加拿大皇家银行美股招股说明书(2025-09-23版)

Registration Statement No. 333-275898Filed Pursuant to Rule 424(b)(2) Preliminary Pricing SupplementSubject to Completion: Dated September 22, 2025 Auto-Callable Contingent Coupon Barrier Notes withMemory CouponLinked to the Bloomberg US Large Cap VolMax Index,Due September 26, 2030 Pricing Supplement dated September __, 2025 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023, the UnderlyingSupplement No. 2A dated January 21, 2025 and theProduct Supplement No. 1B dated July 22, 2025 Royal Bank of Canada Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon (the “Notes”)linked to the performance of the Bloomberg US Large Cap VolMax Index (the “Underlier”). ·Contingent Coupons with Memory Feature— If the Notes have not been automatically called, investors willreceive a Contingent Coupon on a monthly Coupon Payment Date at a rate of 13.10% per annum if the closingvalue of the Underlier is greater than or equal to the Coupon Threshold (70% of the Initial Underlier Value) on theimmediately preceding Coupon Observation Date. A Contingent Coupon that is not payable on a Coupon PaymentDate may be paid later, but only if the closing value of the Underlier is greater than or equal to the CouponThreshold on a later Coupon Observation Date. You may not receive any Contingent Coupons during the term ofthe Notes.Call Feature— If, on any monthly Call Observation Date beginning approximately one year following the Trade ·Date, the closing value of the Underlier is greater than or equal to the Initial Underlier Value, the Notes will beautomatically called for 100% of their principal amountplusthe Contingent Coupon and any unpaid ContingentCoupons otherwise due. No further payments will be made on the Notes.·Contingent Return of Principal at Maturity— If the Notes are not automatically called and the Final UnderlierValue is greater than or equal to the Barrier Value (50% of the Initial Underlier Value), at maturity, investors willreceive the principal amount of their Notesplusany Contingent Coupon and any unpaid Contingent Couponsotherwise due. If the Notes are not automatically called and the Final Underlier Value is less than the BarrierValue, at maturity, investors will lose 1% of the principal amount of their Notes for each 1% that the Final UnderlierValue is less than the Initial Underlier Value.·Any payments on the Notes are subject to our credit risk.·The Notes will not be listed on any securities exchange. CUSIP:78017PUC3 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, underlyingsupplement 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. Price to public(1)Underwriting discounts and commissions(1)Proceeds to Royal Bank of Canada (1)We or one of our affiliates may pay varying selling concessions of up to $7.50 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 $992.50 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 $892.50 and $942.50 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 lessthan this amount. We describe the determination of the initial estimated value in more detail below. RBC Capital Markets, LLC Auto-Callable Contingent CouponBarrier Notes with Memory CouponLinked to the Bloomberg US LargeCap VolMax Index KEY TERMS The information in this “Key Terms” section is qualified by any more detailed information set forth in this pricin