FOR RIA/BROKER-DEALER USE ONLY

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J.P. Morgan US Long Equity Dynamic Overlay 80 Index (Series
1)

OVERVIEW

The J.P. Morgan US Long Equity Dynamic Overlay 80 Index
(Series 1) (the "Index" or " US LEDO") is a rules-based
Index designed to provide a synthetic long position in the
total return version of the SandP 500([R]) Index (the
"Equity Index") and limited downside protection against
adverse movements of the Equity Index through a synthetic
collar strategy as an overlay to the synthetic long
position in the total return version of the Equity Index,
subject to fees and deductions.

Index Features

[] The Index consists of three positions:

[] a synthetic long position in the SandP 500([R]) Total
Return Index;

[] a synthetic rolling collar strategy* applied to the
"price
return" version of the Equity Index (the "Price Return
Equity Index"), consisting of (a) a monthly rolled
synthetic short call position of 1-month maturity with
target strike prices varying from 103% to 108% of the
closing levels of the Price Return Equity Index and
(b) quarterly rolled synthetic long put positions of 11-
month maturity with a target strike price of 80% of the
closing levels of the Price Return Equity Index; and

[] a synthetic delta hedge position* with respect to the
synthetic short call position consisting of a variable
synthetic exposure to futures contracts referencing
the Price Return Equity Index.

*In limited circumstances the Index may not implement these
synthetic
positions.

Short Call Leg

[] The short call leg consists of: the synthetic short
call
position and the synthetic delta hedge position described
above.

[] The target call strike price of each monthly rolled
synthetic
call position varies from 103% to 108% of the closing
levels of the Price Return Equity Index based on the level
of the CBOE Volatility Index ("VIX").

[] The delta hedge mechanism attempts to mitigate the risk
that the Price Return Equity Index may appreciate to
levels
above the strike price of the call option.

[] The delta hedge mechanism is activated when the closing
level of the VIX is below its six month or five year
moving
average.

[] The delta hedge mechanism activation is gradual:
activated when VIX is below 100% of either of the two
moving averages and fully implemented once VIX is 80%
of either of the two moving averages.




Volatility Index Level (VIX) Call Strike
       VIX {/= 20            103.00%
     20 { VIX {/= 25         104.00%
     25 { VIX {/= 30         105.00%
     30 { VIX {/= 35         106.00%
     35 { VIX {/= 60         107.00%
        60 { VIX             108.00%


Hypothetical historical performance comparison: US LEDO and
SandP
500([R]) Total Return Index: Jan 2002 -- March 2015

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Source: J.P. Morgan. As of 3/31/2015. PAST PERFORMANCE AND
BACK-TESTED PERFOMANCE ARE NOT INDICATIVE OF FUTURE
RESULTS. The Index was launched on 9/17/2013; therefore any
data shown for the Index prior to that date is back-tested.
The information in this chart is provided solely for
reference. No guarantee can be given that the Index will
outperform the SandP 500([R]) Total Return Index or will
not under perform the SandP 500([R]) Total Return Index in
the future.

Hypothetical historical returns and volatilities: US LEDO
Index and
SandP 500([R]) Total Return Index: Jan 2002 -- March 2015




                  SPTR    JPUSLEDO
Annualized Return 6.62%      7.02%
Volatility        20.04%    14.34%
Sharpe Ratio      33.02%    48.91%
Max Drawdown      -55.25%   -38.79%


Source: J.P. Morgan. As of 3/31/2015. PAST PERFORMANCE AND
BACK-TESTED PERFOMANCE ARE NOT INDICATIVE OF FUTURE
RESULTS. The Index was launched on 9/17/2013; therefore any
data shown for that index prior to that date is
back-tested. The information in this chart is provided
solely for reference. No guarantee can be given that the
Index will outperform the SandP 500([R]) Total Return Index
or will not under perform the SandP 500([R]) Total Return
Index in the future.

Long Put Leg

[] The long put leg combines three* synthetic long put
positions
of 11-month maturity with a target strike price of 80% of
the
closing levels of the Price Return Equity Index.

