you have and need dolla...
by ICH
Wed Mar 20, 2019 4:14 am
Forum: Non-US Investing
Topic: Anyone use money market funds or ultra short bond funds in Europe?
Replies: 30
Views: 1625

Re: Anyone use money market funds or ultra short bond funds in Europe?

DJN, from all the ETFs you listed, non seem suitable. The only one that I found resembling EUR cash is the one I posted above: https://www.ishares.com/uk/individual/en/products/251741/ishares-euro-government-bond-01yr-ucits-etf iShares € Govt Bond 0-1yr UCITS ETF, Expense Ratio 0.20%. Expect negativ...
by ICH
Wed Mar 20, 2019 12:18 am
Forum: Non-US Investing
Topic: [Belgium] De Giro and taxes/obligations in Belgium
Replies: 2
Views: 398

Re: [Belgium] De Giro and taxes/obligations in Belgium

I've never filled in taxes, so that will be something new as well this year. Don't panic! Taxation will follow you for the rest of your life - might as well educate yourself about it. You should be able to find plenty of "how to" guides online. After getting this basic info, and if you still have q...
by ICH
Tue Mar 19, 2019 2:08 pm
Forum: Non-US Investing
Topic: Anyone use money market funds or ultra short bond funds in Europe?
Replies: 30
Views: 1625

Re: Anyone use money market funds or ultra short bond funds in Europe?

Thesaints, Up Northern Europe, where 5-year treasuries are 0 to negative, I would expect the short term treasuries to be deep negative. I could be wrong. However, this means that you are guaranteed to lose capital. In the South, where you can get some positive yields, I doubt 6-month treasuries beat...
by ICH
Tue Mar 19, 2019 12:19 pm
Forum: Non-US Investing
Topic: Anyone use money market funds or ultra short bond funds in Europe?
Replies: 30
Views: 1625

Re: Anyone use money market funds or ultra short bond funds in Europe?

Not an etf, buy those bonds directly. You can choose basically any amount and fees are very minimal. If your objective is safety of principal, that’s the way to go. Maturity, you can pick anywhere from 3 months or longer. My suggestion would be to buy new emissions, rather than on the secondary mar...
by ICH
Mon Mar 18, 2019 12:13 pm
Forum: Non-US Investing
Topic: IB: VWRD new margin requirement 100% due to low trading volume
Replies: 14
Views: 1360

Re: IB: VWRD new margin requirement 100% due to low trading volume

I also saw that Vwrd is not a good etf to hold, as when selling it today the spread was around 1%. Buying iwda was very quick and easy with very small spread. This should get more attention on this forum. In principle, VWRD is the ultimate, one and only, stock ETF to hold: -Developed + emerging in ...
by ICH
Mon Mar 18, 2019 8:15 am
Forum: Non-US Investing
Topic: Reform of money market regulations in EU: does anyone know about it?
Replies: 1
Views: 287

Re: Reform of money market regulations in EU: does anyone know about it?

DJN wrote:
Mon Mar 18, 2019 2:48 am
... after the GFC and the EU is looking to tighten regulations ...
GFC = 2009
Now = 2019

Yup, sounds like the EU taking swift action again :shock:
by ICH
Sun Mar 17, 2019 1:35 pm
Forum: Non-US Investing
Topic: Anyone use money market funds or ultra short bond funds in Europe?
Replies: 30
Views: 1625

Re: What cash like assets do non US investors use? There is not much to choose e.g. MMF's etc.

Protection of checking/savings accounts is typically 100k Euro. Not always. Need to check and confirm on a case by case basis. Not only that the financial institution is covered by also that the product you're buying is covered. I have come across products sold as fixed term deposits but if you rea...
by ICH
Sun Mar 17, 2019 1:07 pm
Forum: Non-US Investing
Topic: Anyone use money market funds or ultra short bond funds in Europe?
Replies: 30
Views: 1625

Re: What cash like assets do non US investors use? There is not much to choose e.g. MMF's etc.

Thesaints wrote:
Sun Mar 17, 2019 1:03 pm
What about short term treasuries ? They also enjoy a reduced tax rate EU wide.
Sorry, the ETF I posted above is actually short term treasuries, not MMF.

Again, same problem though: if you want yield for 3month, 6month etc treasuries you have to go South Europe.
by ICH
Sun Mar 17, 2019 12:39 pm
Forum: Non-US Investing
Topic: Anyone use money market funds or ultra short bond funds in Europe?
Replies: 30
Views: 1625

Re: Non US: What cash like assets do non US investors use? There is not much to choose e.g. MMF's etc.

