Free Writing Prospectus Filed Pursuant to Rule 433 Registration Statement No.
333-177923 April 2, 2014

April 2014

J.P. Morgan Structured Investments

J.P. MORGAN ETF EFFICIENTE DS 5 INDEX

The J.P. Morgan ETF Efficiente DS 5 Index

Strategy Guide

Important Information

JPMorgan Chase  and  Co. ("J.P. Morgan") has filed a registration statement
(including a prospectus) with the Securities and Exchange Commission (the
"SEC") for any offerings to which these materials relate. Before you invest in
any offering of securities by J.P. Morgan, you should read the prospectus in
that registration statement, the prospectus supplement, as well as the
particular product supplement, the relevant term sheet or pricing supplement,
and any other documents that J.P. Morgan will file with the SEC relating to
such offering for more complete information about J.P. Morgan and the offering
of any securities. You may get these documents without cost by visiting EDGAR
on the SEC Website at www.sec.gov. Alternatively, J.P. Morgan, any agent, or
any dealer participating in the particular offering will arrange to send you
the prospectus and the prospectus supplement, as well as any product supplement
and term sheet or pricing supplement, if you so request by calling toll-free
(866) 535-9248.

To the extent there are any inconsistencies between this free writing
prospectus and the relevant term sheet or pricing supplement, the relevant term
sheet or pricing supplement, including any hyperlinked information, shall
supersede this free writing prospectus.

Securities linked to JPMorgan ETF Efficiente DS 5 Index (the "Strategy") are
our senior unsecured obligations and are not secured debt. Investing in these
securities is not equivalent to a direct investment in the Strategy or any
index fund that forms part of the Strategy.

Investments in securities linked to the Strategy require investors to assess
several characteristics and risk factors that may not be present in other types
of transactions. In reaching a determination as to the appropriateness of any
proposed transaction, clients should undertake a thorough independent review of
the legal, regulatory, credit, tax, accounting and economic consequences of
such transaction in relation to their particular circumstances. This free
writing prospectus contains market data from various sources other than us and
our affiliates, and, accordingly, we make no representation or warranty as to
the market data's accuracy or completeness. All information is subject to
change without notice. We or our affiliated companies may make a market or deal
as principal in the securities mentioned in this document or in options,
futures or other derivatives based thereon.

Any historical composite performance records included in this free writing
prospectus are hypothetical and it should be noted that the constituents have
not traded together in the manner shown in the composite historical replication
of the indices included in this free writing prospectus. No representation is
being made that the Strategy will achieve a composite performance record
similar to that shown. In fact, there are frequently sharp differences between
a hypothetical historical composite performance record and the actual record
that the combination of those underlying elements subsequently achieved.

Use of Simulated Returns
Back-testing and other statistical analysis material that is provided in
connection with the explanations of the potential returns of the securities
linked to the Strategy use simulated analysis and hypothetical circumstances to
estimate how it may have performed prior to its actual existence. For time
periods prior to the launch of an exchange-traded fund included in the Strategy
and such exchange-traded fund's initial satisfaction of a minimum liquidity
standard, back-testing uses alternative performance information derived from a
related index, after deducting hypothetical fund fees, rather than performance
information for such exchange-traded fund.

The results obtained from "back-testing" information should not be considered
indicative of the actual results that might be obtained from an investment or
participation in a financial instrument or transaction referencing the Index.
J.P. Morgan provides no assurance or guarantee that the securities linked to
the Index will operate or would have operated in the past in a manner
consistent with these materials. The hypothetical historical levels presented
herein have not been verified by an independent third party, and such
hypothetical historical levels have inherent limitations.

2

Alternative simulations, techniques, modeling or assumptions might produce
significantly different results and prove to be more appropriate. Actual
results will vary, perhaps materially, from the simulated returns presented in
this strategy guide.

IRS Circular 230 Disclosure

We and our affiliates do not provide tax advice. Accordingly, any discussion of
U.S. tax matters contained herein is not intended or written to be used, and
cannot be used, in connection with the promotion, marketing or recommendation
by anyone unaffiliated with J.P. Morgan of any of the matters addressed herein
or for the purpose of avoiding U.S. tax-related penalties.

Investment suitability must be determined individually for each investor, and
the financial instruments described herein may not be suitable for all
investors. This information is not intended to provide and should not be relied
upon as providing accounting, legal, regulatory or tax advice. Investors should
consult with their own advisors as to these matters.

