HEQQ vs JEPQ: Grades, Fees and Holdings Compared

JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF

HEQQBNasdaq

JPMorgan Nasdaq Equity Premium Income ETF

JEPQANasdaq

Overlap

65.7%by weight

Expense ratio

JEPQ −0.15pt a year

HEQQ0.50%JEPQ0.35%

Avg volume · 30D

JEPQ 8517.9×the volume

HEQQ746JEPQ6.35M

HEQQ vs JEPQ Performance

Oct 31, 2025 – Nov 2, 2026

+2.4%HEQQ+8.0%JEPQ

Expense ratio: HEQQ 0.50%; JEPQ 0.35%, better
Fund size: HEQQ $30M; JEPQ $42.5B
1Y total return: HEQQ +2.4%; JEPQ +8.0%, better
Yield (12M): HEQQ 0.17%; JEPQ 13.20%, better
Holdings: HEQQ 101; JEPQ 111
Avg volume (30D): HEQQ 746 sh; JEPQ 6.35M sh, better
NAV per share: HEQQ $60.10; JEPQ $57.56
52W range

ETF.net Grade

Pillar letters and Scores for HEQQ, JEPQ, with each pillar’s weight
Pillar	HEQQ	JEPQ
Cost30% weight	A73	A82Higher
Mission25% weight	Not scored	A100
Risk15% weight	B66	B69Higher
Tradability15% weight	F18	A71Higher
Holdings10% weight	C46	C47Higher
Durability5% weight	C44	A91Higher

Rank among Nasdaq-100 Option Income funds

How we build Categories ›

Same Category. HEQQ and JEPQ are both graded against the same 30 Nasdaq-100 Option Income funds, so their Grades compare head to head.

Nasdaq-100 Option Income⁠

Category · 30 funds

See all 30 ›

JEPQ ranks 3rd and HEQQ 15th of 30 funds in the Nasdaq-100 Option Income Category.

Rank 1AGPIQGoldman Sachs Nasdaq-100 Premium Income ETFScore 84
Rank 2AQQAInvesco QQQ Income Advantage ETFScore 82
Rank 3AJEPQJPMorgan Nasdaq Equity Premium Income ETFScore 79
Rank 3AQYLDGlobal X Nasdaq 100 Covered Call ETFScore 79
Rank 14BQQQHNEOS Nasdaq-100 Hedged Equity Income ETFScore 58
Rank 15BHEQQJPMorgan Nasdaq Hedged Equity Laddered Overlay ETFScore 55
Rank 15BSEPQSTF Tactical Growth & Income ETFScore 55

Our read on each fund

ETF.net Research

HEQQBJPMorgan Nasdaq Hedged Equity Laddered Overlay ETF

JEPQAJPMorgan Nasdaq Equity Premium Income ETF

In short

HEQQ J.P. Morgan took its hedged equity playbook, the one built on overlapping option ladders, and pointed it at the Nasdaq-100. Active stock picking underneath, a rolling hedge on top, priced below the typical options-overlay fund.

JEPQ Most Nasdaq income funds bolt call options onto the index and call it a day. JEPQ picks its own roughly 110 US large-cap stocks, then writes out-of-the-money Nasdaq-100 calls on top, aiming for monthly income with less volatility than the index itself.

Stated mandate

HEQQ HEQQ seeks capital appreciation from a portfolio of U.S. large- and mid-cap stocks resembling the Nasdaq-100, while using a laddered options strategy to reduce downside risk and pursue a significant portion of Nasdaq-100 returns with lower volatility.

JEPQ The fund seeks current income while preserving potential for capital appreciation. It combines a data-science-driven portfolio of U.S. large-cap stocks with written out-of-the-money Nasdaq-100 Index call options and seeks lower volatility than the Nasdaq-100 Index.

