加拿大皇家银行美股招股说明书(2025-05-27版)

Pricing Supplement dated May __, 2025 to the Prospectusdated December 20, 2023, the Prospectus Supplement Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes (the “Notes”) linked to the performance, the Russell 2000®Index and the S&P 500®Contingent Coupons— If the Notes have not been automatically called, investors will receive a Contingent 1A dated May 16, 2024of the least performing of the Nasdaq-100 Index® “Underlier”).Coupon on a monthly Coupon Payment Date at a rate of 9.65% per annum if the closing value of each Underlieris greater than or equal to its Coupon Threshold (70% of its Initial Underlier Value) on the immediately precedingCoupon Observation Date. You may not receive any Contingent Coupons during the term of the Notes.Call Feature— If, on any monthly Call Observation Date beginning approximately six months following the TradeDate, the closing value of each Underlier is greater than or equal to its Initial Underlier Value, the Notes will be Contingent Return of Principal at Maturity— If the Notes are not automatically called and the Final UnderlierValue of the Least Performing Underlier is greater than or equal to its Barrier Value (60% of its Initial UnderlierValue), at maturity, investors will receive the principal amount of their Notesplus any Contingent Couponotherwise due. If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier is less than its Barrier Value, at maturity, investors will lose 1% of the principal amount of their Notes foreach 1% that the Final Underlier Value of the Least Performing Underlier is less than its Initial Underlier Value.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-8 ofthis 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 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 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 $997.50 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 If the Notes are not automatically called, investors will receive on the Maturity Date per$1,000 principal amount of Notes, in addition to any Contingent Coupon otherwise due: ·If the Final Underlier Value of the Least Performing Underlier isgreater than orequal toits Barrier Value: $1,000·If the Final Underlier Value of the Least Performing Underlier isless thanits Coupon Payment Dates:*Monthly, as set forth in the table belowCall Observation Dates:*Monthly, beginning approximately six months following the Trade Date, on each CouponObservation Date from and including the sixth Coupon Observation Date, which is ADDITIONAL TERMS OF YOUR NOTES prospectus supplement dated December 20, 2023, relating to our Senior Global Medium-Term Notes, Series J, of whichthe Notes are a part, the underlying supplement no. 1A dated May 16, 2024 and the product supplement no. 1A datedMay 16, 2024. This pricing supplement, together with these documents, contains the terms of the Notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials, including preliminary orindicative pricing terms, correspondence, trade ideas, structures for implementation, 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 orincorporated by reference in this pricing supplement and the documents listed below. We take no responsibility for, and information contained in each such document is current only as of its date.If the information in this pricing supplement differs from the information contained in the documents listed below, youshould rely on the information in this pricing supplement. You should carefully consider, among other things, the matters set forth in “Selected Risk Considerations” in this pricingsupplement and “Risk Factors” in the documents listed below, as the Notes involve risks not associated with conventional debt