DJN, Cash in euros and return don't go together these days. And as a long as the big man keeps ECB rate at zero, this will not change. Example of money market fund: https://www.ishares.com/uk/individual/en/products/251741/ishares-euro-government-bond-01yr-ucits-etf Bank rates? Awful as well. You can...
by ICH
Sun Mar 17, 2019 12:00 pm
Forum: Non-US Investing
Topic: New to investing [Greece]
Replies: 33
Views: 3185

Re: New to investing [Greece]

Greek here. ICH got me covered. Just a few remarks. I agree with the remarks. Best yielding CD at the moment seems to be with Attica bank. Careful with the deposit compensation in Greece: if you have accounts in 2 banks, you are covered for 100+100 k euros. If the banks merge (common in Greece), yo...
by ICH
Sun Mar 17, 2019 11:40 am
Forum: Non-US Investing
Topic: Struggling to understand why Bonds in the Portfolio? UK
Replies: 7
Views: 844

Re: Struggling to understand why Bonds in the Portfolio? UK

northernangel wrote:
Sun Mar 17, 2019 8:32 am
However I could put the money into a Marcus account paying 1.5% interest and be sure of retaining the capital.
Just a note:
You can be sure of retaining capital, up to the limit guaranteed by the Depositors Compensation Scheme. Not a penny more.
by ICH
Wed Mar 13, 2019 1:12 pm
Forum: Non-US Investing
Topic: Please rate the suggestion's of my advisor
Replies: 20
Views: 2476

Re: Please rate the suggestion's of my advisor

2. What was the reasoning for leaving out Asia pacific and emerging markets? The avoidance of these markets has been deliberate as I do not think they are worth investing today. Surely in the future they will be re-examined and in potential rebalancing will be re-evaluated. Tsrz, What you are descr...
by ICH
Tue Mar 12, 2019 9:56 am
Forum: Non-US Investing
Topic: Please rate the suggestion's of my advisor
Replies: 20
Views: 2476

Re: Please rate the suggestion's of my advisor

A couple of days ago I was speaking with a friend in Cyprus who apparently is getting burnt in a whole life insurance type scheme from a local insurance company over there in Cyprus. Be careful over there. You will read many things in this forum that apply to properly regulated financial markets. Yo...
by ICH
Mon Mar 11, 2019 12:31 pm
Forum: Non-US Investing
Topic: New listed ETF [SWRD - SPDR MSCI World UCITS]
Replies: 34
Views: 4956

Re: New cheap Msci World ucits etf

assyadh wrote:
Sun Mar 10, 2019 10:52 pm
Lyxor has a similar one, with a 0.12% ER and no lending of the shares
As BeBH65 mentioned, this is domiciled in Luxembourg; so if you consider the tax withholding it becomes more expensive.

Why would a company domicile such a fund in Luxembourg? :oops: Why?
by ICH
Tue Mar 05, 2019 1:07 pm
Forum: Non-US Investing
Topic: Does the US vs non-US market cap make sense?
Replies: 26
Views: 1884

Re: Does the US vs non-US market cap make sense?

There is a degree of fallacy. In the middle east, there are plenty of American cars. In Europe not that many. Presumably it has to do with the no-customs within the EU. Same with fruit. I try to avoid but sometimes buy US apples. I would never do that in Europe. Oil? Believe it or not, US is exporti...
by ICH
Sat Mar 02, 2019 12:58 pm
Forum: Non-US Investing
Topic: Vanguard in Europe [Portugal]
Replies: 6
Views: 821

Re: Vanguard in Europe [Portugal]

Have a read through this and the rest of the relevant wiki: https://www.bogleheads.org/wiki/EU_investing Then search the forum for "Portugal" and "Portuguese" to have a look at past threads. There is a magnifying glass symbol top right. I have a feeling that at the end you will end up getting a Degi...
by ICH
Fri Mar 01, 2019 3:13 pm
Forum: Non-US Investing
Topic: Leveraged ETF from Europe?
Replies: 19
Views: 1622

Re: Leveraged ETF from Europe?

DeGiro (a broker) for example didn't offer anything I came of the leveraged ETFs I came across in a quick search. I just searched a couple of ETFs from the justetf link I posted on Degiro (I have an account) and managed to found them easily. If you search with the ISIN, you should too. If the adven...
by ICH
Fri Mar 01, 2019 12:34 pm
Forum: Non-US Investing
Topic: adapt portfolios to european investor
Replies: 68
Views: 6606

Re: adapt portfolios to european investor

I happen to be buying the suggested iShares Core MSCI World ETF USD Acc IE00B4L5Y983 for Equity. However there's a new one (launched February 2018): Lyxor Core MSCI World LU1781541179 that has a lower cost (0.12% vs 0.20%) and a lower NAV. Would be worth to switch to the new one? No. For the cost: ...
by ICH
Fri Mar 01, 2019 12:28 pm
Forum: Non-US Investing
Topic: European Money Market Fund or EU Betterment?
Replies: 1
Views: 228

Re: European Money Market Fund or EU Betterment?

