HELO vs JEPI: Grades, Fees and Holdings Compared

JPMorgan Hedged Equity Laddered Overlay ETF

HELOANYSE Arca

JPMorgan Equity Premium Income ETF

JEPIANYSE Arca

Overlap

56.3%by weight

Expense ratio

JEPI −0.15pt a year

HELO0.50%JEPI0.35%

Avg volume · 30D

JEPI 12.7×the volume

HELO346KJEPI4.4M

3Y return · a year

HELO +1.0pt

HELO+12.5%JEPI+11.5%

HELO vs JEPI Performance

Oct 31, 2025 – Oct 30, 2026

+5.6%HELO+9.6%JEPI

Expense ratio: HELO 0.50%; JEPI 0.35%, better
Fund size: HELO $4.86B; JEPI $46.2B
1Y total return: HELO +5.6%; JEPI +9.6%, better
Yield (12M): HELO 0.57%; JEPI 7.93%, better
Holdings: HELO 151; JEPI 134
Avg volume (30D): HELO 346K sh; JEPI 4.4M sh, better
NAV per share: HELO $68.86; JEPI $57.54
52W range

ETF.net Grade

Pillar letters and Scores for HELO, JEPI, with each pillar’s weight
Pillar	HELO	JEPI
Cost30% weight	B67	A87Higher
Mission25% weight	A86	A100Higher
Risk15% weight	B65Higher	C52
Tradability15% weight	B60	A77Higher
Holdings10% weight	A79	A80Higher
Durability5% weight	A82	A94Higher

Rank among S&P 500 Active Option Income funds

How we build Categories ›

Same Category. HELO and JEPI are both graded against the same 15 S&P 500 Active Option Income funds, so their Grades compare head to head.

S&P 500 Active Option Income⁠

Category · 15 funds

See all 15 ›

JEPI ranks 1st and HELO 5th of 15 funds in the S&P 500 Active Option Income Category.

Rank 1AJEPIJPMorgan Equity Premium Income ETFScore 83
Rank 2AJOYTJPMorgan Equity and Options Total Return ETFScore 76
Rank 4ADIVOAmplify CWP Enhanced Dividend Income ETFScore 73
Rank 5AHELOJPMorgan Hedged Equity Laddered Overlay ETFScore 72
Rank 5ASPINState Street US Equity Premium Income ETFScore 72

Our read on each fund

ETF.net Research

HELOAJPMorgan Hedged Equity Laddered Overlay ETF

JEPIAJPMorgan Equity Premium Income ETF

In short

HELO A 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.

JEPI The fund that made "covered call income" a household phrase. JEPI pairs an actively picked, lower-volatility slice of the S&P 500 with call premium collected through equity-linked notes, and pays it out monthly.

Stated mandate

HELO 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.

JEPI Seeks current income and capital appreciation while pursuing most of the S&P 500's total-return exposure with lower volatility and incremental income.

Why people hold it

HELO 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.

JEPI Charges 0.35% against a 0.60% peer median. Pure index buy-writes like IVVW go cheaper at 0.25%, but here the fee also buys active stock selection.
Not a plain index buy-write: roughly 130 stocks are chosen for lower volatility, with call exposure layered on through equity-linked notes tied to the S&P 500.jpmorgan.com
Launched in 2020, it grew into a giant of options income: multi-billion-dollar asset base, very actively traded, and among the stronger builds in a crowded peer group.
Pays monthly, and the mandate targets a relatively stable distribution level rather than whatever premium happens to land that month.jpmorgan.com

Worth knowing

HELO 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.

JEPI Selling calls trades away part of a big rally. The premium is the payment for that ceiling on upside.jpmorgan.com
Premium arrives via equity-linked notes, so the fund carries exposure to the banks issuing those notes alongside ordinary stock risk.jpmorgan.com
Income is variable, not fixed. Option premiums swell when markets are jumpy and shrink when they are calm, and payouts follow.jpmorgan.com

Full HELO profile⁠

Full JEPI profile⁠

HELO vs JEPI Holdings

How HELO and JEPI differ

Overlap by weight

56.3%

Shared holdings make up 86.9% of HELO and 77.7% of JEPI.

