New Merrill Edge cash solutions (possibly?)

[Direwolf14]

I know that the question has been asked many times where to park cash at Merrill Edge. The suggested solutions seem to be either Preferred Deposit or some sort of ultra short-term bond ETF. However, I just stumbled across a "Cash Management Solutions" page in ME under Research / Mutual Funds. Has anyone attempted to use these funds in their ME CMA? Any gotchas? Some of these funds settle the same business day and have higher yields than Preferred Deposit, so could be interesting (especially if a percentage is state tax free). Thanks.

P.S. Sorry for the formatting

Cash Management Solutions
Merrill offers access to a variety of investment and bank deposit solutions designed to provide liquidity, relative safety and competitive yields for your cash holdings. Below you will find the availableFootnote 1 money market funds as well as the available bank deposit products. Please note that initial deposit transactions into any of the bank deposit products cannot be conducted online, please contact a Merrill Representative to complete these transactions.

All money market mutual funds and bank deposits included on this page are non-sweep products - an order must be entered for all transactions.

Money market mutual fund performance data quoted represents past performance, and current performance may be lower or higher. Past performance is no guarantee of future results. Performance data for the most recent month end may be obtained by contacting your financial advisor or Merrill Representative. If you are a Merrill Edge® Self-Directed client please call the Investment Center at 877.653.4732. For all other Merrill clients please call the Merrill Advisory Center or a Merrill Financial Solutions Advisor at 888.ML.INVEST (888.654.6837).

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Money Market Funds - Market Price and 7-Day Yield as of 09/10/2019

Money Market Fund Name	Symbol	Action	Market Price (NAV)	7-Day Yield	Initial Minimum Investment	Sub. Minimum Investment	Cash Equivalent for Cash Covered Puts	SIPC / FDIC Insured	Settlement	Cutoff
BlackRock Liquidity Funds California Money Fund Portfolio Institutional3	MUCXX	Trade MUCXX	$1.0002	0.94%	$100,000.00	$0.00	N	SIPC	Next business day	12:00 PM EST
BlackRock Liquidity Funds Federal Trust Fund Portfolio Institutional2	TFFXX	Trade TFFXX	$1.00	1.95%	$100,000.00	$0.00	Y	SIPC	Next business day	2:30 PM EST
BlackRock Liquidity Funds FedFund Portfolio Institutional2	TFDXX	Trade TFDXX	$1.00	2.01%	$100,000.00	$0.00	Y	SIPC	Same business day	5:00 PM EST
BlackRock Liquidity Funds MuniCash Portfolio Institutional3	MCSXX	Trade MCSXX	$1.0001	1.14%	$100,000.00	$0.00	N	SIPC	Next business day	12:00 PM EST
BlackRock Liquidity Funds New York Money Fund Portfolio Institutional3	MUNXX	Trade MUNXX	$1.0000	1.09%	$100,000.00	$0.00	N	SIPC	Next business day	12:00 PM EST
BlackRock Liquidity Funds TempCash Portfolio Institutional3	TMCXX	Trade TMCXX	$1.0006	2.15%	$100,000.00	$0.00	N	SIPC	Next business day	2:30 PM EST
BlackRock Liquidity Funds T-Fund Institutional2	TSTXX	Trade TSTXX	$1.00	1.99%	$100,000.00	$0.00	Y	SIPC	Next business day	4:00 PM EST
BlackRock Liquidity Funds T-Fund Portfolio Cash Management2	BPTXX	Trade BPTXX	$1.00	1.49%	$5,000.00	$0.00	Y	SIPC	Next business day	4:00 PM EST
BlackRock Liquidity Funds Treasury Trust Fund Portfolio Institutional2	TTTXX	Trade TTTXX	$1.00	1.92%	$100,000.00	$0.00	Y	SIPC	Same business day	1:45 PM EST
Money Market Obligations Trust Federated Government Obligations Fund Institutional2	GOIXX	Trade GOIXX	$1.00	1.99%	$100,000.00	$0.00	Y	SIPC	Same business day	1:45 PM EST
Money Market Obligations Trust Federated Prime Value Obligations Fund Institutional3	PVOXX	Trade PVOXX	$1.0002	2.19%	$100,000.00	$0.00	N	SIPC	Next business day	3:00 PM EST
Money Market Obligations Trust Federated Treasury Obligations Fund Institutional2	TOIXX	Trade TOIXX	$1.00	1.99%	$100,000.00	$0.00	Y	SIPC	Same business day	1:45 PM EST
Money Market Obligations Trust Government Obligations Tax-Managed Fund Institutional2	GOTXX	Trade GOTXX	$1.00	1.96%	$100,000.00	$0.00	Y	SIPC	Same business day	11:45 AM EST
Money Market Obligations Trust -IS- Federated Institutional Tax-Free Cash Trust3	FFTXX	Trade FFTXX	$1.0000	1.12%	$100,000.00	$0.00	N	SIPC	Next business day	1:00 PM EST
Money Market Obligations Trust US Treasury Cash Reserves Institutional2	UTIXX	Trade UTIXX	$1.00	1.91%	$100,000.00	$0.00	Y	SIPC	Same business day	11:45 AM EST

