September 28, 2021
Jeff Long
Division of Investment Management
Disclosure Review and Accounting Office
U.S. Securities and Exchange Commission
Brookfield Place
200 Vesey Street – Suite 400
New York, NY 10281-1022
RE: JPMorgan Trust I, File No. 811-21295; JPMorgan Trust II, File No. 811-04236; JPMorgan Trust IV, File No. 811-23117; JPMorgan Insurance Trust, File No. 811-07874; and J.P. Morgan Exchange-Traded Fund Trust, File No. 811-22903 (each, a ”Trust” and collectively, the “Trusts”)
Dear Mr. Long:
This letter responds to the comment you provided to us by telephone on September 1, 2021, with respect to the series of the Trusts listed on Schedule A hereto (each series, a “Fund” and collectively, the “Funds”) and certain shareholder reports of such Funds in connection with a review of certain filings and reports by the staff of the Securities and Exchange Commission pursuant to the Sarbanes-Oxley Act of 2002. Our response to your comment is set forth below.
Comment: JPMorgan Insurance Trust Global Allocation Portfolio (for the purposes of this comment and response, the “Fund”) answered “Yes” to Form N-CEN Item B.22 [During the reporting period, were any payments made to shareholders or shareholder accounts reprocessed as a result of an error in calculating the Registrant’s net asset value (or net asset value per share)]. Since there was no explanation of the error in the December 31, 2020 annual report, please provide details around the NAV error and remedial steps taken to help ensure the error does not occur again.
Response: The NAV error was the result of utilizing incorrect prices for certain S&P 500 futures contacts held by the Fund. The impact of the error was greater than one half of one percent, therefore resulting in the reprocessing of shareholder transactions in the Fund. At the time of the error, the Fund’s accounting agent’s (“Fund Accounting Agent”) process to obtain daily prices for futures contracts from the Chicago Mercantile Exchange (the “Exchange”) involved a manual component to pull the Exchange prices. Subsequent to the NAV error, the valuation process to obtain the Exchange prices has become fully automated within the Fund Accounting Agent’s pricing utility, which we believe eliminated the risk of this same issue happening again.
If you have any questions regarding the foregoing, please call me at (212) 623-8104.
Very truly yours,
/s/ Timothy J. Clemens |
| Timothy J. Clemens |
| Treasurer |
Schedule A
File # | Registrant Name | Series Name | FYE Reviewed | |||
| 811-23117 | JPMORGAN TRUST IV | JPMorgan Institutional Tax Free Money Market Fund | 2/28/2021 | |||
| 811-23117 | JPMORGAN TRUST IV | JPMorgan Core Focus SMA Fund | 2/28/2021 | |||
| 811-23117 | JPMORGAN TRUST IV | JPMorgan Ultra-Short Municipal Fund | 2/28/2021 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan BetaBuilders Developed Asia ex-Japan ETF | 10/31/2020 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan BetaBuilders Canada ETF | 10/31/2020 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan USD Emerging Markets Sovereign Bond ETF | 2/28/2021 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan U.S. Quality Factor ETF | 10/31/2020 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan U.S. Value Factor ETF | 10/31/2020 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan U.S. Momentum Factor ETF | 10/31/2020 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan U.S. Minimum Volatility ETF | 10/31/2020 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan U.S. Dividend ETF | 10/31/2020 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan Diversified Return U.S. Small Cap Equity ETF | 10/31/2020 | |||
| 811-23117 | JPMORGAN TRUST IV | JPMorgan Equity Premium Income Fund | 6/30/2020 | |||
| 811-23117 | JPMORGAN TRUST IV | JPMorgan Securities Lending Money Market Fund | 2/28/2021 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan BetaBuilders Japan ETF | 10/31/2020 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan International Bond Opportunities ETF | 2/28/2021 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan BetaBuilders MSCI U.S. REIT ETF | 2/28/2021 | |||
| 811-21295 | JPMorgan Trust I | JPMorgan U.S. Research Enhanced Equity Fund | 6/30/2020 | |||
