HELO vs ROCY: Grades, Fees and Holdings Compared

JPMorgan Hedged Equity Laddered Overlay ETF

HELOANYSE Arca

JPMorgan Equity Premium Yield ETF

ROCYANasdaq

Overlap

71.6%by weight

Expense ratio

ROCY −0.15pt a year

HELO0.50%ROCY0.35%

Avg volume · 30D

HELO 1.4×the volume

HELO346KROCY245K

HELO vs ROCY Performance

Jul 31, 2026 – Oct 30, 2026

+0.7%HELO+1.5%ROCY

Expense ratio: HELO 0.50%; ROCY 0.35%, better
Fund size: HELO $4.86B; ROCY $880M
1Y total return: HELO +5.6%; ROCY No data
Yield (12M): HELO 0.57%; ROCY No data
Holdings: HELO 151; ROCY 112
Avg volume (30D): HELO 346K sh, better; ROCY 245K sh
NAV per share: HELO $68.86; ROCY $54.63
52W range

ETF.net Grade

Pillar letters and Scores for HELO, ROCY, with each pillar’s weight
Pillar	HELO	ROCY
Cost30% weight	B67	A87Higher
Mission25% weight	A86	Not scored
Risk15% weight	B65	A83Higher
Tradability15% weight	B60Higher	C53
Holdings10% weight	A79Higher	B69
Durability5% weight	A82Higher	B65

Rank among S&P 500 Active Option Income funds

How we build Categories ›

Same Category. HELO and ROCY 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 ›

ROCY ranks 3rd 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

ROCYAJPMorgan Equity Premium Yield 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.

ROCY JPMorgan's second act in option income: the same S&P 500 team behind JEPI, but the premium comes from selling call spreads instead of notes, so a slice of upside above the short strike stays in play. 0.35% all in.

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.

ROCY Seeks current yield while retaining prospects for capital appreciation and total return. It combines a U.S. large-cap equity portfolio with a call-spread overlay intended to generate monthly distributions 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.

ROCY Costs 0.35% a year, against a roughly 0.95% median for actively managed options-income funds and DIVO's 0.56%.jpmorgan.com
Sells a call and buys a higher-strike one, so the ceiling on gains is a band rather than a hard stop above the short strike.jpmorgan.com
Run by the same U.S. Core Equity and derivatives group behind JEPI and JEPQ, led by Hamilton Reiner.jpmorgan.com
Stands among the stronger builds in a crowded field of active options-income funds, helped by its low fee and steady risk profile.

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.

ROCY Launched in 2026, so the record is short and has not been through a full market cycle.
Writing calls still trims what you keep in a fast rally; the long call softens the ceiling, it does not remove it.jpmorgan.com
Distributions can include return of capital, which lowers your cost basis instead of adding income.jpmorgan.com

Full HELO profile⁠

Full ROCY profile⁠

HELO vs ROCY Holdings

How HELO and ROCY differ

Overlap by weight

71.6%

Shared holdings make up 85.3% of ROCY and 77.4% of HELO.

Level by level

Holdings80 in both71.6%
Asset classEquity100%
Countryby domicile99.5%

Sector

No Sector split for ROCY.

Country, concentration and asset class

Country by domicile

Country weights in HELO and ROCY, widest gap first
Country	More in HELOMore in ROCY	HELO	ROCY
United States	HELO +0.2 points	99.7%	99.5%
Netherlands	ROCY +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%
ROCY41.9%

Securities held

HELO150
ROCY111

Asset class

HELO: Equity
ROCY: Equity

Holdings

Only in HELO70
In both80
Only in ROCY31

Only in HELO

70 securities, 23.1% of HELO by weight

JPMorgan Prime Money2.10%
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%

Only in ROCY

31 securities, 14.8% of ROCY by weight

JPMorgan U.s. Government2.52%
Csx Corp Common Stock USD1.25%
American Express Co0.96%
Cme Group Inc Common0.62%
Northrop Grumman Corp0.61%
Digital Realty Trust Inc0.53%
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%
Asml Holding NV Ny Reg0.45%
State Street Corp Common0.44%
Ameriprise Financial Inc0.43%
Performance Food Group Co0.42%
The Coca-Cola Company0.37%
First Citizens0.34%
Bj's Wholesale Club0.34%
Vulcan Materials Co0.33%
Axalta Coating Systems0.32%
Cognizant Technology0.31%
United Parcel Service0.31%
Costco Wholesale Corp0.29%
Elanco Animal Health Inc0.29%
The Procter & Gamble0.26%
Spotify Technology SA0.21%
Dupont De Nemours Inc0.20%
Qnity Electronics Inc0.20%
Motorola Solutions Inc0.17%
Roper Technologies Inc0.17%
Vistra Corp Common Stock0.07%

Weight gaps

All 80 Holdings in both funds, largest gap first.

