Monthly-paying ASX dividend shares are a dream for income-focused investors who want a reliable passive income.
Here are my three top picks, and one of them yields as high as 9.2%.
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BetaShares Australian Top 20 Equity Yield Maximiser Fund (ASX: YMAX)
The Betashares YMAX is an ASX-listed exchange-traded fund (ETF) that provides exposure to the 20 largest blue-chip ASX-listed shares.
At the time of writing, the fund is heavily weighted into the financial sector, which accounts for 47% of its allocation. The materials sector is second, accounting for 21.4% of its allocation.
The fund has been paying quarterly dividends to its shareholders since April 2013. But in January, its payment frequency was amended to monthly.
As at 30th April 2026, the YMAX ETF has a 12-month gross distribution yield of 9%, and a 12-month distribution yield of 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.
Plato Income Maximiser Ltd (ASX: PL8)
Plato is a listed investment company (LIC) that targets income-focused investors, including retirees, SMSF investors, and other investors seeking a dependable income stream.
The company actively manages a portfolio of mature ASX-listed equities, cash, and listed futures. It mostly focuses on ASX dividend shares with strong dividend payouts, such as major banks, mining giants, and energy firms.
At the time of writing, its top 10 holdings include BHP Group Ltd (ASX: BHP), Telstra Group Ltd (ASX: TLS), and National Australia Bank Ltd (ASX: NAB), among other major ASX stocks.
PL8 was the first Australian LIC to target monthly dividends to its shareholders, which it has paid consistently since 2017.
Plato has paid fully-franked dividends of 0.55 cents per share every month since April 2022. Prior to then, the dividend payment varied between 0.4 and 0.5 cents.
In April, the Board resolved to pay three fully-franked dividends of 0.55 cents per share payable in April, May, and June 2026.
That comes to an annual running total of 6.6 cents per share in fully-franked passive income. This equates to a dividend yield of 4.8% at the time of writing.
Metrics Income Opportunities Trust (ASX: MOT)
The Metrics Master Income Trust is an LIT with a diversified portfolio of private credit and related opportunities.
This means the Trust can give investors direct exposure to private credit investments, which is becoming an increasingly popular asset class for income-focused investors.
It said its investment objective is to provide monthly cash income, preserve investor capital, and manage investment risks. It also seeks to provide upside potential through investments in private credit and other assets. These "other assets" include warrants, options, preference shares, and equity.
The Trust targets a cash yield of 7% per year, with a total target return of 8% to 10% per year. The yield is net of fees and expenses.
Dividend distributions are paid monthly. The Trust also has a distribution reinvestment plan (DRP), which allows its unitholders to reinvest monthly income distributions.
The ASX dividend share's latest payout was 1.22 cents per unit in late April. The Fund also paid out 1.09 cents per unit in March, 0.92 cents in February, and 1.22 cents in January.
Over the past 12 months, Metrics Income Opportunities Trust has paid out 12 dividends totalling 15.92 cents per share (unfranked). This means the LIT has a dividend yield of around 9.2% at the time of writing.