This material is not a product of J.P. Morgan Research Departments. Structured
Investments may involve a high degree of risk, and may be appropriate
investments only for sophisticated investors who are capable of understanding
and assuming the risks involved. J.P. Morgan and its affiliates may have
positions (long or short), effect transactions or make markets in securities or
financial instruments mentioned herein (or options with respect thereto), or
provide advice or loans to, or participate in the underwriting or restructuring
of the obligations of, issuers mentioned herein. J.P. Morgan is the marketing
name for the Issuer and its subsidiaries and affiliates worldwide. JPMS is a
member of FINRA, NYSE, and SIPC. Clients should contact their salespersons at,
and execute transactions through, a J.P. Morgan entity qualified in their home
jurisdiction unless governing law permits otherwise.

3

Overview

The J.P. Morgan ETF Efficiente DS 5 Index (the "Index" or "ETF Efficiente DS")
is a sequel to the JPMorgan ETF Efficiente 5 Index ("ETF Efficiente"). ETF
Efficiente DS employs the same framework based on momentum and modern portfolio
theory that underlies ETF Efficiente to determine a monthly asset allocation
("Monthly Reference Portfolio") that targets 5% volatility. In ETF Efficiente
DS we introduce a daily volatility targeting mechanism which is overlaid on the
monthly asset allocation. ETF Efficiente DS targets the 5% volatility on a
daily basis by varying the exposure the Index takes to the Monthly Reference
Portfolio daily -- increasing the exposure to the Monthly Reference Portfolio
when the volatility of the portfolio decreases, and decreasing the exposure
when the volatility of the portfolio increases.

Key features of the Index include:

[] the use of ETFs to provide access to a broad range of asset classes and
geographic regions;

[] exposure to developed market equities, bonds (including Treasuries and
corporate bonds), emerging markets, alternative investments (broad commodities
exposure, gold and real estate) and inflation;

[] the weights allocated to the Basket Constituents with the Monthly Reference
Portfolio are dynamic and are determined monthly based on a rules-based
methodology that targets an annualized volatility of 5% or less;

[] an algorithmic portfolio construction which utilizes momentum and
correlation across asset classes;

[] The Index aims to target the volatility of 5% on a daily basis by overlaying
onto the monthly asset selection a mechanism that varies the exposure the Index
takes to the Monthly Reference Portfolio daily, based on historical volatility.
The exposure ranges from 0% to 150%, increasing when the volatility of the
portfolio decreases and decreasing when the volatility increases;

[] the Index is an excess return index and reflects the weighted performance of
its underlying assets (including reinvested dividends for the ETF Constituents)
in excess of the performance of the JPMorgan Cash Index USD 3 Month (the "Cash
Index"); and

[] The Index levels incorporate the daily deduction fee of 1.0% per annum and
are published on Bloomberg under the ticker EEJPDS5E.

The table and graph on the following page illustrate the performance of the
Index based on the hypothetical back-tested closing levels from March 31, 2004
through September 24, 2012 and actual performance from September 25, 2012 to
March 31, 2014. Based on the hypothetical back-tested and historical
performance, the Index realized annualized returns of 6.08% per annum over the
period, and outperformed "hypothetical excess return versions" of the S and P
500 Index and the Barclays Capital U.S. Aggregate Bond Index (the "Barclays
Aggregate Bond Index"). The "hypothetical excess return version" of an asset
refers to a hypothetical index constructed from the returns of such asset with
the returns of the Cash Index deducted. The hypothetical excess return versions
of the S and P 500 Index and the Barclays Aggregate Bond Index will be referred
to as the "S and P 500 Index (Excess Return)" and "Barclays Aggregate Bond Index
(Excess Return)", respectively. There is no guarantee that ETF Efficiente DS
will outperform the S and P 500 Index (Excess Return) or the Barclays Aggregate
Bond Index (Excess Return) during the term of your investment in Notes linked to
the Index.

4

Hypothetical Comparison of ETF Efficiente DS March 31, 2004 to March 31, 2014


            Barclays Aggregate J.P. Morgan ETF S and P 500([R]) Index Bond Index
(Excess Efficiente DS 5 Index (Excess Return)  Return) 12 Month Return 0.63%
21.39% -0.48%

3 Year Return
                                       4.85% 14.03% 3.18% (Annualized) 10 Year
Return 4.96% 4.99% 2.11% (Annualized) Annualized volatility 5.61% 20.43% 3.77%


Sharpe Ratio
0.88 0.24 0.56

Source: Bloomberg and J.P. Morgan. Data as of March 31, 2014. Please see notes
immediately following the graph below.