[] The Index is designed to initiate each synthetic long
put
position on a quarterly basis, subject to certain
conditions.

[] The put options are rolled into new contracts 2 months
before
their expiry. Rolling the put options shortly before their
expiration mitigates the negative carry resulting from the
significant decrease in value that typically happens during
the
last 2 months of a long-dated option such as the put
options
referenced by the Index.

*In limited circumstances there my be less than three
synthetic put positions.

Cutting the Tail Risk

The following chart shows the performance of the SandP
500([R]) Total Return Index and the hypothetical
performance of U.S. LEDO during the worst 10 performance
months of the SandP 500([R]) Total Return Index since
2002:




SandP 500([R]) Total
                     US LEDO Difference Month
Return Index
  -16.79%            -6.94%   9.86%     Oct-08
  -10.87%            -6.32%   4.55%     Sep-02
  -10.65%            -6.14%   4.51%     Feb-09
   -8.91%            -5.15%   3.76%     Sep-08
   -8.43%            -8.06%   0.37%     Jun-08
   -8.43%            -3.98%   4.45%     Jan-09
   -7.99%            -6.17%   1.81%     May-10
   -7.80%            -2.94%   4.85%     Jul-02
   -7.18%            -8.02%   -0.85%    Nov-08
   -7.12%            -5.38%   1.74%     Jun-02


Source: J.P. Morgan. As of 3/31/2015. PAST PERFORMANCE AND
BACK-TESTED PERFOMANCE ARE NOT INDICATIVE OF FUTURE
RESULTS. The Index was launched on 9/17/2013; therefore any
data shown for the Index prior to that date is back-tested.
The information in this chart is provided solely for
reference. No guarantee can be given that the Index will
outperform the SandP 500([R]) Total Return Index or will
not under perform the SandP 500([R]) Total Return Index in
the future.

J.P. Morgan Structured Investments | 800 576 3529 |
JPM_Structured_Investments@jpmorgan.com April 1, 2015

Hypothetical Illustration of the Delta Hedging of the Short
Call Position of the Index (January 2002 -- March 2015)

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Source: J.P. Morgan. As of 3/31/2015. PAST PERFORMANCE AND
BACK-TESTED PERFORMANCE ARE NOT INDICATIVE OF FUTURE
LEVELS. The Index was launched on 9/17/2013; therefore any
data used for the Index prior to that date is back-tested.

Index fee and cost associated with trading the puts and
calls, and the delta hedging mechanism

(a) Daily index fee: on each day, the calculation of the
Index reflects
the deduction of an adjustment factor of 0.75% per annum
(the "Daily
Index Fee");

(b) Call deduction and put deduction: on a monthly or
quarterly basis,
as applicable, when the Index's synthetic short call or
long put
exposure, as applicable, is rolled into a new SPX option
contract, a
call deduction or put deduction, as applicable, is
subtracted in the
calculation of the Index. The call deduction or put
deduction is
calculated by multiplying the applicable volatility spread
(which is
between 0.30% and 3.00%) by the vega of the applicable
option
contract, subject to certain minimum and maximum amounts.
The
applicable volatility spread depends on the level of the
CBOE
Volatility Index ("VIX") on the relevant date of
determination. Unlike
the Daily Index Fee, the call deduction and the put
deduction are not
per annum deductions; and

(c) Delta deduction: on each day the delta hedge is
implemented,
0.03% of any increase or decrease in the Index's exposure
to the
futures contracts on the Price Return Equity Index is
deducted in the
calculation of the Index. The delta deduction reflects
costs relating to
adjustments to the Index's delta hedge of its synthetic
short call
position. Unlike the Daily Index Fee, the delta deduction
is not a per
annum percentage deduction.

