加拿大皇家银行美股招股说明书(2026-05-11版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing Supplement $Dual Directional Buffer Digital NotesLinked to the S&P 500®Index,Due June 25, 2027 Subject to Completion: Dated May 8, 2026 Pricing Supplement dated May __, 2026 to the Prospectusdated December 20, 2023, the Prospectus Supplementdated December 20, 2023, the Underlying Supplement No.1A dated May 16, 2024 and the Product Supplement No. Royal Bank of Canada Royal Bank of Canada is offering Dual Directional Buffer Digital Notes (the “Notes”) linked to the performance of the S&P500® Index (the “Underlier”). Contingent Fixed Return— If the Final Underlier Value is greater than or equal to the Digital Barrier Value(92.50% of the Initial Underlier Value), at maturity, investors will receive a fixed return equal to the Digital Return of7.50%. Absolute Value Return— If the Final Underlier Value is less than the Digital Barrier Value, but is greater than orequal to the Buffer Value (86% of the Initial Underlier Value), at maturity, investors will receive a one-for-onepositive return equal to the absolute value of the Underlier Return. the principal amount of their Notes for each 1% that the Final Underlier Value is less than the Initial UnderlierValue in excess of the Buffer Percentage of 14%.The Notes do not pay interest.Any payments on the Notes are subject to our credit risk.The Notes will not be listed on any securities exchange.CUSIP:78017UZA1 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-6 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 Price to public (1)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 $938.00 and $988.00 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. 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 productsupplement. Issuer:Underwriter: RBC Capital Markets, LLC (“RBCCM”) $1,000 and minimum denominations of $1,000 in excess thereof (1)The closing value of the Underlier on the Trade Date Trade Date:Issue Date:Valuation Date:* * Subject to postponement. See “General Terms of the Notes—Postponement of a Determination Date” and “GeneralTerms of the Notes—Postponement of a Payment Date” in the accompanying product supplement. ADDITIONAL TERMS OF YOUR NOTES You should read this pricing supplement together with the prospectus dated December 20, 2023, as supplemented by theprospectus supplement dated December 20, 2023, relating to our Senior Global Medium-Term Notes, Series J, of whichthe Notes are a part, the underlying supplement no. 1A dated May 16, 2024 and the product supplement no. 1B dated July22, 2025. This pricing supplement, together with these documents, contains the terms of the Notes and supersedes all We have not authorized anyone to provide any information or to make any representations other than those contained orincorporated by reference in this pricing supplement and the documents listed below. We take no responsibility for, andcan provide no assurance as to the reliability of, any other information that others may give you. These documents are an If the information in this pricing supplement differs from the information contained in the documents listed below, youshould rely on the information in this pricing supplement. You should carefully consider, among other things, the matters set forth in “Selected Risk Considerations” in this pricingsupplement and “Risk Factors” in the documents listed below, as the Notes involve risks not associated with conventi