Hypothetical Performance of ETF Efficiente DS (March 31, 2004 to March 31,
2014)

200 180 160 140 120 100 80 60
                   JPMorgan ETF Efficiente DS 5 Index 40 S and P 500 (Excess
Return) 20
                  Barclays Aggregate Index (Excess Return) 0

    4 5 6 7 8 9 0 1 2 3 4 r - 0 r - 0 r - 0 - 0 - 0 r - 0 r - 1 - 1 - 1 r - 1 r
- 1 a a a a r a r a a a r a r a a M M M M M M M M M M M

Source: Bloomberg and J.P. Morgan

Note: Because the Index did not exist prior to September 25, 2012, all
retrospective levels provided in the graph and table above are simulated and
must be considered illustrative only. The simulated data was constructed using
certain procedures that may vary from the procedures used to calculate the
Index going forward, and on the basis of certain assumptions that may not hold
during future periods. The variations in procedures used in producing simulated
historical data from those used to calculate the Index going forward could
produce differences in returns of indeterminate direction and amount. Past
hypothetical performance results are neither indicative of nor a guarantee of
future returns. Actual results will vary, potentially materially, from the
hypothetical historical performance described herein. Please see "Important
Information" at the front of this publication for a discussion of certain
assumptions used for the Index and additional limitations of back-testing and
simulated returns.

"Return" is the percentage return of the relevant index over the period
indicated, and where "Annualized" is indicated, is the annual compounded return
of the relevant index over the period.

"Annualized volatility" is the annualized standard deviation of the daily
returns of the relevant index for the 10-year period from March 31, 2004
through March 31, 2014.

Sharpe Ratio means the 10-Year Return divided by the annualized volatility
which is also determined over 10 years.

5

Index Description

The construction of the Index follows a two-step process:

[] Step 1: Construction of the Monthly Reference Portfolio:

On a monthly basis, the Index employs an allocation strategy based on modern
portfolio theory to construct a Monthly Reference Portfolio as more fully
described in the section "Monthly Reference Portfolio Construction." The Index
seeks to identify the weights for each Basket Constituent within the Monthly
Reference Portfolio that would have resulted in the hypothetical portfolio with
the highest return over the previous six months while realizing an annualized
volatility over the same period of 5% or less. If no such portfolio exists, the
target volatility is increased in increments of 1%, and the selection procedure
is repeated until a portfolio is identified.

The methodology used in constructing the Monthly Reference Portfolio for ETF
Efficiente DS 5 is identical to that used in selecting the monthly asset
portfolio in the JPMorgan ETF Efficiente 5 Index.

[] Step 2: Daily Dynamic Exposure

The Index targets a volatility of 5% on a daily basis by varying the Index's
exposure to the Monthly Reference Portfolio on a daily basis. On each day, the
Index's exposure to the Monthly Reference Portfolio is equal to the ratio of
the 5% target volatility to the historical 1-month volatility of the Monthly
Reference Portfolio, capped at 150%, as more fully described in the section
"Daily Dynamic Exposure."

Monthly Reference Portfolio Construction

On a monthly basis, the Index employs an allocation strategy based on modern
portfolio theory to construct a Monthly Reference Portfolio. The modern
portfolio theory approach to asset allocation suggests how a rational investor
should allocate capital across the available universe of assets to maximize
return for a given risk appetite. The Index uses the concept of an "efficient
frontier" to define the Monthly Reference Portfolio. An efficient frontier for
a portfolio of assets defines the optimal return of the portfolio for a given
amount of risk, using the volatility of returns of hypothetical portfolios as
the measure of risk.

Illustration of the Efficient Frontier On a monthly basis, J.P. Morgan
Securities plc, acting as the ETF Efficiente DS calculation agent, 10% will
determine the allocations to the Basket Constituents within the new Monthly
Reference
8% Portfolio based on the mathematical rules that govern the selection of the
Monthly Reference
  6% Portfolio. The weight for each Basket Constituent Return will be
determined subject to certain weighting constraints, including constraints on
the weight of 4% each Basket Constituent as well as, in some cases, constraints
on the sum of the weights of
    2% Basket Constituents within a sector. For more 0.0% 2.5% 5.0% 7.5%
information on the weighting constraints related to Risk the Basket
Constituents comprising the Index, see  "What are the Basket Constituents?"

