加拿大皇家银行美股招股说明书(2026-05-29版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing Supplement Subject to Completion: Dated May 28, 2026 Enhanced Return NotesLinked to the S&P 500 Market Agility 10 TCA 0.5%Decrement Index, Pricing Supplement dated May __, 2026 to the Prospectusdated December 20, 2023, the Prospectus Supplementdated December 20, 2023, the Index Supplement No.SPMKTD-1 dated May 14, 2024 and the Product Royal Bank of Canada Royal Bank of Canada is offering three separate Enhanced Return Notes (with respect to an offering, the “Notes”) linkedto the performance of the S&P 500 Market Agility 10 TCA 0.5% Decrement Index (the “Underlier”). You may participate inone or more of the offerings. Each offering has its own terms, and references in this pricing supplement to the Notes, the Enhanced Return Potential— If the Final Underlier Value is greater than the Initial Underlier Value, at maturity,investors will receive a return equal to the Participation Ratetimesthe Underlier Return.Return of Principal at Maturity— If the Final Underlier Value is less than or equal to the Initial Underlier Value, at maturity, investors will receive only the principal amount of their Notes, with no additional return.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. Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-5 ofthis pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement, indexsupplement and product 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. governmentalagency or instrumentality. The Notes are not bail-inable notes and are not subject to conversion into our common shares 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 Notes for 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 $10.00 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts ofInterest)” below. * Subject to postponement. See “General Terms of the Notes—Postponement of a Determination Date” and “GeneralTerms of the Notes—Postponement of a Payment Date” in the accompanying product supplement.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 within the range set forth above 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. 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, index supplement and product supplement. Each offering has its own terms, as set forth below and on the cover page of this pricingsupplement. The S&P 500 Market Agility 10 TCA 0.5% Decrement Index. On each index calculation day, adecrement fee of 0.5% per annum (the “decrement fee”) is deducted from the level of theUnderlier and funding and transaction costs are deducted from the levels of its sub-indices.See “Selected Risk Considerations—Risks Relating to the Underlier—The Underlier and Its * Subject to postponement. See “General Terms of the Notes—Postponement of a Determination Date” and “GeneralTerms of the Notes—Postponement of a Payment Date” in the accompanying product supplement. ADDITIONAL TERMS OF YOUR NOTES You should read this pricing supplement together with the prospectus dated December 20, 2023, as supplemented by theprospectus supplement dated December 20, 2023, relating to our Senior Global Medium-Term Notes, Series J, of whichthe Notes are a part, the index supplement no. SPMKTD-1 dated M