J.P. MorganDefined OutcomeHedged Equity#296 of 318 by YTD

JPMorgan Hedged Equity Laddered Overlay ETFHELO

S&P 500 Bucket avg Compare

$68.80+1.3%

+$0.86 · Nov 9 close

Buy

AUM: $4.8B
Fee: 0.50%
Yield: 0.6%

Bumpy · 1Y: 0.6×S&P
Volume: 207K
NAV: $67.92

What's insideAll 155 →

NVDA 7.3%AAPL 7.3%MSFT 6.7%AMZN 4.4%

52-week range2% below the high

$63.24$70.23

Returns	Today	1W	1M	3M	YTD	1Y	3Y	5Y	Max
Total return	+1.3%	+0.1%	−1.7%	−1.2%	+4.0%	+6.2%	+39.1%	—	+40.7%
Peer average	+1.6%	0.0%	−2.6%	−2.0%	+5.5%	+6.9%	+51.0%	+51.3%	—
S&P 500 · VOO	+2.3%	+0.1%	−3.3%	−2.1%	+11.3%	+13.6%	+81.6%	+75.4%	—

HELO in One Breath

HELO Among Hedged Equity ETFs

YTD

#1SIXHMeridian+16.7%$621M

#2RFLRInnovator+13.5%$94.5M

#3PHEQEaton Vance+8.3%$149M

#4JUNZTrueShares+8.2%$29.4M

#5KSPYKraneShares+8.2%$130M

#6MAYZTrueShares+8.2%$32.4M

#7JULZTrueShares+8.1%$37.6M

#8SEPZTrueShares+8.0%$101M

#23HELOJ.P. Morgan+4.0%$4.8B

End-of-day Nov 9, 2026 · 29 Hedged equity ETFs by YTD

$10,000 in HELO

$10,000 in HELO became

$14,067

In the S&P 500 (VOO)

$18,302

Total return, dividends in · Sep 29, 2023 – Nov 9, 2026 · S&P 500 uses VOO

HELO’s Top Holdings

Today

NVDANvidia7.3%AAPL7.3%MSFT6.7%AMZN4.4%GOOGL2.6%AVGO2.3%META2.2%GOOG1.9%JNJ1.5%MA1.4%LLY1.4%XOM1.4%BRK-B1.3%MU1.3%ABBV1.3%TSLA1.2%V1.1%AMD1.1%RTXNEEACNLOW126 more

NVDA7.3%AAPL7.3%MSFT6.7%AMZN4.4%GOOGL2.6%AVGO2.3%META2.2%GOOG1.9%JNJMA LLYXOM136 more

TechnologyFinancial ServicesConsumer CyclicalHealthcareCommunication ServicesIndustrialsOther

J.P. Morgan HELO · 148 holdings · tile size = share of the fund · as of Nov 9, 2026