Why people hold it

HEQQ Charges 0.50% a year, well under the median fee in its options-overlay peer group.
The hedge is laddered across multiple option periods rather than pinned to a single expiration, so the overlay rolls instead of resetting all at once.jpmorgan.com
Underneath sits an actively run book of about 100 US large and mid caps resembling the Nasdaq-100, not a mechanical index copy.
Pays quarterly and lands in the upper half of its options-overlay cohort, with the low fee doing much of that work.

JEPQ Charges 0.35% a year, roughly half the typical fee among Nasdaq options-income funds and well under QYLD's 0.60%.
Income is manufactured by writing out-of-the-money Nasdaq-100 calls and paid out monthly, rather than harvested from high-dividend stocks.jpmorgan.com
One of the largest and most heavily traded funds in the Nasdaq options-income group, which generally means tight spreads and easy entry and exit.
The calls are struck out of the money, so the mandate keeps room for capital appreciation in the stock sleeve alongside the payout.jpmorgan.com

Worth knowing

HEQQ The hedge costs upside: the fund targets a significant portion of Nasdaq-100 returns with lower volatility, not the full index move.
Thinly traded with a small asset base, so spreads can run wider than at the category's largest funds.
Launched in 2025, so the record is short and the risk picture rests on limited history.

JEPQ The overlay clips the top off big Nasdaq rallies: premium comes in, but stock gains above the call strikes go to the option buyer.jpmorgan.com
Monthly payouts float with option premiums, which move with market volatility. This is variable income, not a fixed coupon.
About 110 US large-cap holdings paired with a Nasdaq-100 overlay: concentrated, tech-leaning exposure rather than a broad-market portfolio.jpmorgan.com

Full HEQQ profile⁠

Full JEPQ profile⁠

HEQQ vs JEPQ Holdings

How HEQQ and JEPQ differ

Overlap by weight

65.7%

Shared holdings make up 87.8% of HEQQ and 67.1% of JEPQ.

Level by level

Holdings56 in both65.7%
Sector11 Sectors98.1%
Countryby domicile99.4%
Asset classEquity100%

Sector

Sector weights in HEQQ and JEPQ, widest gap first
Sector	More in HEQQMore in JEPQ	HEQQ	JEPQ
Consumer Discretionary	JEPQ +1.2 points	9.3%	10.5%
Technology	JEPQ +0.7 points	60.3%	61.0%
Industrials	HEQQ +0.6 points	4.5%	3.9%
Utilities	HEQQ +0.4 points	1.3%	0.9%
Financials	HEQQ +0.3 points	0.7%	0.4%
Energy	HEQQ +0.2 points	0.6%	0.3%
Materials	JEPQ +0.2 points	0.6%	0.8%
Consumer Staples	HEQQ +0.2 points	5.3%	5.2%
Health Care	HEQQ +0.1 points	4.3%	4.2%
Communication	HEQQ +0.1 points	12.7%	12.6%
Real Estate	Same weight	0.2%	0.2%

Country, concentration and asset class

Country by domicile

Country weights in HEQQ and JEPQ, widest gap first
Country	More in HEQQMore in JEPQ	HEQQ	JEPQ
United States	JEPQ +0.2 points	97.4%	97.6%
Netherlands	HEQQ +0.2 points	1.4%	1.1%
Canada	HEQQ +0.4 points	1.1%	0.7%
Brazil	JEPQ +0.4 points	0.0%	0.4%
China	Same weight	0.1%	0.1%

