加拿大皇家银行美股招股说明书(2026-04-01版)

$Stepdown Auto-Callable Barrier NotesLinked to the Least Performing of Two Underliers,Due April 4, 2030 Preliminary Pricing SupplementSubject to Completion: Dated March 31, 2026 Pricing Supplement dated April __, 2026 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023, the UnderlyingSupplement No. 1A dated May 16, 2024 and the ProductSupplement No. 1B dated July 22, 2025 Royal Bank of Canada Royal Bank of Canada is offering Stepdown Auto-Callable Barrier Notes (the “Notes”) linked to the performance of theleast performing of the Russell 2000®Index and the S&P 500®Index (each, an “Underlier”).Call Feature— If, on any annual Call Observation Date, the closing value of each Underlier is greater than or equal to its applicable Call Value, the Notes will be automatically called for a return that increases for each CallObservation Date at a call return rate of 13.10% per annum. No further payments will be made on the Notes. Withrespect to each Underlier, the Call Value is (1) for each Call Observation Date prior to the final Call ObservationDate (the Valuation Date), its Initial Underlier Value and (2) for the Valuation Date, its Barrier Value (75% of itsInitial Underlier Value).Principal at Risk— If the Notes are not automatically called, meaning that the Final Underlier Value of the Least Performing Underlier is less than its Barrier Value, at maturity, investors will lose 1% of the principal amount oftheir Notes for each 1% that the Final Underlier Value of the Least Performing Underlier is less than its InitialUnderlier 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:78017URE2 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-7 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) Underwriting discounts and commissions(1)Proceeds to Royal Bank of Canada(1) We or one of our affiliates may pay varying selling concessions of up to $1.50 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 $998.50 and $1,000.00 per$1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts of Interest)” 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 $923.00 and $973.00 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. Issuer:Underwriter:Minimum Investment:Underliers: RBC Capital Markets, LLC (“RBCCM”) $1,000 and minimum denominations of $1,000 in excess thereof The Russell 2000®Index (the “RTY Index”) and the S&P 500®Index (the “SPX Index”) (1)With respect to each Underlier, the closing value of that Underlier on the Strike Date.TheInitial Underlier Value of each Underlier is not the closing value of that Underlier onthe Trade Date. (2)With respect to each Underlier, 75% of its Initial Underlier Value (rounded to threedecimal places for the RTY Index and rounded to two decimal places for the SPX Index) Strike Date:Trade Date:Issue Date:Valuation Date:*Maturity Date:*Call Feature: April 1, 2026April 2, 2026April 8, 2026April 1, 2030April 4, 2030 If, on any Call Observation Date, the closing value of each Underlier i