Holding weights in HELO and ROCY, widest gap first
Holding	More in HELOMore in ROCY	HELO	ROCY
Alphabet Inc-Cl A -GOOGL	ROCY +1.59 points	2.54%	4.13%
Wells Fargo & Co CommonWFC	ROCY +1.18 points	0.79%	1.97%
Johnson & Johnson CommonJNJ	HELO +1.09 points	1.49%	0.40%
Exxonmobil Holdings CorpXOM	ROCY +0.57 points	1.55%	2.12%
Micron Technology IncMU	ROCY +0.56 points	1.63%	2.19%
Berkshire Hathaway IncBRK.B	HELO +0.49 points	1.24%	0.75%
Philip MorrisPM	ROCY +0.49 points	0.85%	1.34%
Mastercard Inc CommonMA	ROCY +0.49 points	1.37%	1.86%
Progressive Corp/ThePGR	ROCY +0.46 points	0.24%	0.70%
Conocophillips CommonCOP	ROCY +0.45 points	0.61%	1.06%
Analog Devices IncADI	ROCY +0.41 points	0.25%	0.66%
Broadcom Inc CommonAVGO	HELO +0.41 points	2.54%	2.13%
Hewlett PackardHPE	ROCY +0.40 points	0.33%	0.73%
Meta Platforms Inc CommonMETA	ROCY +0.38 points	2.14%	2.52%
Crowdstrike Holdings IncCRWD	ROCY +0.38 points	0.25%	0.63%
AbbVie Inc Common StockABBV	ROCY +0.37 points	1.26%	1.63%
Seagate TechnologySTX	ROCY +0.36 points	0.53%	0.89%
Apple Inc Common StockAAPL	ROCY +0.35 points	7.24%	7.59%
Thermo Fisher ScientificTMO	ROCY +0.35 points	0.58%	0.93%
Pepsico Inc Common StockPEP	HELO +0.35 points	0.79%	0.44%
Bank of America CorpBAC	ROCY +0.34 points	0.75%	1.09%
Arthur J Gallagher & CoAJG	HELO +0.32 points	0.60%	0.28%
Palantir Technologies IncPLTR	HELO +0.31 points	0.68%	0.37%
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	ROCY +0.27 points	0.37%	0.64%
Medtronic PLC CommonMDT	ROCY +0.26 points	0.35%	0.61%
UnitedHealth Group IncUNH	ROCY +0.24 points	0.71%	0.95%
Netflix Inc Common StockNFLX	HELO +0.24 points	0.43%	0.19%
The Southern CompanySO	ROCY +0.24 points	0.46%	0.70%
Morgan Stanley DeanMS	ROCY +0.24 points	0.48%	0.72%
Deere & Co Common StockDE	ROCY +0.23 points	0.46%	0.69%
Ge Vernova Inc CommonGEV	ROCY +0.23 points	0.27%	0.50%
Bristol-Myers Squibb CoBMY	ROCY +0.22 points	0.60%	0.82%
Dover Corp Common StockDOV	ROCY +0.22 points	0.34%	0.56%
NVIDIA Corp Common StockNVDA	ROCY +0.22 points	7.90%	8.12%
Hilton Worldwide HoldingsHLT	ROCY +0.21 points	0.42%	0.63%
American Tower Corp ReitAMT	ROCY +0.19 points	0.24%	0.43%
Linde PLC Common StockLIN	HELO +0.18 points	0.37%	0.19%
Eli Lilly and CompanyLLY	ROCY +0.17 points	1.48%	1.65%
Regeneron PharmaceuticalsREGN	ROCY +0.16 points	0.58%	0.74%
3M Co Common Stock USDMMM	HELO +0.15 points	0.84%	0.69%
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%
Eaton Corp PLC CommonETN	ROCY +0.14 points	0.42%	0.56%
Intel Corp Common StockINTC	HELO +0.14 points	0.35%	0.21%
Advanced Micro DevicesAMD	ROCY +0.13 points	1.26%	1.39%
Corpay IncCPAY	HELO +0.13 points	0.43%	0.30%
Entergy Corp Common StockETR	ROCY +0.13 points	0.40%	0.53%
Mondelez InternationalMDLZ	ROCY +0.13 points	0.57%	0.70%
Intuit Inc Common StockINTU	ROCY +0.12 points	0.17%	0.29%
Autodesk Inc CommonADSK	HELO +0.13 points	0.29%	0.16%
Trane Technologies PLC	HELO +0.12 points	0.80%	0.68%
Microsoft Corp CommonMSFT	ROCY +0.10 points	6.51%	6.61%
Corning Inc Common StockGLW	HELO +0.10 points	0.27%	0.17%
Oracle Corp Common StockORCL	ROCY +0.10 points	0.11%	0.21%
Arista Networks IncANET	HELO +0.09 points	0.31%	0.22%
Howmet Aerospace IncHWM	ROCY +0.09 points	0.64%	0.73%
Eog Resources Inc CommonEOG	ROCY +0.09 points	0.88%	0.97%
Textron Inc Common StockTXT	ROCY +0.08 points	0.16%	0.24%
Lowe's Cos Inc CommonLOW	HELO +0.08 points	0.86%	0.78%
Blackstone Group Inc/TheBX	HELO +0.08 points	0.38%	0.30%
Mcdonald's Corp CommonMCD	HELO +0.07 points	0.66%	0.59%
Charles Schwab Corp/TheSCHW	HELO +0.08 points	0.69%	0.61%
Stryker Corp Common StockSYK	ROCY +0.07 points	0.54%	0.61%
Sandisk Corp CommonSNDK	HELO +0.07 points	0.16%	0.09%
Autozone Inc Common StockAZO	ROCY +0.07 points	0.38%	0.45%
Nxp Semiconductors NVNXPI	HELO +0.07 points	0.67%	0.60%
Ventas Inc Reit USD 0.25VTR	HELO +0.07 points	0.48%	0.41%
Amazon.com Inc CommonAMZN	HELO +0.06 points	4.05%	3.99%
Cigna Group/The CommonCI	ROCY +0.05 points	0.34%	0.39%
Edwards LifesciencesEW	HELO +0.04 points	0.40%	0.36%
Leidos Holdings IncLDOS	HELO +0.04 points	0.28%	0.24%
Amphenol Corp CommonAPH	ROCY +0.04 points	0.64%	0.68%
Cadence Design SystemsCDNS	ROCY +0.04 points	0.18%	0.22%
Tesla Inc Common StockTSLA	ROCY +0.04 points	1.36%	1.40%
Rtx CorpRTX	ROCY +0.04 points	1.03%	1.07%
Vertex PharmaceuticalsVRTX	ROCY +0.03 points	0.38%	0.41%
Fidelity NationalFIS	HELO +0.02 points	0.17%	0.15%
Lam Research Corp CommonLRCX	ROCY +0.01 points	0.92%	0.93%