Concentration

Weight in the 10 largest Holdings

HEQQ53.0%
JEPQ41.8%

Securities held

HEQQ100
JEPQ110

Asset class

HEQQ: Equity
JEPQ: Equity

Holdings

Only in HEQQ44
In both56
Only in JEPQ54

Only in HEQQ

44 securities, 13.0% of HEQQ by weight

Qqq Put USD 12/31/20261.21%
Johnson & Johnson Common1.00%
Norfolk Southern Corp0.78%
Qqq Put USD 11/30/20260.65%
Qqq Put USD 01/29/20270.62%
Motorola Solutions Inc0.46%
Exxonmobil Holdings Corp0.44%
Entergy Corp Common Stock0.41%
The Walt Disney Company0.39%
International Business0.37%
Air Products and0.37%
3M Co Common Stock USD0.34%
Republic Services Inc0.32%
AT&T Inc Common Stock USD0.31%
Tjx Cos Inc/The Common0.26%
Philip Morris0.26%
Zoom Communications Inc0.24%
Expedia Group Inc Common0.23%
Edwards Lifesciences0.23%
Transdigm Group Inc0.23%
Autozone Inc Common Stock0.22%
Insmed Inc Common Stock0.22%
Hewlett Packard0.21%
Cheniere Energy Inc0.20%
Mcdonald's Corp Common0.19%
Howmet Aerospace Inc0.18%
Natera Inc Common Stock0.18%
Robinhood Markets Inc0.18%
Trane Technologies PLC0.18%
Vulcan Materials Co0.18%
Veeva Systems Inc Common0.18%
Arista Networks Inc0.17%
Abbott Laboratories0.17%
Salesforce.com Inc.0.16%
Oracle Corp Common Stock0.16%
Ppg Industries Inc Common0.15%
Conocophillips Common0.15%
Cms Energy Corp Common0.13%
Stryker Corp Common Stock0.13%
Public Service0.13%
Alibaba Group Holding0.10%
Vistra Corp Common Stock0.09%
Neurocrine Biosciences0.09%
Boston Scientific Corp0.08%

Only in JEPQ

54 securities, 32.9% of JEPQ by weight

Costco Wholesale Corp1.32%
NDX_131.17%
NDX_141.17%
NDX_121.17%
NDX_151.16%
NDX_171.16%
NDX_161.16%
Cisco Systems Inc Common1.16%
NDX_111.15%
NDX_181.14%
NDX_101.13%
NDX_91.12%
NDX_81.09%
NDX_51.09%
NDX_41.08%
NDX_61.08%
NDX_71.08%
Crowdstrike Holdings Inc1.03%
Texas Instruments Inc0.90%
Linde PLC Common Stock0.76%
Applied Materials Inc0.72%
Pepsico Inc Common Stock0.72%
Intuitive Surgical Inc0.69%
Vertex Pharmaceuticals0.69%
Csx Corp Common Stock USD0.68%
Booking Holdings Inc0.57%
T-Mobile Us Inc Common0.53%
Qualcomm Inc Common Stock0.52%
Amgen Inc Common Stock0.47%
O'reilly Automotive Inc0.47%
Comcast Corp Common Stock0.40%
Mercadolibre Inc Common0.37%
Diamondback Energy Inc0.33%
Honeywell International0.32%
Marriott International0.31%
Xcel Energy Inc Common0.29%
Adobe Inc Common Stock0.29%
Starbucks Corp Common0.29%
Western Digital Corp0.28%
Ross Stores Inc Common0.24%
Copart Inc Common Stock0.23%
Dexcom Inc Common Stock0.20%
Honeywell Aerospace Inc0.16%
Gilead Sciences Inc0.15%
Datadog Inc Common Stock0.12%
Kla Corp Common Stock USD0.12%
Alnylam Pharmaceuticals0.12%
PayPal Holdings Inc0.11%
Airbnb Inc Common Stock0.10%
Workday Inc Common Stock0.09%

Weight gaps

All 56 Holdings in both funds, largest gap first.

