加拿大皇家银行美股招股说明书(2025-10-29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 28,2025 Daily Auto-Callable Absolute Return Digital NotesLinked to the S&P 500®Index,Due February 19, 2027 Pricing Supplement dated November __, 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 RoyalBank of Canada is offering Daily Auto-Callable Absolute Return Digital Notes(the“Notes”)linked to theperformance of the S&P 500®Index (the “Underlier”). ·Call Feature— If, on any daily Call Observation Date, the closing value of the Underlier is less than the BarrierValue (80% of the Initial Underlier Value), the Notes will be automatically called for their principal amount, with noadditional return. No further payments will be made on the Notes.·Contingent Fixed Return— If the Notes are not automatically called and the Final Underlier Value is greater than or equal to the Initial Underlier Value, at maturity, investors will receive a fixed return equal to the DigitalReturn of 3.50%.·Absolute Value Return— If the Notes are not automatically called and the Final Underlier Value is less than theInitial Underlier Value, at maturity, investors will receive a one-for-one positive return equal to the absolute value ofthe Underlier Return.·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:78017P6P1 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-6 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 publicUnderwriting discounts and commissions(1)Proceeds to Royal Bank of Canada(1) RBC Capital Markets, LLC, acting as our agent, will not receive a commission in connection with its sales of the Notes.We or one of our affiliates may pay a broker-dealer that is not affiliated with us a structuring fee of up to $4.00 per $1,000principal 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 $940.32 and $990.32 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 pricingsupplementand in the accompanying prospectus,prospectus supplement,underlying supplement and productsupplement. Royal Bank of CanadaRBC Capital Markets, LLC (“RBCCM”) Issuer:Underwriter:Minimum Investment:$1,000 and minimum denominations of $1,000 in excess thereofUnderlier: The S&P 500®Index (1)The closing value of the Underlier on the Trade Date (2)80% of the Initial Underlier Value (rounded to two decimal places) Trade Date:Issue Date:Valuation Date:*Maturity Date:*Call Feature: November 14, 2025 If, on any Call Observation Date, the closing value of the Underlier isless thanthe BarrierValue, the Notes will be automatically called. Under these circumstances, investors will receiveon the Call Settlement Date per $1,000 principal amount of Notes an amount equal to $1,000.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 $1,000principal amount of Notes:·If the Final Underlier Value isgreater than or equal tothe Initial Underlier Value, an amount equal to:$1,000 + ($1,000 × Digital Return)·If the Final Underlier Value isless thanthe Initial Underlier Value, an amount equal to:$1,000 + (-1 ×