You're being paid 5.32% to absorb price risk. Only ~5.32% of it is real fees — and they stop covering impermanent loss if GRAM-USD₮ diverges more than ±95%.
Real fee/staking yield: 5.32% · token emissions: 0% of the headline.
Break-even fact: a ±95% move in GRAM-USD₮ erases a full year of the fees you actually keep (~5.32%). 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.