Form 40-17G J.P. Morgan Exchange-Tra | #hacker | #pentest



Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.


ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group

1401 H St. NW
Washington, DC 20005
 
INVESTMENT COMPANY BLANKET BOND



ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group
1401 H St. NW
Washington, DC 20005

DECLARATIONS

NOTICE
This policy is issued by your risk retention group.  Your risk retention group 
may not be subject to all of the insurance laws and regulations of your state.  
State insurance insolvency guaranty funds are not available for your risk 
retention group.
Item 1.	Name of Insured (the "Insured")	                      Bond Number:
	J.P. Morgan Exchange-Traded Funds Trust	           141037120B
	
	Principal Office:	Mailing Address: 
	270 Park Avenue	        c/o Marsh FINPRO 
	New York, NY 10017	1166 Avenue of the Americas 
			        New York, NY 10036

Item 2. 
Bond Period: from 12:01 a.m. on 
April 1, 2020
, to 12:01 a.m. on

April 1, 2021
, or 
the earlier effective date of the termination of this Bond, 
standard time at the Principal Address as to each of said dates.

Item 3.

Limit of Liability-- 

Subject to Sections 9, 10 and 12 hereof:
			


LIMIT OF		DEDUCTIBLE
			LIABILITY		AMOUNT


Insuring 
Agreement A-   
FIDELITY		
$5,000,000
	Not Applicable


Insuring 
Agreement B-
   AUDIT 
	       EXPENSE		
$50,000
		$10,000	

Insuring 
Agreement C-   
ON 
	       PREMISES   	$5,000,000	
$25,000

Insuring 
Agreement D-   
IN TRANSIT 	$5,000,000	
$25,000

Insuring 
Agreement E-
   FORGERY 
	       OR ALTERATION	
$5,000,000	
$25,000

Insuring 
Agreement F-
   SECURITIES
	$5,000,000
	$25,000

Insuring 
Agreement G-
   COUNTERFEIT 
	       CURRENCY
		$5,000,000
	$25,000

Insuring 
Agreement H-  UNCOLLECTIBLE 
  	      ITEMS OF DEPOSIT
	$25,000
		$5,000

Insuring 
Agreement I-
  PHONE/
	      ELECTRONIC 
	      TRANSACTIONS	Not Covered	Not Applicable



If "Not Covered" is inserted opposite any Insuring Agreement above, such 
Insuring Agreement and any reference thereto shall be deemed to be 
deleted from this Bond.



OPTIONAL INSURING AGREEMENTS ADDED BY RIDER:

Insuring 
Agreement J-
 COMPUTER 
	     SECURITY		
$5,000,000	
$25,000

Insuring 
Agreement M-
 SOCIAL 
             ENGINEERING FRAUD
	$1,000,000
	$25,000



Item 4.
Offices or Premises Covered--All the Insured's offices or other premises 
in existence at the time this Bond becomes effective are covered under this 
Bond, except the offices or other premises excluded by Rider.  Offices or other 
premises acquired or established after the effective date of this Bond are 
covered subject to the terms of General Agreement A.

Item 5.
The liability of ICI Mutual Insurance Company, a Risk Retention Group 
(the "Underwriter") is subject to the terms of the following Riders
attached hereto:

Riders:	1-2-3-4-5-6

and of all Riders applicable to this Bond issued during the Bond Period. 

By: ___/S/ Maggie Sullivan__________		
Authorized Representative


By: ____/S/ Catherine Dalton__________
       Authorized Representative 			

INVESTMENT COMPANY BLANKET BOND

NOTICE

This policy is issued by your risk retention group. Your risk retention 
group may not be subject to all of the insurance laws and regulations
of your state.State insurance insolvency guaranty funds are not available
for your risk retention group.

ICI Mutual Insurance Company, a Risk Retention Group (the "Underwriter"),
 in consideration of an agreed premium, and in reliance upon the Application
and all other information furnished to the Underwriter by the Insured, and
subject to and in accordance with the Declarations, General Agreements,
Provisions, Conditions and Limitations and other terms of this bond
(including all riders hereto) ("Bond"), to the extent of the Limit of Liability
and subject to the Deductible Amount, agrees to indemnify the Insured for
the loss, as described in the Insuring Agreements, sustained by the Insured
at any time but discovered during the Bond Period.


INSURING AGREEMENTS

A.	FIDELITY

Loss resulting directly from any Dishonest or Fraudulent Act committed by an
Employee, committed anywhere and whether committed alone or in collusion with
other persons (whether or not Employees), during the time such Employee has the
status of an Employee as defined herein, and even if such loss is not discovered
until after he or she ceases to be an Employee; and EXCLUDING loss covered
under Insuring Agreement B.

B.	AUDIT EXPENSE

Expense incurred by the Insured for that part of the costs of audits or 
examinations required by any governmental regulatory authority or 
Self-Regulatory Organization tobe conducted by such authority or Organization 
or by an independent accountant or  other person, by reason of the discovery of 
loss sustained by the Insured and covered by this Bond.

C.	ON PREMISES

Loss of Property resulting directly from any Mysterious Disappearance, or any 
Dishonest or Fraudulent Act committed by a person physically present in an 
office or on the premises of the Insured at the time the Property is 
surrendered, while the Property is (or reasonably supposed or believed by the 
Insured to be) lodged or deposited within the Insured's offices or premises 
located anywhere, except those offices excluded by Rider; and EXCLUDING loss
covered under Insuring Agreement A.

D.	IN TRANSIT

Loss of Property resulting directly from any Mysterious Disappearance or 
Dishonest or Fraudulent Act while the Property is physically (not 
electronically) in transit anywhere in the custody of any person 
authorized by an Insured to actas a messenger, except while in the mail 
or with a carrier for hire (other than a Security Company); and 
EXCLUDING loss covered under Insuring Agreement A. 
Property is "in transit" beginning immediately upon receipt of such 
Property by the transporting person and ending immediately upon 
delivery to the designated recipient or its agent, but only while the 
Property is being conveyed.

E.	FORGERY OR ALTERATION

Loss resulting directly from the Insured having, in good faith, paid or 
transferred any Property in reliance upon any Written, Original:

(1) 	bills of exchange, checks, drafts, or other written orders or directions 
to pay sums certain in money, acceptances, certificates of deposit, due bills, 
money orders, warrants, orders upon public treasuries, or letters of credit; or 

(2) 	instructions, requests or applications directed to the Insured, 
authorizing or acknowledging the transfer, payment, redemption, delivery or 
receipt of money or Property, or giving notice of any bank account (provided 
such instructions or requests or applications purport to have been signed or 
endorsed by (a) any customer of the Insured, or (b) any shareholder of or 
subscriber to shares issued by any Investment Company, or (c) any financial or 
banking institution or stockbroker, and further provided such instructions, 
requests, or applications either bear the forged signature or endorsement or 
have been altered without the knowledge and consent of such customer, such
shareholder or subscriber to shares issued by an Investment Company, or such 
financial or banking institution or stockbroker); or 

(3) 	withdrawal orders or receipts for the withdrawal of Property, or 
receipts or certificates of deposit for Property and bearing the name of the 
Insured as issuer or of another Investment Company for which the Insured 
acts as agent;

which bear (a) a Forgery, or (b) an Alteration, but only to the extent that the 
Forgery or Alteration directly causes the loss.

Actual physical possession by the Insured or its authorized representative of 
the items listed in (1) through (3) above is a condition precedent to the 
Insured having relied upon the items.

This Insuring Agreement E does not cover loss caused by Forgery or 
Alteration of Securities or loss covered under Insuring Agreement A. 

F.	SECURITIES
Loss resulting directly from the Insured, in good faith, in the ordinary course
of business, and in any capacity whatsoever, whether for its own account or 
for the account of others, having acquired, accepted or received, or sold or 
delivered, or given any value, extended any credit or assumed any liability in 
reliance on any Written, Original Securities, where such loss results from the 
fact that such Securities prove to: 

(1) 	be Counterfeit, but only to the extent that the Counterfeit directly 
	causes the loss, or 

(2) 	be lost or stolen, or 

(3) 	contain a Forgery or Alteration, but only to the extent the Forgery 
	or Alteration directly causes the loss,

and notwithstanding whether or not the act of the Insured causing such loss 
violated the constitution, by-laws, rules, or regulations of any Self-Regulatory
Organization, whether or not the Insured was a member thereof.



This Insuring Agreement F does not cover loss covered under 
Insuring Agreement A.

Actual physical possession by the Insured or its authorized representative of
the Securities is a condition precedent to the Insured having relied upon 
the Securities.

G.	COUNTERFEIT CURRENCY

Loss resulting directly from the receipt by the Insured, in good faith of 
any Counterfeit Currency. 

This Insuring Agreement G does not cover loss covered under 
Insuring Agreement A.

