加拿大皇家银行美股招股说明书(2025-12-30版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing SupplementSubject to Completion: Dated December 29,2025 Auto-Callable Contingent Coupon Barrier Notes withMemory CouponLinked to the Bloomberg US Large Cap VolMax Index, Pricing Supplement dated January __, 2026 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023, the UnderlyingSupplement No. 2A dated January 21, 2025 and the Royal Bank of Canada Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon (the “Notes”)linked to the performance of the Bloomberg US Large Cap VolMax Index (the “Underlier”). Contingent Coupons with Memory Feature— If the Notes have not been automatically called, investors willreceive a Contingent Coupon on a monthly Coupon Payment Date at a rate of 12.00% per annum if the closingvalue of the Underlier is greater than or equal to the Coupon Threshold (60% of the Initial Underlier Value) on theimmediately preceding Coupon Observation Date. A Contingent Coupon that is not payable on a Coupon PaymentDate may be paid later, but only if the closing value of the Underlier is greater than or equal to the Coupon Call Feature— If, on any quarterly Call Observation Date beginning approximately one year following the TradeDate, the closing value of the Underlier is greater than or equal to the Initial Underlier Value, the Notes will beautomatically called for 100% of their principal amountplusthe Contingent Coupon and any unpaid Contingent Coupons 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 is greater than or equal to the Barrier Value (50% of the Initial Underlier Value), at maturity, investors willreceive the principal amount of their Notesplusany Contingent Coupon and any unpaid Contingent Couponsotherwise due. If the Notes are not automatically called and the Final Underlier Value is less than the Barrier Any payments on the Notes are subject to our credit risk.The Notes will not be listed on any securities exchange.CUSIP:78017PZJ3 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-8 of this pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement, underlyingsupplement and product 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 Underwriting discounts and commissionsProceeds to Royal Bank of Canada (1) We or one of our affiliates may pay varying selling concessions of up to $12.50 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 $987.50 and $1,000.00 per$1,000 principal amount of Notes. In addition, we or one of our affiliates may pay a broker-dealer that is not affiliated withus a referral fee of up to $10.00 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts of value, is expected to be between $896.50 and $946.50 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.The market value of the Notes at any time will reflect many factors, cannot be predicted with accuracy and may be lessthan this amount. We describe the determination of the initial estimated value in more detail below. Auto-Callable Contingent CouponBarrier Notes with Memory CouponLinked to the Bloomberg US Large CapVolMax Index 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: Royal Bank of Canada RBC Capital Markets, LLC (“RBCCM”) $1,000 and minimum denominations of $1,000 in excess thereof The Bloomberg US Large Cap VolMax Index. The Underlier is subject to a notionalfinancing cost, a 6% per annum deduction factor and a transaction cost of 0.01%applied to the daily change in exposure to the Underlying Index (as defined below), in Trade Date:Issue Date:Valuation Date:*