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HVST

$12.94-0.23%Dividend / Income30/100
Fund Page ↗

BetaShares Australian Dividend Harvester Fund · BetaShares

Data as at 29 March 2026

TL;DR

Holds ASX 200 stocks and sells call options over them to generate additional monthly income. The option premiums boost distributions but cap the fund's participation in strong market rallies.

MER (Annual Fee)
0.47%
#4 lowest in Dividend / Income
1Y Return
+4.8%
3Y Return (p.a.)
+7.6%
Dividend Yield
5.50%
Trailing 12 months
AUM
$294.9M
Assets under management
Avg Daily Turnover
$125K
Avg shares × unit price
Unit Price
$12.94
As at 29 March 2026
Provider
BetaShares
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Strategy

Tracks ASX 200 stocks while selling (writing) call options over the portfolio. The premiums received from selling these options are distributed as income on a monthly basis. Managed by BetaShares.

Top Holdings

Key Fact

HVST's monthly distributions are often 2-3 times the yield of a standard ASX 200 fund. However, in years when the ASX 200 rises strongly, the total return (distributions plus capital) typically lags the market because the fund gives up the upside through its option positions.

Suited for

Income investors who prioritise current cash distributions over capital growth and are investing in a period of flat or slightly declining markets — when the covered call strategy performs best.

Risks

In a strong rising market, HVST significantly underperforms the ASX 200 because the call options get exercised and the fund misses the upside above the strike price. This is a structural trade-off built into the strategy.

ETFCheck Score30/100
Fees (40%)30
Fund Size (25%)29
Liquidity (20%)21
Yield (15%)46
How scores are calculated →
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Frequently Asked Questions - HVST

How does HVST's covered call strategy generate its high 7.85% yield?+
HVST actively sells call options over ASX 200 stocks it holds, collecting option premiums that are distributed as monthly income alongside regular dividends. This covered call overlay is why HVST's 7.85% yield significantly exceeds passive dividend ETFs like VHY or SYI, but the premiums received are classified as ordinary income rather than franked dividends. Australian investors should understand that a substantial portion of HVST's distributions will be taxed at their marginal rate without the benefit of franking credits.
Why did HVST return only 8.2% over 12 months when the ASX 200 did much better?+
HVST's covered call strategy inherently caps capital gains because when underlying stocks rally above the option strike price, HVST misses the upside beyond that level. The 8.2% total return significantly lagged the broader ASX 200's performance because the strong equity rally meant HVST's sold calls were frequently exercised, surrendering gains for premium income. This makes HVST best suited to Australian investors expecting flat or mildly rising markets rather than strong bull markets.
Is HVST suitable as a sole Australian equity holding in an SMSF?+
HVST should generally not serve as a sole Australian equity holding because its covered call strategy structurally underperforms in rising markets and its 0.47% MER is significantly higher than passive alternatives. While the monthly distributions appeal to SMSF retirees needing regular cash flow, the capped upside means long-term capital growth will likely trail a simple IOZ or VAS holding. SMSF trustees are better served using HVST as an income supplement alongside a core passive Australian equity allocation.
What portion of HVST distributions are franked versus unfranked?+
HVST's franking level is typically much lower than passive dividend ETFs because a significant portion of its income comes from option premiums, which are treated as unfranked ordinary income by the ATO. While the underlying dividend income from ASX stocks carries franking credits, this is diluted by the large unfranked options component, often resulting in only 30-40% of total distributions being franked. Higher-tax-bracket investors should model the after-tax yield carefully before choosing HVST over a fully franked alternative like SYI or VHY.