加拿大皇家银行美股招股说明书(2025-07-18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 common stock of lululemon athletica inc. (the “Underlier”).Contingent Coupons— If the Notes have not been automatically called, investors will receive a Contingent Coupon on a monthly Coupon Payment Date at a rate of 12.95% per annum if the closing value of the Underlier isgreater than or equal to the Coupon Threshold (60% of the Initial Underlier Value) on the immediately preceding Coupon 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 the Underlier is greater than or equal to the Initial Underlier Value, the Notes will be Value is greater than or equal to the Barrier Value (60% of the Initial Underlier Value), at maturity, investors willreceive the principal amount of their Notesplusthe Contingent Coupon otherwise due. If the Notes are not automatically called and the Final Underlier Value is less than the Barrier 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 UnderlierValue.Any payments on the Notes are subject to our credit risk. CUSIP:78017PFY2Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-7 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 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 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)1.50% Proceeds to Royal Bank of Canada We or one of our affiliates may pay varying selling concessions of up to $15.00 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 $985.00 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 $6.50 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts ofInterest)” below. Minimum Investment:$1,000 and minimum denominations of $1,000 in excess thereofUnderlier:The common stock of lululemon athletica inc.Bloomberg TickerInitial Underlier Value(1)Coupon Threshold andBarrier Value (2)60% of the Initial Underlier Value (rounded to two decimal places)Trade Date:July 30, 2025 If the Notes have not been automatically called, investors will receive a Contingent Observation Date. Accordingly, you may not receive a Contingent Coupon on one ormore Coupon Payment Dates during the term of the Notes.If payable, $10.792 per $1,000 principal amount of Notes (corresponding to a rate of1.0792% per month or 12.95% per annum)If, on any Call Observation Date, the closing value of the Underlier isgreater than or equal tothe Initial Underlier Value, the Notes will be automatically called. Under thesecircumstances, investors will receive on the Call Settlement Date per $1,000 principal amount of Notes an amount equal to $1,000plusthe Contingent Coupon otherwise due.No further payments will be made on the Notes.Payment at Maturity:If the Notes are not automatically called, investors will receive on the Maturity Date per ·If the Final Underlier Value isgreater than or equal tothe Barrier Value: $1,000·If the Final Underlier Value isless thanthe Barrier Value, an amount equal to:$1,000 + ($1,000 × Underlier Return)If the Notes are not automatically called and the Final Underlier Value is less than theBarrier Value, you will lose a substantial portion or all of your principal amount at 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 which Prospectus dated December 20, 2023:https://www.sec.gov/Archives/edgar/data/1000275/00011