加拿大皇家银行美股招股说明书(2026-04-23版)

Registration Statement No. 333-275898Filed Pursuant to Rule 424(b)(2) The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing SupplementSubject to Completion: Dated April 22, 2026 Auto-Callable Contingent Coupon Barrier NotesLinked to the Least Performing of Two Underliers,Due April 26, 2029 Pricing Supplement dated April __, 2026 to the Prospectusdated December 20, 2023, the Prospectus Supplementdated December 20, 2023, the Underlying Supplement No. Royal Bank of Canada Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes (the “Notes”) linked to the performanceof the least performing of the VanEck®Semiconductor ETF and the State Street®SPDR®S&P®Oil & Gas Exploration &Production ETF (each, an “Underlier”). Contingent Coupons— If the Notes have not been automatically called, investors will receive a ContingentCoupon on a quarterly Coupon Payment Date at a rate of 18.00% per annum if the closing value of each Underlieris greater than or equal to its Coupon Threshold (70% of its Initial Underlier Value) on the immediately preceding Call Feature— If, on any quarterly Call Observation Date, the closing value of each Underlier is greater than orequal to its Initial Underlier Value, the Notes will be automatically called for 100% of their principal amountplusthe Contingent Coupon otherwise due. No further payments will be made on the Notes. Contingent Return of Principal at Maturity— If the Notes are not automatically called and the Final UnderlierValue of the Least Performing Underlier is greater than or equal to its Barrier Value (70% of its Initial UnderlierValue), at maturity, investors will receive the principal amount of their Notesplusthe Contingent Coupon otherwisedue. If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier is CUSIP:78017UVL1Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-7 of this pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement andproduct supplement. None of the Securities and Exchange Commission (the “SEC”), any state securities commission or any other regulatorybody has approved or disapproved of the Notes or passed upon the adequacy or accuracy of this pricing supplement. Anyrepresentation to the contrary is a criminal offense. The Notes will not constitute deposits insured by the Canada DepositInsurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or U.S. governmental We or one of our affiliates may pay varying selling concessions of up to $10.00 per $1,000 principal amount of Notes inconnection with the distribution of the Notes to other registered broker-dealers. Certain dealers who purchase the Notesfor sale to certain fee-based advisory accounts may forgo some or all of their underwriting discount or selling concessions.The public offering price for investors purchasing the Notes in these accounts may be between $990.00 and $1,000.00 per The initial estimated value of the Notes determined by us as of the Trade Date, which we refer to as the initial estimatedvalue, is expected to be between $918.04 and $968.04 per $1,000 principal amount of Notes and will be less than thepublic offering price of the Notes. The final pricing supplement relating to the Notes will set forth the initial estimated value. Auto-Callable Contingent CouponBarrier Notes Linked to the LeastPerforming of Two Underliers KEY TERMS The information in this “Key Terms” section is qualified by any more detailed information set forth in this pricingsupplementand in the accompanying prospectus,prospectus supplement,underlying supplement and product Issuer: Underwriter:Minimum Investment:Underliers: RBC Capital Markets, LLC (“RBCCM”) $1,000 and minimum denominations of $1,000 in excess thereof TheVanEck®SemiconductorETF(the“SMH Fund”)and the State StreetSPDR®S&P®Oil & Gas Exploration & Production ETF (the “XOP Fund”) (1)With respect to each Underlier, the closing value of that Underlier on the Strike Date.The Initial Underlier Value of each Underlier is not the closing value of thatUnderlier on the Trade Date. With respect to each Underlier, 70% of its Initial Underlier Value (rounded to twodecimal places) April 21, 2026April 22, 2026April 27, 2026April 23, 2029April 26, 2029 Strike Date: Trade Date: Issue Date: Valuation Date:* Maturity Date:* If the Notes have not been automatically called, investors will receive a ContingentCoupon on a Coupon Payment Date if the closing value of each Underlier isgreaterthanor equal to its Coupon Threshold on the immediately preceding Coupon Payment of ContingentCoupons: of any Underlier is less than its Coupon Threshold on the immediately precedingCoupon Observation Date. Accordingly, you may not receive a Contingent Coupon onone or more Coupon Payment Dates during the term of the