J.P. Morgan U.S. Sector Rotator 5 Index (Series 1)

Performance Update - December 2014

OVERVIEW
 The J.P. Morgan U.S. Sector Rotator 5 Index (Series 1) (the "Index" or "U.S.
 Sector Rotator 5 Index") is a notional rules -based proprietary index that, on
 a monthly basis, tracks the excess return of a synthetic portfolio of (i) up to
 five U.S. Sector Constituents, which are U.S. sector exchange -traded funds,
 that are selected according to their past month return with a volatility
 feature, or, (ii) the U.S. Sector Constituents that meet the selection criteria
 and the Bond Constituent, which is the PIMCO Total Return Active Exchange
 -Traded Fund .

Hypothetical and Actual Historical Performance -November 30, 2004 to November
 28, 2014
[GRAPHIC OMITTED]
* See "Notes" on following page

Key Features of the Index
o The strategy is based on a universe of 11 investible
  underlyings (10 ETFs across U.S. sectors and an ETF representing fixed income
  exposure)
o Monthly rebalancing of portfolio allocation, with all positions
  financed by short term borrowing of cash.
o Targets a volatility of 5%
o Daily deduction of a fee of 0.50% per annumo Levels published on Bloomberg under the
  ticker JPUSSC5E.

[GRAPHIC OMITTED]

Hypothetical and Actual Historical Volatility -
May 31, 2005 to November 28, 2014
[GRAPHIC OMITTED]

Recent Index Performance

Historical

Performance  Jan     Feb    Mar     Apr    May     Jun     Jul     Aug     Sep    Oct     Nov     Dec    Full Year
2014         -2.39%  1.25%  -0.07%  1.24%  0.65%   0.83%   -1.33%  2.16%   -0.43%  1.41%   0.97%          4.28%**
2013         1.78%   0.43%  2.14%   1.91%  -1.18%  -0.41%  1.09%   -1.47%  1.67%   1.62%   0.91%   1.25%  10.12%
2012         0.32%   1.04%  1.50%   0.03%  -0.21%  0.60%   0.33%   -0.34%  1.23%   -0.36%  0.20%   0.13%  4.55%
2011         1.26%   1.34%  -0.06%  1.14%  0.78%   -0.92%  0.91%   -1.08%  -1.66%  0.89%   -0.14%  1.69%  4.16%
2010         -2.07%  0.53%  1.84%   1.41%  -2.20%  1.88%   1.02%   -0.59%  0.96%   1.14%   0.30%   1.40%  5.64%

** As calculated though November 28, 2014

Recent Index Composition

             Consumer       Consumer                                                                                                                           PIMCO Total
Month        Discretionary  Staples Select  Energy Select  Financial     Health Care   Industrial    Utilities Select Materials      Technology    iShares US  Return Active
             Select Sector  Sector SPDR     Sector SPDR    Select Sector Select Sector Select Sector Sector SPDR      Select Sector  Select Sector Real Estate Exchange-
             SPDR Fund      Fund            Fund           SPDR Fund     SPDR Fund     SPDR Fund     Fund             SPDR Fund      SPDR Fund     ETF         Traded Fund
December 14  10.89%         14.55%          0.00%          0.00%         0.00%         10.42%        0.00%            7.93%          10.81%        0.00%       0.00%
November 14  0.00%          7.80%           0.00%          0.00%         4.37%         4.32%         6.51%            0.00%          0.00%         8.45%       0.00%

December 04, 2014

Comparative Hypothetical and Historical Total Returns (%), Volatility (%) and
 Correlation - November 28, 2014

                                         Three Year        Five Year Annualized  Ten Year Annualized Ten Year Annualized Ten Year Sharpe
                                         Annualized Return Return                Return              Volatility          Ratio          Ten Year Correlation
J.P. Morgan U.S. Sector Rotator 5 Index  7.1%              5.9%                  4.0%                4.4%                89.3%          100.0%
(Series 1)
S&P 500 Index (Excess Return)            22.1%             15.5%                 5.7%                20.4%               27.9%          53.9%
JPM US Gov Bond Index (Excess Return)    1.1%              3.0%                  2.3%                4.8%                48.9%          -13.8%

