CORRESP 1 filename1.htm JPMorgan Trust II

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