I'm looking to help out a family member and wondering what is the best money market fund in Europe? I know here in the US you can do it through Vanguard or a Bank - Ally Bank. How does it work in the EU - Will the fund be tied to a county or will anyone with Euros be able to invest in it. Eg if fam...
by ICH
Fri Mar 01, 2019 12:18 pm
Forum: Non-US Investing
Topic: Leveraged ETF from Europe?
Replies: 19
Views: 1622

Re: Leveraged ETF from Europe?

Reading some of the 878 (!) comments in HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs] made me curious about options for investors living in Europe. https://www.bogleheads.org/forum/viewtopic.php?f=10&t=272007 Any experience with leveraged ETFs available for invest...
by ICH
Fri Mar 01, 2019 11:55 am
Forum: Non-US Investing
Topic: Hong Kong Investing
Replies: 35
Views: 3221

Re: APAC Slant

Valuethinker wrote:
Fri Mar 01, 2019 4:28 am
I wonder how many readers would know what WRLD IAAA and 02805 stand for?
IAAA = iShares Global AAA-AA Govt Bond UCITS ETF : https://www.ishares.com/ch/individual/e ... -ucits-etf
That's a good one actually
For the rest I have no idea.
by ICH
Fri Mar 01, 2019 11:49 am
Forum: Non-US Investing
Topic: Help please
Replies: 9
Views: 1269

Re: Help please

Hi, I'm thinking the same thing as you. I also have two large portfolios in active management and plan to go fully passive. I'm from one of the countries in the EU. The problem I can't seem to get over is the fact that if I buy an ETF through Interactive Brokers I don't have it in my custody accoun...
by ICH
Sun Feb 24, 2019 1:49 pm
Forum: Personal Investments
Topic: Is anything "cheap" right now?
Replies: 49
Views: 5213

Re: Is anything "cheap" right now?

Sure. Russia and Turkey are cheap, they are down 50%+ from their 2008 highs. Gold miners are down almost 70% from their 2011 highs. Energy is down a lot since 2014. Even plain old EAFE and EM are still below or right around their 2011 highs. Pretty much anything outside the US looks decent. If you'...
by ICH
Fri Feb 22, 2019 12:26 pm
Forum: Non-US Investing
Topic: Low salary help needed [Europe]
Replies: 14
Views: 1683

Re: Low salary help needed [Europe]

It takes a lot of courage to have 1mil euros in a European bank nowadays. Maybe consider splitting it to different banks in different countries to be below the deposit guarantees. At least temporarily until you finalize your plan. I would diversify in the following: 1. Invest in myself (maybe a mast...
by ICH
Fri Feb 22, 2019 12:13 pm
Forum: Non-US Investing
Topic: HK Currency Transfers
Replies: 2
Views: 267

Re: HK Currency Transfers

Hi, I am paid in HKD but invest in ETFs that are USD or GBP. Prior to sending to my broker account, I FX with HSBC. Can anyone suggest how to get a better rate on the FX instead of using HSBC? Appreciate the help! Never exchange through a bank. Use either local exchange houses or the global online ...
by ICH
Sun Feb 17, 2019 3:29 pm
Forum: Non-US Investing
Topic: Portfolio allocation - Is it worth to invest in bonds? [EU - Germany]
Replies: 12
Views: 1651

Re: Portfolio allocation - Is it worth to invest in bonds? [EU - Germany]

Degiro is offering some commision free ETFs and you should take advantage of that. I am a fun of simplicity hence no slice and dice - VWRD for me. But your situation, particularly taxes, may be different than mine. Bank deposits instead of bonds are fine, as long as you are within the deposit guaran...
by ICH
Sun Feb 17, 2019 8:40 am
Forum: Non-US Investing
Topic: portuguese expat seeking advice
Replies: 13
Views: 966

Re: portuguese expat seeking advice

so what alternatives do you suggest lossehelin, To add VWRD with IWDA and EIMI does not make much sense. You can substitute VWRD with the pair IWDA + EIMI if you wish. They are essentially the same thing, simply VWRD is distributing and IWDA + EIMI are accummulating. One generally selects distribut...
by ICH
Sun Feb 17, 2019 7:51 am
Forum: Non-US Investing
Topic: portuguese expat seeking advice
Replies: 13
Views: 966

Re: portuguese expat seeking advice

hey guys, so I am back with a question. After further reading I would like to have 2 more etfs. SO initially I chose VWRD and AGGG, and looking at your recommendations I see IWDA and EIMI. So I was thinking in doing a portfolio with those 4? any thoughts? Pointless. VWRD more or less is IWDA + EIMI...