加拿大皇家银行美股招股说明书(2025-04-29版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminarypricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdictionwhere the offer or sale is not permitted. Registration Statement No. 333-275898Filed Pursuant to Rule 424(b)(2) Subject to Completion. Dated April 28, 2025.Pricing Supplement to theProspectus dated December 20, 2023,the Series J Prospectus Supplement dated December 20, 2023, theUnderlying Supplement No. 1A dated May 16, 2024and theProduct Supplement No. 1A dated May 16, 2024 Royal Bank of Canada $ Digital iShares®U.S. Aerospace & Defense ETF-Linked Notes, dueThe notes will not bear interest.The amount that you will be paid on your notes on the stated maturity date (expected to be the second scheduled business day after the determination date) is based on the performance of the iShares® U.S.Aerospace & Defense ETF (which we refer to as the “underlier”) as measured from the trade date to and including thedetermination date (expected to be between 13 and 15 months after the trade date). If the final underlier level (definedbelow) on the determination date is greater than or equal to the threshold level of 90.00% of the initial underlier level (seton the trade date and expected to be the closing level of the underlier on the trade date), you will receive the threshold settlement amount (expected to be between $1,084.60 and $1,099.30 for each $1,000 principal amount of notes). could lose your entire investment in the notes.To determine your payment at maturity, we will calculate the underlier return, which is the percentage increase or decrease in the final underlier level from the initial underlier level. On the stated maturity date, for each $1,000 principalamount of notes, you will receive an amount in cash equal to: ·if the underlier return isgreater thanorequal to-10.00% (the final underlier level isgreater thanorequal to90.00% ofthe initial underlier level), the threshold settlement amount; or ·if the underlier return isnegativeandis below-10.00% (the final underlier level isless than90.00% of the initialunderlier level), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) approximately 1.1111times(c) thesumof the underlier returnplus10.00%.This amount will be less than $1,000 and could be zero. The foregoing is only a brief summary of the terms of your notes. You should read the additional disclosure provided in this pricing supplement so that you may better understand the terms and risks of your investment.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 $949.00 and $979.00 per $1,000 principal amount of notes and will be less than theoriginal issue price. The final pricing supplement relating to the notes will set forth the initial estimated value. The marketvalue of the notes at any time will reflect many factors, cannot be predicted with accuracy and may be less than this , 2025Original issue price: Original issue date: Underwriting discount:1.09% of the principal amountNet proceeds to the issuer:98.91% of the principal See “Supplemental Plan of Distribution (Conflicts of Interest)” on page PS-15 of this pricing supplement.The original issue price, underwriting discount and net proceeds to the issuer listed above relate to the notes we sellinitially. We may decide to sell additional notes after the date of this pricing supplement, at issue prices and withunderwriting discounts and net proceeds that differ from the amounts set forth above. The return (whether positive or 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. governmental RBC Capital Markets, LLCPricing Supplement dated May SUMMARY INFORMATION You should read this pricing supplement together with the prospectus dated December 20, 2023, as supplementedby the prospectus supplement dated December 20, 2023, relating to our Senior Global Medium-Term Notes, SeriesJ, of which the notes are a part, the underlying supplement no. 1A dated May 16, 2024 and the product supplementno. 1A dated May 16, 2024. This pricing supplement, together with these documents, contains the terms of the We have not authorized anyone to provide any information or to make any representations other than thosecontained or incorporated by reference in this pricing supplement and the documents listed below. We take noresponsibility for, and can provide no assurance as to the reliability of, any other information that others may