Key Highlights

  • UMAX (ASX:UMAX) gives exposure to the S&P 500 stocks with an options overlay intended to lift income.
  • Technology makes up 40.45% of the portfolio, with financial services at 11.20%.
  • The annual yield is 5.18%, and management fees are 0.79%.
  • Fund size is $328.60 million, with 12,206,631 units on issue.

Betashares S&P 500 Yield Maximiser Complex ETF (ASX:UMAX) traded at $26.77 during the trading session on 30 October 2026, down 0.55%, with 14,790 units changing hands. UMAX combines an S&P 500 stock exposure with a call-writing strategy designed to produce regular income above the dividends of the underlying stocks. The fund was admitted to the ASX on 19 September 2014 and is benchmarked to the S&P 500 TR AUD index.

Fund Details

Fund size is $328.60 million, with 12,206,631 units on issue. The ISIN is AU00000UMAX3 and management fees and costs are 0.79% a year. The fund's stated aim is to provide exposure to S&P 500 stocks, regular income above the stocks' dividend yield, and some capital growth with lower overall volatility than the index.

Session range was $26.74 to $26.89, and average daily volume is about 19,609 units.

Stock Exposure and Sector Mix

The underlying exposure is held through a single holding in the iShares Core S&P 500 ETF, which makes up 100% of the portfolio. The stock mix is therefore that of the S&P 500: technology 40.45%, financial services 11.20%, communication services 9.95%, healthcare 9.26% and consumer cyclical 8.74%.

Exposure is 99.54% United States, and more than 98% of holdings are valued above $1 billion.

Income Profile

The annual yield is 5.18%, which is higher than the yield on the S&P 500 stocks alone because the options overlay adds premium income. The next interim distribution has an ex-date of 2 November 2026, a record date of 3 November 2026 and a payment date of 17 November 2026, and distributions are set by the option premium earned in each period.

Session Trading

UMAX traded between $26.74 and $26.89 during the session, with 14,790 units changing hands. The bid-offer range was $26.75 to $26.79.

How the Portfolio Is Built

The fund holds the S&P 500 exposure and sells call options on up to all of it, so the upside above the option strike is traded for premium. The structure favours steady income over full participation in rising markets, and the overlay is adjusted in line with the fund's strategy.

What the Exposure Means

UMAX offers S&P 500 stock exposure with an income overlay, so the stock mix is the index's own but the return profile is shaped by option premium. Its exposure is to the largest US companies with the upside partly capped in exchange for regular income.