Level by level

Holdings97 in both56.3%
Sector11 Sectors77.7%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in HELO and JEPI, widest gap first
Sector	More in HELOMore in JEPI	HELO	JEPI
Technology	HELO +21.4 points	39.8%	18.4%
Consumer Staples	JEPI +6.9 points	3.6%	10.5%
Industrials	JEPI +5.8 points	6.2%	12.0%
Health Care	JEPI +4.6 points	9.9%	14.5%
Utilities	JEPI +3.7 points	2.2%	5.9%
Real Estate	JEPI +0.6 points	1.7%	2.3%
Communication	HELO +0.6 points	9.1%	8.5%
Financials	JEPI +0.6 points	11.4%	12.0%
Materials	HELO +0.2 points	1.8%	1.6%
Consumer Discretionary	JEPI +0.2 points	10.2%	10.4%
Energy	Same weight	3.9%	3.9%

Country, concentration and asset class

Country by domicile

Country weights in HELO and JEPI, widest gap first
Country	More in HELOMore in JEPI	HELO	JEPI
United States	HELO +0.6 points	99.7%	99.1%
Switzerland	JEPI +0.6 points	0.3%	0.9%

Concentration

Weight in the 10 largest Holdings

HELO38.5%
JEPI18.4%

Securities held

HELO150
JEPI133

Asset class

HELO: Equity
JEPI: Equity

Holdings

Only in HELO53
In both97
Only in JEPI36

Only in HELO

53 securities, 13.6% of HELO by weight

Alphabet Inc-Cl C -1.82%
Wells Fargo & Co Common0.79%
Bank of America Corp0.75%
Morgan Stanley Dean0.48%
Hilton Worldwide Holdings0.42%
Capital One Financial0.42%
Blackstone Group Inc/The0.38%
Fifth Third Bancorp0.38%
Linde PLC Common Stock0.37%
Spy Put USD 01/29/20270.36%
Cencora Inc Common Stock0.35%
Cigna Group/The Common0.34%
Spy Put USD 12/31/20260.33%
Martin Marietta Materials0.32%
Waters Corp Common Stock0.32%
Arista Networks Inc0.31%
Palo Alto Networks Inc0.28%
Intercontinental Exchange0.27%
Ge Vernova Inc Common0.27%
United Rentals Inc0.26%
Devon Energy Corp Common0.26%
Analog Devices Inc0.25%
Ppg Industries Inc Common0.24%
Snowflake Inc Common0.23%
Spy Put USD 11/30/20260.21%
Servicenow Inc Common0.20%
Carnival Corp Ltd Common0.19%
On Semiconductor Corp0.19%
Newmont Corp Common Stock0.17%
Fidelity National0.17%
Intuit Inc Common Stock0.17%
Sandisk Corp Common0.16%
Equity Lifestyle0.16%
Textron Inc Common Stock0.16%
Boston Scientific Corp0.15%
Delta Air Lines Inc0.14%
Ingersoll Rand Inc0.14%
Omnicom Group Inc Common0.14%
Oracle Corp Common Stock0.11%
Lumentum Holdings Inc0.11%
Emcor Group Inc Common0.10%
Neurocrine Biosciences0.09%
Marathon Petroleum Corp0.08%
Masco Corp Common Stock0.07%
Warner Music Group Corp0.07%
Eqt Corp Common Stock USD0.07%
Ciena Corp Common Stock0.07%
Lennar Corp Common Stock0.07%
Lennox International Inc0.06%
Target Corp Common Stock0.05%

