加拿大皇家银行美股招股说明书(2025-07-14版)

Pricing Supplement dated July __, 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 performanceof the least performing of the common stock of Amazon.com, Inc., the Class A common stock of Meta Platforms, Inc. andContingent Coupons— If the Notes have not been automatically called, investors will receive a ContingentCoupon on a monthly Coupon Payment Date at a rate of 18.55% per annum if the closing value of each Underlier the common stock of Netflix, Inc. (each, an “Underlier”). is greater than or equal to its Coupon Threshold (65% of its Initial Underlier Value) on the immediately precedingCoupon Observation Date. You may not receive any Contingent Coupons during the term of the Notes. 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 (65% of its Initial UnderlierValue), at maturity, investors will receive the principal amount of their Notesplusthe Contingent Coupon otherwise due. If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier isless than its Barrier Value, at maturity, investors will lose 1% of the principal amount of their Notes for each 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. 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. 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 Deposit Insurance 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 NotePrice to public(1)100.00%Underwriting discounts and commissions(1)0.75%Proceeds to Royal Bank of Canada99.25%We or one of our affiliates may pay varying selling concessions of up to $7.50 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 $992.50 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 withus a referral fee of up to $7.50 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts of Interest)” below. 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: Payment at Maturity: of your principal amount at maturity. All payments on the Notes are subject to our creditrisk.Underlier Return:With respect to each Underlier, the Underlier Return, expressed as a percentage, is calculated using the following formula:Final Underlier Value – Initial Underlier ValueInitial Underlier ValueFinal Underlier Value:With respect to each Underlier, the closing value of that Underlier on the Valuation Date 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. 1A dated May 16, 2024. This pricing supplement, together withthese documents, contains the terms of the Notes and supersedes all other prior or contemporaneous oral statements as 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 can provide no assurance as to the reliability of, any other information that others may give you. These documents are anoffer to sell only the Notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. Theinformation 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 be