加拿大皇家银行美股招股说明书(2026-05-18版)

May 2026Pricing Supplement dated May __, 2026Registration Statement No. 333-275898Filed Pursuant to Rule 424(b)(2) STRUCTURED INVESTMENTS Opportunities in U.S. EquitiesBearish PLUS Based on the Inverse Performance of the S&P 500® Index due June 11,2027 Bearish Performance Leveraged Upside SecuritiesSMPrincipal at Risk SecuritiesUnlike conventional debt securities, the Bearish Performance Leveraged Upside SecuritiesSM (the “Bearish PLUS”) do notpay interest and do not guarantee any return of principal at maturity. The Bearish PLUS offer inverse exposure to theunderlier. Having inverse exposure to the underlier means that investors will earn a positive return if the value of theunderlierdeclines, but will lose some or all of their principal amount if the value of the underlierincreases. At maturity, ifthe final underlier value isless thanthe initial underlier value, investors will receive the stated principal amount of theirinvestment plus a return reflecting the leveraged downside performance of the underlier, subject to the maximum paymentat maturity. However, if the final underlier value isgreater thanthe initial underlier value, investors will lose 1% of thestated principal amount for every 1% that the final underlier value is greater than the initial underlier value. Under thesecircumstances, the payment at maturity will be less than the stated principal amount and could be zero. In no event will thepayment at maturity be less than $0. Investors may lose their entire investment in the Bearish PLUS. The Bearish PLUSare for investors who seek inverse exposure to an equity index-based return and who are willing to risk their principal andforgo current income and positive returns above the maximum payment at maturity in exchange for the leverage feature,which applies to a limited range of negative performance of the underlier. The Bearish PLUS are senior unsecured debtsecurities issued as part of Royal Bank of Canada’s Senior Global Medium-Term Notes, Series J program. All paymentson the Bearish PLUS are subject to the credit risk of Royal Bank of Canada. (1)RBCCM, acting as agent for Royal Bank of Canada, will receive a fee of $22.50 per Bearish PLUS and will pay toMorgan Stanley Wealth Management (“MSWM”) a fixed sales commission of $17.50 for each Bearish PLUS.See“Supplemental Plan of Distribution (Conflicts of Interest)” below.(2) Of the amount received by RBCCM, acting as agent for Royal Bank of Canada, RBCCM will pay MSWM a structuringfee of $5.00 for each Bearish PLUS.* Subject to postponement. See “General Terms of the Notes—Postponement of a Determination Date” and “General Terms of the Notes—Postponement of a Payment Date” in the accompanying product supplement.The initial estimated value of the Bearish PLUS determined by us as of the pricing date, which we refer to as the initial estimated value, is expected to be between $922.50 and $972.50 per Bearish PLUS and will be less than thepublic offering price of the Bearish PLUS. The final pricing supplement relating to the Bearish PLUS will set forththe initial estimated value. The market value of the Bearish PLUS at any time will reflect many factors, cannot be predicted with accuracy and may be less than this amount. We describe the determination of the initial estimatedvalue in more detail below.An investment in the Bearish PLUS involves certain risks. See “Risk Factors” beginning on page 5 of this document and “Risk Factors” in the accompanying prospectus, prospectus supplement and product supplement.You should read this document together with the documents listed below, each of which can be accessed via thehyperlinks below, before you decide to invest. Please also see “Additional Information about the Bearish PLUS”in this document. Prospectus datedDecember 20, 2023Prospectus Supplementdated December 20, 2023Underlying Supplement No.1A dated May 16, 2024Product Supplement No. 1Bdated July 22, 2025None of the Securities and Exchange Commission (the “SEC”), any state securities commission or any other regulatory body has approved or disapproved of the Bearish PLUS or passed upon the adequacy or accuracy of this document. Anyrepresentation to the contrary is a criminal offense. The Bearish PLUS will not constitute deposits insured by the CanadaDeposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or U.S.governmental agency or instrumentality. The Bearish PLUS are not bail-inable notes and are not subject to conversion intoour common shares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act. Bearish PLUS Based on the Inverse Performance of the S&P 500®Index due June 11, 2027Bearish Performance Leveraged Upside SecuritiesSMPrincipal at Risk Securities Investment Summary Bearish Performance Leveraged Upside SecuritiesSM Principal at Risk Securities The Bearish PLUS Based on the Inverse Performance of the S&P 500®Index due June 11, 2027 (the “Bearish PLUS”)can be used