Footnote 1 The availability of the bank deposits and money market mutual funds included on this page is based on account type and may depend on other eligibility criteria. Please contact your Merrill Advisor or Representative as restrictions do apply.
Investing involves risk. For more complete information on any mutual fund, please request a prospectus and/or, if available, a summary prospectus from your Merrill Lynch Wealth Management Advisor or a Merrill Financial Solutions Advisor and read it carefully. Before investing, carefully consider the investment objectives, risks, and charges and expenses of the fund. This and other information can be found in the fund's prospectus and/or, if available, summary prospectus.

Footnote 2 You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Footnote 3 You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

[aristotelian]

The only one I see without a $100K minimum only yields 1.49%. Not a great option IMO.

[Culbretd]

So if one has $100,000 in cash which fund should they use? I'm a little confused trying to read that.

[GatorFL]

I use TMCXX and PVOXX as cash sweep accounts in Merrill Edge. I spoke to them about the new Cash Management Solutions options shortly after it launched and these 2 had the best yield.

[Direwolf14]

The only one I see without a $100K minimum only yields 1.49%. Not a great option IMO.

Preferred Deposit also has a 100k minimum initial investment (as do the higher yielding MM funds at other institutions like Fidelity), so still an apples-to-apples comparison.

[Direwolf14]

I use TMCXX and PVOXX as cash sweep accounts in Merrill Edge. I spoke to them about the new Cash Management Solutions options shortly after it launched and these 2 had the best yield.

Thanks, GatorFL. Do you happen to know if Merrill has a minimum balance requirement after the minimum initial investment in these funds? Some institutions have 10k or similar requirements.

[skibummer]

Per the ME rep there is no ongoing minimum requirement for those funds or deposit accounts that have a $100,000 minimum initial investment. Of note, several of the $100,000 min initial investment MM mutual funds have a $1000 min additional investment requirement. Also the MM mutual funds and the preferred deposit accounts are not sweep accounts, but both can be traded from the online platform (this is a new feature) as the preferred deposit option had to be done over the phone in the past.

[atdharris]

Is there any options for something less than $100k? I don't have that kind of money sitting in cash.

Edit: nevermind, I see only 1 fund, and it has a .69 management fee and yields only 1.49%. I may as well keep my cash in SHV.

[Startled Cat]

Thanks for pointing these out. Some of them look like good alternatives to the BIL ETF, which I'm currently using. I'm thinking of using GOTXX. The SEC yield is a few basis points higher, and using a money market fund instead of ETF would simplify tax reporting because individual sales wouldn't need to be reported.

It's interesting that the yield on offer is significantly higher than FDLXX at Fidelity.

[GatorFL]

Skibummer is correct, no ongoing requirement for maintaining the 100K. In fact, both are treated the same as cash in terms of trading, meaning that you can sell from either of those funds and don't have to wait for the settling period, you can basically use them just like cash to make trades.

Gator

[isira]

I am currently parking my cash in GOTXX until preferred rewards kicks in. It invests 100% in direct federal obligations so I can claim 100% California tax exemptions. All other funds appear to have a majority stake in repurchase agreements which aren't tax exempt.