The Index seeks to identify the weight for each Basket Constituent that would
have resulted in the hypothetical portfolio with the highest return over the
previous six months while realizing an annualized volatility over the same
period of 5% or less. Thus, the portfolio exhibiting the highest return with an
annualized volatility of 5% or less is selected, and the weighting for such
portfolio is applied to the Basket Constituents.

6

No assurance can be given that the ETF Efficiente DS Index will achieve its
target volatility of 5%. The actual realized volatility of the ETF Efficiente
DS Index may be greater or less than 5%.

On each selection date, the weighting algorithm implements the following steps:


[] The Index calculation agent identifies all Eligible Portfolios as described
under "What are the Basket Constituents?" and calculates the performance for
each portfolio for an observation period over the previous six months.

[] For each Eligible Portfolio, the Index calculation agent calculates the
annualized realized volatility over the six-month period.

[] The performance and the volatilities of the Eligible Portfolios are used to
construct the "efficient frontier."

[] The Index calculation agent selects the Eligible Portfolio with the
strongest performance that has an annualized realized volatility equal to or
less than 5%. If no such portfolio exists, the target volatility is increased
in increments of 1%, and the selection procedure is repeated until a portfolio
is identified.

There is no guarantee that the concept of an efficient frontier combined with
modern portfolio theory will generate positive returns for the Index or that
other theories applied to the portfolio of the Basket Constituents would not
produce a better result than an investment linked to the Index.

What are the Basket Constituents?

The following table sets forth the Basket Constituents that compose the Index
and the maximum weighting constraints assigned to each asset as well as
specific groups of assets ("sectors").

Basket Constituents

 Sector / Asset Asset Class Assets Ticker Sector Cap Cap

                      U.S. Equities SPDR S and P 500([R]) ETF Trust SPY 20%
Developed U.S. Small Cap Equities iShares([R]) Russell 2000 ETF IWM 10% Equity
50% Developed Market iShares([R]) MSCI EAFE ETF EFA 20% Equities (excluding
U.S.)

Treasuries iShares([R]) 20+ Year Treasury Bond ETF TLT 20%

iShares([R]) iBOXX $ Investment Grade
Bonds Investment Grade Bonds LQD 20% Corporate Bond ETF
50% iShares([R]) iBOXX $ High Yield Corporate
High Yield Bonds HYG 20% Bond ETF

Emerging Market iShares([R]) MSCI Emerging Markets ETF
Emerging EEM 20% Equities  Markets 25% iShares([R]) JPMorgan USD Emerging
Emerging Market Bonds EMB 20% Markets Bond Fund

Real Estate iShares([R]) Real Estate Index ETF IYR 20% Alternative iShares([R])
S and P GSCI[] Commodity-Investments Broad Commodities GSG 10% Indexed Trust 25%
Gold SPDR([R]) Gold Trust GLD 10%

        Inflation Protected Bonds iShares([R]) Barclays TIPS Bond ETF TIP 50%
50% Cash JPMorgan Cash Index USD 3 Month JPCAUS3M 50% Note: See the relevant
disclosure statement for more information on the Index and the Basket
Constituents.

An Eligible Portfolio is any hypothetical portfolio composed of the above
Basket Constituents whose weights satisfy the following weighting constraints:


[] The minimum possible weight assigned to any Basket Constituent is 0%.

[] The weight assigned to each Basket Constituent is an integral multiple of
5%.

7

[] The maximum possible weight assigned to any Basket Constituent is 20%, with
the exception of (i) the JPMorgan Cash Index USD 3 Month or the iShares([R])
Barclays TIPS Bond Fund, each of which have a maximum possible weight of 50%;
and (ii) the iShares([R]) Russell 2000 Index Fund, the iShares[R] S and P GSCI
Commodity-Indexed Trust or the SPDR([R]) Gold Trust, each of which have a
maximum possible weight of 10%. Under certain circumstances, the weighting of
the JPMorgan Cash Index USD 3 Month may be greater than 50%. The weight of the
JPMorgan Cash Index USD 3 Month at any given time represents the portion of the
Index that is uninvested at that time.

[] The maximum possible weight assigned to (i) either the Developed Equity or
the Bonds sector is 50%; and (ii) either the Emerging Markets or the
Alternative Investments sector is 25%. In addition, the sum of the weights
assigned to the JPMorgan Cash Index USD 3 Month and the iShares([R]) Barclays
TIPS Bond Fund cannot exceed 50%.