H.	UNCOLLECTIBLE ITEMS OF DEPOSIT

Loss resulting directly from the payment of dividends, issuance of Fund shares
or redemptions or exchanges permitted from an account with the Fund as a 
consequence of

(1)            uncollectible Items of Deposit of a Fund's customer, shareholder
or subscriber credited by the Insured or its agent to such person's Fund 
account, or

(2)            any Item of Deposit processed through an automated clearing 
house which is reversed by a Fund's customer, shareholder or subscriber 
and is deemed uncollectible by the Insured;

PROVIDED, that (a) Items of Deposit shall not be deemed uncollectible until 
the Insured's collection procedures have failed, (b) exchanges of shares 
between Funds with exchange privileges shall be covered hereunder only if all 
such Funds are insured by the Underwriter for uncollectible Items of Deposit, 
and (c) the Insured Fund shall have implemented and maintained a policy to hold
Items of Deposit for the minimum number of days stated in its Application (as 
amended from time to time) before paying any dividend or permitting any 
withdrawal with respect to such Items of Deposit (other than exchanges between 
Funds). Regardless of the number of transactions between Funds in an exchange 
program, the minimum number of days an Item of Deposit must be held shall begin
from the date the Item of Deposit was first credited to any Insured Fund.

This Insuring Agreement H does not cover loss covered under 
Insuring Agreement A.

I.	PHONE/ELECTRONIC TRANSACTIONS 

Loss resulting directly from a Phone/Electronic Transaction, where the 
request for such Phone/Electronic Transaction:

(1)	is transmitted to the Insured or its agents by voice over the telephone or 
	by Electronic Transmission; and

(2)	is made by an individual purporting to be a Fund shareholder or subscriber
 	or an authorized agent of a Fund shareholder or subscriber; and

(3)	is unauthorized or fraudulent and is made with the manifest 
	intent to deceive;

PROVIDED, that the entity receiving such request generally maintains 
and follows during the Bond Period all Phone/Electronic Transaction Security 
Procedures with respect to all Phone/Electronic Transactions; and

     EXCLUDING loss resulting from:
     
(1)	 the failure to pay for shares attempted to be purchased; or

(2)      any redemption of Investment Company shares which had been 
improperly credited to a shareholder's account where such shareholder 
(a) did not cause, directly or indirectly, such shares to be credited to such 
account, and (b) directly or indirectly received any proceeds or other benefit 
from such redemption; or

(3)	 any redemption of shares issued by an Investment Company where the
proceeds of such redemption were requested (i) to be paid or made payable to
other than an Authorized Recipient or an Authorized Bank Account or 
(ii) to be sent to other than an Authorized Address;

(4)      the intentional failure to adhere to one or more 
Phone/Electronic Transaction Security Procedures; or

(5)	 a Phone/Electronic Transaction request transmitted by electronic 
mail or transmitted by any method not subject to the Phone/Electronic 
Transaction Security Procedures; or

(6)       the failure or circumvention of any physical or electronic 
protection device, including any firewall, that imposes restrictions 
on the flow of electronic traffic in or out of any Computer System. 

This Insuring Agreement I does not cover loss covered under Insuring 
Agreement A, "Fidelity" or Insuring Agreement J, "Computer Security". 


GENERAL AGREEMENTS

A.	ADDITIONAL OFFICES OR EMPLOYEES--
	CONSOLIDATION OR MERGER--NOTICE

1.	Except as provided in paragraph 2 below, this Bond shall apply to 
any additional office(s) established by the Insured during the Bond Period 
and to all Employees during the Bond Period, without the need to give notice 
thereof or pay additional premiums to the Underwriter for the Bond Period.

2.	If during the Bond Period an Insured Investment Company shall 
merge or consolidate with an institution in which such Insured is the surviving 
entity, or purchase substantially all the assets or capital stock of another  
institution, or acquire or create a separate investment portfolio, and shall 
within sixty (60) days notify the Underwriter thereof, then this Bond shall 
automatically apply to the Property and Employees resulting from such merger, 
consolidation, acquisition or creation from the date thereof; provided, that 
the Underwriter may make such coverage contingent upon the payment 
of an additional premium.

B.	WARRANTY

No statement made by or on behalf of the Insured, whether contained in the 
Application or otherwise, shall be deemed to be an absolute warranty, but only 
a warranty that such statement is true to the best of the knowledge of the 
person responsible for such statement.


C.	COURT COSTS AND ATTORNEYS' FEES

The Underwriter will indemnify the Insured against court costs and reasonable 
attorneys' fees incurred and paid by the Insured in defense of any legal 
proceeding brought against the Insured seeking recovery for any loss which,
if established against the Insured, would constitute a loss covered under the
terms of this Bond; provided, however, that with respect to Insuring 
Agreement A this indemnity shall apply only in the event that:

1.	an Employee admits to having committed or is adjudicated to have 
committed a Dishonest or Fraudulent Act which caused the loss; or

2.	in the absence of such an admission or adjudication, an arbitrator 
or arbitrators acceptable to the Insured and the Underwriter concludes, after a 
review of an agreed statement of facts, that an Employee has committed a 
Dishonest or Fraudulent Act which caused the loss.

The Insured shall promptly give notice to the Underwriter of any such legal 
proceeding and upon request shall furnish the Underwriter with copies of all 
pleadings and other papers therein. At the Underwriter's election the Insured 
shall permit the Underwriter to conduct the defense of such legal proceeding 
in the Insured's name, through attorneys of the Underwriter's selection. 
In such event, the Insured shall give all reasonable information and assistance 
which the Underwriter shall deem necessary to the proper defense of such 
legal proceeding.

If the amount of the Insured's liability or alleged liability in any such legal 
proceeding is greater than the amount which the Insured would be entitled to 
recover under this Bond (other than pursuant to this General Agreement C), 
or if a Deductible Amount is applicable, or both, the indemnity liability of 
the Underwriter under this General Agreement C is limited to the 
proportion of court costs and attorneys' fees incurred and paid by the Insured 
or by the Underwriter that the amount which the Insured would be entitled
to recover under this Bond (other than pursuant to this General Agreement 
C) bears to the sum of such amount plus the amount which the Insured 
is not entitled to recover. Such indemnity shall be in addition to the Limit of 
Liability for the applicable Insuring Agreement. 

D.	INTERPRETATION

This Bond shall be interpreted with due regard to the purpose of fidelity 
bonding under Rule 17g-1 under the Investment Company Act of 1940 (i.e., 
to protect innocent third parties from harm) and to the structure of the 
investment management industry (in which a loss of Property resulting from a 
cause described in any Insuring Agreement ordinarily gives rise to a potential 
legal liability on the part of the Insured), such that the term "loss" as used 
herein shall include an Insured's legal liability for direct compensatory 
damages resulting directly from a misappropriation, or measurable 
diminution in value, of Property.



THIS BOND, INCLUDING THE FOREGOING INSURING AGREEMENTS
AND GENERAL AGREEMENTS, IS SUBJECT TO THE FOLLOWING
PROVISIONS, CONDITIONS AND LIMITATIONS:

SECTION 1. DEFINITIONS

The following terms used in this Bond shall have the meanings 
stated in this Section:

A. "Alteration" means the marking, changing or altering in a material way 
of the terms, meaning or legal effect of a document with the intent 
to deceive.

B. "Application" means the Insured's application (and any attachments 
and materials submitted in connection therewith) furnished to the 
Underwriter for this Bond.

C. "Authorized Address" means (1) any Officially Designated address to which 
redemption proceeds may be sent, (2) any address designated in writing (not to 
include Electronic Transmission) by the Shareholder of Record and received by 
the Insured at least one (1) day prior to the effective date of such 
designation, or (3) any address designated by voice over the telephone or 
by Electronic Transmission by the Shareholder of Record at least 15 days 
prior to the effective date of such designation.

D. "Authorized Bank Account" means any Officially Designated bank account to 
which redemption proceeds may be sent.

E. "Authorized Recipient" means (1) the Shareholder of Record, or (2) any other 
Officially Designated person to whom redemption proceeds may be sent.

F. "Computer System" means (1) computers with related peripheral components, 
including storage components, (2) systems and applications software, 
(3) terminal devices, (4) related communications networks or customer 
communication systems, and (5) related electronic funds transfer systems; 
by which data or monies are electronically collected, transmitted, processed, 
stored or retrieved.

G. "Counterfeit" means a Written imitation of an actual valid Original which is 
intended to deceive and to be taken as the Original.

H. "Cryptocurrency" means a digital or electronic medium of exchange, operating 
independently of a central bank, in which encryption techniques are used to 
regulate generation of units and to verify transfer of units from one person
to another.

I. "Currency" means a medium of exchange in current use authorized or 
adopted by a domestic or foreign government as part of its 
official currency. 

J. "Deductible Amount" means, with respect to any Insuring Agreement, 
the amount set forth under the heading "Deductible Amount" in Item 3 
of the Declarations or in any Rider for such Insuring Agreement, 
applicable to each Single Loss covered by such Insuring Agreement.

K. "Depository" means any "securities depository" (other than any foreign 
securities depository) in which an Investment Company may deposit 
its Securities in accordance with Rule 17f-4 under the Investment 
Company Act of 1940.



L. "Dishonest or Fraudulent Act" means any dishonest or fraudulent act, 
including "larceny and embezzlement" as defined in Section 37 of the Investment 
Company Act of 1940, committed with the conscious manifest intent (1) to cause 
the Insured to sustain a loss and (2) to obtain an improper financial benefit 
for the perpetrator or any other person or entity. A Dishonest or Fraudulent 
Act doesnot mean or include a reckless act, a negligent act, or a grossly 
negligent act. As used in this definition, "improper financial benefit" does 
not include any employee benefits received in the course of employment, 
including salaries, commissions, fees, bonuses, promotions, awards, 
profit sharing or pensions. 