Notes

Hypothetical, historical performance measures: Represent the performance of the
U.S. Sector Rotator 5 Index based on, as applicable to the relevant measurement
period, the hypothetical backtested daily closing levels through June 20, 2013,
and the actual historical performance of the Index based on the daily closing
levels from June 21, 2013 through November 28, 2014, as well as the performance
of the S&P 500 Index (Excess Return), and the JPMorgan US Government Bond Index
(Excess Return) over the same periods. For purposes of these examples, each
index was set equal to 100 at the beginning of the relevant measurement period
and returns are calculated arithmetically (not compounded). There is no
guarantee the U.S. Sector Rotator 5 Index will outperform the S&P 500 Index
(Excess Return), the JPMorgan US Government Bond Index (Excess Return) or any
alternative investment strategy. Sources: Bloomberg and JPMorgan.

S&P 500 Index (Excess Return) represents a hypothetical index constructed from
the total returns of the S&P 500 Index with the returns of the JP Morgan Cash
Index USD 3 Month (the "Cash Index") deducted. JPMorgan US Government Bond
Index (Excess Return) represents a hypothetical index constructed from the
returns of the JPMorgan US Government Bond Index with the returns of the Cash
Index deducted.

Volatility: hypothetical, historical six-month annualized volatility levels are
presented for informational purposes only. Volatility levels are calculated
from the historical returns, as applicable to the relevant measurement period,
of the U.S. Sector Rotator 5 Index, S&P 500 Index (Excess Return), and the
JPMorgan US Government Bond Index (Excess Return).

Volatility represents the annualized standard deviation of the relevant index[]s
arithmetic daily returns since November 30, 2004. The Sharpe Ratio, which is a
measure of risk-adjusted performance, is computed as the ten year annualized
historical return divided by the ten year annualized volatility.

The back-tested, hypothetical, historical annualized volatility and index
returns may use substitutes for any ETF that was not in existence or did not
meet the liquidity standards at that particular time.

The back-tested, hypothetical, historical annualized volatility and index
returns have inherent limitations. These volatility and return results were
achieved by means of a retroactive application of a back-tested volatility
model designed with the benefit of hindsight. No representation is made that in
the future the relevant indices will have the volatility shown. Alternative
modeling techniques or assumptions might produce significantly different
results and may prove to be more appropriate. Actual annualized volatilities
and returns may vary materially from this analysis.

Source: Bloomberg and JPMorgan.

Key Risks
o The payment on any investments linked to the Index that we may issue is
 exposed to the credit risk of JPMorgan Chase & Co.

o The levels of the Index will include the deduction of a fee of 0.50% per annum.

o There are risks associated with a momentum-based investment strategy

o The Strategy seeks to capitalize on positive market price trends based on the
 supposition that positive market price trends may continue. This Strategy is
 different from a strategy that seeks long -term exposure to a portfolio consisting of constant
 components with fixed weights. The Strategy may fail to realize gains that
 could occur from holding assets that have experienced price declines, but
 experience a sudden price spike thereafter.

o Correlation of performances among the basket constituents may reduce the
performance of strategy

o Performances among the Basket Constituents may become highly correlated from time to time
 during the term of your investment. High correlation during periods of negative
 returns among Basket Constituents representing any one sector or asset type
 that have a substantial weighting in the Strategy could have a material adverse
 effect on the performance of the Strategy.

o Our affiliate, JPMS plc, is the Index Sponsor and Calculation Agent and may
 adjust the Index in a way that affects its level

o The policies and judgments for which JPMS plc is responsible could have an impact,
positive or negative, on the level of the Index and the value of your investment.
JPMS plc is under no obligation to consider your interest as an investor with returns linked to
 the Index.

 o  The Index may not be successful, may not outperform any
 alternative strategy related to the Basket Constituents, or may not achieve its
 target volatility of 5% .

 o The investment strategy involves monthly rebalancing and maximum weighting caps
 applied to the Basket Constituents.

 o  Changes in the value of the Basket Constituents may offset each other.

 o The Index was established on June 21, 2013 and has a limited operating history
The risks identified above are not exhaustive. You should also review carefully
the related "Risk Factors" section in the relevant product supplement and
underlying supplement and the "Selected Risk Considerations" in the relevant
 term sheet or pricing supplement.

Disclaimer

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(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 underlying 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 (800) 576 -3529.
Free Writing Prospectus filed pursuant to Rule 433; Registration Statement No.
333 -199966

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