加拿大皇家银行美股招股说明书(2026-02-05版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing Supplement Subject to Completion: Dated February 4, 2026 Auto-Callable Contingent Coupon Barrier NotesLinked to the Bloomberg US Large Cap VolMax Index,Due February 13, 2031 Pricing Supplement dated February __, 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 (the “Notes”) linked to the performanceof the Bloomberg US Large Cap VolMax Index (the “Underlier”). Contingent Coupons— If the Notes have not been automatically called, investors will receive a ContingentCoupon on a monthly Coupon Payment Date at a rate of 14.25% per annum if the closing value of the Underlier isgreater than or equal to the Coupon Threshold (60% of the Initial Underlier Value) on the immediately preceding 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 otherwise due. No further 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 otherwise due. If the Notes are notautomatically called and the Final Underlier Value is less than the Barrier Value, at maturity, investors will lose 1% Any payments on the Notes are subject to our credit risk.The Notes will not be listed on any securities exchange. CUSIP:78017UFQ8 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 Proceeds to Royal Bank of Canada(1) We or one of our affiliates may pay varying selling concessions of up to $8.50 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 $991.50 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 $900.00 and $950.00 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 less Auto-Callable Contingent CouponBarrier Notes Linked to the Bloomberg 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 (1)The closing value of the Underlier on the Trade Date(2)60% of the Initial Underlier Value (rounded to two decimal places)(3)50% of the Initial Underlier Value (rounded to two decimal places)February 10, 2026February 13, 2026February 10, 2031February 13, 2031If the Notes have not been automatically called, investors will receive a ContingentCoupon on a Coupon Payment Date if the closing value of the Underlier isgreater Trade Date:Issue Date:Valuation Date:* thanor equal to the Coupon Threshold on the immediately preceding Coupon No Contingent Coupon will be payable on a Coupon Payment Date if the closing valueof the Underlier