J.P. Morgan ETF Efficiente 5 Index

Performance Update - September 2012

OVERVIEW
JPMorgan ETF Efficiente 5 Index is a J.P. Morgan strategy that seeks to
generate returns through investing in exchange traded funds ("ETFs") and a cash
index to provide exposure to a universe of diverse assets based on the
efficient frontier portfolio analysis approach.

Hypothetical and Actual Historical Performance -August 30, 2002 to August 31,
2012

[GRAPHIC OMITTED]

Key Features of the Index
[]    The strategy is based on a universe of 12 ETFs covering a broad range of
assets and geographic regions, and a cash index.
[]    Monthly rebalancing of portfolio allocation, with all positions financed by
short term borrowing of cash.
[]    Targets a volatility of 5%.
[]    Levels published on Bloomberg under the ticker EEJPUS5E.

Hypothetical and Actual Historical Volatility --August 30, 2002 to August 31,
2012

[GRAPHIC OMITTED]


Recent Index Performance
                         August 2012 July 2012 June 2012  YTD
------------------------ ----------- --------- --------- -----
Historical Return(1)        0.27%     2.65%     1.43%    5.49%
------------------------ ----------- --------- --------- -----


Recent Index Composition

                                           iShares MSCI  iShares     iShares IBOXX               iShares MSCI  iShares JP iShares SandP                             iShares      JPMorgan
             SPDR SandP 500 iShares Russell EAFE Index   Barclays 20+ INV GR Corp   iShares IBOXX Emerging Mkt Morgan EM   GSCI Cmdty-   SPDR Gold  iShares DJ US Barclays TIPS Cash Index
               ETF Trust      2000           Fund        Year TR       Bond        H/Y CORP BOND   Index       Bond Fund  Indexed Trust    Trust     Real Estate     Bond       USD 3 Month
------------- ------------ --------------- ------------ ------------ ------------- ------------- ------------ ---------- ------------- --------- ------------- ------------- -----------
September 12   10.0%         0.0%           0.0%        20.0%         15.0%          15.0%        0.0%          20.0%         0.0%         0.0%      20.0%          0.0%          0.0%
------------- ------------ --------------- ------------ ------------ ------------- ------------- ------------ ---------- ------------- --------- ------------- ------------- -----------
   August 12   10.0%         0.0%           0.0%        20.0%         20.0%         10.0%         0.0%          20.0%         0.0%         0.0%      20.0%          0.0%          0.0%
------------- ------------ --------------- ------------ ------------ ------------- ------------- ------------ ---------- ------------- --------- ------------- ------------- -----------

September 07, 2012

Comparative Hypotheical and Historical Total Returns (%), Volatility (%) and
Correlation -- August 31, 2012


                                         Three Year     Five Year Annualized Ten Year Annualized Ten Year Annualized Ten Year Sharpe
                                      Annualized Return       Return               Return             Volatility          Ratio      Ten Year Correlation
------------------------------------- ----------------- -------------------- ------------------- ------------------- --------------- --------------------
ETF Efficiente Index                        9.1%              6.9%                7.0%                5.9%              1.194            100.0%
------------------------------------- ----------------- -------------------- ------------------- ------------------- --------------- --------------------
SandP 500 (Price Return)                   11.3%             -0.9%                4.4%                21.3%             0.205             21.1%
------------------------------------- ----------------- -------------------- ------------------- ------------------- --------------- --------------------
Barclays Aggregate Bond Index (Excess       5.0%              4.2%                2.7%                3.9%              0.684             30.5%
Return)
------------------------------------- ----------------- -------------------- ------------------- ------------------- --------------- --------------------

Notes

Hypothetical, historical performance measures: Represent the performance of the
ETF Efficiente Index based on, as applicable to the relevant measurement
period, the hypothetical backtested daily closing levels through October 28,
2010, and the actual historical performance of the ETFs based on the daily
closing level from October 29, 2010 through August 31, 2012, as well as the
performance of the SandP 500 Index ("SandP 500"), and the Barclays Aggregate 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 ETF Efficiente Index will outperform the SandP 500 Index, the
Barclays Aggregate Bond Index (Excess Return) or any alternative investment
strategy. Sources: Bloomberg and JPMorgan.
Volatility is calculated from the historical returns, as applicable to the
relevant measurement period, of the SandP 500 Index and the Barclays Aggregate
Bond Index (Excess Return). Volatility represents the annualized standard
deviation of the relevant index's arithmetic daily returns since August 30,
2002. 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 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

  There are risks associated with a momentum-based investment strategy--The ETF
Efficiente Index (the "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.

  Correlation of performances among the basket constituents may reduce the
performance of strategy--performances among the basket constituents comprising
the index from time to time (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.

  Our affiliate, JPMSL, is the Calculation Agent and may adjust the Index in a
way that affects its level--The policies and judgments for which JPMSL is
responsible could have an impact, positive or negative, on the level of the
Index and the value of your investment. JPMSL is under no obligation to
consider your interest as an investor with returns linked to the Index.
 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 quarterly rebalancing and maximum weighting
caps applied to the Basket Constituents by asset type and geographical region.
Changes in the value of the Basket Constituents may offset each other.
 An investment linked to the Index is subject to risks associated with non-U.S.
securities markets, such as emerging markets and currency exchange risk.
 The Index was established on October 29, 2010 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 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 9 of the Strategy Guide at
http://www.sec.gov/Archives/edgar/data/19617/000095010312003770/dp31861_fwp.htm
http://www.sec.gov/Archives/edgar/data/19617/000095010312003770/crt-dp31861_fwp
..pdf

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.
333-177923

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