IMAX ETF: what IMAX.TO is, and how the YIELD MAXIMIZER income works

Short answer: IMAX.TO is the Hamilton International Equity YIELD MAXIMIZER ETF, listed on the TSX on May 11, 2026. It holds developed international equities outside North America (Europe, Asia, and elsewhere) and writes covered calls on part of the portfolio to pay a high monthly distribution. Like its Canadian sibling CMAX, it covers only a portion of the holdings to keep more growth participation. The high yield still comes from selling away some upside, and the full MER isn’t published yet because it’s in its first year.

IMAX is the international-equity addition to Hamilton’s YIELD MAXIMIZER suite, launched alongside the Canadian-focused CMAX. It’s useful as an income-paying way to hold international developed markets. This walks through what IMAX is and the trade-off involved.

This is not financial advice. I’m sharing what I’ve learned from my own research, and your situation might differ. Fund details and yields change, so always check the current disclosures before deciding.

What IMAX actually is

IMAX.TO is an ETF from Hamilton ETFs, listed on the TSX in Canadian dollars. It holds a portfolio of developed international equities outside North America, across Europe, Asia, and other global markets, and runs a covered-call program on part of the portfolio to generate a high monthly distribution.

Because it excludes North America, IMAX covers the international slice of a portfolio, the part you’d otherwise fill with a fund like a developed ex-North-America index. It’s a regional building block that happens to pay income, not a complete portfolio on its own.

IMAX fund facts

Attribute	Value
Ticker	IMAX (TSX)
Full name	Hamilton International Equity YIELD MAXIMIZER ETF
Listed	May 11, 2026
Coverage	Developed international equities, ex-North America
Strategy	International equity plus a partial covered-call overlay
Distribution	Monthly
MER	Not yet published (first-year rule)
Role in a portfolio	International income building block

How the income works

IMAX pays its distribution from the dividends of the international companies it holds plus the premium it collects writing call options on part of the portfolio. The option premium is what pushes the yield above a plain international dividend fund.

As with CMAX, the YIELD MAXIMIZER design writes calls on only a portion of the holdings (around a third in the suite’s existing funds), an “income first” approach that keeps more of the upside than a fully-covered fund while still paying a high distribution. International developed markets have historically carried higher dividend yields than the U.S., so the base yield before options is often a bit richer to begin with.

The covered-call trade-off still applies to the covered portion. Distribution yield is not total return; the covered call ETFs in Canada guide explains the difference, and the return of capital explainer covers how these distributions are built.

Where IMAX fits

IMAX suits an investor who wants international developed-market exposure and a high monthly distribution from it, and accepts giving up some upside for the income. Because it excludes North America, it’s a building block to pair with Canadian and U.S. holdings, not a standalone portfolio. If you’re thinking about how much international exposure to hold in the first place, the home market bias guide covers the trade-offs.

For long-term growth, a plain low-cost international index fund generally delivers a higher total return. IMAX makes sense when the monthly income from the international sleeve is the goal.

Frequently asked questions

What is IMAX.TO?

IMAX.TO is the Hamilton International Equity YIELD MAXIMIZER ETF, listed on the TSX on May 11, 2026. It holds developed international equities outside North America (Europe, Asia, and elsewhere) and writes covered calls on part of the portfolio to pay a high monthly distribution.

How does the YIELD MAXIMIZER strategy work?

Hamilton’s YIELD MAXIMIZER funds write covered calls on only a portion of the portfolio (around a third in the suite’s existing funds) rather than the whole thing. This “income first” design targets a high monthly distribution while leaving most of the holdings free to participate in gains, a middle ground between a plain equity fund and a fully-covered one.

What is IMAX’s yield and MER?

IMAX pays monthly and targets a high distribution yield. International developed markets tend to carry higher base dividend yields than the U.S., which adds to the income before options. The full MER hasn’t been published yet because Canadian regulators don’t require it in a fund’s first year; expect it in line with Hamilton’s other YIELD MAXIMIZER funds once disclosed.

What’s the difference between IMAX and CMAX?

Both are new Hamilton YIELD MAXIMIZER funds using the same partial covered-call approach. IMAX holds developed international equities outside North America; CMAX holds Canadian equities. Same strategy, different market. Many investors would use them as separate building blocks rather than choosing one over the other.

Can I hold IMAX in a TFSA or RRSP?

Yes. IMAX trades on the TSX in Canadian dollars and is eligible in any standard Canadian registered account (TFSA, RRSP, FHSA, RESP, RDSP, RRIF, LIRA) as well as non-registered accounts. International funds can carry foreign withholding tax on dividends, which interacts with the account type; the income makeup also affects taxation.

Bottom line

IMAX applies Hamilton’s partial covered-call approach to international developed markets: a high monthly distribution from the part of a portfolio Canadians most often underweight. As an income-paying international building block for someone who wants the cash flow and accepts some capped upside, it’s a reasonable tool. For long-term growth, a plain international index fund is still the better engine.