Key highlights

  • ASX:YMAX provides exposure to 20 blue-chip Australian shares, as represented in the S&P/ASX 20 Index.
  • The portfolio holds 21 companies, all in Australia, with the top ten making up 78.04%.
  • BHP (19.56%) and Commonwealth Bank (15.50%) are the largest holdings.

The Betashares Aus Top 20 Equity Yield Max Complex ETF (ASX:YMAX) gives investors exposure to a portfolio of 20 blue-chip Australian shares, while aiming to provide income that exceeds the dividend yield of a portfolio of the underlying shares. The fund also aims to provide lower overall volatility than the underlying share portfolio.

About the Fund

YMAX was admitted to the ASX on 26 November 2012 and is classified in the Australia Equity Income category, with the Solactive Australia 20 Total Return Index as its benchmark. The fund has about $704.88 million in assets, and the management fee is 0.64%.

Country exposure

The fund’s entire country allocation is to Australia (100%).

Every holding is a company with a market value above $1 billion, and stocks make up 100% of the portfolio.

Portfolio holdings

The portfolio holds 21 companies, with top ten holdings making up 78.04% of the fund. The largest positions are BHP Group Ltd (19.56%), Commonwealth Bank of Australia (15.5%), National Australia Bank Ltd (6.88%), Westpac Banking Corporation (6.87%) and ANZ Group Holdings Ltd (6.51%).

The top ten also include Macquarie Group, Wesfarmers, CSL, Rio Tinto and Woodside Energy. The four major banks together account for 35.76% of the fund.

Understanding the exposure

The five largest positions add up to 55.32% of the fund, which shows how much of the exposure rests on a small number of names. The remaining 11 holdings share the other 21.96% of the portfolio, an average of about 2% each. Every holding is based in Australia, so the fund’s exposure sits entirely in that one market and it has no allocation to other countries.

Fees, size and distributions

YMAX pays distributions monthly. Recent monthly distributions have ranged from $0.035 to $0.056 per unit, and the most recent was $0.048, with an ex-date of 1 October 2026 and payment on 16 October 2026.

Fund structure and reporting

YMAX has an ISIN of AU00000YMAX5 and a head office at Level 46, 180 George Street, Sydney. Recent ASX announcements from the fund include a units-on-issue disclosure for September 2026, the distribution reinvestment plan issue price, distribution announcements and the annual report lodged on 25 September 2026.

Australia Equity Income funds invest principally in Australian equities that seek to generate above-market levels of income, either through higher-yielding stocks or through derivatives that complement dividend income, and they typically have a large-cap bias.

Units in YMAX are quoted on the ASX and can be bought and sold through a broker during trading hours, in the same way as shares, so the exposure described above is available without buying each holding separately. It is identified as a complex ETF on the ASX. The fund follows a rules-based index, so its holdings and weightings are set by the index methodology and adjusted when the index is rebalanced.