The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. Subject to completion dated March 9, 2021 March , 2021 Registration Statement Nos. 333-236659 and 333-236659-01; Rule 424(b)(2) JPMorgan Chase Financial Company LLC Structured Investments Insight Notes Linked to the J.P. Morgan COVID-19 Recovery Basket (Mar 2021) due May 5, 2022 Fully and Unconditionally Guaranteed by JPMorgan Chase & Co. The notes are designed for investors who seek exposure to the performance of the J.P. Morgan COVID-19 Recovery Basket (Mar 2021) of 60 equally weighted Reference Stocks, which we refer to as the Basket, as reduced by the Basket Deduction of 1.25%. The Reference Stocks in the Basket represent the common stocks / common shares / ordinary shares / depositary units of 60 U.S.-listed companies that may benefit from a recovery from the COVID-19 pandemic. Investors should be willing to forgo interest and dividend payments and, if the Basket is flat, declines or does not increase by at least 1.25%, be willing to lose some or all of their principal amount at maturity. The notes are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to as JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co. Any payment on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit risk of JPMorgan Chase & Co., as guarantor of the notes. Minimum denominations of $1,000 and integral multiples thereof The notes are expected to price on or about March 26, 2021 and are expected to settle on or about March 31, 2021. CUSIP: 48129KAW0 Investing in the notes involves a number of risks. See “Risk Factors” beginning on page S-2 of the accompanying prospectus supplement, “Risk Factors” beginning on page PS-12 of the accompanying product supplement and “Selected Risk Considerations” beginning on page PS-6 of this pricing supplement. Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying product supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense. Price to Public (1) Fees and Commissions (2) Proceeds to Issuer Per note $1,000 $ $ Total $ $ $ (1) See “Supplemental Use of Proceeds” in this pricing supplement for information about the components of the price to public of the notes. (2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it receives from us to other affiliated or unaffiliated dealers. In no event will these selling commissions exceed $20.00 per $1,000 principal amount note. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement. If the notes priced today, the estimated value of the notes would be approximately $969.00 per $1,000 principal amount note. The estimated value of the notes, when the terms of the notes are set, will be provided in the pricing supplement and will not be less than $900.00 per $1,000 principal amount note. See “The Estimated Value of the Notes” in this pricing supplement for additional information. The notes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank. Pricing supplement to product supplement no. 4-II dated November 4, 2020 and the prospectus and prospectus supplement, each dated April 8, 2020 Key Terms Issuer: JPMorgan Chase Financial Company LLC, an Payment at Maturity: indirect, wholly owned finance subsidiary of JPMorgan Chase At maturity you will receive a cash payment, for each $1,000 & Co. principal amount note, calculated as follows: Guarantor: JPMorgan Chase & Co. $1,000 × (1 + Basket Return – Basket Deduction) Basket: The notes are linked to the J.P. Morgan COVID-19 In no event, however, will the payment at maturity be less Recovery Basket (Mar 2021) (the “Basket”), an equally than $0. weighted basket consisting of 60 Reference Stocks of U.S.- If the Final Basket Value is less than or equal to the Initial listed companies that may benefit from a recovery from the Basket Value or does not exceed the Initial Basket Value by COVID-19 pandemic, as specified under “Key Terms Relating at least 1.25%, you will lose some or all of your principal to the Reference Stocks” in this pricing supplement. amount at maturity. Stock Weight: With respect to each Reference Stock, as Basket Return: specified under “Key Terms Relating to the Reference (Final Basket Value – Initial Basket Value) Stocks” in this pricing supplement Initial Basket Value Basket Deduction: 1.25% Initial Basket Value: Set equal to 100 on the Pricing Date Pricing Date: On or about