加拿大皇家银行美股招股说明书(2026-03-23版)

$Auto-Callable Enhanced Return Barrier NotesLinked to a Basket of Six Equity Securities,Due April 2, 2029 Preliminary Pricing SupplementSubject 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 ProductSupplement No. 1B dated July 22, 2025 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 commonstock of Halliburton Company and the common stock of The Mosaic Company (each, a “Basket Underlier”).Call Feature— If, on the Call Observation Date, the closing value of the Basket is greater than or equal to the Initial 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 BasketValue 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 regulatory 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 sharesunder subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.Per NoteTotal Price to public(1) (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 withus a referral fee of up to $7.50 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts ofInterest)” below.The initial estimated value of the Notes determined by us as of the Trade Date, which we refer to as the initial estimated value, 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.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 pricingsupplement and in the accompanying prospectus, prospectus supplement and product supplement. Issuer:Underwriter:Minimum Investment:Basket Underliers: 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 U