BetaShares Australian Top 20 Equities Yield Maximiser Complex ETF (YMAX) — Review & Analysis

YMAX holds the ASX Top 20 stocks (CBA, BHP, CSL, NAB, Westpac, ANZ and the rest) and systematically sells call options against them to generate enhanced income. AUM is $653.09 million as at May 2026 with a 0.64% p.a. management fee — substantially above passive ASX dividend funds, reflecting the active options overlay. Distributions are paid quarterly and have historically run at 7-9% yield. Compare YMAX across the dividend cohort on our high dividend yield ETF page or use the Compare ETFs tool to evaluate against VHY, HVST or AYLD.

The covered-call income methodology is the entire pitch. YMAX collects option premium from selling calls on the underlying stocks, then distributes that premium plus the dividends as enhanced income to investors. The trade-off is severe: when the ASX Top 20 rally hard, YMAX's positions get "called away" at the strike price and the fund underperforms plain ASX exposure materially. In flat or down markets, the option income cushions returns; in strong bull markets, YMAX systematically underperforms.

YMAX competes with other covered-call income funds on the ASX — AYLD (Global X ASX 200 Covered Call, 0.60% — slightly cheaper), HVST (Active Dividend Harvester, 0.72%), and the US-equivalent products UMAX, UYLD and QMAX/QYLD. For investors who need high current income and accept capped upside, YMAX is the largest and longest-running ASX-focused covered-call option.

YMAX is unhedged (irrelevant for ASX holdings). The covered-call structure trades total return for current income — over long periods, plain ASX exposure has typically outperformed YMAX on total return. Our covered call ETFs exposed guide covers the hidden total-return cost of covered-call income strategies.