加拿大皇家银行美股招股说明书(2026-03-23版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing Supplement Auto-Callable Enhanced Return Barrier NotesLinked to a Basket of Six Equity Securities,Due April 2, 2029 Subject to Completion: Dated March 20, 2026 Pricing Supplement dated March __, 2026 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023 and the Product Royal Bank of Canada Royal Bank of Canada is offering Auto-Callable Enhanced Return Barrier Notes (the “Notes”) linked to the performance ofan equally weighted basket (the “Basket”) consisting of the common stock of APA Corporation, the common stock of EOGResources, Inc., the common stock of Freeport-McMoRan Inc., the common stock of Corning Incorporated, the common Call Feature— If, on the Call Observation Date, the closing value of the Basket is greater than or equal to theInitial Basket Value, the Notes will be automatically called for a return of 19.50%. No further payments will bemade on the Notes. Enhanced Return Potential— If the Notes are not automatically called and the Final Basket Value is greaterthan the Initial Basket Value, at maturity, investors will receive a return equal to 200% of the Basket Return. Contingent Return of Principal at Maturity— If the Notes are not automatically called and the Final Basket Value is less than or equal to the Initial Basket Value, but is greater than or equal to the Barrier Value (75% of theInitial Basket Value), at maturity, investors will receive the principal amount of their Notes. If the Notes are notautomatically called and the Final Basket Value is less than the Barrier Value, at maturity, investors will lose 1% ofthe principal amount of their Notes for each 1% that the Final Basket Value is less than the Initial Basket Value.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:78017UPT1 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 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 $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$1,000 principal amount of Notes. In addition, we or one of our affiliates may pay a broker-dealer that is not affiliated with 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 $899.00 and $949.00 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. Auto-Callable Enhanced Return BarrierNotes Linked to a Basket of Six Equity KEY TERMS The information in this “Key Terms” section is qualified by any more detailed information set forth in this pricingsupplement and in the accompanying prospectus, prospectus supplement and product supplement. Royal Bank of Canada RBC Capital Markets, LLC (“RBCCM”) $1,000 and minimum denominations of $1,000 in excess thereof The common stock of APA Corporation (the “APA Underlier”), the common stock of EOGResources, Inc. (the “EOG Underlier”), the common stock of Freeport-McMoRan Inc. (the“FCX Underlier”), the common stock of Corning Incorporated (the “GLW Underlier”), thecommon stock of Halliburton Company (the “HAL Underlier”) and the common stock of The Trade Date:Issue Date:Valuation Date:* March 27, 2026April 1, 2026March 27, 2029April 2, 2029 If, on the Call Observation Date, the closing value of the Basket isgreater than or equal tothe Initial Basket Value, the Notes will be automatically called. Under these circumstances,investors will receive on the Call Settlement Date per $1,000 principal amount of Notes an If the Notes are not automatically called, investors will receive on the Maturity Date per$1,000 principal