All 147 HELO holdings⁠All 111 ROCY 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 ROCY Cost

Overpaying HELO vs ROCY

$2,853

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

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

Amount$10,000

Years30 years

Cost over time

HELO 0.50%
ROCY 0.35%
Overpaying

Year by year

Year	HELO	ROCY	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%ROCY, cheaper

ROCY0.35%HELO0.50%

0.25%0.92%

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

ROCY 2nd cheapest of 15 funds

HELO 6th cheapest of 15 funds

HELO vs ROCY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HELO 0.57%; ROCY No data
Payout (12M): HELO $0.39; ROCY No data
Last payment: HELO $0.09; ROCY $0.31
Ex-dividend: HELO Sep 22, 2026; ROCY Oct 1, 2026
Paid on: HELO Sep 24, 2026; ROCY Oct 5, 2026
Frequency: HELO Quarterly; ROCY Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

HELOQuarterly · 12 paymentsAll HELO payments⁠

ROCYMonthly · 6 paymentsAll ROCY payments⁠

HELO vs ROCY 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%ROCY No data
Return per unit of riskSharpe ratio, 3 years: HELO 1.05ROCY No data
Worst fallMax drawdown, 5 years: HELO −10.9%since Sep 2023ROCY No data
Market sensitivityBeta, 5 years: HELO 0.56ROCY 0.69; Market = 1

HELO and ROCY 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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