加拿大皇家银行美股招股说明书(2025-05-27版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing SupplementSubject to Completion: Dated May 23, 2025 Auto-Callable Contingent Coupon Barrier NotesLinked to the Least Performing of Three Underliers, Pricing Supplement dated May __, 2025 to the Prospectusdated December 20, 2023, the Prospectus Supplementdated December 20, 2023, the Underlying Supplement No.1A dated May 16, 2024 and the Product Supplement No. Royal Bank of Canada Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes (the “Notes”) linked to the performanceof the least performing of the Nasdaq-100 Index®, the Russell 2000®Index and the S&P 500® Index (each, an“Underlier”).·Contingent Coupons— If the Notes have not been automatically called, investors will receive a ContingentCoupon on a monthly Coupon Payment Date at a rate of 9.65% per annum if the closing value of each Underlieris greater than or equal to its Coupon Threshold (70% of its Initial Underlier Value) on the immediately preceding ·Call Feature— If, on any monthly Call Observation Date beginning approximately six months following the TradeDate, the closing value of each Underlier is greater than or equal to its Initial Underlier Value, the Notes will beautomatically called for 100% of their principal amountplusthe Contingent Coupon otherwise due. No further Value of the Least Performing Underlier is greater than or equal to its Barrier Value (60% of its Initial UnderlierValue), at maturity, investors will receive the principal amount of their Notesplus any Contingent Couponotherwise due. If the Notes are not automatically called and the Final Underlier Value of the Least PerformingUnderlier is less than its Barrier Value, at maturity, investors will lose 1% of the principal amount of their Notes foreach 1% that the Final Underlier Value of the Least Performing Underlier is less than its 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:78017K2S0 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-8 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 regulatorybody 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. governmental Price to public(1)Underwriting discounts and commissionsProceeds to Royal Bank of Canada(1) We or one of our affiliates may pay varying selling concessions of up to $2.50 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 $997.50 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 with The initial estimated value of the Notes determined by us as of the Trade Date, which we refer to as the initial estimatedvalue, is expected to be between $925.00 and $975.00 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. Auto-Callable Contingent CouponBarrier Notes Linked to the Least 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 product Issuer:Underwriter: Royal Bank of CanadaRBC Capital Markets, LLC (“RBCCM”)$1,000 and minimum denominations of $1,000 in excess thereof The Nasdaq-100 Index®(the “NDX Index”), the Russell 2000®and the S&P 500®Index (the “SPX Index”) With respect to each Underlier, 70% of its Initial Underlier Value (rounded to twodecimal places for the NDX Index and the SPX Index and rounded to three decimalplaces for the RTY Index) With respect to each Underlier, 60% of its Initial Underlier Value (rounded to twodecimal places for the NDX Index and the SPX Index and rounded to three decimalplaces for the RTY Index) Trade Date:Issue Date:Valuation Date:* May 29, 2025June 3, 2025May 30, 2028June 2, 2028 If the Notes have not been automatically called, investors will receive a ContingentCoupon on a Coupon Payment Date if the closing value of ea