Only in JEPI

36 securities, 22.3% of JEPI by weight

Costco Wholesale Corp1.71%
SPX_120.97%
SPX_110.97%
SPX_100.96%
SPX_180.93%
SPX_170.92%
SPX_140.92%
SPX_160.92%
SPX_150.92%
SPX_80.91%
SPX_90.91%
SPX_70.90%
SPX_190.89%
SPX_200.89%
SPX_210.88%
SPX_130.88%
Emerson Electric Co0.84%
Intuitive Surgical Inc0.64%
T-Mobile Us Inc Common0.55%
S&P Global Inc Common0.54%
The Coca-Cola Company0.51%
The Procter & Gamble0.51%
Mckesson Corp Common0.39%
Merck & Co Inc Common0.38%
General Dynamics Corp0.37%
Verizon Communications0.37%
Abbott Laboratories0.30%
Tjx Cos Inc/The Common0.29%
American Express Co0.28%
American Water Works Co0.22%
Vulcan Materials Co0.22%
Cvs Health Corp Common0.18%
United Parcel Service0.12%
Cme Group Inc Common0.09%
Illumina Inc Common0.06%
Kimberly-Clark Corp0.02%

Weight gaps

All 97 Holdings in both funds, largest gap first.

Holding weights in HELO and JEPI, widest gap first
Holding	More in HELOMore in JEPI	HELO	JEPI
NVIDIA Corp Common StockNVDA	HELO +6.21 points	7.90%	1.69%
Apple Inc Common StockAAPL	HELO +5.30 points	7.24%	1.94%
Microsoft Corp CommonMSFT	HELO +4.57 points	6.51%	1.94%
Amazon.com Inc CommonAMZN	HELO +2.31 points	4.05%	1.74%
Exxonmobil Holdings CorpXOM	HELO +1.18 points	1.55%	0.37%
Alphabet Inc-Cl A -GOOGL	HELO +1.11 points	2.54%	1.43%
Berkshire Hathaway IncBRK.B	HELO +1.00 points	1.24%	0.24%
3M Co Common Stock USDMMM	JEPI +0.93 points	0.84%	1.77%
Broadcom Inc CommonAVGO	HELO +0.93 points	2.54%	1.61%
Nextera Energy IncNEE	JEPI +0.90 points	0.90%	1.80%
Eog Resources Inc CommonEOG	JEPI +0.90 points	0.88%	1.78%
Philip MorrisPM	JEPI +0.88 points	0.85%	1.73%
Visa Inc Common Stock USDV	JEPI +0.79 points	1.06%	1.85%
Eaton Corp PLC CommonETN	JEPI +0.79 points	0.42%	1.21%
Trane Technologies PLC	JEPI +0.80 points	0.80%	1.60%
Tesla Inc Common StockTSLA	HELO +0.78 points	1.36%	0.58%
Ross Stores Inc CommonROST	JEPI +0.78 points	0.45%	1.23%
Mondelez InternationalMDLZ	JEPI +0.76 points	0.57%	1.33%
Progressive Corp/ThePGR	JEPI +0.76 points	0.24%	1.00%
Lowe's Cos Inc CommonLOW	JEPI +0.70 points	0.86%	1.56%
Micron Technology IncMU	HELO +0.68 points	1.63%	0.95%
Mastercard Inc CommonMA	JEPI +0.59 points	1.37%	1.96%
Vertex PharmaceuticalsVRTX	JEPI +0.59 points	0.38%	0.97%
Entergy Corp Common StockETR	JEPI +0.58 points	0.40%	0.98%
Sempra Common Stock USDSRE	JEPI +0.55 points	0.41%	0.96%
Vertiv Holdings CoVRT	JEPI +0.54 points	0.52%	1.06%
Regeneron PharmaceuticalsREGN	JEPI +0.53 points	0.58%	1.11%
Charles Schwab Corp/TheSCHW	HELO +0.53 points	0.69%	0.16%
The Walt Disney CompanyDIS	JEPI +0.52 points	0.37%	0.89%
Howmet Aerospace IncHWM	JEPI +0.52 points	0.64%	1.16%
AbbVie Inc Common StockABBV	JEPI +0.50 points	1.26%	1.76%
Meta Platforms Inc CommonMETA	HELO +0.50 points	2.14%	1.64%
The Southern CompanySO	JEPI +0.49 points	0.46%	0.95%
Equinix Inc Reit USDEQIX	JEPI +0.44 points	0.47%	0.91%
Ecolab Inc Common StockECL	JEPI +0.44 points	0.72%	1.16%
Nxp Semiconductors NVNXPI	HELO +0.45 points	0.67%	0.22%
Yum Brands Inc CommonYUM	JEPI +0.41 points	0.27%	0.68%
Chubb Ltd Common StockCB	JEPI +0.41 points	0.31%	0.72%
Cummins Inc Common StockCMI	JEPI +0.37 points	0.27%	0.64%
Chipotle Mexican GrillCMG	JEPI +0.37 points	0.46%	0.83%
