When it comes to regular passive income, there is one ASX dividend stock which looks particularly attractive to me right now, and it pays its shareholders every single month.
This is great news for investors looking for a stable fund which pays a reliable income, and offers long-term growth potential.
I've previously written about monthly-paying ASX dividend stocks such as BetaShares Dividend Harvester Active ETF (ASX: HVST), Plato Income Maximiser Ltd (ASX: PL8), and Metrics Master Income Trust (ASX: MXT). They all offer a reliable monthly income at an attractive rate.
But I think the BetaShares Australian Top 20 Equity Yield Maximiser Fund (ASX: YMAX) trumps them all.
Here's why.
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How does YMAX work?
The Betashares YMAX is an ASX-listed exchange-traded fund (ETF) which targets the 20 largest Australian companies listed on the ASX.
The fund uses what's called a 'covered call' strategy. This is expected to generate an income significantly exceeding the dividend yields of the underlying share portfolio over the medium term.
It generally offers lower volatility than a direct investment in the underlying shares. It does not aim to track an index.
What does its portfolio look like?
The ASX dividend stock invests in a portfolio that provides exposure to the largest 20 blue-chip Australian shares listed on the ASX, combined with call options written on the securities in the share portfolio.
The portfolio is passively managed. This means the weighting of each security generally mirrors the weighting of the security within the Solactive Australia 20 Index.
The share portfolio also aims to generate dividends, franking credits, and capital growth.
At the time of writing, the fund is heavily weighted into the financial sector (47%) and the materials sector (21.4%).
And as of the 30th of April, the top two holdings in its portfolio are Commonwealth Bank of Australia (ASX: CBA) at 17.5% of the portfolio, and BHP Group Ltd (ASX: BHP) which accounts for 16%. Westpac Banking Corp (ASX: WBC) at 8%, and National Australia Bank Ltd (ASX: NAB), which around for 7.4% of the portfolio, complete the top four.
ANZ Banking Group Holdings Ltd (ASX: ANZ), Macquarie Group Ltd (ASX: MQG), Wesfarmers Ltd (ASX: WES), Woodside Energy Group Ltd (ASX: WDS), CSL Ltd (ASX: CSL) and Telstra Group Ltd (ASX: TLS) make up the remainder of the top 10 exposures in the fund.
What ASX dividends does the stock pay its shareholders?
YMAX has paid quarterly dividends to its shareholders since April 2013. But in January this year, its payment frequency was amended to monthly.
As at 30th April 2026, the YMAX ETF has a 12-month gross distribution yield of 9%. It's 12-month distribution yield is 7.6%. The total 12-month franking level is 41.2%.
The fund most recently paid a $0.047623 per unit dividend to shareholders on Monday this week. This translates to an annual distribution return of 8.26%.
