when it comes to routine passive incomeThere is one ASX dividend stock that I find particularly attractive right now, and it pays out to its shareholders every month.
This is great news for investors looking for a stable fund that provides reliable income and offers long-term growth potential.
I’ve written about monthly paying ASX dividend shares before BetaShares Dividend Harvester Active ETF (ASX:HVST), Plato Income Maximizer Limited (ASX:PL8), And Matrix Master Income Trust (ASX: MXT). They all provide reliable monthly income at an attractive rate.
but i think BetaShares Australian Top 20 Equity Yield Maximizer Fund (ASX:WiMax) weighs heavily on them all.
here’s why.
Image Source: Getty Images
How does WiMax work?
BetaShares YMAX is an ASX-listed exchange-traded fund (etf) which targets the 20 largest Australian companies listed on the ASX.
The fund uses a ‘covered call’ strategy. This is expected to generate income significantly higher than the dividend yield of the underlying share portfolio in the medium term.
This generally offers less volatility than direct investing in the underlying shares. It is not intended to track any index.
What does its portfolio look like?
ASX Dividend Stock Investing in a portfolio that provides exposure to the largest 20 blue chip Australian shares listed on the ASX are combined with call options written on securities in the share portfolio.
The portfolio is managed passively. This means that the weighting of each security generally reflects the weighting of the securities within the Solactive Australia 20 Index.
The goal of a share portfolio is also to generate dividends, franking creditand capital growth.
At the time of writing, the fund has heavy weightings on the Financials sector (47%) and Materials sector (21.4%).
And as of April 30, the top two holdings in its portfolio are Commonwealth Bank of Australia (ASX:CBA) at 17.5% of the portfolio, and BHP Group Limited (ASX:BHP) which is 16%. Westpac Banking Corporation (ASX:WBC) at 8%, and National Australia Bank Limited (ASX:NAB), which accounts for about 7.4% of the portfolio, completes the top four.
ANZ Banking Group Holdings Limited (ASX:ANZ), Macquarie Group Limited (ASX: MQG), Wesfarmers Limited (ASX: yes), Woodside Energy Group Limited (ASX:WDS), CSL Limited (ASX: CSL) And Telstra Group Limited (ASX:TLS) make up the remainder of the top 10 exposures in the fund.
What ASX dividend does the stock pay its shareholders?
YMAX has paid quarterly dividends to its shareholders since April 2013. But in January this year, its payment frequency was revised to monthly.
As of April 30, 2026, the YMAX ETF has a 12-month gross distribution yield of 9%. Its 12-month distribution yield is 7.6%. The overall 12-month franking level is 41.2%.
The fund recently paid a $0.047623 per unit dividend to shareholders on Monday this week. This implies an annual distribution return of 8.26%.