加拿大皇家银行美股招股说明书(2026-07-07版)

Preliminary Pricing SupplementSubject to Completion: Dated July 7, 2026 Geared Buffer Digital NotesLinked to the Common Stock of Tesla, Inc.,Due July 28, 2027 Pricing Supplement dated July __, 2026 to the Prospectusdated December 20, 2023, the Prospectus Supplementdated December 20, 2023 and the Product Supplement No.1B dated July 22, 2025 Royal Bank of Canada Royal Bank of Canada is offering Geared Buffer Digital Notes (the “Notes”) linked to the performance of the common stockof Tesla, Inc. (the “Underlier”).Contingent Fixed Return— If the Final Underlier Value is greater than or equal to the Buffer Value (70% of the Initial Underlier Value), at maturity, investors will receive a fixed return equal to the Digital Return of 15.28%.Principal at Risk— If the Final Underlier Value is less than the Buffer Value, at maturity, investors will loseapproximately 1.42857% of the principal amount of their Notes for each 1% that the Final Underlier Value is lessthan the Initial Underlier Value 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:78017UR36 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-6 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. Price to public(1) Proceeds to Royal Bank of Canada (1)Certain fiduciary accounts purchasing the Notes will pay a purchase price of $990.00 per $1,000 principal amount ofNotes, and the placement agents will forgo any fees with respect to sales made to those accounts. The price to the publicfor all other purchases of the Notes is 100%.(2) JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC and their affiliates will act as placement agents for the Notesand will receive a fee from us of $10.00 per $1,000 principal amount of Notes, but will forgo any fees for sales to certainfiduciary accounts.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 $920.00 and $970.00 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. JPMorgan Chase Bank, N.A.J.P. Morgan Securities LLCPlacement Agents RBC Capital Markets, LLC 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. Royal Bank of CanadaRBC Capital Markets, LLC (“RBCCM”)$10,000 and minimum denominations of $1,000 in excess thereofThe common stock of Tesla, Inc. Issuer:Underwriter:Minimum Investment:Underlier: Trade Date:Issue Date:Valuation Date:*Maturity Date:*Payment at Maturity: Digital Return:Buffer Percentage:Downside Multiplier:Underlier Return: * Subject to postponement. See “General Terms of the Notes—Postponement of a Determination Date” and “General Terms of theNotes—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, and the product supplement no. 1B dated July 22, 2025. This pricing supplement, together with thesedocuments, contains the terms of the Notes and supersedes all other prior or contemporaneous oral statements as well asany other written materials, including preliminary or indicative pricing terms, correspondence, trade ideas, structures forimplementation, sample structures, fact sheets, brochures or other educational materials of ours. We have not authorized anyone to provide any information or to make any representations other than those contained orin