| 811-21295 | JPMorgan Trust I | JPMorgan Growth and Income Fund | 6/30/2020 | |||
| 811-21295 | JPMorgan Trust I | JPMorgan U.S. Large Cap Core Plus Fund | 6/30/2020 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan Core Plus Bond ETF | 2/28/2021 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan Municipal ETF | 2/28/2021 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan Ultra-Short Municipal Income ETF | 2/28/2021 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan Corporate Bond Research Enhanced ETF | 2/28/2021 |
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan U.S. Aggregate Bond ETF | 2/28/2021 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF | 2/28/2021 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan BetaBuilders U.S. Equity ETF | 10/31/2020 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan BetaBuilders International Equity ETF | 10/31/2020 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 10/31/2020 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan BetaBuilders Europe ETF | 10/31/2020 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan Ultra-Short Income ETF | 2/28/2021 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan Diversified Return U.S. Mid Cap Equity ETF | 10/31/2020 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan International Growth ETF | 10/31/2020 | |||
| 811-04236 | JPMORGAN TRUST II | JPMorgan Sustainable Municipal Income Fund | 2/28/2021 | |||
| 811-04236 | JPMORGAN TRUST II | JPMorgan Short-Intermediate Municipal Bond Fund | 2/28/2021 | |||
| 811-04236 | JPMORGAN TRUST II | JPMorgan Tax Free Bond Fund | 2/28/2021 | |||
| 811-04236 | JPMORGAN TRUST II | JPMorgan Equity Income Fund | 6/30/2020 | |||
| 811-04236 | JPMORGAN TRUST II | JPMorgan Large Cap Growth Fund | 6/30/2020 | |||
| 811-04236 | JPMORGAN TRUST II | JPMorgan Large Cap Value Fund | 6/30/2020 | |||
| 811-04236 | JPMORGAN TRUST II | JPMorgan Liquid Assets Money Market Fund | 2/28/2021 | |||
| 811-04236 | JPMORGAN TRUST II | JPMorgan Municipal Money Market Fund | 2/28/2021 | |||
| 811-04236 | JPMORGAN TRUST II | JPMorgan U.S. Government Money Market Fund | 2/28/2021 | |||
| 811-04236 | JPMORGAN TRUST II | JPMorgan U.S. Treasury Plus Money Market Fund | 2/28/2021 | |||
| 811-21295 | JPMorgan Trust I | JPMorgan 100% U.S. Treasury Securities Money Market Fund | 2/28/2021 | |||
| 811-21295 | JPMorgan Trust I | JPMorgan California Municipal Money Market Fund | 2/28/2021 | |||
| 811-21295 | JPMorgan Trust I | JPMorgan Federal Money Market Fund | 2/28/2021 | |||
| 811-21295 | JPMorgan Trust I | JPMorgan New York Municipal Money Market Fund | 2/28/2021 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan High Yield Research Enhanced ETF | 2/28/2021 | |||
| 811-21295 | JPMorgan Trust I | JPMorgan Prime Money Market Fund | 2/28/2021 | |||
| 811-21295 | JPMorgan Trust I | JPMorgan High Yield Municipal Fund | 2/28/2021 |
| 811-21295 | JPMorgan Trust I | JPMorgan Equity Focus Fund | 6/30/2020 | |||
| 811-21295 | JPMorgan Trust I | JPMorgan Short Duration Core Plus Fund | 2/28/2021 | |||
| 811-21295 | JPMorgan Trust I | JPMorgan Hedged Equity Fund | 6/30/2020 | |||
| 811-07874 | JPMORGAN INSURANCE TRUST | JPMorgan Insurance Trust Core Bond Portfolio | 12/31/2020 | |||
| 811-07874 | JPMORGAN INSURANCE TRUST | JPMorgan Insurance Trust U.S. Equity Portfolio | 12/31/2020 | |||
| 811-07874 | JPMORGAN INSURANCE TRUST | JPMorgan Insurance Trust Mid Cap Value Portfolio | 12/31/2020 | |||
| 811-07874 | JPMORGAN INSURANCE TRUST | JPMorgan Insurance Trust Small Cap Core Portfolio | 12/31/2020 | |||
| 811-07874 | JPMORGAN INSURANCE TRUST | JPMorgan Insurance Trust Global Allocation Portfolio | 12/31/2020 | |||
| 811-07874 | JPMORGAN INSURANCE TRUST | JPMorgan Insurance Trust Income Builder Portfolio | 12/31/2020 | |||
| 811-21295 | JPMorgan Trust I | JPMorgan U.S. Equity Fund | 6/30/2020 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan Diversified Return International Equity ETF | 10/31/2020 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan Diversified Return Emerging Markets Equity ETF | 10/31/2020 | |||
| 811-22903 | J.P. Morgan Exchange-Traded Fund Trust | JPMorgan Diversified Return U.S. Equity ETF | 10/31/2020 | |||
| 811-21295 | JPMorgan Trust I | JPMorgan Tax Free Money Market Fund | 2/28/2021 |