Glossary of Select Terms

"Call" An option contract that gives the buyer of the
option the right,
but not the obligation, to buy an underlying asset at a
specified price
(strike) within a specified timeframe.
"Put" An option contract that gives the buyer of the option
the right,
but not the obligation, to sell a specified underlying
asset at a
specified price (strike) within a specified timeframe.
"Collar" Combination of the purchase of a put option and
the sale of
a call option on the same underlying asset.
"Volatility" A way to measure the risk associated with an
asset, by
measuring the variability of its returns. It is usually
expressed as a
percentage.

"Vega" A measurement of an option's sensitivity to changes
in the
volatility of the underlying asset of that option.
"Delta hedge" a hedge of a position in a derivative
financial
instrument through an offsetting position in that
derivative instrument's
underlying asset (or vice versa).

"Annualized return" The return of an underlying asset over
a period
of time, expressed as a time-weighted annual percentage.
"Sharpe Ratio" The ratio of an asset's rate of return over
its volatility,
used to measure risk-adjusted performance.
"Maximum drawdown" The maximum decline experienced by an
asset during a given period of time, from peak to trough.

What are the main risks in the Index?

[] Any securities we may issue linked to the Index may
result in a loss, and are exposed to the credit risk of
J.P. Morgan Chase and Co.

[] The Index has limited operating history.

[] The reported level of the Index incorporates the daily
deduction of an index fee, the cost associated with
trading the puts and the calls, and delta hedging the
short call position.

[] The Index provides exposure to equity options and
futures, which are subject to significant fluctuations,
and are not suitable for all investors.

[] There are risks associated with the delta hedging.

[] There are risks associated with synthetic options.

[] The Index references a synthetic portfolio of
underlying assets.

[] The Index may not be successful and may not
outperform any alternative strategy.

[] The cost of synthetically trading the options and
futures constituents may negatively impact
performance.

[] Even with delta hedging, the Index may still
underperform the underlying equity Index.

[] Even though the Index maintains a long put position,
the level of the Index may not increase when the
market decreases.

[] The Index is an excess return index, thought it tracks
a
total return index.

[] Our affiliate, J.P. Morgan Securities plc. ("JPMSL"),
is
the sponsor and calculation agent for the Index and
may adjust the Index in a way that affects its level.

These risk factors are not exhaustive. Please review
the relevant underlying supplement, product
supplement we have filed and any relevant term
sheet or pricing supplement for further information
on risk factors associated with the J.P. Morgan U.S.
Long Equity Dynamic Overlay 80 Index (Series 1).

Disclaimer
SEC Legend: JPMorgan Chase and Co. has filed a registration
statement (including a prospectus) with the SEC for any
offerings to which these materials relate. Before you
invest, you should read the prospectus in that registration
statement and the other documents relating to this offering
that JPMorgan Chase and Co. has filed with the SEC for more
complete information about JPMorgan Chase and Co. and this
offering. You may get these documents without cost by
visiting EDGAR on the SEC Web site at www.sec.gov.
Alternatively, JPMorgan Chase and Co., any agent or any
dealer participating in this offering will arrange to send
you the prospectus and each prospectus supplement as well
as any product supplement, underlying supplement, pricing
supplement and term sheet if you so request by calling
toll-free 800-576-3529.
Free Writing Prospectus Filed Pursuant to Rule 433
Registration Statement No. 333-199966
To the extent there are any inconsistencies between this
free writing prospectus and the relevant pricing
supplement, the relevant pricing supplement, including any
hyperlinked information, shall supersede this free writing
prospectus.
Investment suitability must be determined individually for
each investor. 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 their own advisors on these
matters.
IRS Circular 230 Disclosure: JPMorgan Chase and Co. and its
affiliates do not provide tax advice. Accordingly, any
discussion of U.S. tax matters contained herein (including
any attachments) is not intended or written to be used, and
cannot be used, in connection with the promotion, marketing
or recommendation by anyone unaffiliated with JPMorgan
Chase and Co. of any of the matters addressed herein or for
the purpose of avoiding U.S. tax-related penalties.
J.P. Morgan Structured Investments | 800 576 3529 |
JPM_Structured_Investments@jpmorgan.com April 1, 2015