YT is not the fixed leg

A friend wants "a fixed 5% on my dollars until March" and is about to buy the YT because it is cheap. What should you tell them?

• Good choice: the YT locks the implied APY at a lower price
• The fixed rate is on the PT; the YT pays whatever the underlying yields and is worth zero in March
• Either token works, since PT and YT add up to one unit

Why does a YT bought at the market's price need the underlying to pay slightly more than the implied APY to break even?

• Because the YT's price rises as maturity nears
• Because the PT holder takes part of the yield
• Because Pendle keeps 5% of the yield and points a YT collects