Looking to buy a defensive S&P/ASX 200 Index (ASX: XJO) share that pays reliable dividends?

With investor sentiment fading for the big ASX 200 bank stocks, you may want to consider ASX Ltd (ASX: ASX), Australia's largest securities exchange owner and operator.

That's according to Catapult Wealth's Dylan Evans (courtesy of The Bull).

Here's why Evans has a bullish outlook on ASX stock.

Defensive ASX 200 share beats results expectations

"The past few years have been challenging for this financial markets operator, but the news flow is now turning positive," said Evans, who has a buy recommendation on the ASX 200 share.

"The company's first half result in fiscal year 2025 was strong and ahead of market expectations," he added.

Commenting on those results, Evans said:

Operating revenue of $591 million was up 5.9% on the prior corresponding period and statutory net profit after tax of $243.5 million was up 5.6%. Modernising the ASX technology platform is on track and, importantly, in line with budget. We're seeing signs that listing volumes may improve.

He also noted the growing appeal of ASX stock for passive income investors.

According to Evans:

With positive signs developing, we view ASX as an attractive alternative to banks, offering a similar yield, but with a more defensive profile supported by a monopoly market position and low gearing.

The ASX share price closed on Monday at $64.68.

With the company having paid (or shortly paying) a total of $2.18 a share in fully franked dividends over the year, this defensive ASX 200 share trades on a 3.3% fully franked dividend yield.

Here's how the dividend yields from the big four ASX 200 bank stocks compare:

• Commonwealth Bank of Australia (ASX: CBA) shares trade on a fully franked dividend yield of 3.3%
• ANZ Group Holdings Ltd (ASX: ANZ) shares trade on a partly franked dividend yield of 5.8%
• National Australia Bank Ltd (ASX: NAB) shares trade on a fully franked dividend yield of 5.1%
• Westpac Banking Corp (ASX: WBC) shares trade on a fully franked dividend yield of 5.6%

What's the latest from ASX?

ASX reported the half-year results Evans refers to on 13 February.

"We have delivered a record operating revenue for a first half, which reflects the strength of our businesses and the value they create for the markets in which we operate," ASX CEO Helen Lofthouse said on the day.

"Our performance was driven by growth in our Markets, Technology & Data, and Securities & Payments divisions, while revenue in our Listings business remained stable during the half," Lofthouse added.

Looking to what's ahead for the ASX 200 share, she said, "There is strong momentum at ASX and the remainder of FY25 is about continuing to listen to our customers and delivering on our five-year strategy."

The company is now nearly two years into its five-year strategy.