M. "Electronic Transmission" means any transmission effected by electronic 
means, including but not limited to a transmission effected by telephone tones, 
Telefacsimile, wireless device, or over the Internet.

N. "Employee" means:

(1)	each officer, director, trustee, partner or employee of the Insured, 
and

(2)	each officer, director, trustee, partner or employee of any predecessor 
of the Insured whose principal assets are acquired by the Insured by 
consolidation or merger with, or purchase of assets or capital stock of, 
such predecessor, and

(3)	each attorney performing legal services for the Insured and each 
employee of such attorney or of the law firm of such attorney while performing 
services for the Insured, and

(4)	each student who is an authorized intern of the Insured, while in any 
of the Insured's offices, and

(5)	each officer, director, trustee, partner or employee of

(a)	an investment adviser,
(b)	an underwriter (distributor),
(c)	a transfer agent or shareholder accounting recordkeeper, or
(d)	an administrator authorized by written agreement to keep financial 
and/or other required records, 

for an Investment Company named as an Insured, BUT ONLY while (i) such officer, 
partner or employee is performing acts coming within the scope of the usual 
duties of an officer or employee of an Insured, or (ii) such officer, director, 
trustee, partner or employee is acting as a member of any committee duly 
elected or appointed to examine or audit or have custody of or access to the
Property of the Insured, or (iii) such director or trustee (or anyone acting 
in a similar capacity) is acting outside the scope of the usual duties of a 
director or trustee; PROVIDED, that the term "Employee" shall not include 
any officer, director, trustee, partner or employee of a transfer agent, 
shareholder accounting recordkeeper or administrator (x) which is not an 
"affiliated person" (as defined in Section 2(a) of the Investment Company 
Act of 1940) of an Investment Company named as an Insured or of the adviser or 
underwriter of such Investment Company, or (y) which is a "Bank" (as defined 
in Section 2(a) of the Investment Company Act of 1940), and

(6)	each individual assigned, by contract or by any agency furnishing 
temporary personnel, in either case on a contingent or part-time basis, to 
perform the usual duties of an employee in any office of the Insured, and 



(7)	each individual assigned to perform the usual duties of an 
employee or officer of any entity authorized by written agreement with the 
Insured to perform services as electronic data processor of checks or other 
accounting records of the Insured, but excluding a processor which acts as 
transfer agent or in any other agency capacity for the Insured in issuing 
checks, drafts or securities, unless included under subsection (5) hereof, 
and 

(8)	each officer, partner or employee of

(a)	any Depository or Exchange,
(b)	any nominee in whose name is registered any Security included in 
the systems for the central handling of securities established and maintained 
by any Depository, and
(c)	any recognized service company which provides clerks or other 
personnel to any Depository or Exchange on a contract basis, 

while such officer, partner or employee is performing services for any 
Depository in the operation of systems for the central handling of securities, 
and

(9)	in the case of an Insured which is an "employee benefit plan" 
(as defined in Section 3 of the Employee Retirement Income Security Act 
of 1974 ("ERISA")) for officers, directors or employees of another Insured 
("In-House Plan"), any "fiduciary" or other "plan official" (within the 
meaning of Section 412 of ERISA) of such In-House Plan, provided that such 
fiduciary or other plan official is a director, partner, officer, trustee or 
employee of an Insured (other than an In-House Plan).

Each employer of temporary personnel and each entity referred to in 
subsections (6) and (7) and their respective partners, officers and 
employees shall collectively be deemed to be one person for all the 
purposes of this Bond.

Brokers, agents, independent contractors, or representatives of the same 
general character shall not be considered Employees, except as provided
in subsections (3), (6), and (7).

O. "Exchange" means any national securities exchange registered under 
the Securities Exchange Act of 1934.

P. "Forgery" means the physical signing on a document of the name of another 
person with the intent to deceive. A Forgery may be by means of mechanically 
reproduced facsimile signatures as well as handwritten signatures. Forgery does 
not include the signing of an individual's own name, regardless of such 
individual's authority, capacity or purpose.

Q. "Items of Deposit" means one or more checks or drafts.

R. "Investment Company" or "Fund" means an investment company registered 
under the Investment Company Act of 1940. 

S. "Limit of Liability" means, with respect to any Insuring Agreement, the 
limit of liability of the Underwriter for any Single Loss covered by such 
Insuring Agreement as set forth under the heading "Limit of Liability" in 
Item 3 of the Declarations or in any Rider for such Insuring Agreement.

T. "Mysterious Disappearance" means any disappearance of Property which, 
after a reasonable investigation has been conducted, cannot be explained.


U. "Non-Fund" means any corporation, business trust, partnership, trust 
or other entity which is not an Investment Company.

V. "Officially Designated" means designated by the Shareholder of Record: 

(1)	in the initial account application, 

(2)	in writing accompanied by a signature guarantee, or

(3)	in writing or by Electronic Transmission, where such designation 
is verified via a callback to the Shareholder of Record by the Insured at a 
predetermined telephone number provided by the Shareholder of Record 
to the Insured in writing at least 30 days prior to such callback.

W. "Original" means the first rendering or archetype and does not 
include photocopies or electronic transmissions even if received and printed. 

X. "Phone/Electronic Transaction" means any (1) redemption of shares 
issued by an Investment Company, (2) election concerning dividend options 
available to Fund shareholders, (3) exchange of shares in a registered account 
of one Fund into shares in an identically registered account of another Fund in 
the same complex pursuant to exchange privileges of the two Funds, or 
(4) purchase of shares issued by an Investment Company, which redemption, 
election, exchange or purchase is requested by voice over the telephone or 
through an Electronic Transmission.

Y. "Phone/Electronic Transaction Security Procedures" means security 
procedures for Phone/Electronic Transactions as set forth in the Application 
and/or as otherwise provided in writing to the Underwriter.

Z. "Property" means the following tangible items: money, postage and 
revenue stamps, precious metals, Securities, bills of exchange, acceptances, 
checks, drafts, or other written orders or directions to pay sums certain in 
money, certificates of deposit, due bills, money orders, letters of credit, 
financial futures contracts, conditional sales contracts, abstracts of title, 
insurance policies, deeds, mortgages, and assignments of any of the foregoing, 
and other valuable papers, including books of account and other records used 
by the Insured in the conduct of its business, and all other instruments 
similar to or in the nature of the foregoing (but excluding all data
processing records), (1) in which the Insured has a legally cognizable 
interest, (2) in which the Insured acquired or should have acquired such 
an interest by reason of a predecessor's declared financial condition 
at the time of the Insured's consolidation or merger with, or purchase of 
the principal assets of, such predecessor or (3) which are held by the Insured
for any purpose or in any capacity.

AA. "Securities" means original negotiable or non-negotiable agreements 
or instruments which represent an equitable or legal interest, ownership 
or debt (including stock certificates, bonds, promissory notes, and assignments 
thereof), which are in the ordinary course of business transferable by physical 
delivery with appropriate endorsement or assignment. "Securities" does not 
include bills of exchange, acceptances, certificates of deposit, checks, 
drafts, or other written orders or directions to pay sums certain in money, 
due bills, money orders, or letters of credit.

BB. "Security Company" means an entity which provides or purports to 
provide the transport of Property by secure means, including, without 
limitation, by use of armored vehicles or guards.



CC. "Self-Regulatory Organization" means any association of investment 
advisers or securities dealers registered under the federal securities laws, 
or any Exchange.

DD. "Shareholder of Record" means the record owner of shares issued by 
an Investment Company or, in the case of joint ownership of such shares, 
all record owners, as designated (1) in the initial account application, or 
(2) in writing accompanied by a signature guarantee, or 
(3) pursuant to procedures as set forth in the Application and/or as 
otherwise provided in writing to the Underwriter.

EE. "Single Loss" means:

(1)	all loss  caused by any one act (other than a Dishonest 
or Fraudulent Act) committed by one person, or

(2)	all loss caused by Dishonest or Fraudulent Acts 
committed by one person, or 

(3)	all expenses incurred with respect to any one audit 
or examination, or

(4)	all loss caused by any one occurrence or event other than 
those specified in subsections (1) through (3) above.

All acts or omissions of one or more persons which directly or indirectly aid 
or, by failure to report or otherwise, permit the continuation of an act 
referred to in subsections (1) and (2) above of any other person shall be 
deemed to be the acts of such other person for purposes of this subsection.

All acts or occurrences or events which have as a common nexus any fact, 
circumstance, situation, transaction or series of facts, circumstances, 
situations, or transactions shall be deemed to be one act, one occurrence, 
or one event.

FF. "Telefacsimile" means a system of transmitting and reproducing fixed 
graphic material (as, for example, printing) by means of signals transmitted 
over telephone lines or over the Internet.

GG. "Written" means expressed through letters or marks placed upon 
paper and visible to the eye. 

SECTION 2. EXCLUSIONS

THIS BOND DOES NOT COVER:

A.	Loss resulting from (1) riot or civil commotion outside the 
United States of America and Canada, or (2) war, revolution, insurrection, 
action by armed forces, or usurped power, wherever occurring; except if such 
loss occurs while the Property is in transit, is otherwise covered under 
Insuring Agreement D, and when such transit was initiated, the Insured or 
any person initiating such transit on the Insured's behalf had no knowledge 
of such riot, civil commotion, war, revolution, insurrection, action by 
armed forces, or usurped power.