AFAIK, only BPTXX can be traded without calling in. I did read in another thread a few days ago that you can now deposit/withdraw from Preferred Deposit without needing to call in.

[Startled Cat]

I'm planning to trade into one of these funds next week. Right now, FFTXX (Federated Institutional Tax-Free Cash Trust) looks most appealing.

Now that these money market funds are available, has anyone considered using Merrill Edge as a one-stop shop (similar to the common setup at Fidelity with their cash management account)? I transferred my investments from Fidelity recently to take advantage of a relationship mortgage discount, and had planned to keep using Fidelity for day-to-day checking and future investments. However, it now seems like I have access to better money market funds at Merrill Edge than I do at Fidelity, so I wonder if it would make sense to centralize my financial activities at Merrill Edge. It seems like they do offer check writing, ATM cards, direct deposit, and bill payment for CMA accounts. The only major inconvenience I can see is that you would have to trade out of the money market fund before the cash is available for other uses - it wouldn't be seamless like at Fidelity where withdrawals or bill payments trigger money market sales. But the higher yield on cash might make up for this.

OTOH, the ability to get transfer bonuses by accumulating assets elsewhere and periodically transferring them into Merrill Edge incentivizes me not to direct deposit my paycheck to Merrill Edge.

[isira]

Merrill is not good enough for me to use it as a one stop shop. I will only leave ~$100k in an ETF to take advantage of Platinum Honors status for BofA credit card bonuses and continue to use Schwab as my primary bank/brokerage. Here are some of the reasons:

• Schwab has unlimited worldwide ATM fee refunds. It appears Merrill is only fee free if you use BofA ATMs.

• Every action I take in Merrill's app has annoyingly slow loading times. Schwab is lightning fast for me.

• Merrill isn't allowing me to create a trade order on a Saturday for my money market fund. I can do this with Schwab. This is important to me because I normally take care of my finances on a weekend.

• I get my direct deposit with Schwab the evening (~6PM) before pay day.

• When I use mobile deposit with Schwab, many times the funds are available to me within an hour, even on a weekend.

[Culbretd]

I’m not sure about world wide atm reimbursements but once you reach platinum honors BoA will reimburse atm fees for you for using other ATM’s.

[isira]

I’m not sure about world wide atm reimbursements but once you reach platinum honors BoA will reimburse atm fees for you for using other ATM’s.

Yes, forgot about that. BofA's fine print says fee reimbursement is only for ATM usage within U.S. and U.S. territories.

[Startled Cat]

I’m not sure about world wide atm reimbursements but once you reach platinum honors BoA will reimburse atm fees for you for using other ATM’s.

I suspect that only applies to withdrawals from Bank of America accounts, not Merrill Edge accounts.

I agree that the checking capabilities are not as flexible as they are at Schwab or Fidelity, but I'm thinking it might make sense to keep most cash at Merrill Edge, where I can get a better money market rate, and keep a small amount at Fidelity for the occasional non-BofA ATM withdrawal. An alternative would be to keep using Fidelity for cash management and keep some of the cash in T-bills for better yield, but this is also a bit of hassle, and sometimes competitive muni money market funds beat T-bills.

It's completely unclear how to order checks or an ATM card for a Merrill Edge account, so this is something I'd have to call and inquire about.

[Culbretd]

I’m not sure about world wide atm reimbursements but once you reach platinum honors BoA will reimburse atm fees for you for using other ATM’s.

I suspect that only applies to withdrawals from Bank of America accounts, not Merrill Edge accounts.

I agree that the checking capabilities are not as flexible as they are at Schwab or Fidelity, but I'm thinking it might make sense to keep most cash at Merrill Edge, where I can get a better money market rate, and keep a small amount at Fidelity for the occasional non-BofA ATM withdrawal. An alternative would be to keep using Fidelity for cash management and keep some of the cash in T-bills for better yield, but this is also a bit of hassle, and sometimes competitive muni money market funds beat T-bills.

It's completely unclear how to order checks or an ATM card for a Merrill Edge account, so this is something I'd have to call and inquire about.

You may be correct. I’ve never used my card at other ATM’s as I strictly use BoA credit card to get the cash back rewards. When I signed up for Merrill Edge they did send me a check book to use and I think I declined a debt card for the account. Once again, the only card I use is BoA credit card for the rewards.