Booking Holdings IncBKNG	HELO +0.37 points	0.54%	0.17%
Texas Instruments IncTXN	HELO +0.36 points	0.62%	0.26%
JPMorgan Prime Money	HELO +0.34 points	2.10%	1.76%
Advanced Micro DevicesAMD	HELO +0.33 points	1.26%	0.93%
Netflix Inc Common StockNFLX	JEPI +0.32 points	0.43%	0.75%
Conocophillips CommonCOP	JEPI +0.31 points	0.61%	0.92%
Accenture PLC CommonACN	HELO +0.31 points	0.97%	0.66%
Johnson & Johnson CommonJNJ	JEPI +0.31 points	1.49%	1.80%
Eli Lilly and CompanyLLY	HELO +0.30 points	1.48%	1.18%
Dover Corp Common StockDOV	JEPI +0.30 points	0.34%	0.64%
Corpay IncCPAY	JEPI +0.30 points	0.43%	0.73%
Doordash Inc CommonDASH	JEPI +0.29 points	0.21%	0.50%
Lam Research Corp CommonLRCX	JEPI +0.29 points	0.92%	1.21%
Thermo Fisher ScientificTMO	HELO +0.28 points	0.58%	0.30%
Citigroup Inc CommonC	JEPI +0.27 points	0.71%	0.98%
Pepsico Inc Common StockPEP	JEPI +0.26 points	0.79%	1.05%
Seagate TechnologySTX	HELO +0.24 points	0.53%	0.29%
Us Bancorp Common StockUSB	HELO +0.23 points	0.69%	0.46%
Church & Dwight Co IncCHD	JEPI +0.24 points	0.21%	0.45%
Medtronic PLC CommonMDT	JEPI +0.21 points	0.35%	0.56%
Western Digital CorpWDC	HELO +0.21 points	0.37%	0.16%
Rtx CorpRTX	JEPI +0.21 points	1.03%	1.24%
Hewlett PackardHPE	HELO +0.20 points	0.33%	0.13%
Palantir Technologies IncPLTR	HELO +0.19 points	0.68%	0.49%
Applied Materials IncAMAT	HELO +0.18 points	0.27%	0.09%
Crowdstrike Holdings IncCRWD	HELO +0.17 points	0.25%	0.08%
Arthur J Gallagher & CoAJG	JEPI +0.17 points	0.60%	0.77%
Fedex Corp Common StockFDX	JEPI +0.16 points	0.28%	0.44%
Amphenol Corp CommonAPH	HELO +0.16 points	0.64%	0.48%
Baker Hughes Co CommonBKR	HELO +0.15 points	0.35%	0.20%
Affirm Holdings IncAFRM	HELO +0.15 points	0.27%	0.12%
Aon PLC Common Stock USDAON	JEPI +0.13 points	0.62%	0.75%
Edwards LifesciencesEW	HELO +0.12 points	0.40%	0.28%
Welltower IncWELL	HELO +0.12 points	0.31%	0.19%
Walmart Inc Common StockWMT	JEPI +0.11 points	0.75%	0.86%
UnitedHealth Group IncUNH	HELO +0.12 points	0.71%	0.59%
Autozone Inc Common StockAZO	JEPI +0.11 points	0.38%	0.49%
Corning Inc Common StockGLW	HELO +0.11 points	0.27%	0.16%
Fortinet Inc Common StockFTNT	JEPI +0.10 points	0.16%	0.26%
Leidos Holdings IncLDOS	HELO +0.10 points	0.28%	0.18%
Burlington Stores IncBURL	JEPI +0.10 points	0.23%	0.33%
Intel Corp Common StockINTC	HELO +0.09 points	0.35%	0.26%
Mcdonald's Corp CommonMCD	HELO +0.08 points	0.66%	0.58%
Stryker Corp Common StockSYK	JEPI +0.07 points	0.54%	0.61%
Ventas Inc Reit USD 0.25VTR	JEPI +0.05 points	0.48%	0.53%
Altria Group Inc CommonMO	JEPI +0.06 points	0.19%	0.25%
Toast Inc Common StockTOST	HELO +0.05 points	0.15%	0.10%
Union Pacific CorpUNP	JEPI +0.05 points	0.27%	0.32%
Humana Inc Common StockHUM	HELO +0.05 points	0.29%	0.24%
Keurig Dr Pepper IncKDP	JEPI +0.04 points	0.27%	0.31%
Bristol-Myers Squibb CoBMY	JEPI +0.04 points	0.60%	0.64%
Deere & Co Common StockDE	JEPI +0.04 points	0.46%	0.50%
Cadence Design SystemsCDNS	HELO +0.04 points	0.18%	0.14%
Autodesk Inc CommonADSK	JEPI +0.03 points	0.29%	0.32%
AT&T Inc Common Stock USDT	HELO +0.03 points	0.57%	0.54%
Fedex Freight Holding CoFDXF	JEPI +0.01 points	0.06%	0.07%
American Tower Corp ReitAMT	Same weight	0.24%	0.24%

