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Launched

JPMorgan Hedged Equity Laddered Overlay ETF

HELONYSE ArcaJ.P. MorganA

$68.75−0.11 (−0.16%)

At close: Nov 2, 2026, 4:00 PM ET

A72/ 100

Rank 5 of 16 in S&P 500 Active Option Income

A72/100Rank 5 of 16inS&P 500 Active Option Income
Intraday session: down, 79 prints from 68.86 to 68.75. Range 68.75 to 69.42. Use the arrow keys to read each point.69.0069.1069.2069.3069.4010 AM12 PM2 PM4 PM
Expense ratio
0.50%
Fund size
$4.86B
1Y total return
+5.6%
Yield · Last 12 months
0.57%
Holdings
151
Avg volume · 30D
346K sh
52W range
low $63.24high $70.23
Launched

The ETF.net HELO Grade

A

Score 72 out of 100

Category
S&P 500 Active Option Income⁠
Rank
5 of 16
Six-pillar profile for HELO. Scores out of 100: Cost 67, Risk 65, Mission 86, Tradability 60, Holdings 79, Durability 82. Strongest: Mission (86). Weakest: Tradability (60). Leans toward Mission and Durability.

Score 72 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B67 out of 100
    Rank 6 of 16

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A86 out of 100
    Rank 6 of 8

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B65 out of 100
    Rank 4 of 14

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B60 out of 100
    Rank 6 of 16

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A79 out of 100
    Rank 3 of 15

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A82 out of 100
    Rank 3 of 16

Our read on HELO

ETF.net Research

In short

AA big-bank take on owning stocks with the airbags in: HELO runs about 150 US large caps and layers a laddered options overlay on top, aiming for S&P 500-style exposure with less of the ride.

Stated mandate

Seeks capital appreciation through a diversified U.S. large-cap equity portfolio while using a laddered options overlay to hedge market exposure, reduce downside risk, and seek a portion of broad U.S. large-cap returns with lower volatility.

Why people hold it

  • Charges 0.50% a year, under the 0.65% median for active US equity funds and well below hedged-equity peers like HEGD (0.88%) and JHDG (0.81%).
  • The hedge is laddered, not a single annual bet: the overlay is spread across staggered option positions rather than resting on one reset date.jpmorgan.com
  • One of the stronger implementations in a crowded active US large-cap field, and it trades smoothly enough that entering and exiting is rarely the hard part.
  • A multi-billion-dollar fund built on a familiar recipe: roughly 150 US large caps, actively picked, benchmarked to the S&P 500, with income paid quarterly.

Worth knowing

  • The cushion is not free. The overlay is designed to hand back part of a strong rally in exchange for softening declines, so it seeks a portion of large-cap returns, not all of it.
  • Cheap for a hedged strategy, still pricier than plain active core funds in the same cohort such as DFAU (0.12%) and AVLC (0.15%).
  • Launched in 2023, so the record is short for a strategy whose whole pitch is how it behaves through a full market cycle.

HELO Performance

Launched Sep 28, 2023

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.
HELO$10,559
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. HELO $10,559. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for HELO. Periods over one year show the average yearly return.
PeriodHELO
Year to date+4.1%
1 month−0.4%
3 months+0.7%
1 year+5.6%
3 yearsper year+12.5%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for HELO
YearReturn barHELO
2026 YTD+4.1%
2025+7.8%
2024+18.0%
2023+6.3%

History from Sep 29, 2023

HELO in the news

HELO Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
0.57%Last 12 months
Payout per share
$0.39Last 12 months
Last payment
$0.09 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2023–2026

One bar per payment. 12 payments from 2023 to 2026 YTD. Dec 19, 2023 $0.10; Mar 19, 2024 $0.05; Jun 25, 2024 $0.08; Sep 24, 2024 $0.08; Dec 24, 2024 $0.15; Mar 25, 2025 $0.09; Jun 24, 2025 $0.10; Sep 23, 2025 $0.13; Dec 16, 2025 $0.13; Mar 24, 2026 $0.07; Jun 23, 2026 $0.11; Sep 22, 2026 $0.09. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Sep 24, 2026$0.09
Jun 23, 2026Jun 25, 2026$0.11
Mar 24, 2026Mar 26, 2026$0.07
Dec 16, 2025Dec 18, 2025$0.13
Sep 23, 2025Sep 25, 2025$0.13
Jun 24, 2025Jun 26, 2025$0.10
Mar 25, 2025Mar 27, 2025$0.09
Dec 24, 2024Dec 27, 2024$0.15
Sep 24, 2024Sep 26, 2024$0.08
Jun 25, 2024Jun 27, 2024$0.08
Mar 19, 2024Mar 22, 2024$0.05
Dec 19, 2023Dec 22, 2023$0.10

$10,000 in HELO 3 years ago paid $233 in dividends.

HELO Risk

Risk pillarB65 out of 100Rank 4 of 14 in S&P 500 Active Option Income
How much the fund’s monthly returns vary, scaled to a year.
7.3%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.05
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−10.9%
37 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.56
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

HELO Cost

Compare HELO and SPIN

Overpaying vs SPIN, cheapest in S&P 500 Active Option Income

$4,820

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • HELO 0.50%

    $9,979

  • SPIN 0.25% Cheapest

    $5,159

$10,000
30 years

Cost over time

  • HELO 0.50%
  • SPIN 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530HELO $9,979SPIN $5,159

Year by year

YearHELOSPINOverpaying
10$900$455$445
20$3,460$1,769$1,691
30$9,979$5,159$4,820

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