Holding weights in HEQQ and JEPQ, widest gap first
Holding	More in HEQQMore in JEPQ	HEQQ	JEPQ
Walmart Inc Common StockWMT	HEQQ +1.82 points	3.90%	2.08%
NVIDIA Corp Common StockNVDA	HEQQ +1.67 points	8.61%	6.94%
Microsoft Corp CommonMSFT	HEQQ +1.59 points	7.06%	5.47%
Apple Inc Common StockAAPL	HEQQ +1.46 points	8.36%	6.90%
Analog Devices IncADI	HEQQ +1.12 points	2.30%	1.18%
Micron Technology IncMU	HEQQ +1.06 points	5.16%	4.10%
Advanced Micro DevicesAMD	HEQQ +0.96 points	4.16%	3.20%
Intel Corp Common StockINTC	HEQQ +0.95 points	1.70%	0.75%
Alphabet Inc-Cl C -GOOG	HEQQ +0.88 points	4.98%	4.10%
Lam Research Corp CommonLRCX	HEQQ +0.81 points	2.37%	1.56%
Amazon.com Inc CommonAMZN	HEQQ +0.70 points	4.61%	3.91%
Broadcom Inc CommonAVGO	HEQQ +0.69 points	2.59%	1.90%
The Coca-Cola CompanyKO	HEQQ +0.66 points	0.88%	0.22%
Seagate TechnologySTX	HEQQ +0.64 points	1.82%	1.18%
Meta Platforms Inc CommonMETA	HEQQ +0.59 points	3.24%	2.65%
Shopify Inc Common StockSHOP	HEQQ +0.49 points	1.07%	0.58%
Palo Alto Networks IncPANW	HEQQ +0.49 points	1.77%	1.28%
Tesla Inc Common StockTSLA	HEQQ +0.49 points	2.92%	2.43%
Regeneron PharmaceuticalsREGN	HEQQ +0.48 points	1.10%	0.62%
Marvell Technology IncMRVL	JEPQ +0.43 points	0.37%	0.80%
Nxp Semiconductors NVNXPI	HEQQ +0.40 points	0.92%	0.52%
Asml Holding NV Ny RegASML	HEQQ +0.39 points	1.29%	0.90%
Space ExplorationSPCX	HEQQ +0.32 points	1.87%	1.55%
AbbVie Inc Common StockABBV	HEQQ +0.29 points	0.78%	0.49%
Hilton Worldwide HoldingsHLT	HEQQ +0.29 points	0.50%	0.21%
Palantir Technologies IncPLTR	HEQQ +0.25 points	1.52%	1.27%
Doordash Inc CommonDASH	HEQQ +0.25 points	0.47%	0.22%
Mondelez InternationalMDLZ	HEQQ +0.23 points	0.74%	0.51%
Netflix Inc Common StockNFLX	HEQQ +0.23 points	1.34%	1.11%
Mastercard Inc CommonMA	HEQQ +0.21 points	0.49%	0.28%
The Southern CompanySO	HEQQ +0.19 points	0.46%	0.27%
JPMorgan Prime Money	JEPQ +0.18 points	0.86%	1.04%
Teradyne Inc Common StockTER	HEQQ +0.15 points	0.56%	0.41%
Monster Beverage CorpMNST	HEQQ +0.13 points	0.67%	0.54%
Intuit Inc Common StockINTU	HEQQ +0.13 points	0.61%	0.49%
Take-Two InteractiveTTWO	HEQQ +0.12 points	0.34%	0.22%
Sandisk Corp CommonSNDK	HEQQ +0.11 points	0.54%	0.43%
Synopsys Inc CommonSNPS	HEQQ +0.11 points	0.65%	0.54%
Bristol-Myers Squibb CoBMY	HEQQ +0.07 points	0.29%	0.22%
Deere & Co Common StockDE	HEQQ +0.07 points	0.37%	0.30%
Uber Technologies IncUBER	HEQQ +0.06 points	0.19%	0.13%
Applovin Corp CommonAPP	HEQQ +0.06 points	0.30%	0.24%
Thermo Fisher ScientificTMO	HEQQ +0.06 points	0.27%	0.21%
Servicenow Inc CommonNOW	HEQQ +0.06 points	0.21%	0.15%
Eaton Corp PLC CommonETN	JEPQ +0.05 points	0.26%	0.31%
Arm Holdings PLC Adr USDARM	HEQQ +0.05 points	0.26%	0.21%
Nextera Energy IncNEE	HEQQ +0.04 points	0.31%	0.27%
Chipotle Mexican GrillCMG	HEQQ +0.04 points	0.23%	0.19%
Nebius Group NV CommonNBIS	HEQQ +0.04 points	0.21%	0.17%
Lowe's Cos Inc CommonLOW	HEQQ +0.04 points	0.28%	0.24%
Corpay IncCPAY	HEQQ +0.04 points	0.23%	0.19%
UnitedHealth Group IncUNH	HEQQ +0.03 points	0.19%	0.16%
Moderna Inc Common StockMRNA	HEQQ +0.03 points	0.19%	0.16%
Prologis Inc Reit USDPLD	HEQQ +0.03 points	0.19%	0.16%
Hubspot Inc Common StockHUBS	HEQQ +0.01 points	0.09%	0.08%
United Parcel ServiceUPS	HEQQ +0.02 points	0.08%	0.06%