[] The sum of the weights assigned to all Basket Constituents will be equal to
100%.

Daily Dynamic Exposure

ETF Efficiente DS targets the desired volatility of 5% on a daily basis by
varying the exposure the Index takes to the Monthly Reference Portfolio daily.
On each day, the exposure the Index takes to the Monthly Reference Portfolio
ranges from 0% to 150% and is determined by dividing the 5% target volatility
by the historical 1-month volatility of the Monthly Reference Portfolio. The
exposure increases when the 1-month volatility of the Monthly Reference
Portfolio decreases, and decreases when the volatility increases, employing
leverage up to 150% when the volatility is less than 5%. When the daily
exposure to the Monthly Reference Portfolio is less than one, the balance of
the exposure is uninvested.

The figure below illustrates how the exposure to the Monthly Reference
Portfolios varies with volatility.

 1-month historical volatility of the current Monthly Reference Portfolio

Volatility increases Volatility decreases

                  Exposure Exposure   to the Monthly Reference to the Monthly
Reference Portfolio decreases Portfolio increases

8

Historical analysis

Diversified exposure

The Index aims to provide exposure across a diverse spectrum of asset classes
and geographic regions.

Diversified exposure

As illustrated in the table below, equities (as represented by the S and P 500
Index) and bonds (as represented by the Barclays Capital Aggregate Index) have
historically displayed negative correlation. Correlation can be described as a
measure of the degree to which two components change relative to each other. A
diversified approach to investing would stipulate maintaining exposure to a
variety of asset classes to attempt to generate positive returns in a wide
range of market environments.

Based on the rebalancing methodology and the constraints described in "What are
the Basket Constituents?", ETF Efficiente DS can dynamically allocate to the
Basket Constituents in response to the changes in the market environment, with
the potential to exploit any low historical correlations exhibited by the
Basket Constituents. The hypothetical correlations below illustrate that
returns of the Index have historically not been highly correlated to either
bonds or equities.

Summary of hypothetical correlations for ETF Efficiente DS (Mar 31, 2004 -- Mar
31, 2014)


         Barclays Capital U.S.  ETF Efficiente DS S and P 500 Index Aggregate
Bond
Index

ETF Efficiente DS 100% 30.89% 27.59%

S and P 500 Index  100% -26.91%

Barclays Aggregate Index   100%

Source: Bloomberg and J.P. Morgan

Note: Based on the daily hypothetical back-tested and historical returns.
Future correlations may be higher or lower than the hypothetical, historical
correlations in the summary above. Because the Index did not exist prior to
September 25, 2012, all retrospective levels provided in the graph and table
above are simulated and must be considered illustrative only. The simulated
data was constructed using certain procedures that may vary from the procedures
used to calculate the Index going forward, and on the basis of certain
assumptions that may not hold during future periods. The variations in
procedures used in producing simulated historical data from those used to
calculate the Index going forward could produce differences in returns of
indeterminate direction and amount. Past hypothetical performance results are
neither indicative of nor a guarantee of future returns. Actual results will
vary, potentially materially, from the hypothetical historical performance
described herein. Please see "Important Information" at the front of this
publication for a discussion of certain assumptions used for the Index and
additional limitations of back-testing and simulated returns. The correlations
shown above are for informational purposes only.

9

Target volatility and daily dynamic exposure

As described in "Index description", the Index targets an annualized realized
volatility of 5% via a two-step process. First, the Index selects on a monthly
basis a Monthly Reference Portfolio that targets a 5% volatility. Second, the
Index adjusts its exposure to the Monthly Reference Portfolio on a daily basis
to target the 5% volatility. The graph below illustrates the 1-month volatility
of the Monthly Reference Portfolio and the exposure that the Index would take
to the portfolio.

Volatility is a measurement of the variability of returns. The historical or
"realized" volatility of a portfolio can be measured in a number of ways. For
the purposes of the graph below, the volatility of the Monthly Reference
Portfolio is measured for a 1-month period and is calculated in the same manner
as more fully described in the relevant disclosure statement or underlying
supplement.

