HELO vs JOYT: Grades, Fees and Holdings Compared

JPMorgan Hedged Equity Laddered Overlay ETF

HELOANYSE Arca

JPMorgan Equity and Options Total Return ETF

JOYTANasdaq

Overlap

73.7%by weight

Expense ratio

JOYT −0.15pt a year

HELO0.50%JOYT0.35%

Avg volume · 30D

HELO 47.9×the volume

HELO346KJOYT7.23K

HELO vs JOYT Performance

Oct 31, 2025 – Oct 30, 2026

+5.6%HELO+13.0%JOYT

Expense ratio: HELO 0.50%; JOYT 0.35%, better
Fund size: HELO $4.86B; JOYT $117M
1Y total return: HELO +5.6%; JOYT +13.0%, better
Yield (12M): HELO 0.57%; JOYT 0.76%, better
Holdings: HELO 151; JOYT 112
Avg volume (30D): HELO 346K sh, better; JOYT 7.23K sh
NAV per share: HELO $68.86; JOYT $59.32
52W range

ETF.net Grade

Pillar letters and Scores for HELO, JOYT, with each pillar’s weight
Pillar	HELO	JOYT
Cost30% weight	B67	A87Higher
Mission25% weight	A86	A100Higher
Risk15% weight	B65	B67Higher
Tradability15% weight	B60Higher	D39
Holdings10% weight	A79Higher	B69
Durability5% weight	A82Higher	B60

Rank among S&P 500 Active Option Income funds

How we build Categories ›

Same Category. HELO and JOYT 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 ›

JOYT ranks 2nd 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 3AROCYJPMorgan Equity Premium Yield ETFScore 75
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

JOYTAJPMorgan Equity and Options Total Return 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.

JOYT JOYT sells options against a concentrated book of large-cap U.S. stocks, but the premium is aimed at total return and lower volatility rather than a monthly paycheck. Distributions land once or twice a year.

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.

JOYT JOYT seeks total return with lower volatility than the overall U.S. large-cap market through dividends, options premium, and capital appreciation. It uses an actively managed portfolio of primarily established large-cap U.S. equities and an options overlay intended to diversify returns and reduce volatility.

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.

JOYT 0.35% a year, roughly a third of the median for its active options-overlay peers. Unusual pricing for a fund where a manager is both picking the stocks and writing the options.
About 110 large-cap U.S. names, actively chosen, with an options overlay layered on top to diversify returns and damp volatility versus the broad U.S. large-cap market.
Sits among the stronger implementations in a crowded field of active options-overlay funds, and the portfolio it actually holds matches the mandate in its documents.

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.

JOYT Launched in 2025, so there is no record through a full market cycle yet.
Thinly traded with modest assets, so spreads can run wider than at the category's largest funds.
Payouts arrive annually or semiannually, not monthly, so the premium is largely working inside the fund rather than landing in your account.

Full HELO profile⁠

Full JOYT profile⁠

HELO vs JOYT Holdings

How HELO and JOYT differ

Overlap by weight

73.7%

Shared holdings make up 88.2% of JOYT and 79.5% of HELO.

Level by level

Holdings81 in both73.7%
Sector11 Sectors96.1%
Asset classEquity100%
Countryby domicile99.5%

Sector

Sector weights in HELO and JOYT, widest gap first
Sector	More in HELOMore in JOYT	HELO	JOYT
Consumer Discretionary	HELO +1.7 points	10.2%	8.5%
Industrials	JOYT +1.7 points	6.2%	7.9%
Materials	HELO +0.8 points	1.8%	1.0%
Technology	JOYT +0.9 points	39.8%	40.7%
Communication	JOYT +0.8 points	9.1%	9.9%
Health Care	HELO +0.8 points	9.9%	9.1%
Consumer Staples	JOYT +0.6 points	3.6%	4.2%
Energy	HELO +0.3 points	3.9%	3.6%
Real Estate	HELO +0.2 points	1.7%	1.4%
Financials	JOYT +0.1 points	11.4%	11.5%
Utilities	Same weight	2.2%	2.2%

Country, concentration and asset class

Country by domicile

Country weights in HELO and JOYT, widest gap first
Country	More in HELOMore in JOYT	HELO	JOYT
United States	HELO +0.2 points	99.7%	99.5%
Netherlands	JOYT +0.5 points	0.0%	0.5%
Switzerland	HELO +0.3 points	0.3%	0.0%