[LocusCoeruleus]

Other than cash equivalents are folks just buying vti according their aa to maintain the 100k in taxable?

For those that just want to leave 100k in the account, my concern for having a substantial portion in a volatile equity index fund is what about large drops. Perhaps the fact that you have nearly a year to get back up to 100k if the fund drops either by reversion or further contribution helps?

[isira]

Other than cash equivalents are folks just buying vti according their aa to maintain the 100k in taxable?

For those that just want to leave 100k in the account, my concern for having a substantial portion in a volatile equity index fund is what about large drops. Perhaps the fact that you have nearly a year to get back up to 100k if the fund drops either by reversion or further contribution helps?

My plan is to put my 100k in AOR (iShares Core Growth Allocation ETF - 60/40) once Platinum Honors gets activated sometime next month. It's probably the simplest set and forget ETF I could think of. If after 1 year I'm below 100k, I plan to transfer my cash over to a money market fund in Merrill to bring it back up during the 3 month grace window.

[Culbretd]

Other than cash equivalents are folks just buying vti according their aa to maintain the 100k in taxable?

For those that just want to leave 100k in the account, my concern for having a substantial portion in a volatile equity index fund is what about large drops. Perhaps the fact that you have nearly a year to get back up to 100k if the fund drops either by reversion or further contribution helps?

Well we bank with BoA and it just needs to be 100k with them and Merrill Edge (combined). Regardless all our taxable accounts are ETF’s held at Merrill Edge. If the market drops 50% then they give you a 3 month grace period to get back to 100k (total in all accounts; BoA and Merrill Edge).

[isira]

After studying the Cash Management Solutions page (Research->Mutual Funds->Cash Management Solutions Tab) and reading a few prospectus, I will be switching from GOTXX (Federated Government Obligations Tax Managed) to TTTXX (BlackRock Liquidity Funds Treasury Trust).

My primary objective is to find a fund that invests directly into US obligations and not repurchase agreements, not subject to liquidity fees and redemption gates, and has same-day settlement. Among these, it appears only TTTXX, GOTXX, and UTIXX meets the criteria. Living on the west coast, having a later cutoff time is better for me. TTTXX has a cutoff time of 1:45pm EST, whereas GOTXX/UTIXX has a cutoff time of 11:45AM EST.

[Startled Cat]

After studying the Cash Management Solutions page (Research->Mutual Funds->Cash Management Solutions Tab) and reading a few prospectus, I will be switching from GOTXX (Federated Government Obligations Tax Managed) to TTTXX (BlackRock Liquidity Funds Treasury Trust).

My primary objective is to find a fund that invests directly into US obligations and not repurchase agreements, not subject to liquidity fees and redemption gates, and has same-day settlement. Among these, it appears only TTTXX, GOTXX, and UTIXX meets the criteria. Living on the west coast, having a later cutoff time is better for me. TTTXX has a cutoff time of 1:45pm EST, whereas GOTXX/UTIXX has a cutoff time of 11:45AM EST.

Were you able to find a federal obligations percentage for TTTXX? I didn't see it in https://www.blackrock.com/us/individual ... -funds.pdf, probably because it's an institutional fund.

I previously confirmed that income from GOTXX and UTIXX would not be subject to state taxes.

Currently the taxable-equivalent yield on FFTXX (Federated Institutional Tax-Free Cash Trust) looks highest for me, but I realize this fund doesn't meet your stated criteria.

[indexfundfan]

I haven't used any of these MMFs. Some questions

1. To use these MMFs, do I submit a purchase through Trade > Mutual funds?
2. Are there any transaction fees? Does it count against one free trade?
3. Any requirement to maintain the minimum balance after purchase?
4. Are they available in the IRA?

Thank you.

[isira]

Were you able to find a federal obligations percentage for TTTXX? I didn't see it in https://www.blackrock.com/us/individual ... -funds.pdf, probably because it's an institutional fund.

If you study the prospectus, you will see that repurchase agreements is not part of the TTTXX investment objective. If you compare Holdings/Exposure Breakdown of TTTXX with all other funds (e.g. BPTXX), you will see that TTTXX indeed only has 100% direct US Treasury investments.

