jeremy siegal just said, why not get the dividend? putting out a 2.8 dividend.nt 'besser th than -- better than the spy. tracking the spy, get out of and get the dividend. tradability, like to talk about that, wide spreads in both names. in and the spy and into this with relatively no impact. >> back to my original question. the performance of this, the out performance of the spy vrs a byn, your vehicle, much more than the benefit from the higher dividend yield. spy up 22%. bym up 17%, for five years, spy up 120%. byn out 115%. losing out on the performance side of it? >> right. in this particular mark, going sideways. get a dividend if going sideways. >> talk about the other one. emerging markets. >> an exciting story. it is developed markets. right? i think a lot of people say, hey, spy for u.s., em emerging markets and i'm going developing markets in efa. 20% japan. europe a great story. play europe with hedj, the wisdom tree currency hedged etf. the story quick. it's easy, right? having quality companies. to be in that index, you have to have 50% revenues co

but i don't think glass siegal does it. if glass siegal had been in effect it wouldn't have affected aig. nothing in glass siegal would have kept them from saying we owe $100 billion, we don't know how much we owe and how to pay it off. we couldn't have stopped people from 100% securitization and making bad mortgages. these were new things that needed to be regulated in a new way. >> thank you for that response. you know, the housing market has seen some signs of recovery with foreclosure rates declining. home sales rising, and equity creeping upward. do you think that dodd-frank had an effect over the housing market or just over time the housing market has corrected itself? >> well, we have had an effect. and i am surprised some people mentioned it, there are few loans available for very poor people. and i wish there were not poor people. but lending them money when they cannot afford to pay it back is not doing anybody any good on a lending institution, unless they securititize it and pass it on to some other entity. i th