Betashares S&P 500 Yield Maximiser Complex ETF
Performance
Total return to 23 Oct 2026, distributions reinvested, before franking. ASX figures are to 30 Sept 2026 and gross of franking, so they run higher for franked Australian funds.
What it costs to hold
Management fee plus trading costs, compared with similar funds.
A typical fund among United States equity funds would cost $191 (0.38% a year), so UMAX is $216 dearer.
Spread is the average gap between buying and selling prices on the ASX. Fees are shown on a flat balance, not compounded on growth. Excludes tax and any adviser or platform fees.
Calendar-year returns
Where the money is
Look-through exposure as at 31 July 2026 · 9 securities · top 10 = 37.6% · holdings coverage: partial
Monthly returns
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | −3.3 | −2.1 | −2.6 | 3.2 | 3.9 | 3.4 | −1.0 | 1.2 | 3.1 | −0.7 | 4.9YTD | ||
| 2025 | 2.9 | −2.2 | −6.0 | −3.2 | 1.8 | 2.0 | 4.0 | 0.4 | 1.3 | 3.1 | 0.3 | 0.1 | 4.0 |
| 2024 | 7.2 | 3.4 | 2.8 | −2.1 | −1.2 | 4.5 | 1.6 | −1.6 | 0.8 | 7.1 | 4.5 | 3.8 | 34.9 |
| 2023 | −0.6 | 5.8 | 1.4 | 3.8 | 4.1 | −0.4 | 3.0 | 1.5 | −2.6 | −1.4 | 1.7 | 0.5 | 17.7 |
| 2022 | −2.3 | −4.8 | 3.4 | −0.9 | −5.2 | −1.9 | 4.9 | −2.2 | −2.7 | 6.9 | −0.5 | −2.5 | −8.3 |
| 2021 | 1.7 | −0.4 | 7.0 | 0.5 | 1.4 | 4.5 | 2.6 | 4.4 | −0.5 | −1.3 | 6.2 | 0.6 | 29.7 |
| 2020 | 4.6 | −7.8 | −9.1 | 1.9 | 0.1 | −4.1 | 2.0 | 3.9 | −0.5 | −0.6 | 5.5 | −1.6 | −6.7 |
| 2019 | 0.5 | 4.8 | 2.7 | 4.1 | −3.1 | 4.0 | 4.9 | −0.3 | 0.8 | −0.1 | 4.4 | −1.5 | 23.0 |
| 2018 | −1.6 | 1.5 | −2.5 | 4.0 | 2.5 | 2.8 | 1.9 | 5.8 | 1.3 | −6.1 | −0.9 | −4.7 | 3.4 |
| 2017 | −3.3 | 1.3 | 0.8 | 2.9 | 2.0 | −2.5 | −1.7 | 0.8 | 2.3 | 3.4 | 2.7 | −1.3 | 7.3 |
| 2016 | −4.2 | 1.7 | −3.3 | 1.1 | 6.7 | −2.5 | 1.2 | 0.8 | −2.1 | −0.2 | 5.3 | 3.8 | 8.0 |
| 2015 | 2.7 | 4.0 | 1.0 | −3.4 | 6.0 | −2.4 | 8.0 | −3.6 | −1.4 | 7.2 | −0.5 | −2.8 | 14.7 |
| 2014 | −1.9 | 4.3 | 4.9 | 7.4 |
Total return each month in %, distributions reinvested, before franking. The latest month runs to the last price date. The first year starts from listing.
Top holdings
Most similar funds
Overlap is the share of the portfolio held in common, look-through. Correlation is of daily returns. High overlap means close substitutes.
UMAX questions answered
Written from the latest data on this page. General information only, not financial advice.
How diversified is Betashares S&P 500 Yield Maximiser Complex ETF?
Betashares S&P 500 Yield Maximiser Complex ETF holds 9 securities, and its ten largest positions make up 37.6% of the fund, close to the 37.6% typical of United States equity funds. That makes it fairly concentrated.
Which ETFs does UMAX double up with most?
UMAX shares the most holdings with Betashares Geared US Equities Currency Hedged Complex ETF (GGUS) (38% overlap), Vanguard S&P 500 US Shares Index ETF (V500) (37% overlap) and iShares S&P 500 ETF (IVV) (37% overlap). Overlap is the share of the portfolio the two funds hold in common, looking through to the underlying securities.
None of these overlaps is above half, so pairing UMAX with one of them adds some genuinely different holdings.
How is Betashares S&P 500 Yield Maximiser Complex ETF managed – active or passive?
Betashares S&P 500 Yield Maximiser Complex ETF is passively managed: it follows an index and holds what that index holds, rather than relying on a manager's stock picks.
Among United States equity funds, active funds charge a median 0.43% a year and index funds 0.29%.
What will I pay in fees for UMAX?
UMAX charges a management fee of 0.79% a year, about $79 for every $10,000 invested. Only 19% of the 471 ASX ETFs we track charge more, and the median fee is 0.44%. Among United States equity funds, the median is 0.35%.
Lower-cost funds with a similar focus include Betashares Nasdaq 100 Yield Maximiser Complex ETF (QMAX) at 0.68%, Global X Nasdaq 100 Covered Call ETF (QYLD) at 0.60% and Global X S&P 500 Covered Call ETF (UYLD) at 0.60%.
The fee is taken from the fund's assets and is already reflected in its returns. You'll also pay brokerage when you buy or sell, and the bid-ask spread, which has averaged 0.12% for UMAX.
Does Betashares S&P 500 Yield Maximiser Complex ETF follow a theme?
Its focus is income. It sells options over its holdings (a "covered call" strategy), trading away some upside in rising markets for higher regular payments. Over the past year it paid out 5.2% of its price, across 10 payments.
What is under the hood of UMAX?
As at 31 July 2026, UMAX's ten largest holdings are Nvidia Corp (7.6%), Apple Inc (7.0%), Microsoft Corp (5.4%), Amazon.com (4.1%), Alphabet Inc (Class A) (3.2%), Broadcom Inc (2.9%), Alphabet Inc (Class C) (2.6%), Meta Platforms Inc (1.9%), Jpmorgan Chase & Co (1.5%) and Berkshire Hathaway (1.5%). Together they make up 37.6% of the fund.
It holds a portfolio of shares and sells call options over them, collecting option income in exchange for giving up some of the gain when prices rise sharply. The PDS sets out the exact rules.
How well has Betashares S&P 500 Yield Maximiser Complex ETF performed?
Based on its category, Betashares S&P 500 Yield Maximiser Complex ETF aims mainly to pay a regular income, with capital growth secondary.
To 23 Oct 2026, with distributions reinvested, it returned 6.1% over 1 year (median 7.0%; ranked 18 of 27), 13.8% a year over 3 years (median 16.5% a year; ranked 15 of 18) and 11.0% a year over 5 years (median 12.2% a year; ranked 7 of 11). The medians and rankings compare it with United States equity funds. Since listing in 2014 it has returned 11.1% a year.
Tracking difference is the gap between a fund's return and its index's return. We don't hold index returns, so we can't measure it for UMAX; the issuer reports it in the monthly fact sheet. As a guide, a well-run index fund trails its index by about its fee, here 0.79% a year, and a much bigger gap is a warning sign.
Past performance is not a reliable indicator of future performance.