Don’t forget to deduct the charges for the tracker, including hidden ones. Also, you’ll probably find a lot of the shares in the tracker have yields a lot less than 4%, given that it’s a weighted average. Also, it will be a lot more disproportionately weighted towards a handful of high-yield shares. Having said all that, I’m also skipping TUI, but for tax reasons. As a US/UK citizen living in the UK, it’s already complicated enough doing my tax forms in both countries! And besides, US citizens in the UK shouldn’t be holding funds/ETFs (outside a SIPP), so the HYP with direct share holdings works well for me.