Hypothetical volatility of and exposure to the Monthly Reference Portfolio
(March 31, 2004 to March 31, 2014)

Exposure to Monthly Reference Portfolio (right axis)
1-month volatility of Monthly Reference Portfolio(s) (left axis) Target
Volatility (left axis)
20% 150%

18%

                           125% 16%

14%

                           100% 12%

10% 75%

8%

                         50% 6%

4%

                         25% 2%

0% 0%

0 4 5 6 0 7 0 8 0 9 0 1 1 2 1 3 4
  - - 0 - 0 - - - - 1 - 1 - - - 1 r r r r r r r r r r r a a a a a a M a M M M a
M a M M M M a M a M

Source: Bloomberg and J.P. Morgan

Note: The hypothetical, historical annualized volatility of the Monthly
Reference Portfolios and exposure to the Monthly Reference Portfolios are
presented for informational purposes only. The back-tested, hypothetical,
historical annualized volatility and exposures have inherent limitations. These
volatility and exposure levels reflect hypothetical historical performance. No
representation is made that in the future the Monthly Reference Portfolios in
ETF Efficiente DS will have the volatilities as shown above or that ETF
Efficiente DS will have the exposures shown above to the Monthly Reference
Portfolios. There is no guarantee that ETF Efficiente DS will outperform any
alternative investment strategy. Alternative modeling techniques or assumptions
might produce significantly different results and may prove to be more
appropriate. Actual 1-month annualized volatilities and exposures will vary,
perhaps materially, from this analysis. Please see "Important Information" at
the front of this publication for a discussion of certain additional
limitations of back-testing and simulated returns.

10

Hypothetical historical sector allocations

The graph below illustrates the hypothetical historical allocation to the
various sectors in the Monthly Reference Portfolio over time. For a detailed
description of which Basket Constituents make up each sector displayed in this
graph, please see "What are the Basket Constituents?" The graph on the
following page shows the hypothetical average weight allocated to each sector
over the time period.

Hypothetical sector allocations within the Monthly Reference Portfolio (March
2004 to April 2014)

Developed Equities Bonds Emerging Markets Alternative Investments Inflation
Cash

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

    4 5 6 0 7 0 8 9 0 1 1 2 1 3 4 r - 0 r - 0 r - 0 r - r - r - 0 r - 1 r - 1 r
- r - r - 1 a a a a M a M M M a M a M a M M M a M a M a

Source: J.P. Morgan

Note: The hypothetical allocations are obtained from hypothetical back-testing
of the ETF Efficiente DS algorithm and should not be considered indicative of
the actual weights that would be assigned to the sectors or the applicable
Basket Constituents during your investment in Notes linked to the Index. J.P.
Morgan provides no assurance or guarantee that the actual performance of the
Index would result in allocations among the sectors or the applicable Basket
Constituents consistent with the hypothetical allocations displayed in the
preceding graphs. Actual results will vary, perhaps materially, from those in
the hypothetical historical allocations contained in this hypothetical
backtest. Please see "Important Information" at the front of this publication
for a discussion of certain additional limitations of back-testing and
simulated returns.

11

Hypothetical average allocations within the Monthly Reference Portfolios in
declining equity markets

July 2000 to March 2003 November 2007 to March 2009

       Developed Developed Equities, 3% Equities, 2% Cash, 3%

Bonds, 21%

Bonds, 30% Cash, 35%

Inflation, 36%

 Emerging Markets, 13%

Emerging
                     Markets, 13% Inflation, 15% Alternative Alternative
Investments, Investments, 14% 16%

Hypothetical average allocations within the Monthly Reference Portfolios in
rising equity markets

April 2003 to October 2007 April 2009 to December 2010

                                                                              D
eveloped Developed Equities, 3% Equities, 11% Cash, 18% Cash, 20%

Bonds, 32%

                                        Bonds, 24% Inflation, 9%

Inflation, 19%

Alternative Investments,
Emerging Alternative

       Emerging 17% Markets, 18% Investments, Markets, 18% 10%

Source: J.P. Morgan. Numbers have been rounded for convenience.

Note: The hypothetical allocations are obtained from back-testing and should
not be considered indicative of the actual weights that would be assigned to
the sectors or the applicable Basket Constituents during the term of your
investment in securities linked to the Index. J.P. Morgan provides no assurance
or guarantee that the actual performance of the Index would result in
allocations among the sectors or the applicable Basket Constituents consistent
with the hypothetical allocations displayed in the preceding graphs. Actual
results will vary, perhaps materially, from those arising from the hypothetical
historical allocations contained in this hypothetical backtest.
Please see "Important Information" at the front of this publication for a
discussion of certain additional limitations of back-testing and simulated
returns.