B. Loss in time of peace or war resulting from nuclear fission or fusion or 
radioactivity, or biological or chemical agents or hazards, or fire, smoke,
 or explosion, or the effects of any of the foregoing.

C. Loss resulting from any Dishonest or Fraudulent Act committed by 
any person while acting in the capacity of a member of the Board of Directors 
or any equivalent body of the Insured or of any other entity.


D. Loss resulting from any nonpayment or other default of any loan or 
similar transaction made by the Insured or any of its partners, directors, 
officers or employees, whether or not authorized and whether procured in 
good faith or through a Dishonest or Fraudulent Act, unless such loss is 
otherwise covered under Insuring Agreement A, E, or F.

E. Loss resulting from any violation by the Insured or by any Employee of any 
law, or any rule or regulation pursuant thereto or adopted by a Self-Regulatory 
Organization, regulating the issuance, purchase or sale of securities, 
securities transactions upon security exchanges or over the counter markets, 
Investment Companies, or investment advisers, unless such loss, in the 
absence of such law, rule or regulation, would be covered under Insuring 
Agreement A, E, or F.

F. Loss resulting from Property that is the object of a Dishonest or Fraudulent 
Act or Mysterious Disappearance while in the custody of any Security Company, 
unless such loss is covered under this Bond and is in excess of the amount 
recovered or received by the Insured under (1) the Insured's contract with 
such SecurityCompany, and (2) insurance or indemnity of any kind carried by 
such Security Company for the benefit of, or otherwise available to, users of 
its service, in which case this Bond shall cover only such excess, subject to
the applicable Limit of Liability and Deductible Amount.

G. Potential income, including but not limited to interest and dividends, 
not realized by the Insured because of a loss covered under this Bond, except 
when covered under Insuring Agreement H.

H. Loss in the form of (1) damages of any type for which the Insured is legally 
liable, except direct compensatory damages, or (2) taxes, fines, or penalties,
including without limitation two-thirds of treble damage awards pursuant 
to judgments under any statute or regulation.

I. Loss resulting from the surrender of Property away from an office 
of the Insured as a result of kidnap, ransom, or extortion, or a threat

(1)	to do bodily harm to any person, except where the Property is 
in transit in the custody of any person acting as messenger as a result of a 
threat to do bodily harm to such person, if the Insured had no knowledge 
of such threat at the time such transit was initiated, or

(2)	to do damage to the premises or Property of the Insured,

unless such loss is otherwise covered under Insuring Agreement A.

J. All costs, fees, and other expenses incurred by the Insured in establishing 
the existence of or amount of loss covered under this Bond, except to 
the extent certain audit expenses are covered under Insuring Agreement B.

K. Loss resulting from payments made to or withdrawals from any account, 
involving funds erroneously credited to such account, unless such loss 
is otherwise covered under Insuring Agreement A.

L. Loss resulting from uncollectible Items of Deposit which are drawn upon 
a financial institution outside the United States of America, its territories 
and possessions, or Canada. 

M. Loss resulting from the Dishonest or Fraudulent Acts or other acts 
or omissions of an Employee primarily engaged in the sale of shares issued 
by an Investment Company to persons other than (1) a person registered as a 
broker under the Securities Exchange Act of 1934 or (2) an "accredited
investor" as defined in Rule 501(a) of Regulation D under the Securities 
Act of 1933, which is not an individual.


N. Loss resulting from the use of credit, debit, charge, access, convenience, 
identification, cash management or other cards, whether such cards were 
issued or purport to have been issued by the Insured or by anyone else, unless
 such loss is otherwise covered under Insuring Agreement A.

O. Loss resulting from any purchase, redemption or exchange of securities 
issued by an Investment Company or other Insured, or any other instruction, 
request, acknowledgement, notice or transaction involving securities issued 
by an Investment Company or other Insured or the dividends in respect 
thereof, when any of the foregoing is requested, authorized or directed or 
purported to be requested, authorized or directed by voice over the telephone
or by Electronic Transmission, unless such loss is otherwise covered 
under Insuring Agreement A or Insuring Agreement I.

P. Loss resulting from any Dishonest or Fraudulent Act or committed by
an Employee as defined in Section 1.N(2), unless such loss (1) could not have
been reasonably discovered by the due diligence of the Insured at or prior to 
the time of acquisition by the Insured of the assets acquired from a 
predecessor, and (2) arose out of a lawsuit or valid claim brought against the 
Insured by a person unaffiliated with the Insured or with any person 
affiliated with the Insured.

Q. Loss resulting from the unauthorized entry of data into, or the deletion 
or destruction of data in, or the change of data elements or programs within, 
any Computer System, unless such loss is otherwise covered under 
Insuring Agreement A.

R. Loss resulting from the theft, disappearance, destruction, disclosure, 
or unauthorized use of confidential or personal information (including,
but not limited to, trade secrets, personal shareholder or client information, 
shareholder or client lists, personally identifiable financial or medical 
information, intellectual property, or any other type of non-public 
information), whether such information is owned by the Insured or held 
by the Insured in any capacity (including concurrently with another person); 
provided, however, this exclusion shall not apply to loss arising out of the 
use of such information to support or facilitate the commission of an act 
otherwise covered by this Bond.

S. All costs, fees, and other expenses arising from a data security breach 
or incident, including, but not limited to, forensic audit expenses, fines, 
penalties, expenses to comply with federal and state laws and expenses 
related to notifying affected individuals.

T. Loss resulting from vandalism or malicious mischief.

U. Loss resulting from the theft, disappearance, or destruction of 
Cryptocurrency or from the change in value of Cryptocurrency, unless 
such loss (1) is sustained by any investment company registered under 
the Investment Company Act of 1940 that is named as an Insured and 
(2) is otherwise covered under Insuring Agreement A.

SECTION 3. ASSIGNMENT OF RIGHTS

Upon payment to the Insured hereunder for any loss, the Underwriter 
shall be subrogated to the extent of such payment to all of the Insured's 
rights and claims in connection with such loss; provided, however, that 
the Underwriter shall not be subrogated to any such rights or claims one 
named Insured under this Bond may have against another named Insured 
under this Bond. At the request of the Underwriter, the Insured shall 
execute all assignments or other documents and take such action as the 
Underwriter may deem necessary or desirable to secure and perfect such
rights and claims, including the execution of documents necessary to 
enable the Underwriter to bring suit in the name of the Insured.


Assignment of any rights or claims under this Bond shall not bind the 
Underwriter without the Underwriter's written consent.

SECTION 4. LOSS--NOTICE--PROOF--LEGAL PROCEEDINGS

This Bond is for the use and benefit only of the Insured and the Underwriter 
shall not be liable hereunder to anyone other than the Insured. As soon as 
practicable and not more than sixty (60) days after discovery of any loss 
covered hereunder, the Insured shall give the Underwriter written notice 
thereof and, as soon as practicable and within one year after such discovery, 
shall also furnish to the Underwriter affirmative proof of loss with full 
particulars. The Underwriter may extend the sixty-day notice period or the 
one-year proof of loss period if the Insured requests an extension and 
shows good cause therefor.

The Insured shall provide the Underwriter with such information, assistance, 
and cooperation as the Underwriter may reasonably request. 

See also General Agreement C (Court Costs and Attorneys' Fees).

The Underwriter shall not be liable hereunder for loss of Securities unless 
each of the Securities is identified in such proof of loss by a certificate 
or bond number or by such identification means as the Underwriter may require. 
The Underwritershall have a reasonable period after receipt of a proper 
affirmative proof of loss within which to investigate the claim, but where
the Property is Securities and the loss is clear and undisputed, settlement 
shall be made within forty-eight (48) hours even if the loss involves 
Securities of which duplicates may be obtained. 

The Insured shall not bring legal proceedings against the Underwriter to recover
any loss hereunder prior to sixty (60) days after filing such proof of loss or 
subsequent to twenty-four (24) months after the discovery of such loss or, 
in the case of a legal proceeding to recover hereunder on account of any 
judgment against the Insured in or settlement of any suit mentioned in 
General Agreement C or to recover court costs or attorneys' fees paid in any 
such suit, twenty-four (24) months after the date of the final judgment in or 
settlement of such suit. If any limitation in this Bond is prohibited by any 
applicable law, such limitation shall be deemed to be amended to be 
equal to the minimum period of limitation permitted by such law.

Notice hereunder shall be given to Manager, 
Professional Liability Claims, ICI Mutual Insurance Company, 
RRG, 1401 H St. NW, Washington, DC 20005.

SECTION 5. DISCOVERY

For all purposes under this Bond, a loss is discovered, and 
discovery of a loss occurs, when the Insured

(1)	becomes aware of facts, or

(2)	receives notice of an actual or potential claim by a third 
party which alleges that the Insured is liable under circumstances,

which would cause a reasonable person to assume that a loss of a type covered 
by this Bond has been or is likely to be incurred, regardless of when the act 
or acts causing or contributing to such loss occurred, even though the exact 
amount or details of the loss may not be known.



