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Actively managed: it does not track an index — the declared benchmark is a yardstick for comparison
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US Hedged Equity Laddered Overlay Active UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE000VAZZYM3Ticker: HELO (Borsa Italiana) · HEOL (Xetra) · HELO (London SE) · HELO (SIX)Issuer: JPMorganClass: JPM - USD (acc)
Issuer-declared data
Declared index
SPTR500N
TER
0.50%
Transaction costs
0.15% (issuer estimate, from the KID)
Management
Active management (from the KID)
Replication
Gestione attiva (dal KID)
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
13.6 mln EUR
Domicile
Ireland
Inception date
7 October 2025
Data as declared by JPMorgan in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

US Hedged Equity Laddered Overlay Active UCITS ETF is an actively managed ETF: it does not track an index — the declared index (SPTR500N) is a comparison yardstick only. Mind the share class: this is the version hedged to USD — returns reflect the index plus the effect (and cost) of hedging into that currency. The declared annual cost (TER) is 0.50%, plus 0.15% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 14 million euro, was launched on 7 October 2025 and is domiciled in Ireland. In our registry 3 other ETFs declare the same index.

The fund’s objective — in the issuer’s words

Investment Objective: The objective of the Sub-Fund is to provide longterm capital growth.

Keep reading the KID section ▾

Investment Policy:The Sub-Fund pursues an actively-managed investment strategy. The Sub-Fund aims to (i) invest in a portfolio of equity securities comprising primarily of companies that are domiciled in, or carrying out the main part of their economic activity in the US, and (ii) purchase and sell exchange-traded put options and sell exchange-traded call options, to provide a continuous market hedge for the portfolio. (i) Equity Portfolio The Sub-Fund aims to invest at least 67% of its assets (excluding assets held for ancillary liquidity purposes) in equity securities issued by companies that are domiciled in, or carrying out the main part of their economic activity in the US. The Sub-Fund may also invest in equity securities issued by companies from any other country. (ii) Put and Call Options The Investment Manager seeks to hedge overall market exposure relative to traditional long-only equity strategy through employing an options overlay strategy, which will be implemented by purchasing and selling exchange-traded put options and selling exchange-traded call options. The options will typically be based on the Benchmark. In implementing the options overlay strategy, the Sub-Fund seeks to provide "laddered" exposure. To do this, the Sub-Fund typically holds options for multiple (normally) three-month periods (each, a "hedge period") staggered a month apart for the purpose of seeking to provide lower volatility in any market cycle. Laddered investing refers to the implementation of the strategy with different hedge periods, with the goal of mitigating potential risks associated with only one hedge period. The Investment Manager will have discretion to determine the amount of

From the KID’s “Objectives” section · 4 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.50%: above the median of equity ETFs we track (0.22%).
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in Italian, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · USD · from Oct 2025 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+7.4%
Annualised
+8.3%
Volatility (ann.)
7.7%
Max drawdown
-5.85%
-5%-1%+3%+8%+12%Oct 2025Dec 2025Mar 2026Jun 2026Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+7%Oct 2025Sept 2026
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-2%-4%-6%-8%-10%20252026−5.85% · 30 Mar 2026
Max drawdown
-5.85%
peak → trough
Trough
30 Mar 2026
from the 09 Feb 2026 peak
Recovery time
25 days
recovery only: trough to break-even
Underwater
74 days
decline + recovery: peak to break-even · ≈ 2 months · → recovered on 24 Apr 2026

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
09 Feb 202630 Mar 2026-5.85%24 Apr 202674
12 Nov 202520 Nov 2025-2.42%26 Nov 202514
12 Jan 202620 Jan 2026-2.09%27 Jan 202615
15 Jul 202629 Jul 2026-1.96%03 Aug 202619
11 Dec 202517 Dec 2025-1.88%22 Dec 202511

Calendar-year returns

2025
2.2%
2026
5.1%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.9-0.5-3.34.90.8-0.51.21.60.05.1
20250.90.42.2
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: JPMorgan. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Risk indicators· EUR

Last year
Volatility (ann.)8.25%
Max drawdown-4.29%
Sharpe0.81
Sortino1.15
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.20%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Portfolio holdings

Securities in portfolio
163
164 total lines: 1 cash & derivatives
Top-10 weight
38.7%

Top 10 holdings

NVIDIA CORP · NVDA
8.37%
APPLE INC · AAPL
6.80%
MICROSOFT CORP · MSFT
6.20%
AMAZON.COM INC · AMZN
4.26%
ALPHABET INC-CL A · GOOGL
3.01%
BROADCOM INC · AVGO
2.82%
ALPHABET INC-CL C · GOOG
2.16%
META PLATFORMS INC-CLASS A · META
1.99%
MICRON TECHNOLOGY INC · MU
1.70%
JOHNSON & JOHNSON · JNJ
1.42%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerland: 0.2%ChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIreland: 3.7%IranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 0.5%NorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 95.3%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States95.3%
Ireland3.7%
Netherlands0.5%
Switzerland0.2%
⬇ Download the full portfolio — Excel, 164 rows
Full portfolio declared by JPMorgan, as of 1 September 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

ETFs declaring the same index

FundTERIncomeFund size
JUIE · JPMorgan · 3 classesactive
0.20%Acc.13.3 mld EUR
JEPI · JPMorgan · 4 classesactive
0.35%Dist. · Acc.571 mln EUR
JUSE · JPMorgan · 2 classesactive
0.39%Acc.47 mln EUR
4 ETFs in our census declare this index (including this fund). Funds declaring the exact same index, word for word, in official product lists. Differently-worded variants (or other index versions) are not shown: a short list beats a wrong match. Sorted by TER. A dash “—” = not declared by the issuer in the files we read — not a zero.

Italian taxation

Effective rate on capital gains
26.00%
White-list share
0.00%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →

Stock exchange listings

ExchangeTickerTrading since
Borsa Italiana (ETFplus)HELO15 Oct 2025
Börse DüsseldorfHEOL20 Oct 2025
Börse FrankfurtHEOL15 Oct 2025
Börse HamburgHEOL2 Dec 2025
Börse HannoverHEOL13 Jan 2026
Börse München / gettexHEOL15 Oct 2025
Börse StuttgartHEOL30 Oct 2025
Tradegate ExchangeHEOL23 Oct 2025
Xetra (Deutsche Börse)HEOL15 Oct 2025
+ 8 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does US Hedged Equity Laddered Overlay Active UCITS ETF track?
The issuer JPMorgan declares the benchmark: SPTR500N.
How much does HELO cost?
The issuer-declared TER is 0.50% per year; the transaction costs estimated in the KID are 0.15%.
How is HELO taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.00%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of HELO?
The fund size declared by JPMorgan is about 14 million euro.
When was HELO launched?
The fund was launched on 7 October 2025: it has been trading for 332 days: the page fills up as the issuer publishes data.
Is HELO actively or passively managed?
It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index. The declared benchmark (SPTR500N) is a yardstick for comparison, not an index being tracked.
Does HELO pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulation”).
Where does HELO trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (HELO), Börse Düsseldorf (HEOL), Börse Frankfurt (HEOL), Börse Hamburg (HEOL), Börse Hannover (HEOL), Börse München / gettex (HEOL).
What was HELO's worst fall?
Over the available history (since 2025), the maximum drawdown was -5.85%, reached in March 2026. Past performance is not indicative of future results.
How many securities does HELO hold?
The declared portfolio holds 163 securities (plus 1 cash & derivative lines); the top 10 positions weigh 38.7%.
Transparency note
The data in this sheet is declared by JPMorgan in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.