ASX dividend shares are a straightforward way for Australian investors to earn an easy passive income.
The trickiest part is working out what ASX shares pay what, and the best ones to buy.
Here are two of my top high-yield ASX dividend shares. And they all pay a yield of 9% or more.
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IPH Ltd (ASX: IPH)
IPH is an intellectual property (IP) service provider that operates through a network of brands and across ten jurisdictions in 25 countries. Its services cover everything from patent filing and trademarks to prosecution, portfolio management, and enforcement. Its huge scale makes it the largest IP services provider in the Asia-Pacific region.
The ASX dividend company consistently generates a strong cash flow from its operations. In fact, IPH reported cash conversion of 101% in its first-half FY26 results.
It is this strong cash flow that has enabled the company to pay a reliable and constantly growing dividend payment to its shareholders.
IPH's most recent interim dividend payment was 10 cents per share in March, up 11.8% on the prior period.
The ASX share is expected to pay a fully-franked dividend of 38 cents in FY26. This translates to a forward dividend yield of around 9.6% at IPH's $3.95 share price, at the time of writing.
Metrics Income Opportunities Trust (ASX: MOT)
The MOT is a listed investment trust (LIT) with a portfolio of private credit and related opportunities, which can give investors direct exposure to private credit investments. This is an increasingly popular asset class for income-focused investors.
The Trust 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. It has a total target return of 8% to 10% per year, net of fees and expenses.
MOT pays its dividend distributions on a monthly basis. The Trust also has a distribution reinvestment plan (DRP), which allows its unitholders to reinvest monthly income distributions.
The ASX dividend share's most recent payout to shareholders is a 2.65 cent dividend, with 3.02% franking, paid today (8th July). The Trust paid out 1.16 cents in June, 1.22 cents in May, and 1.09 cents in April.
Over the past 12 months, Metrics Income Opportunities Trust has paid out 12 dividends totalling 15.39 cents per share either unfranked or with partial franking credits. This gives the LIT a dividend yield of around 9.5% using its $1.65 trading price, at the time of writing.
