Key Highlights

  • The fund holds 100% of its assets in the iShares Core S&P 500 ETF (IVV) and aims to deliver income above the dividend yield of the stocks.
  • It also aims for some capital growth and lower volatility than the index.
  • The management fee is 0.79% and the fund size is $333.12 million.
  • The October 2026 distribution of $0.104 is lower than the $0.112 paid in September.

Betashares S&P 500 Yield Maximiser Complex ETF (ASX:UMAX) aims to provide investors with exposure to the stocks comprising the S&P 500 Index while providing regular income that exceeds the dividend yield of the stocks alone. It also aims to provide the potential for some capital growth and lower overall volatility than the index. The fund was admitted to the ASX on 19 September 2014 and last traded at $27.38 on 13 October 2026.

Detail

Information

Ticker

ASX:UMAX

Fund

Betashares S&P 500 Yield Maximiser Complex ETF

Category

Equity North America

Benchmark

S&P 500 TR AUD

Fund size

$333.12 million

Management fee

0.79%

Underlying fund

IVV, 100.00%

ASX admission date

19 September 2014

Structure

The portfolio lists a single holding, the iShares Core S&P 500 ETF (IVV), at 100.00%. The income overlay is the feature that makes the fund a complex ETF, and the issuer describes the strategy as aimed at income above the underlying dividend yield.

Reported turnover is 19.63%, and cash is 0.24%.

Sector and country exposure

Technology holds 38.69%, below the 41.35% category figure, and Communication Services 9.50%, against 15.22%. Financial Services holds 12.07%, against 6.67%, and Consumer Cyclical 9.31%. Healthcare holds 9.28% and Industrials 7.75%.

The United States accounts for 99.53% of the fund. Companies above $1 billion in market capitalisation represent 98.91%.

Fee, risk and distributions

The management fee is 0.79% a year, compared with 0.04% on the unhedged IVV. The fund reports a beta of 0.66 and a standard deviation of 7.75. UMAX pays monthly, and the interim distribution of $0.104 per unit had an ex-date of 1 October 2026, a record date of 2 October and payment on 16 October, equal to an annual yield of 5.11%.

That matches the $0.104 paid in August and is lower than the $0.112 in September, $0.123 in July and $0.115 in June.

Category classification and liquidity

Morningstar places the fund in the Equity North America category, which covers funds investing primarily in the securities of companies listed in the United States and Canada, which typically account for at least 75% of the portfolio.

Liquidity indicators add a further view. There are 12,206,631 units on issue, and average daily trading volume is 19,253 units. Over the five sessions from 7 to 13 October 2026, daily volume ranged from 4,100 to 19,800 units, with 18,610 recorded on 13 October while the market was still open. The bid-offer range stood at $27.35 to $27.43, and the day range at $27.35 to $27.45. These figures change through the trading day and reflect market activity rather than the fund's holdings.

Recent announcements

The issuer lodged the Units on Issue Disclosure for September 2026 on 6 October, a DRP Issue Price and Final Distribution Announcement on 1 October, an Estimated Distribution Announcement on 29 September and the Annual Report on 25 September.

Final Takeaway

UMAX combines S&P 500 holdings with an income strategy, at a fee roughly twenty times that of a plain S&P 500 fund. Its monthly distribution has varied between $0.104 and $0.123. These facts describe the structure and do not forecast outcomes.