JPM typically rolls their quarterly collars between 12–2 PM, so if you see a spike in vol during that window, that’s probably the reason.

JPM typically rolls their quarterly collars between 12–2 PM, so if you see a spike in vol during that window, that’s probably the reason.

— TT3 (@TradingThomas3) June 30, 2025

first, the fund itself.

the giant SPX put spread collar
that's bought at the end of every quarter comes from JHEQX- JP Morgan's Hedged Equity Fund-I

It's the largest of 3 funds which are all contractually obligated to do the exact same thing, just at the end of different… pic.twitter.com/69HBWSnudR

— VolSignals (@VolSignals) June 30, 2025

JHQDX is the second largest fund of the trio, and trades on a rolling three month cycle starting with the end of January.

Right now, JHQDX holds a position 25% the size of the quarterly collar-

Jul-31 4440 / 5270 Put Spread vs 5880 Call
they own the Put Spread 8,940x pic.twitter.com/xlnaovVgHi

— VolSignals (@VolSignals) June 30, 2025