AbstractThe yield behavior during cold drawing of commercially spun poly(ethylene terephthalate) (PET) filament yarn was investigated. Microscopic examination revealed the presence of inherent flaws within the spun filaments; these act as points for localized stress concentration. These inhomogeneities appear to be either internal cracks or crazes developed during the fiber melt spinning process. During elongation, stress magnification at these flaws results in shear band formation, indicating the onset of inhomogeneous yielding. At the yield bend in the load‐elongation curve a circumferential crack propagates within these shear band regions. This yield crack develops into the classical neck geometry which further localizes additional plastic deformation within the sample at the nec