S and P 500[R] Dividend Aristocrats Risk Control 8% Excess Return Index

Performance Update - October 2011

OVERVIEW

The S and P 500[R] Dividend Aristocrats Risk Control 8% Excess Return Index (the
"Index") provides investors with exposure to the "blue chip" names of the S and
P 500[R] Dividend Aristocrats Total Return Index. It also adds a volatility
control mechanism that targets 8% volatility by adjusting its level of exposure
to the S and P 500[R] Dividend Aristocrats Total Return Index. This volatility
control mechanism seeks to create a more consistent risk-return profile for the
Dividend Aristocrats Risk Control 8% Index.

Key Features of the Index

[] Exposure to the S and P 500[R] Dividend Aristocrats Total Return Index, a
group of 40 or more S and P 500[R] stocks with records of consistently
increasing dividends over the past 25 years. S and P can relax this criterion if
less than 40 names qualify.

[] In an effort to maintain a constant annualized volatility of 8%, the Index
uses an algorithm to dynamically adjust exposure daily.

[] To adjust exposure, the Index has the ability to employ leverage of up to
150% during periods of low volatility.

[] Levels published daily by Standard and Poor's on Bloomberg. The S and P
500[R] Dividend Aristocrats Risk Control 8% Excess Return Index targets 8%
volatility and is published to Bloomberg under the ticker SPXD8UE.

Hypothetical and Actual Historical Performance (September 28, 2001 to September
30, 2011)
[GRAPHIC OMITTED]

Sources: Bloomberg and JPMorgan. Past hypothetical performance results are
neither indicative of nor a guarantee of future returns. Actual results will
vary, potentially materially, from the hypothetical historical performance
provided herein. There is no assurance the Index will outperform the S and P
500[R] Index, the S and P 500[R] Dividend Aristocrats Risk Control Index, or any
alternative investment strategy.

Hypothetical Index Volatility and Leverage (September 28, 2001 to September 30,
2011)
[GRAPHIC OMITTED]

Sources: Bloomberg and JPMorgan. Past hypothetical performance results are
neither indicative of nor a guarantee of future returns. Actual results will
vary, potentially materially, from the hypothetical historical performance
provided herein. There is no assurance the Index will outperform the S and P
500[R] Index, the S and P 500[R] Dividend Aristocrats Risk Control Index, or any
alternative investment strategy.

Recent Performance of the S and P 500[R] Dividend Aristocrats Risk Control 8%
Excess Return Index and the S and P 500[R] Index (as of Sep 30, 2011)

                            Sep 2011  Aug 2011  Jul 2011
--------------------------- --------- --------- ---------
S and P 500[R] Dividend
Aristocrats Risk Control 8%    -1.46%    -3.74%    -2.36%
Excess Return Index
--------------------------- --------- --------- ---------

                                                                October 13, 2011

Comparative Hypotheical and Historical Total Returns (%), Volatility (%) and
Correlation -- September 30, 2011

                                                         Three Year     Five Year Annualized    Ten Year           Ten Year           Ten Year
                                      One Year Return Annualized Return       Return         Annualized Return Annualized Volatility Sharpe Ratio
------------------------------------- --------------- ----------------- -------------------- ----------------- --------------------- ------------
S and P 500[R] Dividend Aristocrats Risk   0.6%            4.2%               1.7%                3.3%               8.0%               0.41
Control 8% Excess Return Index
S and P 500[R] Index (SPX)                -0.9%           -1.0%              -3.3%                0.8%              21.8%               0.04
------------------------------------- --------------- ----------------- -------------------- ----------------- --------------------- ------------
S and P 500[R] Dividend Aristocrats Total  2.6%            6.6%               3.1%                6.7%              20.1%               0.33
Return Index
S and P 500[R] Total Return Index (SPTR)   1.1%            1.2%              -1.2%                2.8%              21.8%               0.13
------------------------------------- --------------- ----------------- -------------------- ----------------- --------------------- ------------