SECTION 6. VALUATION OF PROPERTY

For the purpose of determining the amount of any loss hereunder, 
the value of any Property shall be the market value of such Property at the 
close of business on the first business day before the discovery of such loss; 
except that

(1)	the value of any Property replaced by the Insured prior to 
the payment of a claim therefor shall be the actual market value of such 
Property at the time of replacement, but not in excess of the market value 
of such Property on the first business day before the discovery of 
the loss of such Property; 

(2)	the value of Securities which must be produced to exercise 
subscription, conversion, redemption or deposit privileges shall be the 
market value of such privileges immediately preceding the expiration thereof 
if the loss of such Securities is not discovered until after such expiration, 
but if there is no quoted or other ascertainable market price for such Property 
or privileges referred to in clauses (1) and (2), their value shall be fixed by 
agreement between the parties or by arbitration before an arbitrator 
or arbitrators acceptable to the parties; and

(3)	the value of books of accounts or other records used by 
the Insured in the conduct of its business shall be limited to the actual cost 
of blank books, blank pages or other materials if the books or records are 
reproduced plus the cost of labor for the transcription or copying of data 
furnished by the Insured for reproduction.

SECTION 7. LOST SECURITIES

The maximum liability of the Underwriter hereunder for lost Securities shall be 
the payment for, or replacement of, such Securities having an aggregate value 
not to exceed the applicable Limit of Liability. If the Underwriter shall make 
payment to the Insured for any loss of Securities, the Insured shall assign to 
the Underwriter all of the Insured's right, title and interest in and to such 
Securities. In lieu of such payment, the Underwriter may, at its option, 
replace such lost Securities, and in such case the Insured shall cooperate to 
effect such replacement. To effect the replacement of lost Securities, the 
Underwriter may issue or arrange for the issuance of a lost instrument bond. 
If the value of such Securities does not exceed the applicable Deductible 
Amount (at the time of the discovery of the loss), the Insured will pay the 
usual premium charged for the lost instrument bond and will indemnify the 
issuer of such bond against all loss and expense that it may sustain 
because of the issuance of such bond.

If the value of such Securities exceeds the applicable Deductible Amount 
(at the time of discovery of the loss), the Insured will pay a proportion of 
the usual premium charged for the lost instrument bond, equal to the 
percentage that the applicable Deductible Amount bears to the value of such 
Securities upon discovery of the loss, and will indemnify the issuer of such 
bond against all loss and expense that is not recovered from the Underwriter 
under the terms and conditions of this Bond, subject to the applicable 
Limit of Liability. 

SECTION 8. SALVAGE

If any recovery is made, whether by the Insured or the Underwriter, on account 
of any loss within the applicable Limit of Liability hereunder, the Underwriter 
shall be entitled to the full amount of such recovery to reimburse the 
Underwriter for all amounts paid hereunder with respect to such loss. If any 
recovery is made, whether by the Insured or the Underwriter, on account of 
any loss in excess of the applicable Limit of Liability hereunder plus the 
Deductible Amount applicable to such loss from any source other than 
suretyship, insurance, reinsurance, security or indemnity taken by or for the 
benefit of the Underwriter, the amount of such recovery, net of the actual 
costs and expenses of recovery, shall be applied to reimburse the Insured in 
full for the portion of such loss in excess of such Limit of Liability, and the 
remainder, if any, shall be paid first to reimburse the Underwriter for all 
amounts paid hereunder with respect to such loss and then to the Insured to
the extent of the portion of such loss within the Deductible Amount. The 
Insured shall execute all documents which the Underwriter deems necessary 
or desirable to secure to the Underwriter the rights provided for herein.

SECTION 9.	NON-REDUCTION AND NON-ACCUMULATION 
		OF LIABILITY AND TOTAL LIABILITY

Prior to its termination, this Bond shall continue in force up to the Limit of 
Liability for each Insuring Agreement for each Single Loss, notwithstanding 
any previous loss (other than such Single Loss) for which the Underwriter 
may have paid or be liable to pay hereunder; PROVIDED, however, that 
regardless of the number of years this Bond shall continue in force and the 
number of premiums which shall be payable or paid, the liability of the 
Underwriter under this Bond with respect to any Single Loss shall be 
limited to the applicable Limit of Liability irrespective of the total amount 
of such Single Loss and shall not be cumulative in amounts from year
to year or from period to period.

SECTION 10. 	MAXIMUM LIABILITY OF UNDERWRITER; 
		OTHER BONDS OR POLICIES

The maximum liability of the Underwriter for any Single Loss covered by any 
Insuring Agreement under this Bond shall be the Limit of Liability applicable 
to such Insuring Agreement, subject to the applicable Deductible Amount and
the other provisions of this Bond. Recovery for any Single Loss may not be 
made under more than one Insuring Agreement. If any Single Loss covered 
under this Bond is recoverable or recovered in whole or in part because of an 
unexpired discovery period under any other bonds or policies issued by the 
Underwriter to the Insured or to any predecessor in interest of the Insured, 
the maximum liability of the Underwriter shall be the greater of either (1) 
the applicable Limit of Liability under this Bond, or (2) the maximum liability 
of the Underwriter under such other bonds or policies.

SECTION 11.	OTHER INSURANCE

Notwithstanding anything to the contrary herein, if any loss covered by this 
Bond shall also be covered by other insurance or suretyship for the benefit of 
the Insured, the Underwriter shall be liable hereunder only for the portion of 
such loss in excess of the amount recoverable under such other insurance or 
suretyship, but not exceeding the applicable Limit of Liability of this Bond.

SECTION 12.	DEDUCTIBLE AMOUNT

The Underwriter shall not be liable under any Insuring Agreement unless the 
amount of the loss covered thereunder, after deducting the net amount of 
all reimbursement and/or recovery received by the Insured with respect to 
such loss (other than from any other bond, suretyship or insurance policy or 
as an advance by the Underwriter hereunder) shall exceed the applicable 
Deductible Amount; in such case the Underwriter shall be liable only for 
such excess, subject to the applicable Limit of Liability and the other 
terms of this Bond.

No Deductible Amount shall apply to any loss covered under Insuring 
Agreement A sustained by any Investment Company named as an Insured.



SECTION 13.	TERMINATION

The Underwriter may terminate this Bond as to any Insured or all Insureds only 
by written notice to such Insured or Insureds and, if this Bond is terminated 
as to any Investment Company, to each such Investment Company terminated 
thereby and to the Securities and Exchange Commission, Washington, D.C.,
in all cases not less than sixty (60) days prior to the effective date of 
termination specified in such notice. 

The Insured may terminate this Bond only by written notice to the Underwriter 
not less than sixty (60) days prior to the effective date of the termination 
specified in such notice. Notwithstanding the foregoing, when the Insured 
terminates this Bond as to any Investment Company, the effective date of 
termination shall be not less than sixty (60) days from the date the 
Underwriter provides written notice of the termination to each such 
Investment Company terminated thereby and to the Securities and 
Exchange Commission, Washington, D.C.

This Bond will terminate as to any Insured that is a Non-Fund immediately and 
without notice upon (1) the takeover of such Insured's business by any State or 
Federal official or agency, or by any receiver or liquidator, or (2) the filing 
ofa petition under any State or Federal statute relative to bankruptcy or 
reorganization of the Insured, or assignment for the benefit of creditors 
of the Insured.

Premiums are earned until the effective date of termination. The Underwriter 
shall refund the unearned premium computed at short rates in accordance with 
the Underwriter's standard short rate cancellation tables if this Bond is 
terminated by the Insured or pro rata if this Bond is terminated by
the Underwriter.

Upon the detection by any Insured that an Employee has committed any 
Dishonest or Fraudulent Act(s), the Insured shall immediately remove such 
Employee from a position that may enable such Employee to cause the Insured to 
suffer a loss by any subsequent Dishonest or Fraudulent Act(s). The Insured, 
within two (2) business days of such detection, shall notify the Underwriter 
with full and complete particulars of the detected Dishonest or 
Fraudulent Act(s).

For purposes of this section, detection occurs when any partner, officer, or 
supervisory employee of any Insured, who is not in collusion with such 
Employee, becomes aware that the Employee has committed any 
Dishonest or Fraudulent Act(s).

This Bond shall terminate as to any Employee by written notice from the 
Underwriter to each Insured and, if such Employee is an Employee of an 
Insured Investment Company, to the Securities and Exchange Commission,
in all cases not less than sixty (60) days prior to the effective date of 
termination specified in such notice.

SECTION 14.	RIGHTS AFTER TERMINATION 

At any time prior to the effective date of termination of this Bond as to 
any Insured, such Insured may, by written notice to the Underwriter, 
elect to purchase the right under this Bond to an additional period 
of twelve (12) months within which to discover loss sustained by such 
Insured prior to the effective date of such termination and shall pay an 
additional premium therefor as the Underwriter may require.

Such additional discovery period shall terminate immediately and without 
notice upon the takeover of such Insured's business by any State or Federal 
official or agency, or by any receiver or liquidator. Promptly after such 
termination the Underwriter shall refund to the Insured any 
unearned premium.


The right to purchase such additional discovery period may not be 
exercised by any State or Federal official or agency, or by any receiver or 
liquidator, acting or appointed to take over the Insured's business.

SECTION 15.	CENTRAL HANDLING OF SECURITIES

The Underwriter shall not be liable for loss in connection with the 
central handling of securities within the systems established and 
maintained by any Depository ("Systems"), unless the amount of such loss 
exceeds the amount recoverable or recovered under any bond or policy or 
participants' fund insuring the Depository against such loss (the "Depository's 
Recovery"); in such case the Underwriter shall be liable hereunder only for 
the Insured's share of such excess loss, subject to the applicable Limit of 
Liability, the Deductible Amount and the other terms of this Bond.

