加拿大皇家银行美股招股说明书(2026-02-27版)

The information in this preliminary pricing supplement is not complete and may be changed. $Barrier Digital NotesLinked to the Least Performing of Two Underliers, Preliminary Pricing SupplementSubject to Completion: Dated February 26,2026 Royal Bank of Canada Pricing Supplement dated March __, 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 is offering Barrier Digital Notes (the “Notes”) linked to the performance of the least performing ofthe MSCI Emerging Markets Index and the EURO STOXX 50®Index (each, an “Underlier”). Enhanced Return Potential with a Digital Return— If the Final Underlier Value of the Least PerformingUnderlier is greater than or equal to its Initial Underlier Value, at maturity, investors will receive a return equal tothe greater of (a) the Underlier Return of the Least Performing Underlier and (b) the Digital Return of 56%. Contingent Return of Principal at Maturity— If the Final Underlier Value of the Least Performing Underlier isless than its Initial Underlier Value, but is greater than or equal to its Barrier Value (70% of its Initial UnderlierValue), at maturity, investors will receive the principal amount of their Notes. If the Final Underlier Value of theLeast Performing Underlier is less than its Barrier Value, at maturity, investors will lose 1% of the principal amount 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:78017UJY7 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)Underwriting discounts and commissionsProceeds to Royal Bank of Canada(1) We or one of our affiliates may pay varying selling concessions of up to $35.00 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 $965.00 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 $890.00 and $940.00 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 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 Royal Bank of Canada RBC Capital Markets, LLC (“RBCCM”) $1,000 and minimum denominations of $1,000 in excess thereof The MSCI Emerging Markets Index (the “MXEF Index”) and the EURO STOXX 50Index (the “SX5E Index”) (1)With respect to each Underlier, the closing value of that Underlier on the Trade Date(2)With respect to each Underlier, 70% of its Initial Underlier Value (rounded to twodecimal places) Trade Date:Issue Date:Valuation Date:*Maturity Date:*Payment at Maturity: Investors will receive on the Maturity Date per $1,000 principal amount of Notes: If the Final Underlier Value of the Least Performing Underlier isgreater thanor equal toits Initial Underlier Value, an amount equal to:$1,000 + ($1,000 × the greater of (a) Underlier Return of the Least PerformingUnderlier and (b) Digital Return)If the Final Underlier Value of the Least Performing Underlier isless thanits If the Final Underlier Value of the Least Performing Underlier is less than its BarrierValue, you will lose a substantial portion or all of your principal amount at maturity. Allpayments on the Notes are subject to our credit risk. Digital Return:Underlier Return: With respect to each Underlier, the Underlier Return, expressed as a percentage, iscalculated using the following formula:Final Underlier Value – Initial Underlier Value Initial Underlier Value Final Underlier Valu