加拿大皇家银行美股招股说明书(2025-07-16版)

Pricing Supplement dated July __, 2025 to the Prospectusdated December 20, 2023, the Prospectus Supplement 1A dated May 16, 2024Royal Bank of Canada is offering Fixed Coupon Barrier Notes (the “Notes”) linked to the performance of the leastperforming of the Class A common stock of Alphabet Inc. and the S&P 500® Index (each, an “Underlier”).Fixed Coupons— Investors will receive a Fixed Coupon on each monthly Coupon Payment Date at a rate of 9.30% per annum.Contingent Return of Principal at Maturity— If the Final Underlier Value of the Least Performing Underlier isgreater than or equal to its Barrier Value (70% of its Initial Underlier Value), at maturity, investors will receive theprincipal amount of their Notesplusthe Fixed Coupon otherwise due. If the Final Underlier Value of the Least The Notes will not be listed on any securities exchange.CUSIP:78017PFQ9Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-7 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 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 We or one of our affiliates may pay varying selling concessions of up to $4.00 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 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 $996.00 and $1,000.00 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 estimatedvalue, is expected to be between $935.00 and $985.00 per $1,000 principal amount of Notes and will be less than thepublic 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 Royal Bank of CanadaUnderwriter:RBC Capital Markets, LLC (“RBCCM”)Minimum Investment:$1,000 and minimum denominations of $1,000 in excess thereof Index (the “SPX Index”)UnderlierBloomberg TickerInitial UnderlierValue(1)Barrier ValueGOOGL StockGOOGL UW$182.00$127.40 With respect to each Underlier, the closing value of that Underlier on the Strike Date. Payment of Fixed Coupons:Investors will receive a Fixed Coupon on each Coupon Payment Date.Fixed Coupon:$7.75 per $1,000 principal amount of Notes (corresponding to a rate of 0.775% permonth or 9.30% per annum) addition to the Fixed 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 thanitsBarrier Value, an amount equal to:$1,000 + ($1,000 × Underlier Return of the Least Performing Underlier)If the Final Underlier Value of the Least Performing Underlier is less than its Barrier With respect to each Underlier, the closing value of that Underlier on the Valuation DateThe Underlier with the lowest Underlier ReturnRBC Capital Markets, LLC 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, 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 supersedesall other prior or contemporaneous oral statements as well as any other written materials, including preliminary or incorporated by reference in this pricing supplement and the documents listed below. We take no responsibility for, andcan 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. You should carefully consider, among other things, the matters set forth in “Selected Risk Considerations” in this pricingsupplement and “Risk Factors” in the documents liste