J. P. Morgan Optimax Market-Neutral Index

Performance Update - April 2015

OVERVIEW
The J.P. Morgan Optimax Market-Neutral Index (the "Index") is a J.P. Morgan
strategy that seeks to generate returns through the dynamic selection of up to
18 commodities (the "Basket Constituents") based on a modern portfolio theory
approach to portfolio allocation.

(1) Represents the performance of the Index based on, as applicable to the
relevant measurement period, the hypothetical backtested weekly Index closing
levels from February

Optimax MN Index SandP GSCI ER Index

[] Dynamic long-short exposure to a portfolio of commodities that is rebalanced
monthly based on a rules-based methodology with a target annualized volatility
of 5% or less;
[] Algorithmic portfolio construction intended to utilize momentum across
commodities to inform market-neutral portfolio allocation;
[] Provides an alternative approach to investing in commodities through a
long-short strategy intended to produce absolute returns;
[] Levels published on Bloomberg under the ticker CMDTOMER.

Hypothetical and Actual Historical Volatility --March 31, 2005 to March 31,
2015[]

Optimax MN Index SandP GSCI ER Index Target Volatility

Recent Index Composition ("Basket Constituents")(3)


                         March 2015 April 2015
----------- ------------ ---------- ----------
Brent Crude                -10.0%    -10.0%
----------- ------------ ---------- ----------
WTI Crude                  -1.9%      -7.9%
----------- ------------ ---------- ----------
Gas Oil                    -7.0%     -4.6%
----------- ------------ ---------- ----------
Gasoline                    0.0%      8.3%
----------- ------------ ---------- ----------
Heating Oil                10.0%     10.0%
----------- ------------ ---------- ----------
Natural Gas                -2.6%      -0.5%
----------- ------------ ---------- ----------
Silver                     -4.8%      -2.3%
----------- ------------ ---------- ----------
Gold                       10.0%      0.0%
----------- ------------ ---------- ----------
Zinc                       10.0%     10.0%
----------- ------------ ---------- ----------
Nickel                      0.0%      -5.3%
----------- ------------ ---------- ----------
Lead                       -6.5%      0.0%
----------- ------------ ---------- ----------
Copper                     -1.0%      2.7%
----------- ------------ ---------- ----------
Aluminum                   10.0%     10.0%
----------- ------------ ---------- ----------
Soybean                    10.0%      9.0%
----------- ------------ ---------- ----------
Wheat                      -2.5%     -9.9%
----------- ------------ ---------- ----------
Coffee                     -2.9%     -0.6%
----------- ------------ ---------- ----------
Sugar                      -10.0%    -9.0%
----------- ------------ ---------- ----------
Corn                       -0.9%      0.0%
----------- ------------ ---------- ----------
Recent Index Performance
            Jan 2015      Feb 2015  Mar 2015
----------- ------------ ---------- ----------
Historical
Return(1)   -0.54%         -5.92%    1.24%
===========


J. P. Morgan Structured Investments | 800 576 3529 |
JPM_Structured_Investments@jpmorgan.com


April 01, 2015

Comparative Hypothetical and Historical Total Returns (%), Volatility (%) and Correlation -- March 31, 2015

                             Three Year Annualized Five Year Annualized Ten Year Annualized Ten Year Annualized
    Sharpe
                                  Return(1)            Return(1)            Return(1)          Volatility(2)    Ten Year
 Correlation(4) Ratio(4)
---------------------------- --------------------- -------------------- ------------------- -------------------
Optimax Market-Neutral Index       -1.1%                1.2%                 2.4%                5.6%                100.0%
     0.43
---------------------------- --------------------- -------------------- ------------------- -------------------
SandP GSCI Excess Return Index      -17.0%                -8.0%                -8.7%               24.3%               4.5%
    -0.36


Notes
(1) Represents the performance of the Index based on, as applicable to the
relevant measurement period, the hypothetical backtested weekly Index closing
levels from March 31, 2005 through May 2, 2008, and the actual historical
performance of the Index based on the weekly Index closing level from May 6,
2008 through March 31, 2015, as well as the performance of the SandP GSCI[]
Excess Return Index ("SandP GSCI[]") over the same period. For the purpose of the
chart illustrated on page 1, each index was set equal to 100 on March 31, 2005.
For calculations of recent performance table on page 1 and comparison of
hypothetical and historical performance table on page 2 actual index levels
have been used. There is no guarantee that Optimax will outperform the SandP
GSCI[] or any alternative strategy. Source: Bloomberg and JPMorgan.
(2) Calculated from the historical returns, as applicable to the relevant
measurement period, of the indices using historical rolling daily returns. For
any given day, represents the annualized volatility of each index's arithmetic
daily returns for the 126-index day period preceding that day. The back-tested,
hypothetical, historical annualized volatility has inherent limitations. These
volatility 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 Index and the SandP GSCI[] will
have the volatilities as shown above or that the Index will outperform any
alternative investment strategy. Alternative modeling techniques or assumptions
might produce significantly different results and may prove to be more
appropriate. Actual annualized volatilities may vary materially from this
analysis. Source: Bloomberg and JPMorgan.

