These 2 ASX dividend shares are offering trailing yields of 10% today

We take a look at 2 ASX dividend shares catching the eye today

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When it comes to ASX dividend shares, a high yield is an obvious starting point for income investors looking for their next investment. After all, what's the point of an income investor buying a dividend share if they're not getting a substantial amount of cash back from their investment every 6 months?

So today, let's check out 2 ASX dividend shares that seemingly have fully franked, trailing 12-month yields of 10% or more today.

2 ASX dividend shares with fully franked yields over 10%

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue Metals share price is on fire today, up a very healthy 2.02% today so far at $25.77 a share. That's not too far from the company's all-time high of $26.40 that we saw a few months ago. This latest rise has pushed Fortescue's trailing dividend yield below 10%, with it sitting at 9.61% at the time of writing. However, if you factor in Fortescue's full franking credits, this trailing yield rises to a very attractive 13.73% grossed-up.

Whilst earnings (and dividends) from ASX resources companies such as Fortescue are always going to be subject to the whims of the commodity markets, iron ore prices are still at historically high levels over US$200 a tonne today. As such, many brokers are expecting to see even higher dividends from Fortescue over the rest of 2021 and into 2022.

WAM Capital Ltd (ASX: WAM)

WAM Capital is a listed investment company (LIC) with a long-built reputation as a sturdy ASX dividend share. This reputation has not deteriorated over the past year. WAM Capital shares are now offering a trailing dividend yield of 7.01%. Including the full franking that usually comes with this LIC's payouts, this yield grosses-up to 10.01%.

As a LIC, WAM Capital invests in a portfolio of underlying shares. It typically banks dividends received from these shares, as well as profits from sales, into its profit reserve.

It's this reserve from which dividends are paid out. As of 30 June 2021, the company had a profit reserve of 21 cents per share. That is enough to cover its current payout of 15.5 cents per share for at least the next 6 months.

Some of WAM Capital's current holdings include Bega Cheese Ltd (ASX: BGA), Aristocrat Leisure Limited (ASX: ALL) and Virgin Money UK (ASX: VUK).

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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