
J. P. Morgan ETF Efficiente DS 5 Index

Performance Update - June 2014

OVERVIEW
The J.P.Morgan ETF Efficiente DS 5 Index (the "Index") is a J.P. Morgan strategy
 that seeks to generate returns through tracking the excess returns of exchange
 traded funds ("ETFs") and a cash index to provide exposure to a broad range of
 asset classes and geographic regions. The index targets 5% volatility on a
 daily basis by varying the exposure it takes to a basket of 12 ETFs and a cash
 index whose weights are allocated monthly in accordance with a rules - based
 methodology (the "Monthly Reference Portfolio"). The Index increases its
 exposure to the Monthly Reference Portfolio when the volatility of the
 portfolio decreases and decreases the exposure when the volatility of the
 Monthly Reference Portfolio increases. The Index levels incorporate a daily
 deduction fee of 1.00% per annum.

Hypothetical and Actual Historical Performance -May 28, 2004 to May 30, 2014

Hypothetical and Actual Historical Volatility [] through
May 30, 2014

Key Features of the Index
[] Exposure to developed market equities, bonds, emerging markets, alternative
 investments and inflation.
[] The weights of the Monthly Reference Portfolio constituents are determined
 monthly based on a rules -based methodology that targets an annualized
 volatility of 5% or less.
[] The Index targets a volatility of 5% on a daily basis using a mechanism that
 varies the exposure of the Index to the Monthly Reference Portfolio, based on
 historical volatility, and reflects the weighted performance of its underlying
 assets in excess of a cash index.
[] Index levels published on Bloomberg under the ticker EEJPDS5E .

Historical
Performance* Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Full Year
2014 -2.06% 1.68% -0.27% 1.48% 2.37% 3.18% 2013 -0.51% 0.21% 0.42% 2.30% -3.95%
 -0.89% 1.27% -1.68% 0.82% 1.39% 1.17% 1.04% 1.45% 2012 1.07% 0.40% -1.28% 1.37%
 -0.52% 0.78% 2.51% 0.08% -0.02% -0.40% 0.86% 0.90% 5.84% 2011 -0.33% 2.35%
 0.05% 1.73% -1.37% -1.19% 3.96% 2.30% -0.11% 1.36% 0.42% 0.83% 10.33% 2010
 -0.33% 0.05% 2.17% 2.95% -1.59% 1.26% 0.91% 3.63% 0.68% 0.33% -1.32% 0.59%
 9.60% *Represents the monthly and full calendar year performance of the Index
 based on, as applicable to the relevant monthly or annual measurement period,
 the hypothetical back tested daily Index closing levels from December 31, 2009
 to September 24, 2012, and the actual historical performance of the Index based
 on the daily Index closing levels from September 25, 2012 to April 30, 2014.
 See the last paragraph under "Notes" on page 2 for important information about
 the limitations of using hypothetical historical performance measures.

iShares iBoxx iShares JP $ Investment iShares iBoxx Morgan USD iShares iShares
 20+ Grade $ High Yield iShares MSCI Emerging iShares S&P iShares DJ US
Recent Index SPDR S&P Russell 2000 iShares MSCI Year Treasury Corporate
 Corporate Emerging Markets GSCI Cmdty - SPDR Gold Real Estate iShares TIPS
 JPMorgan Cash Index Composition 500 ETF Trust ETF EAFE ETF Bond ETF Bond ETF
 Bond ETF Markets ETF Bond ETF Indexed Trust Trust ETF Bond ETF USD 3 Month

20.0% 0.0% 5.0% 20.0% 15.0% 0.0% 0.0% 20.0% 0.0% 0.0% 20.0% 0.0% 0.0% Jun -14

20.0% 0.0% 5.0% 20.0% 20.0% 10.0% 0.0% 0.0% 10.0% 0.0% 15.0% 0.0% 0.0% May-14

June 02, 2014



Comparative Hypothetical and Historical Annualized Returns (%), Annualized
 Volatility (%) and Sharpe Ratio, Average Leverage, and
Correlation [] May 30, 2014

3 Year 5 Year 10 Year 10 Year 10 Year Annualized Annualized Annualized
 Annualized 10 Year Sharpe 10 Year 3 Year Average 5 Year Average Average Return
 Return Return Volatility Ratio Correlation Leverage Leverage Leverage

ETF Efficiente DS 5 Index 6.1% 7.7% 5.9% 5.6% 1.05 100.0% 114.3% 113.9% 107.3%

S&P 500 (Excess Return) 14.5% 17.8% 5.3% 20.4% 0.26 30.9%

Barclays Aggregate Bond
3.0% 4.4% 2.6% 3.7% 0.70 27.1% Index (Excess Return)

Notes
Hypothetical, historical performance measures: Represents the performance of the
 Index based on the hypothetical back-tested closing levels from May 28, 2004
 through September 24, 2012 and actual performance from September 25, 2012 to
 May 30, 2014.
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) . The []S&P 500 Index (Excess Return)[] and []Barclays
 Aggregate Bond Index (Excess Return)[] refer to hypothetical indices
 constructed from the total returns of the relevant index with the returns of
 the Cash
Index deducted. There is no guarantee the ETF Efficiente DS 5 Index will
 outperform the S&P 500 Index (Excess Return), the Barclays Aggregate Bond Index
 (Excess Return) or any alternative investment strategy. Sources: Bloomberg and
 JPMorgan.
Leverage: Leverage refers to the exposure of the Index to the Monthly Reference
 Portfolio, ranging from 0% to 150%. The leverage is determined by dividing the
 5% target volatility by the historical 1- month volatility of the Monthly
 Reference Portfolio. These monthly leverage calculations are then added and the
 sum is divided by the number of months in the relevant measurement period. 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%.
Correlation: Correlation refers to the performance of the relevant index to the
 ETF Efficiente DS 5 Index, calculated based on the ten year annualized return.

Volatility: Volatility represents the annualized standard deviation of the
 relevant index[]s arithmetic daily returns since November 29, 2004. Volatility
 levels are calculated from the historical returns, as applicable to the
 relevant measurement period, of the ETF Efficiente DS 5 Index, S&P 500 Index
 (Excess Return), and the Barclays Aggregate Bond Index (Excess Return) .

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.

For time periods prior to the launch of any ETF included in the Index and such
 ETF[]s initial satisfaction of a minimum liquidity standard, the hypothetical
 back-testing uses alternative performance information derived from a related
 index, after deducting hypothetical fund fees, rather than performance
 information for such ETF.
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.
Key Risks

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 1) a monthly selection process to determine the weighting
 assigned to each Basket Constituent in the synthetic portfolio, and 2) 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 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, is the calculation agent for the
 Index and may adjust the Index in a way that affects its level [] The policies
 and judgments for which J.P. Morgan Securities plc, is responsible could have
 an impact, positive or negative, on the level of the Index and the value of
 your investment. J.P. Morgan Securities plc is under no obligation to consider
 your interest as an investor with returns linked to the Index.
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 risks identified above are not exhaustive. You should also review carefully
 the related []Risk Factors[] section in the relevant product supplement and/or
 underlying supplement and the []Selected Risk Considerations[] in the relevant
 term sheet or pricing supplement.
For more information on the Index and for additional key risk information see
 Page 12 of the Strategy Guide at
 http://www.sec.gov/Archives/edgar/data/19617/000095010313002227/crt_ dp37444
 -fwp.pdf
DISCLAIMER
JPMorgan Chase & 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- 177923

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