(3) On a monthly basis, J.P. Morgan Securities Ltd., or JPMSL, acting as the
Index calculation agent, will rebalance the Index to take synthetic long and
short positions in the Basket Constituents based on mathematical rules that
govern the Index and track the returns of the synthetic portfolio above cash.
The weights for each Basket Constituent will be adjusted to comply with certain
allocation constraints, including constraints on individual Basket
Constituents, as well as the individual sectors. The sum of the weights is
zero.

(4) Volatility and correlation are based on daily returns over the past ten
years. Correlation refers to the degree the applicable index has changed
relative to changes in the JPMorgan Optimax Market-Neutral Index. The Sharpe
Ratio, which is a measure of risk-adjusted performance, is calculated as the
annualized ten year return divided by the annualized ten year volatility.

Key Risks

[] There are risks associated with a momentum-based  investment strategy.  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 be successful, may not outperform any alternative strategy
related to the Basket Constituents, or may not achieve its target volatility of
5%.
[] The investment strategy involves monthly rebalancing and maximum weighting
caps applied to the Basket Constituents by sector and asset type.
[] Changes in the value of the Basket Constituents may offset each other.
[] The Index was established on May 6, 2008 and has a limited operating
history
[] The Index may perform poorly in non-trending 'choppy' markets characterized
by short- term volatility.
[] The reported level of the Index will include the deduction of a fee assessed
at 0.96%  per annum.
[] The momentum strategy embedded in the Index may not outperform other
strategies that do not rebalance monthly.
[] The Index is not representative of a pure long-only  commodities allocation
and is not designed to replicate commodities markets.
[] Commodities futures contracts are subject to uncertain legal and regulatory
regimes that may adversely affect the timing and amount of your payment at
maturity.
[] Commodities prices may change unpredictably, affecting the Index in
unforeseeable ways.
[] If a negative weighting is assigned to a Basket Constituent, signifying a
short position relative to such constituent, there is an unlimited loss
exposure to such constituent and such exposure may result in a significant drop
in the level of the Index.
[] Our affiliate, JPMSL, is the Calculation Agent and may adjust the Index in a
way that affects its level.  JPMSL is under no obligation to consider your
interest as an investor in securities linked to the Index.

Index Disclaimers
The Optimax Market-Neutral Index is not sponsored, endorsed, sold or promoted
by Standard and Poor's, a division of the McGraw-Hill Companies, Inc. Standard and
Poor's makes no representation or warranty, express or implied, of the ability
of the Standard and Poor's Goldman Sachs Commodity Index Excess Return (the "SandP
GSCI[]") or any component sub-index to track general commodity market
performance or any segment thereof respectively. Standard and Poor's' only
relationship to JPMorgan (in such capacity, the "Licensee") is the licensing of
the SandP GSCI[] and any component sub-indices, all of which are determined,
composed and calculated by Standard and Poor's without regard to the Licensee or
the Index. Standard and Poor's has no obligation to take the needs of the
Licensee or the Index into consideration in determining, composing or
calculating the SandP GSCI[] or any component sub-index. The SandP GSCI[] and the
component sub-indices thereof are not owned, endorsed, or approved by or
associated with Goldman Sachs and Co. or its affiliated companies.

For more information on the Index and for additional key risk information see
Page 9 the Strategy Guide at
http: //www.sec.gov/Archives/edgar/data/19617/000095010312005402/dp3
3524_fwp-opti.htm
http: //www.sec.gov/Archives/edgar/data/19617/000095010312005402/crt_
dp33524-fwp.pdf

The risks identified above are not exhaustive. You should also review carefully
the related "Risk Factors" section in the relevant product supplement and the
"Selected Risk Considerations" in the relevant term sheet or pricing
supplement.

DISCLAIMER
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.
Free Writing Prospectus filed pursuant to Rule 433; Registration Statement No.
333-199966

J. P. Morgan Structured Investments | 800 576 3529 |
JPM_Structured_Investments@jpmorgan.com


April 01, 2015