Want monthly dividends from ASX shares? Here are few options

Highlights:

• Dividend from listed companies is one of the most sought-after passive income.
• Most of the ASX-listed bluechip companies pay dividends twice a year.
• Is there any option to get monthly dividends from ASX shares?

Most ASX-listed shares that regularly pay dividends to their shareholders do it on a bi-annual basis—interim and final dividend. Bluechip companies like BHP Group Limited (ASX: BHP), Westpac Banking Corporation (ASX: WBC), Rio Tinto (ASX: RIO) have been paying dividends twice a year.

However, most exchange-traded funds (ETFs) make dividend payments on a quarterly basis. But is there any ASX-listed share that pays dividend every month? The answer is certainly yes, but the number of those shares is very less. Here, we will discuss three such ASX-listed stocks that send paycheques to their shareholders almost every month.

Betashares Australian Dividend Harvester Fund (ASX: HVST)

With a fund size of AU$179.51 million, as of Thursday, 23 March 2023, the ETF aims to provide regular income, including dividend and franking credits from Australian securities. This fund targets to provide a dividend that is at least double the income yield of the wider Australian stock market, measured by the S&P/ASX200 index annually.

The fund was admitted to ASX on 3 November 2014. As of Thursday, the fund held shares of 61 different companies that includes BHP Group Limited (ASX: BHP), CSL Limited (ASX: CSL), Westpac Banking Corporation (ASX: WBC), National Australia Bank Limited (ASX: NAB), etc. Annual dividend yield of this fund was 7.33%.

According to its market update on 28 February 2023, the fund paid a monthly distribution of AU$0.071 (78.03% franked) per unit on 16 March 2023.

Metrics Master Income Trust (ASX: MXT)

This is a listed investment trust (LIT) with a market capitalisation of AU$1.67 billion as on Thursday. This LIT mainly invests in debt instruments as it aims to offer monthly cash income to its shareholders with low capital risk.

As per February monthly report, released on 20 March, its net return in one month was 0.64%, and its annualised returns in the last five years was 5.37%. The fund targets to generate an annual return of 3.25% higher than the RBA’s cash rate. This is net of fees.

The Trust was listed on 9 October 2017 on ASX and had an annual dividend yield of 4.98% on Thursday. It provides monthly dividends to its stakeholders and last paid an unfranked distribution of AU$0.0129 per unit on 8 March 2023.

Plato Income Maximiser Limited (ASX: PL8)

It’s a listed investment company (LIC) with a market capitalisation of AU$783.40 million as of Thursday. For the uninitiated, a LIC is a company that invests in shares of other listed companies. As on 28 February 2023, the top 10 holdings of this LIC were BHP Group, Commonwealth Bank, CSL, Macquarie Group, NAB, Telstra Corporation, Wesfarmers, Westpac, Woodside Energy, and Woolworths.

As per its 14 March 2023 update, as of 28 February this year, PL8’s investment portfolio generated a total annualised return of 9.5% after fees since 28 April 2017, its inception date. It also distributed a yield of 7.6% per annum (inclusive of franking) since inception.

PL8's board members in the month of January determined to pay three 100% franked distributions of AU$0.0055 a unit to be paid in January, February and March this year.