Betashares Australian Top 20 Equities 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 Australian equity funds would cost $187 (0.37% a year), so YMAX is $152 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 2 Sept 2026 · 20 securities · top 10 = 77.4%
Country
Sector
Monthly returns
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.4 | 4.6 | −4.6 | 1.0 | 0.5 | 0.7 | 3.2 | −1.1 | −1.4 | 1.9 | 6.1YTD | ||
| 2025 | 3.2 | −3.4 | −2.5 | 1.5 | 2.3 | 1.9 | 1.3 | 0.9 | −0.5 | 0.0 | −4.2 | 2.2 | 2.5 |
| 2024 | 1.1 | 0.5 | 2.3 | −2.7 | 1.0 | 2.3 | 2.8 | −0.1 | 0.6 | 0.1 | 2.2 | −1.2 | 9.1 |
| 2023 | 5.6 | −2.2 | −0.1 | 1.2 | −2.4 | 2.3 | 2.0 | −0.4 | −0.9 | −2.1 | 4.2 | 5.4 | 12.8 |
| 2022 | −5.0 | 2.0 | 7.9 | −1.2 | −0.6 | −7.4 | 3.0 | 1.1 | −4.3 | 5.1 | 5.8 | −1.6 | 3.6 |
| 2021 | −0.1 | 3.4 | 3.3 | 2.5 | 3.9 | 0.2 | 1.5 | 0.0 | −2.5 | 0.7 | −0.9 | 2.3 | 15.0 |
| 2020 | 3.5 | −5.7 | −19.8 | 9.5 | 0.7 | 2.3 | 1.6 | 2.5 | −3.3 | 0.6 | 7.9 | 0.7 | −2.7 |
| 2019 | 2.2 | 4.2 | 1.2 | 1.4 | 2.0 | 3.3 | 1.5 | −2.8 | 1.7 | −1.3 | 1.5 | −1.2 | 14.4 |
| 2018 | −0.2 | 0.2 | −3.6 | 2.9 | −0.1 | 3.1 | 1.7 | 0.2 | −0.2 | −6.6 | 0.2 | −1.0 | −3.7 |
| 2017 | −0.6 | 2.1 | 2.9 | 0.4 | −4.2 | 0.2 | 0.7 | −0.7 | 0.6 | 2.4 | 0.6 | 2.1 | 6.4 |
| 2016 | −5.8 | −3.4 | 4.2 | 3.2 | 2.5 | −3.7 | 4.8 | −1.0 | 0.9 | −0.8 | 2.6 | 3.6 | 6.8 |
| 2015 | 2.1 | 3.7 | −0.4 | −2.0 | −0.8 | −3.9 | 4.3 | −8.6 | −2.9 | 3.3 | 0.2 | 1.8 | −3.7 |
| 2014 | −2.0 | 3.5 | 1.1 | 0.5 | 1.2 | −1.4 | 2.9 | 0.3 | −4.8 | 4.2 | −2.8 | 1.0 | 3.3 |
| 2013 | 3.8 | 3.8 | −1.6 | 4.6 | −4.3 | −1.4 | 5.1 | 1.8 | 1.6 | 3.9 | −0.3 | −0.6 | 17.1 |
| 2012 | 2.1 | 2.1 |
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.
YMAX questions answered
Written from the latest data on this page. General information only, not financial advice.
How diversified is Betashares Australian Top 20 Equities Yield Maximiser Complex ETF?
Betashares Australian Top 20 Equities Yield Maximiser Complex ETF holds 20 securities, and its ten largest positions make up 77.4% of the fund, more concentrated than the 51.2% typical of Australian equity funds. That makes it fairly concentrated.
Its country exposure is almost entirely Australia (100.0%), and its biggest sector is Financials at 43.5%, based on holdings as at 2 Sept 2026.
Which ETFs does YMAX double up with most?
YMAX shares the most holdings with iShares S&P/ASX 20 ETF (ILC) (92% overlap), Vanguard MSCI Australian Large Companies Index ETF (VLC) (88% overlap) and SPDR S&P/ASX 50 ETF (SFY) (79% overlap). Overlap is the share of the portfolio the two funds hold in common, looking through to the underlying securities.
At 92%, owning both YMAX and ILC would mostly double up on the same investments rather than spread your money further. Of these, VLC has the lowest fee, at 0.20% a year against 0.64% for YMAX.
How is Betashares Australian Top 20 Equities Yield Maximiser Complex ETF managed – active or passive?
Betashares Australian Top 20 Equities 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 Australian equity funds, active funds charge a median 0.85% a year and index funds 0.34%.
What will I pay in fees for YMAX?
YMAX charges a management fee of 0.64% a year, about $64 for every $10,000 invested. Only 29% of the 471 ASX ETFs we track charge more, and the median fee is 0.44%. Among Australian equity funds, the median is 0.35%.
Lower-cost funds with a similar focus include Global X S&P/ASX 200 Covered Call ETF (AYLD) 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 0.19% for YMAX.
Does Betashares Australian Top 20 Equities 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 7.3% of its price, across 10 payments.
What is under the hood of YMAX?
As at 2 Sept 2026, YMAX's ten largest holdings are BHP Group Ltd (19.1%), Commonwealth Bank of Australia (15.4%), National Australia Bank Ltd (6.9%), Westpac Banking Corp (6.8%), ANZ Group Holdings Ltd (6.6%), Macquarie Group Ltd (5.5%), Wesfarmers Ltd (5.1%), CSL Ltd (4.8%), Woodside Energy Group Ltd (3.6%) and Rio Tinto Ltd (3.6%). Together they make up 77.4% 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 Australian Top 20 Equities Yield Maximiser Complex ETF performed?
Based on its category, Betashares Australian Top 20 Equities Yield Maximiser Complex ETF aims mainly to pay a regular income, with capital growth secondary.
To 23 Oct 2026, with distributions reinvested, it returned 2.7% over 1 year (median 0.6%; ranked 23 of 65), 9.2% a year over 3 years (median 11.6% a year; ranked 41 of 54) and 6.9% a year over 5 years (median 6.6% a year; ranked 23 of 48). The medians and rankings compare it with Australian equity funds. Since listing in 2012 it has returned 6.4% 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 YMAX; 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 0.64% a year, and a much bigger gap is a warning sign.
Past performance is not a reliable indicator of future performance.