Is UMAX a good ETF?
UMAX is the BetaShares S&P 500 Yield Maximiser Complex ETF from BetaShares. It tracks the S&P 500 Index. We classify it under Intl, Dividend, US, and Active. With about $310 million in assets it is a solidly established fund.
On a total-return basis, UMAX has delivered 10.67% a year over 10 years (ranked 37th of 108 ETFs we track), 10.9% a year over 5 years (ranked 44th of 188 ETFs we track), 12.63% a year over 3 years (ranked 89th of 226 ETFs we track), and 7.6% a year over 1 year (ranked 150th of 308 ETFs we track). Its strongest showing is over 5 years, where it sits in the top 23% of all ETFs we track.
The management fee of 0.79% is high, which is common for active, geared or thematic strategies and only worth paying if the approach justifies it. For comparison, similar ETFs average around 0.55%. If cost is your priority, JEPI (0.4%), JEGA (0.4%), and JHGA (0.4%) cover similar ground for less. It pays a healthy 5.32% yield, attractive if you want regular income. Bear in mind distributions are taxed each year at your marginal rate, so a high yield is less tax-efficient for higher earners and during the accumulation phase.
Over the past 10 years its volatility has been moderate (annualised standard deviation around 10.61%), meaning the kind of swings you'd expect from a diversified equity fund. Its 10-year Sharpe ratio of 0.81 is reasonable — that's the return it has earned per unit of risk taken (higher is better).
Strengths
- Top-23% returns over 5 years (44th of 188 ETFs we track).
- Pays a useful 5.32% income yield.
Things to watch
- A 0.79% management fee is high and compounds against you over time.
- Pricier than similar ETFs, which average around 0.55%.
- Cheaper alternatives exist: JEPI, JEGA, and JHGA.
What UMAX's categories mean for you
How each category this ETF belongs to tends to behave across market cycles.
Global and international shares from outside Australia — broadening you into thousands of companies and the sectors (tech, healthcare) the local market lacks.
- Market regime
- Essential diversification away from the bank-and-resources-heavy ASX. Unhedged versions carry currency risk; hedged versions remove it at a small cost.
- In a portfolio
- A core holding for almost every long-term Australian portfolio.
Targets higher-yielding, cash-generative companies. Popular with retirees and income investors, and in Australia often comes with valuable franking credits.
- Market regime
- Tilts toward 'value' sectors such as banks, resources and utilities. Can lag in growth-led bull markets and concentrate risk, but tends to be more defensive when markets fall.
- In a portfolio
- Good for investors who want income now. Note the higher distributions are taxable each year, which is less efficient for those in higher brackets and in the accumulation phase.
US-listed companies — the world's deepest, most innovation-heavy market and home to the mega-cap tech names. Has led global returns for over a decade.
- Market regime
- Strong leadership has left valuations high and the index heavily concentrated in a handful of tech giants. Unhedged funds also rise and fall with the AUD/USD exchange rate.
- In a portfolio
- A legitimate core holding for global exposure, but be aware you are buying after a long run of outperformance and at elevated valuations.
Actively managed: a portfolio manager hand-picks holdings trying to beat the index, rather than simply tracking it. You pay more in fees for the chance of outperformance.
- Market regime
- Can add value in volatile, falling or inefficient markets where stock-picking and downside protection matter. In long, broad bull markets most active funds struggle to keep up with the cheap index after fees.
- In a portfolio
- Only worth holding if you have genuine conviction in the strategy — decades of evidence show the majority of active funds underperform their benchmark over 10+ years once fees are counted.
General information only, generated from the fund's published data — not personal financial advice. Past performance is not a reliable indicator of future returns. Consider your own circumstances or seek licensed advice before investing.