加拿大皇家银行美股招股说明书(2025-07-25版)

Pricing Supplement dated July __, 2025 to the Prospectusdated December 20, 2023, the Prospectus Supplement Royal Bank of Canada is offering Capped Enhanced Return Barrier Notes (the “Notes”) linked to the performance of the 1A dated May 16, 2024S&P 500® Capped Enhanced Return Potential— If the Final Underlier Value is greater than the Initial Underlier Value, atmaturity, investors will receive a return equal to 200% of the Underlier Return, subject to the Maximum Return ofat least 10.60% (to be determined on the Trade Date).Contingent Return of Principal at Maturity— If the Final Underlier Value is less than or equal to the InitialUnderlier Value, but is greater than or equal to the Barrier Value (90% of the Initial Underlier Value), at maturity,investors will receive the principal amount of their Notes. If 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 Any payments on the Notes are subject to our credit risk.The Notes will not be listed on any securities exchange. CUSIP:78017PHB0Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-6 ofthis pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement and product 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 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)2.00%Proceeds to Royal Bank of Canada98.00% We or one of our affiliates may pay varying selling concessions of up to $20.00 per $1,000 principal amount of Notes inconnection 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 $980.00 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 $920.00 and $970.00 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. Royal Bank of CanadaUnderwriter:RBC Capital Markets, LLC (“RBCCM”)Minimum Investment:$1,000 and minimum denominations of $1,000 in excess thereof The S&P 500®IndexBloomberg TickerInitial Underlier Value(1)Barrier Value(2)SPX If the Final Underlier Value isless than or equal tothe Initial Underlier Value, but isgreater than or equal tothe Barrier Value: $1,000If the Final Underlier Value isless thanthe Barrier Value, an amount equal to: $1,000 + ($1,000 × Underlier Return)If the Final Underlier Value is less than the Barrier Value, you will lose a substantial portion or allof your principal amount at maturity. All payments on the Notes are subject to our credit risk. Maximum Return:At least 10.60%, to be determined on the Trade Date. Accordingly, the maximum payment atmaturity will be at least $1,106 per $1,000 principal amount of Notes, to be determined on theTrade Date.Underlier Return:The Underlier Return, expressed as a percentage, is calculated using the following formula: https://www.sec.gov/Archives/edgar/data/1000275/000119312523299520/d645671d424b3.htm Canada,” the “Bank,” “we,” “our” and “us” mean only Royal Bank of Canada. RBC Capital Markets, LLC HYPOTHETICAL RETURNS Underlier, based on the Barrier Value of 90% of the Initial Underlier Value, the Participation Rate of 200% and ahypothetical Maximum Return of 10.60% (the actual Maximum Return will be determined on the Trade Date). The tableand examples are only for illustrative purposes and may not show the actual return applicable to investors. 50.00%$1,106.00110.600%40.00%$1,106.00110.600%30.00%$1,106.00110.600% 20.00%$1,106.00110.600%10.00%$1,106.00110.600%5.30%$1,106.00110.600% 5.00%$1,100.00110.000%2.00%$1,040.00104.000%0.00%$1,000.00100.000% -5.00%$1,000.00100.000%-10.00%$1,000.00100.000%-10.01%$899.9089.990% -30.00%$700.0070.000%-40.00%$600.0060.000%-50.00%$500.0050.000% -70.00%$300.0030.000