加拿大皇家银行美股招股说明书(2026-04-06版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing SupplementSubject to Completion: Dated April 6, 2026 Auto-Callable Enhanced Return Dual DirectionalBuffer NotesLinked to the Least Performing of Two Underliers,Due May 2, 2029 Pricing Supplement dated April __, 2026 to the Prospectusdated December 20, 2023, the Prospectus Supplementdated December 20, 2023 and the Product SupplementNo. 1B dated July 22, 2025 Royal Bank of Canada Royal Bank of Canada is offering Auto-Callable Enhanced Return Dual Directional Buffer Notes (the “Notes”) linked to theperformance of the least performing of the common stock of Axon Enterprise, Inc. and the common stock of NorthropGrumman Corporation (each, an “Underlier”).Call Feature— If, on the Call Observation Date, the closing value of each Underlier is greater than or equal to its Initial Underlier Value, the Notes will be automatically called for a return of at least 35% (to be determined on theTrade Date). No further payments will be made on the Notes.Enhanced Return Potential— If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier is greater than its Initial Underlier Value, at maturity, investors will receive a returnequal to 200% of the Underlier Return of the Least Performing Underlier.Absolute Value Return— If the Notes are not automatically called and the Final Underlier Value of the LeastPerforming Underlier is less than or equal to its Initial Underlier Value, but is greater than or equal to its BufferValue (70% of its Initial Underlier Value), at maturity, investors will receive a one-for-one positive return equal tothe absolute value of the Underlier Return of the Least Performing Underlier.Principal at Risk— If the Notes are not automatically called and the Final Underlier Value of the LeastPerforming Underlier is less than its Buffer Value, at maturity, investors will lose 1% of the principal amount of theirNotes for each 1% that the Final Underlier Value of the Least Performing Underlier is less than its Initial UnderlierValue in excess of the Buffer Percentage of 30%.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:78017UTF7 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) 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 $25.00 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 $975.00 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 $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 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:$1,000 and minimum denominations of $1,000 in excess thereofUnderliers: Royal Bank of CanadaRBC Capital Markets, LLC (“RBCCM”) The common stock of Axon Enterprise, Inc. (the “AXON Underlier”) and the common stock ofNorthrop