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Opinions Larry Berman CFA, CMT, CTA
Hamilton Technology Yield Maximizer ETFQMAX.TOCOMMENTOct 05, 2026
Larry Berman CFA, CMT, CTAStock price when the opinion was issued
As of Oct 07, 2026. Market Open.
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We think QMAX serves its purpose but we would still maintain our position size limit. ROC is not in and of itself bad, but if ETFs pay out more than they earn then there will be some Net asset value erosion over time. The ROC component does not matter so much in a non-reg account, but one still needs to consider total returns here. But with tech running QMAX is doing fine. Yield is 10.24% and one year total return 36.13%.
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Hamilton ETFs has a whole series of sector-based, option strategy ETFs for enhanced income. He likes these ETFs, but it you are really bullish on the outlook, you want the underlying holdings and not the extra income necessarily. But if you want income, this is a great way to get it tax-efficiently, though you will give up long-term growth.
This type of structure is designed to create high degrees of current income. In the very long run, and with few exceptions, they'll all underperform buy-and-hold.
If you want tax-efficient income from different places outside Canada, by way of capital gains, then it's something you should probably own. But only if you need current income. If you have a long-term horizon in your registered account, and you don't need current income, these aren't great products.
On average, MERs are high. And you sell away almost all of the upside when markets rally. When markets are more volatile, you get more compensation from higher volatility. But you also have more potential NAV erosion from the way the covered call strategies work over time.
Everyone's drawn to the high current yield. But there's no benefit to that in a registered account, and your capital erodes.