Betashares Australian Top 20 Equities Yield Maximiser Complex ETF (YMAX) Review & Analysis
MER · #411 of 514AUM · Top 25%1Y Return · #253 of 4263Y Return · #207 of 3005Y Return · #117 of 225
What's new this monthData to 30 September 2026
−1.4% in September (total return), ahead of the median Australian shares ETF at −2.1%.
Investors added a net $19m (2.8% of the fund).
The unit price closed the month at $7.33, 7% below its 12-month high (range $7.20 to $7.91).
About YMAX
YMAX holds the 20 largest companies on the ASX and sells call options over them to earn extra income. That covered call strategy is actively managed by Betashares, which is why YMAX is classed as a complex ETF. The aim is a higher, steadier income stream than the shares alone provide.
The underlying portfolio is very concentrated, with BHP and Commonwealth Bank the largest holdings and the major banks, CSL, Macquarie and Wesfarmers close behind. Option premiums are added to the franked dividends, so distributions are usually generous. The trade-off is capped upside: when the market rallies strongly, the options limit how much of the gain you keep, while you still bear most of the fall in a downturn. Over long periods, total returns have tended to trail a plain top 20 fund. There is no currency risk.
YMAX may suit retirees and other investors who value regular income over growth. Alternatives include ILC, which holds the same top 20 without options, and VHY; see ILC vs YMAX and VHY vs YMAX.
YMAX distributions and dividend dates
YMAX pays distributions monthly, with payment about 15 days after the ex-date.
The latest distribution was $0.0483 per unit (49% franked), ex-distribution on 2 November 2026 and paid on 17 November 2026. To receive it you need to own YMAX before the ex-date.
Its distribution yield over the past 12 months is about 8.0%, with distributions around 50% franked. Distributions vary and past payments are not a guide to future ones.
From ASX announcements, updated nightly. See every ETF in the dividend calendar.
1 year ago$10,1833 years ago$12,3185 years ago$13,110
Value at 30 September 2026 with distributions reinvested, before tax and brokerage.
Total returns including distributions, to 30 September 2026. 1M, 1Y, 3Y and 5Y bars are cumulative.
YMAX at a glance: strengths and things to watch
👍 Strengths
Long track record. Listed since 2012, through several market cycles.
⚠️ Things to watch
Concentrated. The top 10 holdings make up 78% of the fund, so a few companies drive the result.
Income comes with a trade-off. Selling options boosts income but caps how much it can rise in strong markets.
Worked out from YMAX's fees, size, flows, returns and trend against the 83 Australian shares ETFs in Australia, to 30 September 2026. General information, not a recommendation.
YMAX's moving averages are tangled and the price is moving sideways. The trend hasn't picked a direction yet. Its price is 4.6% below its 12-month high.
Why it matters: Bases are where the next big move starts. A breakout can begin a new uptrend, while a breakdown can start a long fall. Buying a satellite before the breakout often means waiting months for nothing to happen.
At ETF Adviser the core of a portfolio stays invested through every stage, and satellite ETFs are only bought in an uptrend. Members get a weekly update on which ETFs are breaking out of a base and which trends have broken.
YMAX weekly price, past 12 months, shaded by trend stage. Stage as at 7 November 2026, updated weekly. A technical label, not a recommendation.
💡 Cheaper twin
VLC holds 90% of the same companies as YMAX for 0.56% a year less, which is $560 a year on $100,000. There are 2 cheaper twins in total. See all cheaper alternatives to YMAX →
Holdings from the issuer's published portfolio as at 30 October 2026. Breakdowns are based on the largest 20 positions, covering 100% of the fund. Compare YMAX's holdings with other ETFs →
Best-endeavours estimate. Built from each issuer's published holdings, which may be weeks or months old, may cover only part of a fund (some publish only their top 10) and are matched by company name. Figures may be incomplete or inaccurate. Check the issuer's website and PDS before relying on them. General information only.
Same holdings is the share of YMAX's money in companies the other ETF also holds, weighted by size. Most similar first, then ETFs in the same category. See every ETF like YMAX →
YMAX vs its closest alternatives
What actually differs between YMAX and the ETFs most like it. Data to 30 Sep 2026.
YMAX charges a management fee (MER) of 0.76% a year, according to the TMX Australia monthly funds report as at 30 September 2026.
How big is YMAX?
YMAX had $696m in funds under management as at 30 September 2026.
How has YMAX performed?
YMAX returned +1.8% over the year to 30 September 2026 (total return, including distributions). Over three years it returned +7.2% a year. Past performance is not a reliable indicator of future performance.
Who manages YMAX?
YMAX is managed by Betashares and has been listed since November 2012.
Does YMAX pay monthly distributions?
Yes. YMAX pays a distribution every month.
When is the next YMAX distribution?
Based on its usual schedule, YMAX's next distribution should go ex around the start of December, with payment about 15 days later. Dates can move, so check Betashares' announcements to confirm.
What is YMAX's dividend yield?
YMAX's distribution yield over the past 12 months was about 8.0%. Yields change with the unit price and each payment, and are not a forecast.
Is YMAX franked?
Yes, partly. YMAX's distributions have typically been around 50% franked, because it holds Australian companies that pay tax here. Franking credits can reduce your tax, and in a pension-phase account they can be refunded as cash. Check Betashares' annual tax statement for the exact figure.
What does YMAX hold?
YMAX's largest holdings are BHP Group Ltd (17.1%), Commonwealth Bank of Australia (16.2%), National Australia Bank Ltd (7.6%), Westpac Banking Corp (7.4%), ANZ Group Holdings Ltd (7.2%). It holds about 20 investments in total. The biggest sector is financials at 46%. Holdings as at 30 October 2026.
Is there a cheaper alternative to YMAX?
Yes. VLC (Vanguard MSCI Australian Large Companies Index ETF) holds about 90% of the same companies and charges 0.20% a year, against 0.76% for YMAX. Check the index and size before switching, and remember selling may trigger capital gains tax.
Disclaimer
This review is general information only and does not take into account your objectives, financial situation or needs. Consider the Betashares product disclosure statement (PDS) and target market determination (TMD) before investing. Past performance is not a reliable indicator of future performance.
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