加拿大皇家银行美股招股说明书(2025-11-06版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing SupplementSubject to Completion: Dated November 5, 2025 Auto-Callable Enhanced Return Barrier NotesLinked to the Solactive Equal Weight U.S. Blue ChipSelect AR Index,Due November 29, 2030 Pricing Supplement dated November __, 2025 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023, the IndexSupplement SOL-1 dated June 6, 2024 and the ProductSupplement No. 1B dated July 22, 2025 Royal Bank of Canada Royal Bank of Canada is offering Auto-Callable Enhanced Return Barrier Notes (the “Notes”) linked to the performance ofthe Solactive Equal Weight U.S. Blue Chip Select AR Index (the “Underlier”).·Call Feature— If, on the Call Observation Date, the closing value of the Underlier is greater than or equal to the Initial Underlier Value, the Notes will be automatically called for a return of at least 20% (to be determined on theTrade Date). No further payments will be made on the Notes.·Enhanced Return Potential— If the Notes are not automatically called and the Final Underlier Value is greaterthan the Initial Underlier Value, at maturity, investors will receive a return equal to 150% of the Underlier Return.·Contingent Return of Principal at Maturity— If the Notes are not automatically called and the Final UnderlierValue is less than or equal to the Initial Underlier Value, but is greater than or equal to the Barrier Value (70% ofthe Initial Underlier Value), at maturity, investors will receive the principal amount of their Notes. If the Notes arenot automatically called and the Final Underlier Value is less than the Barrier Value, at maturity, investors will lose1% of the principal amount of their Notes for each 1% that the Final Underlier Value is less than the InitialUnderlier Value.·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:78017PE56 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, indexsupplement and product 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 $36.25 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 $963.75 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 $10.00 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 $880.00 and $930.00 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 pricingsupplement and in the accompanying prospectus, prospectus supplement, index supplement and product supplement. Issuer:Underwriter:Minimum Investment:Underlier: Royal Bank of Canada RBC Capital Markets, LLC (“RBCCM”) $1,000 and minimum denominations of $1,000 in excess thereof The Solactive Equal Weight U.S. Blue Chip Select AR Index. The Underlier reflects thededuction of an adjustment factor of 5.5% per annum (the “Adjustment Factor”), calculateddaily