UMAX
Hamilton Utilities YIELD MAXIMIZER™ ETF
UMAX has paid 37 distributions since 2023-07-28, totalling $6.1147 per unit, without missing a scheduled month. 72.7% of its 2025 distribution was return of capital rather than income. The monthly rate has been reduced 22 times, to $0.1500 per unit. Since 2023-06-15 the unit price has returned -19.2%, against a total return of +24.4% with distributions reinvested.
Price vs total return
Three outcomes from the same holding: the unit price alone, the price plus distributions kept as cash, and the price with every distribution reinvested. The gap between the top two lines is compounding.
Reinvesting turned 1.54× the units, while the rate per unit moved -14%. Income is the two multiplied, which is why it can rise through a cut. Note the unit price fell over this period, so each reinvested distribution bought more units of something worth less — that flatters the unit count, not the fund.
What would UMAX cost for the income you want?
Work backwards from a monthly target, and see what that same position would have paid since the fund launched.
Reinvestment assumes each distribution buys more units at the closing price on its pay date, with no commission and fractional units allowed — a real DRIP rounds down to whole units, so the totals are a slight overstatement. Unit counts are shown rounded down, and the monthly income is calculated on them. Before tax throughout. UMAX has reduced its payment 22 times since inception.
Fund details
Tax character 2025
How a year's distributions broke down, per unit. Published after year end — the most recent year available is an estimate for the current one, not a statement about it.
73% of this distribution was return of capital — untaxed on receipt, but it reduces your cost base. What that means.
What this costs you in tax, by provinceDistribution history
The last year of payments. 37 in total since 2023-07-28, worth $6.1147 per unit. Entitlement is set on the ex-date, not the pay date.
Allocation
Holdings
Compare UMAX with
Track UMAX in CleanDividends.
Every distribution matched to the units you held, on your real cost base.
Prices as at 2026-08-10. Distributions and fund details as published by Hamilton ETFs. Not a recommendation and not tax advice — see the disclaimer.