All 147 HELO holdings⁠All 133 JEPI holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HELO vs JEPI Cost

Overpaying HELO vs JEPI

$2,853

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

HELO 0.50%
$9,979
JEPI 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

HELO 0.50%
JEPI 0.35%
Overpaying

Year by year

Year	HELO	JEPI	Overpaying
10	$900	$634	$266
20	$3,460	$2,454	$1,006
30	$9,979	$7,126	$2,853

Expense ratio

0.50%HELO
0.35%JEPI, cheaper

JEPI0.35%HELO0.50%

0.25%0.92%

Middle half of S&P 500 Active Option Income funds
Median 0.56%

JEPI 2nd cheapest of 15 funds

HELO 6th cheapest of 15 funds

HELO vs JEPI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HELO 0.57%; JEPI 7.93%, better
Payout (12M): HELO $0.39; JEPI $4.56
Last payment: HELO $0.09; JEPI $0.34
Ex-dividend: HELO Sep 22, 2026; JEPI Oct 1, 2026
Paid on: HELO Sep 24, 2026; JEPI Oct 5, 2026
Frequency: HELO Quarterly; JEPI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

HELOQuarterly · 12 paymentsAll HELO payments⁠

JEPIMonthly · 45 paymentsAll JEPI payments⁠

HELO vs JEPI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HELO 7.3%, betterJEPI 7.8%
Return per unit of riskSharpe ratio, 3 years: HELO 1.05, betterJEPI 0.87
Worst fallMax drawdown, 5 years: HELO −10.9%since Sep 2023JEPI −13.7%
Market sensitivityBeta, 5 years: HELO 0.56JEPI 0.43; Market = 1

HELO and JEPI in the news

All news⁠

New ETFs
C.J. Lawrence's new 0.75% ETF hedges a band J.P. Morgan already covers at 0.50%
11 hours agoHELO
Best ETFs
For a rising dividend, iShares Core Dividend Growth ETF ranks first
Updated Nov 2, 2026JEPI
Deep Dive
JEPI generates income from selling S&P 500 upside — at a cost
Oct 30, 2026JEPI
ETF Filings
Franklin Templeton files two PayDay ETFs that would pay every two weeks
Oct 16, 2026JEPI
Deep Dive
The monthly check from JPMorgan Equity Premium Income ETF, JEPI, is already inside a return that trailed the S&P 500
Oct 14, 2026JEPI
Deep Dive
JPMorgan Equity Premium Income ETF paid $0.34 a share, and the 8% yield is not a promise
Oct 10, 2026JEPI

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HELO vs JEPI

In short

Stated mandate

Why people hold it