加拿大皇家银行美股招股说明书(2025-10-14版)

Registration Statement No. 333-275898Filed Pursuant to Rule 424(b)(2) The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing SupplementSubject to Completion: Dated October 13, 2025 Geared Buffer Digital NotesLinked to the Least Performing of Three Underliers,Due December 21, 2026 Pricing Supplement dated October __, 2025 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023, the UnderlyingSupplement No. 1A dated May 16, 2024 and the ProductSupplement No. 1B dated July 22, 2025 Royal Bank of Canada Royal Bank of Canada is offering Geared Buffer Digital Notes (the “Notes”) linked to the performance of the leastperforming of the Russell 2000®Index, the S&P 500®Index and the Utilities Select Sector SPDR®Fund (each, an“Underlier”).·Contingent Fixed Return— If the Final Underlier Value of the Least Performing Underlier is greater than or equal to its Buffer Value (75% of its Initial Underlier Value), at maturity, investors will receive a fixed return equal tothe Digital Return of 9.25%.·Principal at Risk— If the Final Underlier Value of the Least Performing Underlier is less than its Buffer Value, atmaturity, investors will lose approximately 1.33333% of the principal amount of their Notes for each 1% that theFinal Underlier Value of the Least Performing Underlier is less than its Initial Underlier Value in excess of theBuffer Percentage of 25%.·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:78017P4E8 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 $0.60 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 $999.40 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 $1.40 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts ofInterest)” 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 $940.00 and $990.00 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 lessthan this amount. We describe the determination of the initial estimated value in more detail below.RBC Capital Markets, LLC KEY TERMS The information in this “Key Terms” section is qualified by any more detailed information set forth in this pricingsupplementand in the accompanying prospectus,prospectus supplement,underlying supplement and productsupplement. Issuer:Underwriter:Minimum Investment:$1,000 and minimum denominations of $1,000 in excess thereofUnderliers: Royal Bank of CanadaRBC Capital Markets, LLC (“RBCCM”) The Russell 2000®Index (the “RTY Index”), the S&P 500®Index (the “SPX Index”) and theUtilities Select Sector SPDR®Fund (the “XLU Fund”). We refer to each of the RTY Index andthe SPX Index as an “Index.” (1)With respect to each Underlier, the closing value of that Underlier on the Trade Date (2)With respect to each Underlier, 75% of its Initial Underlier Value (rounded to three decimalplaces for the RTY Index and rounded to two decimal places for the SPX Index and the XLUFund) Trade Date:Issue Date:Valuation Date:*Maturity Date:*Payment at Maturity: October 27, 2025 December 16, 2026 December