What HELO Holds

Today

Technology37.8%

NVDA 7.3 · AAPL 7.3 · MSFT 6.7 · AVGO 2.3 · MU 1.3 · AMD 1.1 · ACN

Financial Services11.9%

MA 1.4 · BRK-B 1.3 · V 1.1 · WFC · BAC · SCHW · C

Consumer Cyclical11.1%

AMZN 4.4 · TSLA 1.2 · LOW · MCD · BKNG · CMG · ROST

Healthcare10.2%

JNJ 1.5 · LLY 1.4 · ABBV 1.3 · SYK · BMY · UNH · TMO

Communication Services8.5%

GOOGL 2.6 · META 2.2 · GOOG 1.9 · T · NFLX · DIS

Industrials7.3%

RTX · MMM · HWM · DE · VRT · ETN · DOV

Consumer Defensive3.8%

PEP · PM · WMT · MDLZ · KDP

J.P. Morgan HELO · share of the fund by sector · as of Nov 9, 2026

Nvidia’s Share of HELO

Today

7.3%

$73 of every $1,000 in HELO is Nvidia

Nvidia held by HELO

$350M

Most Nvidia per dollar

SMH20.7%

SMHX20.0%

GXPT19.0%

FDG19.0%

J.P. Morgan HELO · each square = $10 of $1,000 · as of Nov 9, 2026

HELO’s Share of Hedged Equity ETFs

Today

32.9%

of the $14.6B in 31 Hedged equity ETFs

HELO$4.8B32.9%

BALT$3.3B22.3%

SFLR$2.2B15.0%

28 others$4.3B29.8%

Hedged equity ETF AUM · Nov 9, 2026

HELO Fee per $100 vs Peers

Today

$0.50a year
per $100

$50 a year on $10,000

SIXH$0.31

HELO$0.50

FHEQ$0.52

BALT$0.69

HEGD$0.88

SFLR$0.89

Expense ratio · Hedged equity peers · Nov 9, 2026

Inside HELO

148 holdings · as of Nov 9, 2026

HELO

JPMorgan Hedged Equity Laddered Overlay ETF

Today

Technology37.8%NVDA7.3%AAPL7.3%MSFT6.7%AVGOMU AMD14 moreFinancial Services11.9%MA V WFCBACSCHW10 moreConsumer Cyclical11.1%AMZNTSLALOW4 moreHealthcare10.2%JNJLLYABBV9 moreCommunication Services8.5%GOOGLMETAGOOGIndustrials7.3%RTXMMMHWM3 moreConsumer Defensive3.8%PEPPM Energy3.4%XOMEOGNEESO VTREQIXWELL

#	Ticker	Company	Weight ▼
1	NVDA	Nvidia	7.31%
2	AAPL	Apple	7.29%
3	MSFT	Microsoft	6.71%
4	AMZN	Amazon	4.45%
5	GOOGL	Alphabet - -	2.62%
6	AVGO	Broadcom	2.32%
7	META	META Platforms	2.17%
8	GOOG	Alphabet - -	1.88%
9	JNJ	Johnson & Johnson	1.53%
10	MA	Mastercard	1.44%

See all 155 holdings ↓

TechnologyFinancial ServicesConsumer CyclicalHealthcareCommunication ServicesIndustrialsConsumer DefensiveEnergyUtilitiesBasic MaterialsReal Estate

J.P. Morgan HELO · current holdings by weight · as of Nov 9, 2026 · each tile is one holding · top 20 = 49.8%

All HELO Holdings

155 holdings · as of Nov 9, 2026

HELO

HELO’s Holdings

Today

#
1	NVDANvidia	Technology	7.31%	$730.78	1.9M	$350.5M
2	AAPLApple	Technology	7.29%	$729.08	1.0M	$349.7M
3	MSFTMicrosoft	Technology	6.71%	$670.78	606K	$321.7M
4	AMZNAmazon	Consumer Cyclical	4.45%	$444.53	822K	$213.2M
5	GOOGLAlphabet	Communication Services	2.62%	$261.71	441K	$125.5M
6	AVGOBroadcom	Technology	2.32%	$232.11	379K	$111.3M
7	—Jpmorgan Prime Money	—	2.20%	$220.28	105.6M	$105.7M
8	METAMETA Platforms	Communication Services	2.17%	$217.11	171K	$104.1M
9	GOOGAlphabet	Communication Services	1.88%	$188.44	318K	$90.4M
10	JNJJohnson & Johnson	Healthcare	1.53%	$153.15	266K	$73.5M
11	MAMastercard	Financial Services	1.44%	$144.21	106K	$69.2M
12	LLYELI Lilly AND Company	Healthcare	1.43%	$143.39	51K	$68.8M
13	XOMExxonmobil	Energy	1.39%	$138.80	401K	$66.6M
14	BRK-BBerkshire Hathaway	Financial Services	1.33%	$132.74	112K	$63.7M
15	MUMicron Technology	Technology	1.29%	$128.63	89K	$61.7M