[isira]

I haven't used any of these MMFs. Some questions

1. To use these MMFs, do I submit a purchase through Trade > Mutual funds?
2. Are there any transaction fees? Does it count against one free trade?
3. Any requirement to maintain the minimum balance after purchase?
4. Are they available in the IRA?

#1 I'm not sure if you still need to call in to open, but I could buy and sell into my existing position using the Mutual Fund trader. I will find out if I can open a new position without calling in sometime this week.

#2 There are no fees and it does not count against your free trades.

#3 You just need a minimum to open, but no minimum to maintain.

#4 I don't know as I only have a taxable account.

[indexfundfan]

I haven't used any of these MMFs. Some questions

1. To use these MMFs, do I submit a purchase through Trade > Mutual funds?
2. Are there any transaction fees? Does it count against one free trade?
3. Any requirement to maintain the minimum balance after purchase?
4. Are they available in the IRA?

#1 I'm not sure if you still need to call in to open, but I could buy and sell into my existing position using the Mutual Fund trader. I will find out if I can open a new position without calling in sometime this week.

#2 There are no fees and it does not count against your free trades.

#3 You just need a minimum to open, but no minimum to maintain.

#4 I don't know as I only have a taxable account.

Thank you!

[Startled Cat]

I was able to trade into one of the funds online, without calling in.

[HappyGuy]

Does anyone have a recommendation on checking/taxable account?

I was using Merrill Edge for most of my taxable investment and Roth IRA/529 to take advantage of its zero-commission and cashback. I was manually buying/selling BIL/CMF/VGLT/VGSH as my sweep account.

Now that many other brokers started to offer zero-commission tomorrow, is there any solution better than Merrill Edge? No major complain but their option trading is not free (and I assume Mutual Fund is not free either) and I am a little tired of my manual sweep account.

[atdharris]

Does anyone have a recommendation on checking/taxable account?

I was using Merrill Edge for most of my taxable investment and Roth IRA/529 to take advantage of its zero-commission and cashback. I was manually buying/selling BIL/CMF/VGLT/VGSH as my sweep account.

Now that many other brokers started to offer zero-commission tomorrow, is there any solution better than Merrill Edge? No major complain but their option trading is not free (and I assume Mutual Fund is not free either) and I am a little tired of my manual sweep account.

I am staying put due to the credit card rewards boost I receive using Preferred Rewards. It's tough to beat 2.67% back on all purchases and even higher on dining/travel/costco/online purchases. I wish ME had better cash management solutions, but I will just keep buying BIL/SHV

[venus_06]

They list PVOXX (Federated Institutional Prime Value Obligations Fund ---Institutional Class) and TMCXX (BlackRock Liquidity Funds: TempCash Fund ---Institutional Class) as share price will fluctuate. Has anyone had experience with these? If I wanted something more similar to VG's Federal money market or Prime Money market, would GOTXX (Federated Government ObligationsTax-Managed Fund ---Institutional Class) be the best one? Currently I have cash parked in their Preferred deposit, which has dropped significantly.

[Ricchan]

I am staying put due to the credit card rewards boost I receive using Preferred Rewards. It's tough to beat 2.67% back on all purchases and even higher on dining/travel/costco/online purchases. I wish ME had better cash management solutions, but I will just keep buying BIL/SHV

Sorry to go slightly off topic, but which card from BofA do you use that offers 2.67% back on everything with the highest rewards tier?

The Cash Rewards card offers 1% on everything, or 1.75% with the highest rewards tier.

The Premium Rewards card offers 1.5 points on everything, or 2.625 points with the highest rewards tier, but it comes with a $95 annual fee.

[Lastrun]

It is the Premium Rewards with the $95 fee. You do however, get a travel incidentals credit of $100 (luggage), $100 TSA credit, and the Visa Hotel benefits (late check-in/checkout, upgrade, free breakfast and $25 hotel cash). Also, the insurance programs for the card are not half-bad. So for some the $95 is worth the charge. Note that the minimum is 2.625% and you get 3.5% on hotels, travel, flights and dining.