For determining the Insured's share of such excess loss, (1) the Insured shall 
be deemed to have an interest in any certificate representing any security 
included within the Systems equivalent to the interest the Insured then has 
in all certificates representing the same security included within the Systems; 
(2) the Depository shall have reasonably and fairly apportioned the 
Depository's Recovery among all those having an interest as recorded by 
appropriate entries in the books and records of the Depository in Property 
involved in such loss, so that each such interest shall share in the 
Depository's Recovery in the ratio that the value of each such interest bears
to the total value of all such interests; and (3) the Insured's share of such 
excess loss shall be the amount of the Insured's interest in such Property 
in excess of the amount(s) so apportioned to the Insured by the Depository.

This Bond does not afford coverage in favor of any Depository or Exchange 
or any nominee in whose name is registered any security included 
within the Systems.

SECTION 16.	ADDITIONAL COMPANIES INCLUDED 
		AS INSURED

If more than one entity is named as the Insured:

A.	the total liability of the Underwriter hereunder for each 
Single Loss shall not exceed the Limit of Liability which would be 
applicable if there were only one named Insured, regardless of the number 
of Insured entities which sustain loss as a result of such Single Loss,

B.	the Insured first named in Item 1 of the Declarations shall 
be deemed authorized to make, adjust, and settle, and receive and enforce 
payment of, all claims hereunder as the agent of each other Insured for such 
purposes and for the giving or receiving of any notice required or permitted to
be given hereunder; provided, that the Underwriter shall promptly furnish 
each named Insured Investment Company with (1) a copy of this Bond and 
any amendments thereto, (2) a copy of each formal filing of a claim hereunder 
by any other Insured, and (3) notification of the terms of the settlement of 
each such claim prior to the execution of such settlement,

C.	the Underwriter shall not be responsible or have any liability for 
the proper application by the Insured first named in Item 1 of the Declarations 
of any payment made hereunder to the first named Insured,

D.	for the purposes of Sections 4 and 13, knowledge possessed or 
discovery made by any partner, officer or supervisory Employee of any Insured 
shall constitute knowledge or discovery by every named Insured,


E.	if the first named Insured ceases for any reason to be covered 
under this Bond, then the Insured next named shall thereafter be considered
as the first named Insured for the purposes of this Bond, and

F.	each named Insured shall constitute "the Insured" for all 
purposes of this Bond.

SECTION 17.	NOTICE AND CHANGE OF CONTROL

Within thirty (30) days after learning that there has been a change in control 
of an Insured by transfer of its outstanding voting securities the Insured shall
give written notice to the Underwriter of:
A.	the names of the transferors and transferees (or the names of the 
beneficial owners if the voting securities are registered in another name), and

B.	the total number of voting securities owned by the transferors and 
the transferees (or the beneficial owners), both immediately before and after 
the transfer, and

C.	the total number of outstanding voting securities.

As used in this Section, "control" means the power to exercise a controlling
influence over the management or policies of the Insured.

SECTION 18.	CHANGE OR MODIFICATION

This Bond may only be modified by written Rider forming a part hereof 
over the signature of the Underwriter's authorized representative. Any Rider 
which modifies the coverage provided by Insuring Agreement A, Fidelity, in
a manner which adversely affects the rights of an Insured Investment 
Company shall not become effective until at least sixty (60) days after the
Underwriter has given written notice thereof to the Securities and Exchange 
Commission, Washington, D.C., and to each Insured Investment Company 
affected thereby.

SECTION 19.	COMPLIANCE WITH APPLICABLE TRADE 
		AND ECONOMIC SANCTIONS

This Bond shall not be deemed to provide any coverage, and the Underwriter 
shall not be required to pay any loss or provide any benefit hereunder, to the 
extent that the provision of such coverage, payment of such loss or provision 
of such benefit would cause the Underwriter to be in violation of any 
applicable trade or economic sanctions, laws or regulations, including, but not 
limited to, any sanctions, laws or regulations administered and enforced by
the U.S. Department of Treasury Office of Foreign Assets Control (OFAC).

SECTION 20.	ANTI-BUNDLING 

If any Insuring Agreement requires that an enumerated type of document 
be Counterfeit, or contain a Forgery or Alteration, the Counterfeit, Forgery, 
or Alteration must be on or of the enumerated document itself, not on or of 
some other document submitted with, accompanying or incorporated by reference 
into the enumerated document.

IN WITNESS WHEREOF, the Underwriter has caused this Bond to be executed on 
the Declarations Page.




ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 1


INSURED                                       BOND NUMBER
J.P. Morgan Exchange-Traded Funds Trust       141037120B


EFFECTIVE DATE	     BOND PERIOD	  AUTHORIZED 
				   	  REPRESENTATIVE
 April 1, 2020	     April 1, 2020 
		     to April 1, 2021	  /S/ Maggie Sullivan

In consideration of the premium charged for this Bond, it is hereby 
understood and agreed that Item 1 of the Declarations, Name of Insured, 
shall include the following:

J.P. Morgan Exchange-Traded Funds Trust, a series fund consisting of:
o JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
o JPMorgan BetaBuilders Canada ETF
o JPMorgan BetaBuilders Developed Asia ex-Japan ETF
o JPMorgan BetaBuilders Europe ETF
o JPMorgan BetaBuilders International Equity ETF
o JPMorgan BetaBuilders Japan ETF
o JPMorgan BetaBuilders MSCI US REIT ETF
o JPMorgan BetaBuilders U.S. Equity ETF
o JPMorgan Core Plus Bond ETF
o JPMorgan Corporate Bond Research Enhanced ETF
o JPMorgan Diversified Alternatives ETF 
o JPMorgan Diversified Return Emerging Markets Equity ETF
o JPMorgan Diversified Return Europe Currency Hedged ETF
o JPMorgan Diversified Return Europe Equity ETF
o JPMorgan Diversified Return Global Equity ETF
o JPMorgan Diversified Return International Currency Hedged ETF
o JPMorgan Diversified Return International Equity ETF
o JPMorgan Diversified Return U.S. Equity ETF
o JPMorgan Diversified Return U.S. Mid Cap Equity ETF
o JPMorgan Diversified Return U.S. Small Cap Equity ETF
o JPMorgan Event Driven ETF
o JPMorgan Global Bond Opportunities ETF
o JPMorgan High Yield Research Enhanced ETF
o JPMorgan International Equity ETF
o JPMorgan Long/Short ETF
o JPMorgan Managed Futures Strategy ETF
o JPMorgan Municipal ETF
o JPMorgan U.S. Aggregate Bond ETF
o JPMorgan U.S. Dividend ETF
o JPMorgan U.S. Minimum Volatility ETF
o JPMorgan U.S. Momentum Factor ETF
o JPMorgan U.S. Quality Factor ETF
o JPMorgan U.S. Value Factor ETF
o JPMorgan Ultra-Short Income ETF
o JPMorgan Ultra-Short Municipal Income ETF
o JPMorgan USD Emerging Markets Sovereign Bond ETF

Except as above stated, nothing herein shall be held to alter, waive or 
extend any of the terms of this Bond.


ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 2


EFFECTIVE DATE	 BOND PERIOD	    AUTHORIZED 
				    REPRESENTATIVE
April 1, 2020	 April 1, 2020 
		 to April 1, 2021   /S/ Maggie Sullivan

In consideration of the premium charged for this Bond, it is hereby 
understood and agreed that notwithstanding Section 2.Q of this Bond, 
this Bond is amended by adding an additional Insuring Agreement J 
as follows:

J.	COMPUTER SECURITY

Loss (including loss of Property) resulting directly from Computer Fraud; 
provided, that the Insured has adopted in writing and generally maintains 
and follows during the Bond Period all Computer Security Procedures. The 
isolated failure of the Insured to maintain and follow a particular Computer 
Security Procedure in a particular instance will not preclude coverage under 
this Insuring Agreement, subject to the specific exclusions herein and in 
the Bond.

1.	Definitions. The following terms used in this Insuring Agreement
shall have the following meanings:

a.	"Authorized User" means any person or entity designated by the 
Insured (through contract, assignment of User Identification, or otherwise) as 
authorized to use a Covered Computer System, or any part thereof. An 
individual who invests in an Insured Fund shall not be considered to be an 
Authorized User solely by virtue of being an investor.

b.	"Computer Fraud" means the unauthorized entry of data into, 
or the deletion or destruction of data in, or change of data elements or 
programs within, a Covered Computer System which:

(1)	is committed by any Unauthorized Third Party anywhere, alone 
or in collusion with other Unauthorized Third Parties; and

(2)	is committed with the conscious manifest intent (a) to cause the 
Insured to sustain a loss, and (b) to obtain financial benefit for the 
perpetrator or any other person; and

(3)	causes (x) Property to be transferred, paid or delivered; or (y) an 
account of the Insured, or of its customer, to be added, deleted, debited or 
credited; or (z) an unauthorized or fictitious account to be debited or 
credited.

c.	"Computer Security Procedures" means procedures for prevention 
of unauthorized computer access and use and administration of computer access 
and use as provided in writing to the Underwriter. 

d.	"Covered Computer System" means any Computer System as to 
which the Insured has possession, custody and control.

e.	"Unauthorized Third Party" means any person or entity that, at the 
time of the Computer Fraud, is not an Authorized User.

f.	"User Identification" means any unique user name (i.e., a series of 
characters) that is assigned to a person or entity by the Insured.

