加拿大皇家银行美股招股说明书(2025-10-08版)

Preliminary Pricing SupplementSubject to Completion: Dated October 7, 2025 Capped Enhanced Return Buffer NotesLinked to a Basket of Three Equity Securities,Due October 12, 2028 Pricing Supplement dated October __, 2025 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023 and the ProductSupplement No. 1B dated July 22, 2025 Royal Bank of Canada Royal Bank of Canada is offering Capped Enhanced Return Buffer Notes (the “Notes”) linked to the performance of anequally weighted basket (the “Basket”) consisting of the common stock of Chevron Corporation, the common stock ofFreeport-McMoRan Inc. and the common shares of Stellantis N.V. (each, a “Basket Underlier”).·Capped Enhanced Return Potential— If the Final Basket Value is greater than the Initial Basket Value, at maturity, investors will receive a return equal to 125% of the Basket Return, subject to the Maximum Return of atleast 44.25% (to be determined on the Trade Date).·Contingent Return of Principal at Maturity— If the Final Basket Value is less than or equal to the Initial BasketValue, but is greater than or equal to the Buffer Value (70% of the Initial Basket Value), at maturity, investors willreceive the principal amount of their Notes. If the Final Basket Value is less than the Buffer Value, at maturity,investors will lose 1% of the principal amount of their Notes for each 1% that the Final Basket Value is less thanthe Initial Basket Value in excess of the Buffer Percentage of 30%.·The Notes do not pay interest.·Any payments on the Notes are subject to our credit risk.·The Notes will not be listed on any securities exchange.CUSIP:78017P3G4 Investing 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 regulatory 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 NoteTotal 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 $8.50 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 $991.50 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 estimated value, is expected to be between $934.50 and $984.50 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. KEY TERMS The information in this “Key Terms” section is qualified by any more detailed information set forth in this pricingsupplement and in the accompanying prospectus, prospectus supplement and product supplement. Issuer:Underwriter:Minimum Investment:Basket Underliers: RBC Capital Markets, LLC (“RBCCM”) $1,000 and minimum denominations of $1,000 in excess thereof The common stock of Chevron Corporation (the “CVX Underlier”), the common stock ofFreeport-McMoRan Inc. (the “FCX Underlier”) and the common shares of Stellantis N.V. (the“STLA Underlier”) (1)With respect to each Basket Underlier, the closing value of that Basket Underlier on theTrade Date Trade Date:Issue Date:Valuation Date:*Maturity Date:*Payment at Maturity: October 8, 2025 October 14, 2025 October 9, 2028 Investors will receive on the Maturity Date per $1,000 principal amount of Notes:·If the Final Basket Value isgreater thanthe Initial Basket Value, an amount equal to:$1,000 + ($1,000 × the lesser of (a) Basket Return × Participation Rate and (b) MaximumReturn)·If the Final Basket Value isless than or equal tothe Initial Basket Value, but isgreater than or