BetaShares Australian Top 20 Equity Yield Maximiser Fund (ASX: YMAX) $7.21

The YMAX provides exposure to ~45 of the largest Australian shares on the ASX, while using a covered-call strategy to generate additional income by selling call options over the portfolio. This typically delivers a higher distribution yield than simply owning the underlying shares, but the trade-off is that some of the portfolio’s upside is sacrificed when markets rally strongly, plus fees are higher at 0.69% given derivative positions are involved.

 The YMAX has struggled in 2026 relative to its peers, gaining just +3.1% year-to-date. Given its income-focused strategy and the current choppy market environment, we would have expected more from the fund, particularly compared to its peers.

• We aren’t fans of the YMAX, its performance has been lacking in our opinion, just when it should have shined.