J.P. Morgan HELO · every reported holding · per $10,000 = dollars of each holding in a $10,000 stake · as of Nov 9, 2026

How It Compares

HELO

JPMorgan Hedged Equity Laddered Overlay ETF’s Peers

YTD


HELO	J.P. MorganThis fundRead Desk	0.50%	+0.1%	+6.2%	$4.8B
BALT	InnovatorRead Desk	0.69%	+0.1%	+6.2%	$3.3B
SFLR	InnovatorRead Desk	0.89%	+0.3%	+7.0%	$2.2B
FHEQ	FidelityRead Desk	0.52%	−0.4%	+8.1%	$1000M
HEGD	SwanRead Desk	0.88%	0.0%	+6.0%	$719M
SIXH	MeridianRead Desk	0.31%	−1.5%	+21.2%	$621M

Hedged equity peers · YTD and past-year returns · as of Nov 10, 2026 · sorted by AUM

Head to Head

Put HELO head to head with BALT →

BALT vs HELO

YTD

BALTInnovator · Hedged equityHELOJ.P. Morgan · Hedged equity

Year to date

+4.4%

+4.0%

BALT wins+0.4 pts

Past year

+6.2%

Level

Fee

0.69%

0.50%

HELO winslower fee

Yield

0.0%

0.6%

HELO wins+0.6 pts

AUM

$3.3B

$4.8B

HELO1.5× more

2–1HELO wins

Innovator BALT and J.P. Morgan HELO · year-to-date · as of Nov 10, 2026 · AUM not scored

HELO vs VOO

YTD

HELO · JPMorgan Hedged Equity Laddered Overlay

+4.0%

VOO · S&P 500

+11.3%

Gap

7.3 pts

J.P. Morgan HELO and Vanguard VOO · 1W total return · as of Nov 10, 2026

HELO vs Its Peer Average

YTD

HELOAvsBPeer average

1D+1.3%+1.6%

1M−1.7%−2.6%

3M−1.2%−2.0%

YTD+4.0%+5.5%

1Y+6.2%+6.9%

3Y+39.1%+51.0%

5Y[…]+51.3%

2–4Peer average wins

30 Hedged equity peers · each row scaled to its leader

How Bumpy Is HELO?

View

HELO

How Bumpy

0.6×the S&P 500’s swings

CalmerBumpierS&P 1×HELO

Calm rank among 7 hedged equity funds#2

Other hedged equity funds0.2× to 1.1×

J.P. Morgan HELO · daily swings over the past year vs the S&P 500

HELO

Worst Drop

−5.8%from its Feb 9 high

Still below the high−1.8%

$10,000 at the high is now$9,820

J.P. Morgan HELO · fall from the highest close, past year

HELO

On a Bad Day

0.5×the S&P 500’s fall

HELO’s worst day: Thursday, Nov 5

HELO

−2.7%

S&P 500

−4.4%

Up days54 of every 100

S&P 500 up days52 of every 100

J.P. Morgan HELO · average move on days the S&P 500 fell

HELO

Return for the Bumps

1Y#4 of 7 hedged equity funds

#1SIXHMeridian

most for the bumps

#2BALTInnovator

calmest ride

#3FHEQFidelity

#4HELOJ.P. Morgan

#5SFLRInnovator

#6HEGDSwan

#7QFLRInnovator

lost money

Ranked by return above cash for each unit of bumpiness (Sharpe ratio) · cash = 3.8%

HELO

Cost

Today

$50a year per $10,000

SIXH

$31

HELO

$50

FHEQ

$52

BALT

$69

HEGD

$88

SFLR

$89

QFLR

$89

Expense ratio 0.50%, taken from the fund’s value

HELO

Volatility & Beta

7.8%annual volatility

S&P 500 volatility13.7%

Downside volatility5.6%

Beta vs SPY0.53

Correlation vs SPY0.94

Beta rank, lowest first, of 7#3

Daily total returns × √252 · past 254 trading days

HELO

Max Drawdown

−5.8%peak to trough

Peak closeFeb 9, 2026

Current drawdown−1.8%

Worst day−2.67% · Nov 5

Closing prices, dividends in

HELO

Up / Down Capture

53%down capture vs SPY

Down days

53%

Up days

52%

S&P 500

100%

Up ÷ down capture0.98

Up days53.5% (S&P 52.4%)

