Royal Bank Of Canada 424B2 Filing

FAQ

Key Financial Figures

• $22.50 — ay varying selling concessions of up to $22.50 per $1,000 principal amount of Notes in
• $1,000 — selling concessions of up to $22.50 per $1,000 principal amount of Notes in connection
• $977.50 — Notes in these accounts may be between $977.50 and $1,000.00 per $1,000 principal amou
• $1,000.00 — ese accounts may be between $977.50 and $1,000.00 per $1,000 principal amount of Notes. I
• $8.00 — iliated with us a referral fee of up to $8.00 per $1,000 principal amount of Notes. S
• $910.00 — imated value, is expected to be between $910.00 and $960.00 per $1,000 principal amount
• $960.00 — , is expected to be between $910.00 and $960.00 per $1,000 principal amount of Notes an
• $1,200 — ty if the Underlier appreciates will be $1,200 per $1,000 principal amount of Notes.
• $1,200.00 — ercentage of Principal Amount 50.00% $1,200.00 120.000% 40.00% $1,200.00 120.000%
• $1,100.00 — 20.00% $1,200.00 120.000% 10.00% $1,100.00 110.000% 5.00% $1,050.00 105.000%
• $1,050.00 — 10.00% $1,100.00 110.000% 5.00% $1,050.00 105.000% 2.00% $1,020.00 102.000%
• $1,020.00 — % 5.00% $1,050.00 105.000% 2.00% $1,020.00 102.000% 0.00% $1,000.00 100.000%
• $999.90 — -10.00% $1,100.00 110.000% -10.01% $999.90 99.990% -20.00% $900.00 90.000%
• $900.00 — -10.01% $999.90 99.990% -20.00% $900.00 90.000% -30.00% $800.00 80.000%
• $800.00 — -20.00% $900.00 90.000% -30.00% $800.00 80.000% -40.00% $700.00 70.000%

Filing Documents

• dp244693_424b2-us3875spx.htm (424B2) — 113KB
• image_009.jpg (GRAPHIC) — 4KB
• image_001.jpg (GRAPHIC) — 28KB
• 0000950103-26-005139.txt ( ) — 157KB

From the Filing

Registration Statement No. 333-275898 Filed Pursuant to Rule 424(b)(2) The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing Supplement Pricing Supplement dated April __, 2026 to the Prospectus dated December 20, 2023, the Prospectus Supplement dated December 20, 2023, the Underlying Supplement No. 1A dated May 16, 2024 and the Product Supplement No. 1B dated July 22, 2025 $ Capped Return Dual Directional Buffer Notes Linked to the S&P 500 ® Index, Due May 2, 2028 Royal Bank of Canada Royal Bank of Canada is offering Capped Return Dual Directional Buffer Notes (the “Notes”) linked to the performance of the S&P 500 ® Index (the “Underlier”). Capped Return Potential — If the Final Underlier Value is greater than the Initial Underlier Value, at maturity, investors will receive a return equal to 100% of the Underlier Return, subject to the Maximum Upside Return of 20%. Absolute Value Return — If the Final Underlier Value is less than or equal to the Initial Underlier Value, but is greater than or equal to the Buffer Value (90% of the Initial Underlier Value), at maturity, investors will receive a one-for-one positive return equal to the absolute value of the Underlier Return. Principal at Risk — If the Final Underlier Value is less than the Buffer Value, at maturity, investors will lose 1% of the principal amount of their Notes for each 1% that the Final Underlier Value is less than the Initial Underlier Value in excess of the Buffer Percentage of 10%. 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: 78017URW2 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 and product 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. Any representation to the contrary is a criminal offense. The Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or U.S. governmental agency or instrumentality. The Notes are not bail-inable notes and are not subject to conversion into our common shares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act. Per Note Total Price to public (1) 100.00% $ Underwriting discounts and commissions (1) 2.25% $ Proceeds to Royal Bank of Canada 97.75% $ (1) We or one of our affiliates may pay varying selling concessions of up to $22.50 per $1,000 principal amount of Notes in connection 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 $977.50 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 with us a referral fee of up to $8.00 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 $910.00 and $960.00 per $1,000 principal amount of Notes and will be less than the public 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 less than this amount. We describe the determination of the initial estimated value in more detail below. RBC Capital Markets, LLC Capped Return Dual Directional Buffer Notes Linked to the S&P 500 ® Index KEY TERMS The information in this “Key Terms” section is qualified by any more detailed information set forth in this pricing supplement and in the accompanying prospectus, prospectus supplement, underlying supplement and product supplement. Issuer: Royal Bank of Canada Underwriter: RBC Capital Markets, LLC (“RBCCM”) Minimum Investment: $1,000 and minimum denominations of $1,000 in excess thereof Underlier: The S&P 500 ® Index Bloomberg Ticker Initial Underlier Value (1) Buffer Value (2) SPX (1) The closing value of the Underlier on the Trade Date (2) 90% of the Initial Underlier Value (rounded to two decimal p

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