At a glance
HELO charges 0.5% a year, above the 0.44% average of the 6 funds most like it (the 5th cheapest of 7). It has $4.62B in assets, the 4th largest of that group; it paid 0.58% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +6.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 7 funds; over three years it returned +13.3% a year. Its ten largest positions make up 38.5% of the fund, out of 152 in all.
The short version
JPMorgan Hedged Equity Laddered Overlay ETF (HELO) is an actively managed fund holding 152 mostly large US stocks, with an options overlay on the S&P 500 designed to soften market drops. Its staggered, or “laddered,” hedges kept volatility to 7.9% over three years as of October 27, 2026, but they limit some gains. Its 0.50% expense ratio is above the 0.44% average of similar funds.
Price history
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HELO +6.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| HELO official prospectus, to Dec 31, 2025 | — | +8.05% | — | — | — | +14.12% |
| HELO price data to Oct 27, 2026 | +5.1% | +6.4% | +13.3% | — | — | +12.1% |
- Over the year to Oct 27, 2026, HELO returned +6.4%, 7th of 7 among similar funds.
- Its worst full calendar year was 2025 (+7.8%); its best was 2024 (+18.0%).
- The deepest fall in its price history was 10.9% (Feb 19, 2025 to Apr 8, 2025), recovered by Aug 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.1% | — |
| 2025 | +7.8% | +8.05% |
| 2024 | +18.0% | +17.64% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2700 | |
| 2025 | $0.4500 | +25.0% |
| 2024 | $0.3600 |
What's inside
As of Jul 31, 2026, the fund held 152 securities; the ten largest made up 38.47% of assets, and 2.34% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 7.89% | |
| Apple, Inc. | 6.58% | |
| Microsoft Corp. | 5.84% | |
| Amazon.com, Inc. | 4.62% | |
| Alphabet, Inc. Class A | 3.25% | |
| Broadcom, Inc. | 3.02% | |
| Alphabet, Inc. Class C | 2.37% | |
| Meta Platforms, Inc. | 1.99% | |
| Micron Technology, Inc. | 1.58% | |
| ExxonMobil Holdings Corp. | 1.33% | |
| Berkshire Hathaway, Inc. | 1.26% | |
| Mastercard, Inc. | 1.25% | |
| Advanced Micro Devices, Inc. | 1.25% | |
| Johnson & Johnson | 1.23% | |
| Eli Lilly & Co. | 1.16% |
By country
United States 92.63%Ireland 3.85%Netherlands 0.45%Bermuda 0.37%Switzerland 0.07%By asset type
Stocks 97.41%By sector
Sectors of the companies held, for the 87% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $549.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.78%, -0.53%, +1.14%.
How it works
HELO is actively managed by JPMorgan and does not track an index. At least 80% of its assets go into stocks, mostly large US companies of the size found in the S&P 500, and some mid-size companies are allowed. The managers keep sector weights close to the broad US large-cap market. Within each sector, they modestly overweight stocks they see as undervalued or fairly valued, and underweight or skip stocks that look overvalued. That research looks up to five years ahead. As of July 31, 2026, the largest holdings were NVIDIA (7.9%), Apple (6.6%) and Microsoft (5.8%).
On top of the stocks sits an options overlay. The options are on S&P 500 ETFs, such as the SPDR S&P 500 ETF Trust, or on the index itself. For each hedge, the fund buys a put option (the right to sell at a set price) at a higher strike price and sells one at a lower strike. This “put spread” offsets losses in a moderate decline, but not losses below the lower strike. The fund also sells a call option, which largely pays for the put spread but caps gains above the call’s strike.
The hedge is “laddered.” The fund normally holds three three-month hedge periods that start a month apart, so one period resets each month. The managers can shift exposure between periods, and the fund may also use index futures.
What it really costs
- HELO charges 0.5% a year, versus an average of 0.44% for the similar funds below (5th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| HELO | $51 | $160 | $280 | $628 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
It keeps most of its money in US large-cap stocks but hedges market drops, and over the past year it moved about half as much as the market (a beta of 0.53 as of October 27, 2026).
