You're being paid 0.73% to absorb price risk. Only ~0.73% of it is real fees — and they stop covering impermanent loss if IQ-FRAX diverges more than ±27%.
Real fee/staking yield: 0.73% · token emissions: 0% of the headline.
Break-even fact: a ±27% move in IQ-FRAX erases a full year of the fees you actually keep (~0.73%). Whether that move happens is up to the market — but any emissions inflating the headline will fade regardless.
Source: DefiLlama. Verdict is a heuristic over public data, not financial advice.