I love the idea of ASX dividend shares that pay their shareholders every single month. It means income-focused investors can depend on a reliable passive income stream paid on a regular basis.
Here are my four top monthly-paying ASX shares. One of them yields as high as 9.7%.
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Plato Income Maximiser Ltd (ASX: PL8)
Plato is a listed investment company (LIC) that targets income-focused investors, including retirees and SMSF investors. It actively manages a portfolio of mature ASX-listed equities, cash, and listed futures but focuses its attention on major ASX dividend shares with strong dividend payouts.
Plato is long-standing too. It was the first Australian LIC to target monthly dividends to its shareholders, which it has paid consistently since 2017. Since April 2022, it has paid consistent fully-franked dividends of 0.55 cents per share every month. That comes to an annual running total of 6.6 cents per share in fully-franked passive income, which translates to a dividend yield of around 4.8% at the time of writing.
Betashares Dividend Harvester Active ETF (ASX: HVST)
Betashares HVST ETF invests in 40 to 60 dividend-paying companies selected from the top 100 largest shares listed on the ASX. It selects these companies based on their dividend forecasts, franking credits, and expected future gross dividend payments.
As of the 29th of May, the HVST ETF pays a 12-month gross distribution (dividend) yield of 7.4%, and a net yield of 5.8%. Its franking level is 63.2%, and it has an annual management fee of 0.72%. HVST ETF has paid around $0.06 per share since January 2024, and is due to pay its shareholders $0.06 cents per share to investors next week.
BetaShares Australian Top 20 Equity Yield Maximiser Fund (ASX: YMAX)
The Betashares YMAX ETF is an ASX-listed exchange-traded fund (ETF) that gives its shareholders exposure to the 20 largest blue-chip shares listed on the ASX. The fund is heavily weighted into the financial sector, which accounts for 57% of its allocation at the time of writing. The materials sector is second, accounting for 25% of its allocation.
The fund moved to monthly payouts earlier this year after previously paying shareholders a quarterly dividend. As of the 29th of May, YMAX ETF has a 12-month gross distribution yield of 9.7%, and a net yield of 8.2%. The total franking level of 41.3%.
The fund is due to pay its shareholders a $0.04 per share dividend next week. It also paid $0.04 per share in May and April.
Metrics Master Income Trust (ASX: MXT)
The Metrics Master Income Trust is a listed investment trust (LIT), which holds a portfolio of corporate loans and private credit investments rather than a portfolio of other ASX dividend shares, an area currently dominated by regulated banks. Metrics Master Income Trust targets a return of the Reserve Bank cash rate plus 3.25% p.a. (net of fees) through every stage of the economic cycle.
Its latest payout was 1.37 cents per share unfranked in April, payable next week. That means that over the past 12 months, Metrics Master Income Trust has paid out 12 dividends totalling around 16 cents per share. At the time of writing, this gives the LIT a dividend yield of around 8.3%.