Concentration

Weight in the 10 largest Holdings

HELO38.5%
JOYT42.2%

Securities held

HELO150
JOYT111

Asset class

HELO: Equity
JOYT: Equity

Holdings

Only in HELO69
In both81
Only in JOYT30

Only in HELO

69 securities, 21.0% of HELO by weight

Alphabet Inc-Cl C -1.82%
Visa Inc Common Stock USD1.06%
Accenture PLC Common0.97%
Ecolab Inc Common Stock0.72%
Citigroup Inc Common0.71%
Us Bancorp Common Stock0.69%
Aon PLC Common Stock USD0.62%
Texas Instruments Inc0.62%
Booking Holdings Inc0.54%
Vertiv Holdings Co0.52%
Equinix Inc Reit USD0.47%
Ross Stores Inc Common0.45%
Capital One Financial0.42%
Sempra Common Stock USD0.41%
Fifth Third Bancorp0.38%
Western Digital Corp0.37%
Spy Put USD 01/29/20270.36%
Baker Hughes Co Common0.35%
Cencora Inc Common Stock0.35%
Spy Put USD 12/31/20260.33%
Martin Marietta Materials0.32%
Waters Corp Common Stock0.32%
Welltower Inc0.31%
Chubb Ltd Common Stock0.31%
Humana Inc Common Stock0.29%
Palo Alto Networks Inc0.28%
Fedex Corp Common Stock0.28%
Intercontinental Exchange0.27%
Union Pacific Corp0.27%
Cummins Inc Common Stock0.27%
Applied Materials Inc0.27%
Yum Brands Inc Common0.27%
Keurig Dr Pepper Inc0.27%
Affirm Holdings Inc0.27%
United Rentals Inc0.26%
Devon Energy Corp Common0.26%
Ppg Industries Inc Common0.24%
Snowflake Inc Common0.23%
Burlington Stores Inc0.23%
Church & Dwight Co Inc0.21%
Doordash Inc Common0.21%
Spy Put USD 11/30/20260.21%
Servicenow Inc Common0.20%
Altria Group Inc Common0.19%
Carnival Corp Ltd Common0.19%
On Semiconductor Corp0.19%
Newmont Corp Common Stock0.17%
Equity Lifestyle0.16%
Fortinet Inc Common Stock0.16%
Boston Scientific Corp0.15%

Only in JOYT

30 securities, 12.2% of JOYT by weight

Csx Corp Common Stock USD1.24%
American Express Co0.96%
Northrop Grumman Corp0.61%
Cme Group Inc Common0.61%
Digital Realty Trust Inc0.52%
Prologis Inc Reit USD0.52%
Salesforce.com Inc.0.48%
Tjx Cos Inc/The Common0.47%
Cms Energy Corp Common0.46%
Metlife Inc Common Stock0.45%
State Street Corp Common0.44%
Ameriprise Financial Inc0.43%
Asml Holding NV Ny Reg0.42%
Performance Food Group Co0.42%
The Coca-Cola Company0.37%
Bj's Wholesale Club0.34%
First Citizens0.33%
Vulcan Materials Co0.33%
Axalta Coating Systems0.32%
Cognizant Technology0.31%
United Parcel Service0.31%
Elanco Animal Health Inc0.29%
Costco Wholesale Corp0.29%
The Procter & Gamble0.25%
Dupont De Nemours Inc0.20%
Spotify Technology SA0.20%
Qnity Electronics Inc0.20%
Motorola Solutions Inc0.17%
Roper Technologies Inc0.17%
Vistra Corp Common Stock0.07%

Weight gaps

All 81 Holdings in both funds, largest gap first.

