Performance data is updated to 31 May 2026.
BetaShares Nasdaq 100 Yield Maximiser ETF (QMAX) — Review & Analysis
QMAX is BetaShares' covered-call overlay version of the Nasdaq 100 — holding the underlying Nasdaq stocks and selling call options to generate enhanced distribution income. AUM is $32.90 million as at May 2026 with a 0.68% p.a. management fee — meaningfully above plain NDQ (0.48%) reflecting the active options overlay. Compare QMAX across the tech cohort on our tech ETF page or use the Compare ETFs tool to put QMAX vs NDQ side-by-side.
The covered-call structure trades capital upside for income. QMAX sells call options on the Nasdaq 100, collecting option premium that's distributed to investors as enhanced monthly or quarterly income. The trade-off is that when the Nasdaq rallies strongly, QMAX's holdings get "called away" at the strike price, capping the upside. In flat-to-down markets, the option premium income cushions returns; in strong bull markets, QMAX materially underperforms plain NDQ.
QMAX competes directly with QYLD (Global X Nasdaq 100 Covered Call, 0.60% — actually 8bp cheaper). Both apply covered-call overlays to the Nasdaq 100 but use different option methodologies. For investors who specifically want enhanced yield from US tech (typically retirees taking income), the covered-call pair is the natural choice — but accepting the capped upside.
QMAX is unhedged. The covered-call structure has been more profitable in sideways or volatile markets and less so during the strong tech rallies of 2023-2025. Our hold vs trade ETFs guide covers covered-call structures alongside other yield-enhancement instruments.
Performance (% return)
Investment Focus
Themes
Exposure Regions
Portfolio Breakdown
| Company Name | % assets |
|---|---|
| INVESCO NASDAQ 100 ETF | 70.40% |
| BETASHARES NASDAQ 100 ETF | 27.40% |
| NDX UL 06/18/26 C30600 | 0.00% |
| Sector | % assets |
|---|---|
| Information Technology | 52.9% |
| Communication Services | 16% |
| Consumer Discretionary | 13.4% |
| Health Care | 5.4% |
| Consumer Staples | 4.6% |
| Industrials | 4.4% |
| Utilities | 1.4% |
| Materials | 1.1% |
| Energy | 0.5% |
| Financials | 0.3% |
Similar ETFs
| Stock | Name | 1 Year % |
|---|---|---|
| BEST | ETFS US Quality ETF | +15.75% |
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Last updated: January 2026
