加拿大皇家银行美股招股说明书(2026-07-29版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing SupplementSubject to Completion: Dated July 28, 2026 Fixed Coupon Geared Buffer NotesLinked to the Class A Common Stock of Alphabet Inc.,Due February 3, 2027 Pricing Supplement dated July __, 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 Fixed Coupon Geared Buffer Notes (the “Notes”) linked to the performance of the ClassA common stock of Alphabet Inc. (the “Underlier”).Fixed Coupon— Investors will receive a Fixed Coupon on the Coupon Payment Date at a rate of 9.22% per annum.Contingent Return of Principal at Maturity— If the Final Underlier Value is greater than or equal to the BufferValue (85% of the Initial Underlier Value), at maturity, investors will receive the principal amount of their Notesplusthe Fixed Coupon otherwise due. If the Final Underlier Value is less than the Buffer Value, at maturity, investorswill receive shares of the Underlier that will likely be worth less than the principal amount of their Notes and couldbe worth nothing and will receive the Fixed Coupon otherwise due.Any payments on the Notes are subject to our credit risk.The Notes will not be listed on any securities exchange.CUSIP:78015QYZ8 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.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 $75.00 per $10,000 principal amount of Notesin connection 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 $9,925.00 and $10,000.00per $10,000 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 $9,390.00 and $9,890.00 per $10,000 principal amount of Notes and will be less thanthe public offering price of the Notes. The final pricing supplement relating to the Notes will set forth the initial estimatedvalue. The market value of the Notes at any time will reflect many factors, cannot be predicted with accuracy and may beless than this amount. We describe the determination of the initial estimated value in more detail below. RBC Capital Markets, LLC Fixed Coupon Geared Buffer NotesLinked to the Class A Common Stock ofAlphabet Inc. 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 $10,000 in excess thereofThe Class A common stock of Alphabet Inc. Initial Underlier Issuer:Underwriter:Minimum Investment:Underlier: (1)The closing value of the Underlier on the Trade Date(2)85% of the Initial Underlier Value (rounded to two decimal places)(3)A number of shares of the Underlier equal to $10,000divided bythe Buffer Value(rounded to four decimal places)July 29, 2026August 3, 2026January 29, 2027February 3, 2027Investors will receive a Fixed Coupon on the Coupon Payment Date.$461 per $10,000 principal amount of Notes (corresponding to a rate of 4.61% atmaturity or 9.22% per annum)Investors will receive on the Maturity Date per $10,000 principal amount of Notes, inaddition to the Fixed Coupon otherwise due: Trade Date:Issue Date:Valuation Date:*Maturity Date:*Payment of Fixed Coupon:Fixed Coupon: Payment at Maturity: If the Final Underlier Value isgreater than or equal tothe Buffer Value: $10,000If the Final Underlier Value isless thant