加拿大皇家银行美股招股说明书(2026-01-06版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing Supplement Enhanced Return Buffer NotesLinked to the S&P 500®Due January 19, 2029 Subject to Completion: Dated January 5, 2026 Pricing Supplement dated January __, 2026 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023, the UnderlyingSupplement No. 1A dated May 16, 2024 and the Product Royal Bank of Canada Royal Bank of Canada is offering Enhanced Return Buffer Notes (the “Notes”) linked to the performance of the S&P 500Futures Excess Return Index (the “Underlier”). Enhanced Return Potential— If the Final Underlier Value is greater than the Initial Underlier Value, at maturity,investors will receive a return equal to 134.15% of the Underlier Return. Contingent Return of Principal at Maturity— If the Final Underlier Value is less than or equal to the InitialUnderlier Value, but is greater than or equal to the Buffer Value (80% of the Initial Underlier Value), at maturity,investors will receive the principal amount of their Notes. If the Final Underlier Value is less than the Buffer Value,at maturity, investors will lose 1% of the principal amount of their Notes for each 1% that the Final Underlier Value CUSIP:78017UBK5Investing 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 and product supplement. body 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. governmentalagency or instrumentality. The Notes are not bail-inable notes and are not subject to conversion into our common shares Underwriting discounts and commissionsProceeds to Royal Bank of Canada We or one of our affiliates may pay varying selling concessions of up to $7.50 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 $992.50 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 $7.50 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts of value, is expected to be between $932.00 and $982.00 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.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. 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. Royal Bank of CanadaRBC Capital Markets, LLC (“RBCCM”) Minimum Investment:$1,000 and minimum denominations of $1,000 in excess thereof (1)The closing value of the Underlier on the Trade Date If the Final Underlier Value is less than the Buffer Value, you will lose some or a substantialportion of your principal amount at maturity. All payments on the Notes are subject to our creditrisk. 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 mat