12

Risks associated with the Index

THERE ARE RISKS ASSOCIATED WITH A MOMENTUM-BASED INVESTMENT STRATEGY--
The Index employs a mathematical model intended to implement what is known as a
momentum-based strategy, which seeks to capitalize on positive market price
trends based on the supposition that positive market price trends may continue.
This Index is different from a strategy that seeks long-term exposure to a
portfolio with fixed weights. The Index may fail to realize gains that could
occur from holding assets that have experienced price declines, but experience
a sudden price spike thereafter.
THE INDEX MAY NOT ACHIEVE ITS TARGET VOLATILITY-- The exposure of the Index to
the synthetic portfolio of Basket Constituents is determined by a two-step
process, composed of a monthly selection process to determine the weighting
assigned to each Basket Constituent in the synthetic portfolio and a daily
adjustment of the exposure to the synthetic portfolio intended to achieve a
target annualized volatility of 5% on a daily basis. The monthly weights and
daily adjustments are based on the historical volatility of the synthetic
portfolio and are subject to certain constraints. However, there is no
guarantee that historical trends will continue in the future. Accordingly, the
actual realized annualized volatility of the Index may be greater than or less
than 5%, which may adversely affect the level of the Index.
THE COMMODITY FUTURES CONTRACTS UNDERLYING THE ISHARES S and P GSCI
COMMODITY-INDEXED TRUST ARE SUBJECT TO UNCERTAIN LEGAL AND REGULATORY
REGIMES--The commodity futures contracts that underlie the iShares S and P GSCI
Commodity-Indexed Trust are subject to legal and regulatory regimes that may
change in ways that could adversely affect our ability to hedge our obligations
under the Index or your investment linked to the Index. Under these
circumstances, we may, in our sole and absolute discretion, determine your
payment at maturity early. Because we will not make this early determination
payment until the maturity date, the amount you receive at maturity will not
reflect any further appreciation of the Strategy after such early
determination.
THE DAILY ADJUSTMENT OF THE EXPOSURE OF THE INDEX TO THE SYNTHETIC PORTFOLIO OF
BASKET CONSTITUENTS MAY IMPACT PERFORMANCE -- Due to the daily exposure
adjustments, the Index may fail to realize gains due to price appreciation of
the synthetic portfolio at a time when the exposure is less than 100% or may
suffer increased losses due to price depreciation of the synthetic portfolio
when the exposure is above 100%. As a result, the Index may underperform an
index that does not include a daily exposure adjustment.
THE INDEX MAY BE PARTIALLY UNINVESTED -- The aggregate weight of the Cash Index
at any given time represents the portion of the synthetic portfolio that is
uninvested. In addition, when the exposure of the Index to the synthetic
portfolio is less than 100%, a portion of the synthetic portfolio will be
uninvested. The Index will reflect no return for any uninvested portion.
OUR AFFILIATE, J.P. MORGAN SECURITIES PLC, OR JPMS PLC, IS THE CALCULATION
AGENT AND MAY ADJUST THE INDEX IN A WAY THAT AFFECTS ITS LEVEL--The policies
and judgments of JPMS plc could have an impact, positive or negative, on the
Index. JPMS plc is under no obligation to consider the interests of investors
in Notes linked to the Index.
OTHER KEY RISKS:
[] The Index may not be successful and may not outperform any alternative
strategy.
[] The Index comprises notional assets and liabilities and therefore there is
no actual portfolio of assets to which any person is entitled or in which any
person has any ownership interest.
[]  The Index rebalances monthly and applies weighting caps to the Basket
Constituents and sectors.
[] The Index may be subject to increased volatility due to the use of leverage.

[] Changes in the value of the Basket Constituents may offset each other, and
correlation of performances among the Basket Constituents may reduce the
performance of the Index. [] An investment in securities linked to the Index is
subject to risks associated with non-U.S. markets, including emerging markets,
and is subject to currency exchange risk.
[] The Index was established on September 25, 2012, and therefore has limited
operating history. [] JPMS, one of our affiliates, is the sponsor of the Cash
Index and a reference index for one of the ETFs.
[] The Index Levels incorporate the deduction of a fee of 1.0% per annum.
[] You should review carefully the related "Risk Factors" section in the
relevant disclosure statement of underlying supplement and the "Selected Risk
Considerations" in the relevant term sheet.

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