2.	Exclusions. It is further understood and agreed that this Insuring 
Agreement J shall not cover:

a.	Any loss covered under Insuring Agreement A, "Fidelity," of this 
Bond; and

b.	Any loss resulting from the intentional failure to adhere to one or 
more Computer Security Procedures; and

c.	Any loss resulting from a Computer Fraud committed by or in 
collusion with:

(1)	any Authorized User (whether a natural person or an entity); or

(2)	in the case of any Authorized User which is an entity, (a) any 
director, officer, partner, employee or agent of such Authorized User, or (b)
any entity which controls, is controlled by, or is under common control with 
such Authorized User ("Related Entity"), or (c) any director, officer, partner, 
employee or agent of such Related Entity; or

(3)	in the case of any Authorized User who is a natural person, (a) any
entity for which such Authorized User is a director, officer, partner, employee 
or agent ("Employer Entity"), or (b) any director, officer, partner, employee 
or agent of such Employer Entity, or (c) any entity which controls, is 
controlled by, or is under common control with such Employer Entity 
("Employer-Related Entity"), or (d) any director, officer, partner, employee
or agent of such Employer-Related Entity;

and

d.	Any loss resulting from physical damage to or destruction of any 
Covered Computer System, or any part thereof, or any data, data elements or 
media associated therewith; and

e.	Any loss resulting from Computer Fraud committed by means of 
wireless access to any Covered Computer System, or any part thereof, or any 
data, data elements or media associated therewith; and

f.	Any loss not directly and proximately caused by Computer Fraud 
(including, without limitation, disruption of business and extra expense); and

g.	Payments made to any person(s) who has threatened to deny or 
has denied authorized access to a Covered Computer System or otherwise has 
threatened to disrupt the business of the Insured.

For purposes of this Insuring Agreement, "Single Loss," as defined in Section 
1.EE of this Bond, shall also include all loss caused by Computer Fraud(s) 
committed by one person, or in which one person is implicated, whether or 
not that person is specifically identified. A series of losses involving 
unidentified individuals, but arising from the same method of operation, 
may be deemed by the Underwriter to involve the same individual and in that 
event shall be treated as a Single Loss.

It is further understood and agreed that nothing in this Rider shall affect the 
exclusion set forth in Section 2.O of this Bond.

Coverage under this Insuring Agreement shall terminate upon termination of 
this Bond. Coverage under this Insuring Agreement may also be terminated 
without terminating this Bond as an entirety:

(a)	by written notice from the Underwriter not less than sixty (60) 
days prior to the effective date of termination specified in such notice; or

(b)	immediately by written notice from the Insured to the Underwriter.

Except as above stated, nothing herein shall be held to alter, waive or extend 
any of the terms of this Bond.



ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 3


INSURED                                        BOND NUMBER
J.P. Morgan Exchange-Traded Funds Trust        141037120B


EFFECTIVE DATE	 BOND PERIOD	        AUTHORIZED 
				        REPRESENTATIVE
 April 1, 2020	 April 1, 2020 
		 to April 1, 2021	/S/ Maggie Sullivan

In consideration of the premium charged for this Bond, it is hereby 
understood and agreed that this Bond does not cover any loss resulting 
from or in connection with the acceptance of any Third Party Check, 
unless

(1)	such Third Party Check is used to open or increase an 
account which is registered in the name of one or more of the payees on 
such Third Party Check, and

(2)	reasonable efforts are made by the Insured, or by the entity 
receiving Third Party Checks on behalf of the Insured, to verify all 
endorsements on all Third Party Checks made payable in amounts 
greater than $100,000 (provided, however, that the isolated failure to 
make such efforts in a particular instance will not preclude coverage, 
subject to the exclusions herein and in the Bond), 

and then only to the extent such loss is otherwise covered under this Bond.

For purposes of this Rider, "Third Party Check" means a check made payable to 
one or more parties and offered as payment to one or more other parties.

It is further understood and agreed that notwithstanding anything 
to the contrary above or elsewhere in the Bond, this Bond does not
cover any loss resulting from or in connection with the acceptance 
of a Third Party Check where:

(1)	any payee on such Third Party Check reasonably appears to be a 
corporation or other entity; or

(2)	such Third Party Check is made payable in an amount greater than 
$100,000 and does not include the purported endorsements of all payees on such 
Third Party Check.

It is further understood and agreed that this Rider shall not apply with
respect to any coverage that may be available under Insuring 
Agreement A, "Fidelity."

Except as above stated, nothing herein shall be held to alter, waive or extend 
any of the terms of this Bond.


ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 4


INSURED                                        BOND NUMBER
J.P. Morgan Exchange-Traded Funds Trust        141037120B


EFFECTIVE DATE	  BOND PERIOD	        AUTHORIZED 
				        REPRESENTATIVE
 April 1, 2020	  April 1, 2020 
		  to April 1, 2021	/S/ Maggie Sullivan

In consideration of the premium charged for this Bond, it is hereby 
understood and agreed that, notwithstanding anything to the contrary 
in General Agreement A of this Bond, Item 1 of the Declarations shall 
include any Newly Created Investment Company or portfolio provided that the 
Insured shall submit to the Underwriter annually, a list of all Newly Created 
Investment Companies or portfolios, the estimated annual assets of each Newly 
Created Investment Company or portfolio. 

For purposes of this Rider, "Newly Created Investment Company or portfolio"
shall mean any Investment Company or portfolio for which registration with the
U.S. Securities and Exchange Commission has been declared effective for a time 
period of less than one year.

Except as above stated, nothing herein shall be held to alter, waive or extend 
any of the terms of this Bond.


ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 5


INSURED                                        BOND NUMBER
J.P. Morgan Exchange-Traded Funds Trust        141037120B


EFFECTIVE DATE	  BOND PERIOD	        AUTHORIZED 
				        REPRESENTATIVE
 April 1, 2020	  April 1, 2020 
		  to April 1, 2021	/S/ Maggie Sullivan

Most property and casualty insurers, including ICI Mutual Insurance Company, 
a Risk Retention Group ("ICI Mutual"), are subject to the requirements of the 
Terrorism Risk Insurance Act of 2002, as amended (the "Act"). The Act 
establishes a federal insurance backstop under which ICI Mutual and these other 
insurers may be partially reimbursed by the United States Government for future 
"insured losses" resulting from certified "acts of terrorism." (Each of these 
bolded terms is defined by the Act.) The Act also places certain disclosure
and other obligations on ICI Mutual and these other insurers.

Pursuant to the Act, any future losses to ICI Mutual caused by certified "acts 
of terrorism" may be partially reimbursed by the United Sates government 
under a formula established by the Act. Under this formula, the United States 
government would generally reimburse ICI Mutual for the Federal Share of 
Compensation of ICI Mutual's "insured losses" in excess of ICI Mutual's 
"insurer deductible" until total "insured losses" of all participating insurers 
reach $100 billion (the "Cap on Annual Liability"). If total "insured
losses" of all property and casualty insurers reach the Cap on Annual 
Liability in any one calendar year, the Act limits U.S. Government 
reimbursement and provides that the insurers will not be liable under 
their policies for their portions of such losses that exceed such amount. 
Amounts otherwise payable under this Bond may be reduced as a result. 

This Bond has no express exclusion for "acts of terrorism." However, coverage 
under this Bond remains subject to all applicable terms, conditions, and 
limitations of the Bond (including exclusions) that are permissible under 
the Act. 

The portion of the premium that is attributable to any coverage potentially 
available under the Bond for "acts of terrorism" is one percent (1%) and does 
not include any charges for the portion of loss that may be covered by the 
U.S. Government under the Act

As used herein, "Federal Share of Compensation" shall mean 85% in calendar 
year 2015 and shall be reduced by 1% per calendar year until equal to 80%.

Except as above stated, nothing herein shall be held to alter, 
waive or extend any of the terms of this Bond.



ICI MUTUAL INSURANCE COMPANY,
a Risk Retention Group

INVESTMENT COMPANY BLANKET BOND

RIDER NO. 6


INSURED                                        BOND NUMBER
J.P. Morgan Exchange-Traded Funds Trust        141037120B


EFFECTIVE DATE	  BOND PERIOD		AUTHORIZED 
					REPRESENTATIVE
 April 1, 2020	  April 1, 2020 
		  to April 1, 2021	/S/ Maggie Sullivan


	SOCIAL ENGINEERING FRAUD

In consideration of the premium charged for this Bond, it is hereby
understood and agreed that this Bond is amended by adding an 
additional Insuring Agreement M, as follows:

M.	Social Engineering Fraud

Loss resulting directly from the Insured, in good faith, transferring, 
paying, or delivering money from its own account as a direct result of 
a Social Engineering Fraud;

PROVIDED, that the entity receiving such request generally maintains and 
follows during the Bond Period all Social Engineering Security Procedures.

The Limit of Liability for a Single Loss under this Insuring Agreement M shall 
be the lesser of (a) 50% of the amount by which such Single Loss exceeds the 
Deductible Amount or (b) $1,000,000 (One Million Dollars), and the Insured 
shall bear the remainder of any such Single Loss. The Deductible Amount for 
this Insuring Agreement M is $25,000 (Twenty Five Thousand Dollars).