[isira]

1. To use these MMFs, do I submit a purchase through Trade > Mutual funds?

#1 I'm not sure if you still need to call in to open, but I could buy and sell into my existing position using the Mutual Fund trader. I will find out if I can open a new position without calling in sometime this week.

Confirmed, today I was able to use the mutual fund trader to sell all my holdings in GOTXX and buy TTTXX.

They list PVOXX (Federated Institutional Prime Value Obligations Fund ---Institutional Class) and TMCXX (BlackRock Liquidity Funds: TempCash Fund ---Institutional Class) as share price will fluctuate. Has anyone had experience with these? If I wanted something more similar to VG's Federal money market or Prime Money market, would GOTXX (Federated Government ObligationsTax-Managed Fund ---Institutional Class) be the best one? Currently I have cash parked in their Preferred deposit, which has dropped significantly.

The closest to Vanguard's VMFXX is GOTXX as they both invest in US government securities. GOTXX is 100% state tax exempt because it invests 100% directly into Federal obligations, where as VMFXX is only partially state tax exempt because it has repurchase agreements which is not state tax exempt.

[tricon23]

It is the Premium Rewards with the $95 fee. You do however, get a travel incidentals credit of $100 (luggage), $100 TSA credit, and the Visa Hotel benefits (late check-in/checkout, upgrade, free breakfast and $25 hotel cash). Also, the insurance programs for the card are not half-bad. So for some the $95 is worth the charge. Note that the minimum is 2.625% and you get 3.5% on hotels, travel, flights and dining.

Love it so far now that I am a "Plat Honors" level and can see the rewards daily building up on everyday spending.

[atdharris]

I am staying put due to the credit card rewards boost I receive using Preferred Rewards. It's tough to beat 2.67% back on all purchases and even higher on dining/travel/costco/online purchases. I wish ME had better cash management solutions, but I will just keep buying BIL/SHV

Sorry to go slightly off topic, but which card from BofA do you use that offers 2.67% back on everything with the highest rewards tier?

The Cash Rewards card offers 1% on everything, or 1.75% with the highest rewards tier.

The Premium Rewards card offers 1.5 points on everything, or 2.625 points with the highest rewards tier, but it comes with a $95 annual fee.

I was slightly off.. 2.625% back. Either way, it beats the Citi DC and between that, the $100 airline credit, and the 3.5% back on dining, it is well worth the $95 fee. I do pair that with the Cash Rewards card for Costco and online purchases.

I redeem nearly $2000 a year in cash back between both BofA cards.

[venus_06]

The closest to Vanguard's VMFXX is GOTXX as they both invest in US government securities. GOTXX is 100% state tax exempt because it invests 100% directly into Federal obligations, where as VMFXX is only partially state tax exempt because it has repurchase agreements which is not state tax exempt.

I see, thanks. So it's basically same as VUSXX (Vanguard Treasury money market fund)? Were you able to buy this online directly, or had to go through the phone?

[isira]

The closest to Vanguard's VMFXX is GOTXX as they both invest in US government securities. GOTXX is 100% state tax exempt because it invests 100% directly into Federal obligations, where as VMFXX is only partially state tax exempt because it has repurchase agreements which is not state tax exempt.

I see, thanks. So it's basically same as VUSXX (Vanguard Treasury money market fund)? Were you able to buy this online directly, or had to go through the phone?

Well, the equivalent to VUSXX is TTTXX and UTIXX as they all invest 100% in US treasuries. VMFXX and GOTXX invest in a variety of federal government agencies. I was able to buy TTTXX without calling in this week.

[addicoe]

This GOTXX play sounds good to me. The only downside is that Merrill Edge still won't let you change your core position so I would have to trade in/out of the fund. Looks like the minimum entry is 25K. I would really like to see them integrate Merrill Edge with the BofA side of things more. Seems like a missed opportunity.

[addicoe]

Can someone explain to me why GOTXX is a better option than one of the other funds like PVOXX which has higher yield? Is it because it invests solely in federal government debt meaning you don't have to pay state taxes on it? State taxes are pretty small in comparison to the difference in return based on yield it seems (for example GOTXX right now is 1.55 and PVOXX is 1.77).