Average daily move on SPY up days and down days

HELO

Sharpe & Sortino vs Peers

Fund	Sharpe	Sortino	Volatility	Max DD	Beta	Fee / $10k
SIXH	2.04	3.17	8.8%	−3.5%	0.19	$31
BALT	0.85	1.24	2.7%	−1.2%	0.15	$69
FHEQ	0.35	0.50	10.2%	−7.8%	0.70	$52
HELO	0.25	0.35	7.8%	−5.8%	0.53	$50
SFLR	0.21	0.29	10.8%	−6.8%	0.74	$89
HEGD	0.20	0.28	8.6%	−4.6%	0.59	$88
QFLR	−0.30	−0.40	14.8%	−9.8%	0.97	$89

Sharpe = (return − 3.8% cash) ÷ volatility · Sortino uses downside volatility only

HELO

Trading

Today

+1.30%above its holdings’ value

Close$68.80

NAV$67.92

Fee per $10,000$50 a year

Avg. volume 30D326K shares

Premium / discount history starts once daily NAV is saved

Close vs net asset value, Nov 9

The Details

HELO

Fund Facts

Today

2023launched Sep 28

Tracks[…]

Exchange · CUSIPAMEX · 46654Q724

StructureETF

Leverage1x

Cost on $10,000$50 a year

Go deeper

Prospectus & documents Trading & liquidity Fees & costs Distributions

J.P. Morgan HELO · fund facts · as of Nov 10, 2026

HELO

Payouts by Year

$0.0907per share, Sep 2026

Distribution yield0.6%

PaidEvery quarter

Latest ex-date · paidSep 22 · Sep 24, 2026

12 payouts added up$1.18 a share

J.P. Morgan HELO · distributions by ex-date · 2023–2026

All Fund FactsDocuments · trading · fees · every payout

Prospectus & Documents

SEC reported portfolio · 2026-07-31 ↗SEC reported portfolio · 2026-04-30 ↗SEC reported portfolio · 2026-01-31 ↗summary prospectus · SEC 497K ↗SEC reported portfolio · 2025-10-31 ↗SEC reported portfolio · 2025-07-31 ↗SEC reported portfolio · 2025-04-30 ↗SEC reported portfolio · 2025-01-31 ↗summary prospectus · SEC 497K ↗

Trading & Liquidity

Net asset value$67.92

Premium / discount[…]

Median spread · 30D[…]

Volume today207K

Average volume · 30D326K

Shares outstanding[…]

Options[…]

Fees & Costs

Net expense ratio0.50%

Gross expense ratio[…]

Management fee[…]

Cost on $10,000 a year$50.00

Our risk indicator3/5

Estimated yearly cost excludes trading costs and assumes constant assets.

Distributions

Ex-date	Paid	Per share
Sep 22, 2026	Sep 24, 2026	$0.0907
Jun 23, 2026	Jun 25, 2026	$0.11
Mar 24, 2026	Mar 26, 2026	$0.0695
Dec 16, 2025	Dec 18, 2025	$0.13
Sep 23, 2025	Sep 25, 2025	$0.13
Jun 24, 2025	Jun 26, 2025	$0.10
Mar 25, 2025	Mar 27, 2025	$0.0880
Dec 24, 2024	Dec 27, 2024	$0.15
Sep 24, 2024	Sep 26, 2024	$0.0816
Jun 25, 2024	Jun 27, 2024	$0.0842
Mar 19, 2024	Mar 22, 2024	$0.0525
Dec 19, 2023	Dec 22, 2023	$0.10

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