ASX dividend stocks are a popular choice for investors looking to build a reliable stream of passive income.
The thing is, it's pretty easy to pin down good dividend-paying stocks which hand out cash to investors every six or 12 months. But finding one which pays a lot more regularly is more difficult.
The good news is that I've done the hard work for you. Here's a roundup of the top three ASX dividend stocks which pay a monthly dividend. Find out which one might work best for you.
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BetaShares Dividend Harvester Active ETF (ASX: HVST)
HVST is an ASX-listed exchange-traded fund (ETF) that gives its investors exposure to a large portfolio of up to 60 dividend-paying shares. These are drawn from the 100 largest ASX-listed companies and selected based on forecasts of high dividends and franking credits, and expected future gross dividend payments. Its portfolio is weighted towards the financial sector (24.2%), with materials accounting for another 10.7%.
The fund is created in a way that it allows it to own a dividend share until it trades ex-dividend. At this point, the fund sells the shares and reinvests the proceeds into its next passive income-generating shares.
HVST pays investors a regular, franked dividend income that is around double the annual income yield of the broader ASX. As of the 31st December 2025, its 12-month gross distribution (dividend) yield is 7.4%, and the net yield is 5.8%. The franking level is 66%. The fund's annual management fee and costs are 0.72%.
The fund paid out $0.06 per share to investors in late January with another $0.06 per share due to be paid later this month.
At the time of writing on Wednesday morning, HVST shares are $13.50 a piece. For the year to date, the shares have climbed 0.07%.
Plato Income Maximiser Ltd (ASX: PL8)
Plato is a listed investment company (LIC) which targets income-focused investors like retirees and SMSF investors who need a dependable income stream.
The ASX dividend stock holds a portfolio of mature ASX-listed equities, cash, and listed futures. It mostly focuses on Australian companies with strong dividend payouts, such as major banks, mining giants, and energy firms. Its goal is to generate a high, franked income stream for investors and to consistently deliver above-market dividends and total returns, including franking credits.
Plato has consistently paid fully franked dividends of 0.55 cents per share every month since April 2022. That equates to an annual running total of 6.6 cents per share in full franked passive income and gives a dividend yield of around 4%.
At the time of writing on Thursday morning, Plato shares are trading at $1.46 each, down around 1% for the year-to-date.
Metrics Master Income Trust (ASX: MXT)
The Metrics Master Income Trust is a listed investment trust (LIT) which has a portfolio of corporate loans and private credit investments rather than a portfolio of other ASX dividend shares.
This means it can give its investors direct exposure to the Australian corporate loan market, which is currently dominated by regulated banks. The LIT is able to offer diversity-seeking investors an alternative investment that prioritises income stability and pays out monthly dividends. Metrics Master Income Trust targets a return of the Reserve Bank cash rate plus 3.25% p.a. (net of fees) through the economic cycle.
Its latest payout was 1.36 cents per share unfranked in January, which is payable next week. That means that over the past 12 months, Metrics Master Income Trust has paid out 12 dividends totalling 15.8 cents per share. At the time of writing, this gives the LIT a dividend yield of 8.16%.
At the time of writing, Metrics Master Income Trust's shares are $1.98 a piece. This is down 0.25% for the year-to-date.