HELO launched in September 2023, so it has no record from the 2008 crisis, the 2020 COVID crash or the 2022 bear market. Its weakest calendar year, 2025, still gained 8.05%. Its deepest drop was 10.9%, from February 19 to April 8, 2025. It recovered by August 12, 2025, about four months later. For someone who may need to sell shares in a bad year, smaller drops may help. But a put spread does not cover very large falls.
It is not an income fund. The yield was 0.58% as of October 27, 2026, paid quarterly. Under the SEC’s standard $10,000 example, costs come to $51 after one year and $628 after ten. Past results don’t predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want US large-cap stocks with smaller swings; its volatility was 7.9% over three years as of October 27, 2026.
- People who prefer a hedge that JPMorgan manages and resets each month over buying their own put options or timing buffer-fund start dates.
- Investors who value a short drawdown history: its deepest drop was 10.9% in early 2025, recovered in about four months.
Look elsewhere if
- Income seekers: the yield was only 0.58% as of October 27, 2026, paid quarterly, despite the options overlay.
- Cost-focused investors: its 0.50% expense ratio ranks 5th of 7 similar funds, above the 0.44% average and JEPI’s 0.35%.
- Investors who want full market gains: its 6.4% one-year return ranked last of 7 similar funds as of October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| HELO this fund | — | 0.5% | $4.62B | +6.4% | +13.3% |
| XRMI Global X S&P 500 Risk Managed Income ETF | 66% | 0.6% | $49.9M | +8.7% | +10.2% |
| XYLG Global X S&P 500 Covered Call & Growth ETF | 66% | 0.35% | $64.1M | +15.0% | +20.1% |
| SPYH NEOS S&P 500 Hedged Equity Income ETF | 63% | 0.68% | $32.3M | +10.2% | — |
| GPIX S&P 500 Core Premium Income ETF | 62% | 0.29% | $4.72B | +14.7% | +22.6% |
| JEPI JPMorgan Equity Premium Income Fund | 50% | 0.35% | $44.75B | +9.3% | +10.7% |
| JEPQ JPMorgan NASDAQ Equity Premium Income ETF | 43% | 0.35% | $40.66B | +6.9% | +17.9% |
Questions investors ask
Is HELO good for retirement?
It may suit retirees who want US stock exposure with smaller swings, but it is not built for income. Over three years to October 27, 2026, its volatility was 7.9%. Its deepest drop was 10.9% in early 2025, and it recovered in about four months. The yield was only 0.58%. HELO launched in September 2023, so a long bear market like 2008 or 2022 has never tested it.
Does HELO pay monthly dividends?
No. HELO pays quarterly. Over the 12 months to October 27, 2026, it paid about $0.40 per share, a yield of 0.58%. The yield is low because the fund uses its options mainly to hedge, not to generate payouts, and its stated objective is capital appreciation. Investors looking for a steady payout may want to compare funds built around option income.
What's the difference between HELO and JEPI?
Both are JPMorgan stock funds that use options, but they aim at different things. HELO’s objective is capital appreciation: it uses put spreads and sold calls to hedge market drops. JEPI’s name points to income. JEPI is cheaper, at 0.35% versus 0.50%. JEPI returned 10.3% over one year to October 29, 2026, against HELO’s 6.4% to October 27. Over three years, HELO’s 13.3% a year edged out JEPI’s 12.6%. About 50% of their holdings overlap.
What does laddered mean in HELO?
It means the hedge is split across staggered periods. HELO normally holds options for three three-month hedge periods that start a month apart, so part of the hedge resets each month. That way the fund doesn’t depend on one start date, when a single hedge could be set at an unlucky level. Each period pairs a put spread, which cushions moderate declines, with a sold call that largely pays for it but limits gains.
What is HELO's expense ratio?
HELO’s expense ratio is 0.50%, all of it management fee, according to the prospectus filed February 25, 2026. That is above the 0.44% average for similar funds and ranks 5th of 7 on cost. JEPI and XYLG charge 0.35%, and GPIX charges 0.29%. In the SEC’s standard example, $10,000 earning 5% a year would cost about $51 after one year, $280 after five years and $628 after ten years.