All 97 HEQQ holdings⁠All 110 JEPQ 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.

HEQQ vs JEPQ Cost

Overpaying HEQQ vs JEPQ

$2,853

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

HEQQ 0.50%
$9,979
JEPQ 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

HEQQ 0.50%
JEPQ 0.35%
Overpaying

Year by year

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

Expense ratio

0.50%HEQQ
0.35%JEPQ, cheaper

JEPQ0.35%HEQQ0.50%

0.00%1.20%

Middle half of Nasdaq-100 Option Income funds
Median 0.71%

JEPQ 4th cheapest of 30 funds

HEQQ 8th cheapest of 30 funds

HEQQ vs JEPQ Dividends

Last 12 months to Nov 2, 2026

Yield (12M): HEQQ 0.17%; JEPQ 13.20%, better
Payout (12M): HEQQ $0.10; JEPQ $7.42
Last payment: HEQQ $0.02; JEPQ $0.54
Ex-dividend: HEQQ Sep 22, 2026; JEPQ Nov 2, 2026
Paid on: HEQQ Sep 24, 2026; JEPQ Pays Nov 4, 2026
Frequency: HEQQ Quarterly; JEPQ Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

HEQQQuarterly · 6 paymentsAll HEQQ payments⁠

JEPQMonthly · 46 paymentsAll JEPQ payments⁠

HEQQ vs JEPQ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HEQQ 9.1%since Apr 2025JEPQ 11.8%
Return per unit of riskSharpe ratio, 3 years: HEQQ 1.01since Apr 2025JEPQ 1.24
Worst fallMax drawdown, 5 years: HEQQ −7.6%since Mar 2025JEPQ −20.1%since May 2022
Market sensitivityBeta, 5 years: HEQQ 0.62JEPQ 0.83; Market = 1

HEQQ and JEPQ in the news

All news⁠

Deep Dive
How JEPQ trades Nasdaq-100 upside for monthly income. Here's how.
Oct 20, 2026JEPQ
ETF Filings
Franklin Templeton files two PayDay ETFs that would pay every two weeks
Oct 16, 2026JEPQ
ETF Filings
Aptus files the Aptus Nasdaq-100 Enhanced Yield ETF, JUCQ, targeting distributions of 5% to 12%
Oct 16, 2026JEPQ
Deep Dive
JPMorgan Equity Premium Income ETF paid $0.34 a share, and the 8% yield is not a promise
Oct 10, 2026JEPQ
ETF Filings
Motley Fool files five Fool 100 ETFs, three for options income
Oct 9, 2026JEPQ
Income Watch
Even counting the checks, JPMorgan's income funds trailed the stock funds
Oct 4, 2026JEPQ

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HEQQ vs JEPQ

In short

Stated mandate

Why people hold it