Holding weights in HELO and JOYT, widest gap first
Holding	More in HELOMore in JOYT	HELO	JOYT
Alphabet Inc-Cl A -GOOGL	JOYT +1.59 points	2.54%	4.13%
Wells Fargo & Co CommonWFC	JOYT +1.27 points	0.79%	2.06%
Johnson & Johnson CommonJNJ	HELO +1.09 points	1.49%	0.40%
JPMorgan Prime Money	JOYT +0.76 points	2.10%	2.86%
Exxonmobil Holdings CorpXOM	JOYT +0.57 points	1.55%	2.12%
Micron Technology IncMU	JOYT +0.54 points	1.63%	2.17%
Berkshire Hathaway IncBRK.B	HELO +0.49 points	1.24%	0.75%
Philip MorrisPM	JOYT +0.49 points	0.85%	1.34%
Mastercard Inc CommonMA	JOYT +0.48 points	1.37%	1.85%
Progressive Corp/ThePGR	JOYT +0.46 points	0.24%	0.70%
Conocophillips CommonCOP	JOYT +0.44 points	0.61%	1.05%
Broadcom Inc CommonAVGO	HELO +0.41 points	2.54%	2.13%
Analog Devices IncADI	JOYT +0.40 points	0.25%	0.65%
Hewlett PackardHPE	JOYT +0.39 points	0.33%	0.72%
Crowdstrike Holdings IncCRWD	JOYT +0.38 points	0.25%	0.63%
Meta Platforms Inc CommonMETA	JOYT +0.37 points	2.14%	2.51%
AbbVie Inc Common StockABBV	JOYT +0.36 points	1.26%	1.62%
Thermo Fisher ScientificTMO	JOYT +0.35 points	0.58%	0.93%
Pepsico Inc Common StockPEP	HELO +0.35 points	0.79%	0.44%
Seagate TechnologySTX	JOYT +0.34 points	0.53%	0.87%
Bank of America CorpBAC	JOYT +0.34 points	0.75%	1.09%
Apple Inc Common StockAAPL	JOYT +0.33 points	7.24%	7.57%
Arthur J Gallagher & CoAJG	HELO +0.33 points	0.60%	0.27%
Palantir Technologies IncPLTR	HELO +0.32 points	0.68%	0.36%
Walmart Inc Common StockWMT	HELO +0.31 points	0.75%	0.44%
Nextera Energy IncNEE	HELO +0.29 points	0.90%	0.61%
The Walt Disney CompanyDIS	JOYT +0.27 points	0.37%	0.64%
Medtronic PLC CommonMDT	JOYT +0.26 points	0.35%	0.61%
Netflix Inc Common StockNFLX	HELO +0.24 points	0.43%	0.19%
The Southern CompanySO	JOYT +0.24 points	0.46%	0.70%
UnitedHealth Group IncUNH	JOYT +0.23 points	0.71%	0.94%
Morgan Stanley DeanMS	JOYT +0.24 points	0.48%	0.72%
Deere & Co Common StockDE	JOYT +0.23 points	0.46%	0.69%
Ge Vernova Inc CommonGEV	JOYT +0.22 points	0.27%	0.49%
Bristol-Myers Squibb CoBMY	JOYT +0.21 points	0.60%	0.81%
Dover Corp Common StockDOV	JOYT +0.22 points	0.34%	0.56%
Hilton Worldwide HoldingsHLT	JOYT +0.21 points	0.42%	0.63%
NVIDIA Corp Common StockNVDA	JOYT +0.20 points	7.90%	8.10%
American Tower Corp ReitAMT	JOYT +0.20 points	0.24%	0.44%
Linde PLC Common StockLIN	HELO +0.18 points	0.37%	0.19%
Regeneron PharmaceuticalsREGN	JOYT +0.17 points	0.58%	0.75%
Eli Lilly and CompanyLLY	JOYT +0.16 points	1.48%	1.64%
3M Co Common Stock USDMMM	HELO +0.16 points	0.84%	0.68%
AT&T Inc Common Stock USDT	HELO +0.15 points	0.57%	0.42%
Chipotle Mexican GrillCMG	HELO +0.15 points	0.46%	0.31%
Trane Technologies PLC	HELO +0.13 points	0.80%	0.67%
Intel Corp Common StockINTC	HELO +0.13 points	0.35%	0.22%
Entergy Corp Common StockETR	JOYT +0.13 points	0.40%	0.53%
Eaton Corp PLC CommonETN	JOYT +0.13 points	0.42%	0.55%
Mondelez InternationalMDLZ	JOYT +0.13 points	0.57%	0.70%
Corpay IncCPAY	HELO +0.13 points	0.43%	0.30%
Advanced Micro DevicesAMD	JOYT +0.13 points	1.26%	1.39%
Intuit Inc Common StockINTU	JOYT +0.12 points	0.17%	0.29%
Autodesk Inc CommonADSK	HELO +0.12 points	0.29%	0.17%
Corning Inc Common StockGLW	HELO +0.10 points	0.27%	0.17%
Oracle Corp Common StockORCL	JOYT +0.10 points	0.11%	0.21%
Arista Networks IncANET	HELO +0.09 points	0.31%	0.22%
Howmet Aerospace IncHWM	JOYT +0.09 points	0.64%	0.73%
Textron Inc Common StockTXT	JOYT +0.08 points	0.16%	0.24%
Lowe's Cos Inc CommonLOW	HELO +0.08 points	0.86%	0.78%
Eog Resources Inc CommonEOG	JOYT +0.08 points	0.88%	0.96%
Microsoft Corp CommonMSFT	JOYT +0.07 points	6.51%	6.58%
Blackstone Group Inc/TheBX	HELO +0.08 points	0.38%	0.30%
Charles Schwab Corp/TheSCHW	HELO +0.08 points	0.69%	0.61%
Mcdonald's Corp CommonMCD	HELO +0.07 points	0.66%	0.59%
Nxp Semiconductors NVNXPI	HELO +0.07 points	0.67%	0.60%
Stryker Corp Common StockSYK	JOYT +0.07 points	0.54%	0.61%
Ventas Inc Reit USD 0.25VTR	HELO +0.07 points	0.48%	0.41%
Sandisk Corp CommonSNDK	HELO +0.06 points	0.16%	0.10%
Amazon.com Inc CommonAMZN	HELO +0.06 points	4.05%	3.99%
Cigna Group/The CommonCI	JOYT +0.05 points	0.34%	0.39%
Edwards LifesciencesEW	HELO +0.04 points	0.40%	0.36%
Cadence Design SystemsCDNS	JOYT +0.04 points	0.18%	0.22%
Leidos Holdings IncLDOS	HELO +0.04 points	0.28%	0.24%
Amphenol Corp CommonAPH	JOYT +0.04 points	0.64%	0.68%
Autozone Inc Common StockAZO	JOYT +0.04 points	0.38%	0.42%
Tesla Inc Common StockTSLA	JOYT +0.03 points	1.36%	1.39%
Vertex PharmaceuticalsVRTX	JOYT +0.03 points	0.38%	0.41%
Rtx CorpRTX	JOYT +0.03 points	1.03%	1.06%
Fidelity NationalFIS	HELO +0.02 points	0.17%	0.15%
Lam Research Corp CommonLRCX	Same weight	0.92%	0.92%