March 26, 2021 Final Basket Value: The closing level of the Basket on the Observation Date Original Issue Date (Settlement Date): On or about March Closing Level of the Basket: 31, 2021 100 × [1 + sum of (Stock Return of each Reference Stock × Observation Date *: May 2, 2022 Stock Weight of that Reference Stock)] Maturity Date*: May 5, 2022 A level of the Basket may be published on the Bloomberg Professional® service (“Bloomberg”) under the Bloomberg ticker JPINCVG1. Any levels so published are for * Subject to postponement in the event of a market disruption event informational purposes only and are not binding in any way and as described under “General Terms of Notes — Postponement with respect to the notes. Although that level may appear of a Determination Date — Notes Linked to Multiple Underlyings” and under that Bloomberg ticker during the term of the notes, any “General Terms of Notes — Postponement of a Payment Date” in the such level may not be the same as the closing level of the Basket determined by the calculation agent for the accompanying product supplement Observation Date. You will not have any rights or claims, whether legal or otherwise, relating to any information regarding that level (whether displayed on Bloomberg or elsewhere) with respect to the notes. Stock Return: With respect to each Reference Stock, (Final Value – Initial Value) Initial Value Initial Value: With respect to each Reference Stock, the closing price of one share of that Reference Stock on the Pricing Date, as specified under “Key Terms Relating to the Reference Stocks” in this pricing supplement Final Value: With respect to each Reference Stock, the closing price of one share of that Reference Stock on the Observation Date Stock Adjustment Factor: With respect to each Reference Stock, the Stock Adjustment Factor is referenced in determining the closing price of one share of that Reference Stock and is set equal to 1.0 on the Pricing Date. The Stock Adjustment Factor of each Reference Stock is subject to adjustment upon the occurrence of certain corporate events affecting that Reference Stock. See “The Underlyings — Reference Stocks — Anti-Dilution Adjustments” and “The Underlyings — Reference Stocks — Reorganization Events” in the accompanying product supplement for further information. PS-1 | Structured Investments Insight Notes Linked to the J.P. Morgan COVID-19 Recovery Basket (Mar 2021) Key Terms Relating to the Reference Stocks Bloomberg Reference Stock Ticker Symbol Stock Weight Initial Value Common stock of The Walt Disney Company, par value $0.01 DIS 1/60 per share Common stock of Bank of America Corporation, par value $0.01 1/60 per share BAC Common stock of The Coca-Cola Company, par value $0.25 per KO 1/60 share Common stock of Exxon Mobil Corporation, no par value XOM 1/60 Common stock of Chevron Corporation, par value $0.75 per 1/60 share CVX Common stock of Starbucks Corporation, par value $0.001 per SBUX 1/60 share Common stock of Citigroup Inc., par value $0.01 per share C 1/60 Common stock of Caterpillar Inc., par value $1.00 per share CAT 1/60 Common stock of The Boeing Company, par value $5.00 per 1/60 share BA Common shares of American Express Company, par value AXP 1/60 $0.20 per share Common stock of Deere & Company, par value $1.00 per share DE 1/60 Common stock of The Goldman Sachs Group, Inc., par value 1/60 $0.01 per share GS Common stock of Booking Holdings Inc., par value $0.008 per 1/60 share BKNG Common stock of General Motors Company, par value $0.01 GM 1/60 per share Common stock of HCA Healthcare, Inc., par value $0.01 per 1/60 share HCA Ordinary shares of Eaton Corporation plc, par value $0.01 per 1/60 share ETN Common stock of DuPont de Nemours, Inc., par value $0.01 per DD 1/60 share Common shares of Public Storage, par value $0.10 per share PSA 1/60 Common stock of Las Vegas Sands Corp., par value $0.001 per 1/60 share LVS Common stock of Dow Inc., par value $0.01 per share DOW 1/60 Common stock of Capital One Financial Corporation, par value 1/60 $0.01 per share COF Common stock of Ross Stores, Inc., par value $0.01 per share ROST 1/60 Common stock of The Travelers Companies, Inc., no par value TRV 1/60 Common stock of Ford Motor Company, par value $0.01 per 1/60 share F PS-2 | Structured Investments Insight Notes Linked to the J.P.