Notes on performance, volatility, leverage and, Sharpe Ratio statistics

Hypothetical, historical performance measures: Represent the performance of the
Index based on, as applicable to the relevant measurement period, the
hypothetical backtested daily Index closing levels from May 31, 2001 through
September 30, 2011, and the actual historical performance of the Index based on
the daily Index closing level from August 25, 2010 through September 30, 2011,
as well as the performance of the S and P 500[R] Index over the same period. 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 relevant Index will outperform the S and
P 500[R] Total Return Index, the S and P 500[R] Dividend Aristocrats Total
Return Index 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 S and P 500[R] Total Return Index, the S and
P 500[R] Dividend Aristocrats Total Return Index and the S and P 500[R] Dividend
Aristocrats Risk Control 8% Excess Return Index. Volatility represents the
annualized standard deviation of the relevant index's arithmetic daily returns
through September 30, 2011. The index leverage is the hypothetical back-tested
amount of exposure of the Index to the S and P 500[R] Dividend Aristocrats Total
Return Index and should not be considered indicative of the actual leverage that
would be assigned during an investment in the Index. 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
leverage have inherent limitations. These volatility and leverage 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 as shown. Alternative
modeling techniques or assumptions might produce significantly different results
and may prove to be more appropriate. Actual annualized volatilities and
leverage may vary materially from this analysis. Source: Bloomberg and JPMorgan.

Key Risks

[] The Index has a limited operating history and may perform in unexpected ways.
The Index began publishing on August 25, 2010 and, therefore, has a limited
history. S and P has calculated the returns that hypothetically might have been
generated had the Index existed in the past, but those calculations are subject
to many limitations and do not reflect actual trading, liquidity constraints,
fees and other costs.

[] The Index may not be successful, may not outperform the S and P 500[R]
Dividend Aristocrats Total Return Index and may not achieve its target
volatility. No assurance can be given that the volatility strategy will be
successful or that the Index will outperform the S and P 500[R] Dividend
Aristocrats Total Return Index or any alternative strategy that might be
employed to reduce the level of risk of the S and P 500[R] Dividend Aristocrats
Total Return Index . We also can give no assurance that the Index will achieve
its target volatility of 8%.

[] The Index is not a total return index, and is subject to short-term money
market fund borrowing costs-- As an "excess return" index, the S and P 500[R]
Dividend Aristocrats Risk Control 8% Excess Return Index calculates the return
on a leveraged or deleveraged investment in the S and P 500[R] Dividend
Aristocrats Total Return Index where the investment was made through the use of
borrowed funds. Investments linked to this "excess return" index, which
represents an unfunded position in the S and P 500[R] Dividend Aristocrats Total
Return Index , will be subject to short-term money market fund borrowing costs
and will not include the "total return" feature or the cash component of the
"total return" index, which represents a funded position in the S and P 500[R]
Dividend Aristocrats Total Return Index .

[] The Index represents portfolios consisting of the S and P 500[R] Dividend
Aristocrats Total Return Index and a borrowing cost component accruing interest
based on a synthetically rolling 3-month bond with reference to the 2-month and
3-month U.S. LIBOR rates. The Index dynamically adjusts its exposures to the S
and P 500[R] Dividend Aristocrats Total Return Index based on the S and P 500[R]
Dividend Aristocrats Total Return Index's historic volatility. The Index's'
exposure to the S and P 500[R] Dividend Aristocrats Total Return Index will
decrease when historical volatility causes the risk level of the S and P 500[R]
Dividend Aristocrats Total Return Index to reach a high threshold. If, at any
time, the Index exhibits low exposure to the S and P 500[R] Dividend Aristocrats
Total Return Index and the S and P 500[R] Dividend Aristocrats Total Return
Index subsequently appreciates significantly, the Index will not participate
fully in this appreciation.

Key Risks Continued

[] J.P. Morgan Securities LLC ("JPMS"), one of our affiliates, worked with S and
P in developing the guidelines and policies governing the composition and
calculation of the Index. The policies and judgments for which JPMS was
responsible could have an impact, positive or negative, on the level of the
Indices. JPMS is under no obligation to consider your interests as an investor.

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.

Index Disclaimers

"Standard and Poor's[R]," "S and P[R]," "S and P 500[R]," "S and P 500[R]
Dividend Aristocrats," and "S and P 500[R] Dividend Aristocrats Risk Control 8%
Excess Return Index" are trademarks of the McGraw-Hill Companies, Inc. and have
been licensed for use by J.P. Morgan Securities LLC. This transaction is not
sponsored, endorsed, sold or promoted by S and P, and S and P makes no
representation regarding the advisability of purchasing securities generally or
financial instruments issued by JPMorgan Chase and Co. S and P has no obligation
or liability in connection with the administration, marketing, or trading of
products linked to the S and P 500[R] Dividend Aristocrats Risk Control 8%
Excess Return Index.

For more information on the Index and for additional key risk information see
Page 4 of the Strategy Guide at:
http://www.sec.gov/Archives/edgar/data/19617/0000950103110042
50/crt_dp26674-fwp.pdf

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Free Writing Prospectus filed pursuant to Rule 433; Registration Statement No.
333-155535

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