Notwithstanding any other provision of this Bond, the aggregate Limit of 
Liability under this Bond with respect to any and all loss or losses under 
this Insuring Agreement M shall be $1,000,000 (One Million Dollars) 
for the Bond Period, irrespective of the total amount of such
loss or losses.

This Insuring Agreement M does not cover loss covered under any 
other Insuring Agreement of this Bond.

It is further understood and agreed that for purposes of this rider:

1.	"Communication" means an instruction that 
(a) directs an Employee to transfer, pay, or deliver money from the 
Insured's own account, (b) contains a material misrepresentation of fact, 
and (c) is relied upon by the Employee, believing it to be true.



2.	"Social Engineering Fraud" means the intentional misleading 
of an Employee through the use of a Communication, where such Communication:

(a)	is transmitted to the Employee in writing, by voice over the telephone, 
or by Electronic Transmission;

(b)	is made by an individual who purports to be (i) an Employee who is 
duly authorized by the Insured to instruct another Employee to transfer, pay, 
or deliver money, or (ii) an officer or employee of a Vendor who is duly 
authorized by the Insured to instruct an Employee to transfer, pay, 
or deliver money; and 

(c)	is unauthorized, dishonest or fraudulent and is made with the 
manifest intent to deceive.

3.	"Social Engineering Security Procedures" means security procedures 
intended to prevent Social Engineering Fraud as set forth in the Application 
and/or as otherwise provided in writing to the Underwriter.

4.	"Vendor" means any entity or individual that provides goods or 
services to the Insured under a pre-existing, written agreement.

Except as above stated, nothing herein shall be held to alter, waive, 
or extend any of the terms of this Bond.








Rule 17g-1 - Bonding of Officers and Employees of 
Registered Management Investment Companies

17g-1(g)(1)(ii)(c): Statement showing the amount of the single insured bond 
which each investment company would have provided and maintained had it 
not been named as an insured under a joint insured bond

      
      J.P. Morgan Exchange-Traded Fund Trust	$2,500,000


The premium for J.P. Morgan Exchange-Traded Fund Trust is paid for the 
period April 1, 2020 to April 1, 2021.


J.P. MORGAN EXCHANGE-TRADED FUND TRUST

Secretary's Certificate


The undersigned hereby certifies that she is the Secretary of J.P. Morgan 
Exchange-Traded Trust (the "Trust"); that the following is a true and correct 
copy of the resolutions approving the amount and form of the fidelity bond 
adopted by vote of a majority of the members of the Board of Trustees of the 
Trust, including a majority of the Trustees who are not interested persons of 
the Trust (within the meaning of Section 2(a)(19) of the Investment Company 
Act of 1940 Act, as amended) at a meeting of the Board of Trustees held on 
March 9-10, 2020 and that said resolutions are in full force and effect:

Approval of Fidelity Bond
-------------------------

RESOLVED, that it is the finding of the Trustees, including of a majority of the
Independent Trustees, that the proposed Fidelity Bond written by ICI Mutual 
Insurance Company (the "Bond") in the aggregate amount of $5,000,000 
covering, among others, officers and employees of the Trust, in accordance 
with the requirements of Rule 17g-1 promulgated by the SEC under 
Section 17(g) of the 1940 Act, is reasonable in form and amount, after having 
given due consideration to, among other things, the value of the aggregate 
assets of each Fund to which any person covered under the Bond will have 
access, the type and terms of the arrangements that are proposed for the 
custody and safekeeping of assets of the Trust and each Fund and the 
nature of the securities in each Fund's portfolio; and 

FURTHER RESOLVED, that the premium to be paid by the Trust, on behalf 
of each Fund, be, and it hereby is, approved by the Trustees, including a 
majority of the Independent Trustees, after having given due consideration 
to, among other things, the number of parties insured under the Bond, 
the nature of the business activities of those parties, the amount of the 
Bond and the extent to which the share of the maximum premium 
allocated to each Fund under the Bond is no more than the premium 
that the Fund would have had to pay if it had maintained a single 
insured bond; and 

FURTHER RESOLVED, that in the event it is necessary, as determined 
by the officers of the Trust, an endorsement to the Bond increasing 
the coverage (the "Endorsement") be, and it hereby is, approved by a 
vote of a majority of the Trustees, including a majority of the Independent 
Trustees; and 

FURTHER RESOLVED, that the officers of the Trust be, and each of them
hereby is, authorized and directed to enter into an agreement on behalf of 
the Funds, as required by Rule 17g-1, providing that in the event any
recovery is received under the Bond as a result of a loss sustained by 
more than one Fund, that each Fund shall receive an equitable and 
proportionate share of the recovery, but in no event less than the amount it
would have received had it provided and maintained a single insured bond 
with the minimum coverage required by paragraph (d)(1) of the 
aforementioned Rule 17g-1; and 

FURTHER RESOLVED, that the officers of the Trust be, and each of 
them hereby is, authorized and directed to prepare, execute and file such 
amendments and supplements to the aforesaid agreement, and to take such 
other action as may be necessary or appropriate in order to conform to the 
provisions of the 1940 Act, and the rules and regulations thereunder; and 

Page 1 of 2

FURTHER RESOLVED, that the Secretary of the Trust (or any Assistant 
Secretary) shall file the Bond with the SEC and give notice required under 
paragraph (g) of the aforementioned Rule 17g-1; and 

FURTHER RESOLVED, that the officers of the Trust be, and each of them 
hereby is, authorized and directed to make any and all payments and to do 
any and all other acts, in the name of the Trust and on their behalf, as they, 
or any of them, may determine to be necessary or appropriate and proper 
in connection with or in furtherance of the foregoing resolutions.



Dated this 20th day of November, 2020.


/s/ Elizabeth A. Davin
____________________________
Elizabeth A. Davin
Secretary



Page 2 of 2


JOINT FIDELITY BOND AGREEMENT
                -----------------------------


AGREEMENT made effective this 1st day of April, 2020, by J.P. Morgan 
Exchange-Traded Fund Trust on behalf of each of its series  (each 
a "Registrant" and collectively, the "Registrants" and each an "Insured" 
and collectively, the "Insureds").  

	WHEREAS, each Registrant is a series of a management 
investment company registered under the Investment Company Act of 1940, 
as amended (the "1940 Act"); and

      	 WHEREAS, pursuant to the requirements of Rule 17g-1 under the 
1940 Act, each Registrant is required to maintain a fidelity bond against 
larceny and embezzlement covering certain of its officers and employees; 
and
       
	WHEREAS, Rule 17g-1 provides that a registered management 
investment company may obtain a joint insured bond covering itself and 
other persons, as specified in Rule 17g-1(b) under the 1940 Act, including 
other registered investment companies that are managed and/or whose 
shares are distributed by the same entities (or affiliates of such entities); 
and
       
	WHEREAS, each of the Registrants is managed by subsidiaries or 
affiliates of JPMorgan Chase & Co. ("JPMorgan"); and

     	WHEREAS, the Insureds have entered into a Registered Management 
Investment Company Bond issued by ICI Mutual Insurance Company ("Bond"); 
and

     	WHEREAS, the Insureds desire to provide for: (1) the method by 
which the amount of coverage provided under the Bond will be determined 
from time to time; and (2) an equitable and proportionate allocation of any 
proceeds received under the Bond in the event that one or more Insureds
suffer loss and consequently are entitled to recover under the Bond;

       NOW THEREFORE, it is hereby agreed among the parties hereto as follows:

       1. 	Amount of Coverage Maintained.  The amount of fidelity bond 
coverage under the Bond shall at all times be at least equal in amount to the 
total amount of coverage which each Registrant would have been required 
to provide and maintain individually pursuant to the schedule set forth in 
paragraph (d) of Rule 17g-1 under the 1940 Act had each Registrant not been a 
named Insured under the Bond.   

       2. 	Allocation of Recovery.  In the event recovery is received under the 
Bond as a result of loss sustained by more than one of the Insureds, each such 
Registrant shall receive an equitable and proportionate share of the recovery 
which shall be at least equal to the amount which that Registrant would have 
received had it provided and maintained a single insured bond with the 
minimum coverage required by Rule 17g-1(d)(1).

       3. 	Allocation of Premiums.  No premium shall be paid by a Registrant 
under the Bond unless that Registrant's Board of Trustees, including majority 
of those Trustees who are not "interested persons" of the Registrant as defined 
by Section 2(a)(19) of the 1940 Act, shall approve the portion of the premium 
to be paid by that Registrant.  The premium payable on the Bond shall be 
allocated among the Insureds as determined by the Registrants' Board 
of Trustees.

       4. 	Amendment.  This Agreement may not be amended or modified in 
any manner except by a written agreement executed by the parties.  

       5. 	Applicable Law.  This Agreement shall be construed and the 
provisions thereof interpreted under and in accordance with the laws of the 
State of New York.

       6. 	Term.  The term of this Agreement shall commence on the date 
hereof and shall terminate upon the termination or cancellation of the Bond.

       IN WITNESS WHEREOF, each of the parties has caused this Agreement 
to be executed in its name and behalf by its authorized representative 
effective as of the day and year first above written.


J.P. Morgan Exchange-Traded Fund Trust



/s/ Frederick J. Cavaliere 
____________________________ 
Name: Frederick J. Cavaliere  
Title:   Assistant Treasurer 	





Source link

Leave a Reply