加拿大皇家银行美股招股说明书(2025-11-12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 November 11, Auto-Callable Contingent Coupon Barrier Noteswith Memory CouponLinked to the Class B Common Stock of NIKE,Inc.,Due November 27, 2026 2025 Pricing Supplement dated November __, 2025 to the Prospectusdated December 20, 2023, the Prospectus Supplement datedDecember 20, 2023 and the Product Supplement No. 1B datedJuly 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 Class B common stock of NIKE, Inc. (the “Underlier”).·Contingent Coupons with Memory Feature— If the Notes have not been automatically called, investors will receive a Contingent Coupon of $34.625 per $1,000 principal amount of Notes on a quarterly Coupon PaymentDate if the closing value of the Underlier is greater than or equal to the Coupon Threshold (65% of the InitialUnderlier Value) on the immediately preceding Coupon Observation Date. A Contingent Coupon that is notpayable on a Coupon Payment Date may be paid later, but only if the closing value of the Underlier is greater thanor equal to the Coupon Threshold on a later Coupon Observation Date. You may not receive any ContingentCoupons during the term of the Notes. Contingent Coupons should not be viewed as periodic interest payments.·Call Feature— If, on any quarterly 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 100% of their principal amountplusthe Contingent Coupon and any unpaid Contingent Coupons otherwise due. No further payments will be made onthe 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 (65% of the Initial Underlier Value), at maturity, investors willreceive the principal amount of their Notesplusthe 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:78017PJ44 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(2)Proceeds to Royal Bank of Canada(1) Certain fiduciary accounts purchasing the Notes will pay a purchase price of $990.00 per $1,000 principal amount ofNotes, and the placement agents will forgo any fees with respect to sales made to those accounts. The price to the publicfor all other purchases of the Notes is 100%.(2) JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC and their affiliates will act as placement agents for the Notesand will receive a fee from us of $10.00 per $1,000 principal amount of Notes, but will forgo any fees for sales to certainfiduciary accounts.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 $933.00 and $983.00 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. JPMorgan Chase Bank, N.A.J.P. Morgan Securities LLCPlacement Agents Auto-Callable Contingent Coupon Barrier Noteswith Memory Coupon Linked to the Class BCommon Stock of NIKE, Inc. KEY TERMS The information in this “Key Terms” section is qualifie