All 147 HELO holdings⁠All 111 JOYT 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 JOYT Cost

Overpaying HELO vs JOYT

$2,853

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

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

Amount$10,000

Years30 years

Cost over time

HELO 0.50%
JOYT 0.35%
Overpaying

Year by year

Year	HELO	JOYT	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%JOYT, cheaper

JOYT0.35%HELO0.50%

0.25%0.92%

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

JOYT 2nd cheapest of 15 funds

HELO 6th cheapest of 15 funds

HELO vs JOYT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HELO 0.57%; JOYT 0.76%, better
Payout (12M): HELO $0.39; JOYT $0.45
Last payment: HELO $0.09; JOYT $0.11
Ex-dividend: HELO Sep 22, 2026; JOYT Sep 22, 2026
Paid on: HELO Sep 24, 2026; JOYT Sep 24, 2026
Frequency: HELO Quarterly; JOYT Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

HELOQuarterly · 12 paymentsAll HELO payments⁠

JOYTQuarterly · 5 paymentsAll JOYT payments⁠

HELO vs JOYT 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%JOYT 7.0%since Sep 2025
Return per unit of riskSharpe ratio, 3 years: HELO 1.05JOYT 1.64since Sep 2025
Worst fallMax drawdown, 5 years: HELO −10.9%since Sep 2023JOYT −7.0%since Aug 2025
Market sensitivityBeta, 5 years: HELO 0.56JOYT 0.49; Market = 1

HELO and JOYT 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
New ETFs
Calamos's hedged S&P 500 ETF charges 0.66% for a hedge you cannot look up
Sep 15, 2026HELO

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HELO vs JOYT

In short

Stated mandate

Why people hold it

Worth knowing

How HELO and JOYT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HELO

Only in JOYT

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

C.J. Lawrence's new 0.75% ETF hedges a band J.P. Morgan already covers at 0.50%

Calamos's hedged S&P 500 ETF charges 0.66% for a hedge you cannot look up

How HELO and JOYT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HELO

Only in JOYT

Weight gaps