加拿大皇家银行美股招股说明书(2025-06-02版)

The information in this preliminary pricing supplement is not complete and may be changed. Preliminary Pricing Supplement Auto-Callable Contingent Coupon Barrier NotesLinked to the Solactive Equal Weight U.S. SemiConductor Select AR Index, Subject to Completion: Dated June 2, 2025 Pricing Supplement dated June __, 2025 to the Prospectusdated December 20, 2023, the Prospectus Supplementdated December 20, 2023, the Index Supplement SOL-1dated June 6, 2024 and the Product Supplement No. 1A Royal Bank of Canada Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes (the “Notes”) linked to the performanceof the Solactive Equal Weight U.S. Semi Conductor Select AR Index (the “Underlier”).Contingent Coupons— If the Notes have not been automatically called, investors will receive a Contingent ·Coupon on a monthly Coupon Payment Date at a rate of at least 12.25% per annum (to be determined on theTrade Date) if the closing value of the Underlier is greater than or equal to the Coupon Threshold (70% of the Initial Underlier Value) on the immediately preceding Coupon Observation Date. You may not receive any ·Call Feature— If, on any quarterly Call Observation Date beginning approximately one year following the TradeDate, the closing value of the Underlier is greater than or equal to the Initial Underlier Value, the Notes will beautomatically called for 100% of their principal amountplusthe Contingent Coupon otherwise due. No furtherpayments will be made on the 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 (70% of the Initial Underlier Value), at maturity, investors willreceive the principal amount of their Notesplusthe Contingent Coupon otherwise due. If the Notes are not The Notes will not be listed on any securities exchange.CUSIP:78017K3L4 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, indexsupplement and product 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 Proceeds to Royal Bank of Canada(1) We or one of our affiliates may pay varying selling concessions of up to $10.00 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 $990.00 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 $16.25 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts of 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 $905.00 and $955.00 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 Solactive 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. Royal Bank of CanadaRBC Capital Markets, LLC (“RBCCM”)$1,000 and minimum denominations of $1,000 in excess thereof Issuer:Underwriter:Minimum Investment: Trade Date:Issue Date:Valuation Date:* If the Notes have not been automatically called, investors will receive a ContingentCoupon on a Coupon Payment Date if the closing value of the Underlier isgreater than or equal tothe Coupon Threshold on the immediately preceding Coupon Observation the Underlier is less than the Coupon Threshold on the immediately preceding CouponObservation Date. Accordingly, you may not receive a Contingent Coupon on one or more Coupon Payment Dates during the term of the Notes. Contingent Coupon: rate of at least 1.0208% per month or at least 12.25% per annum), to be determined onthe Trade Date If, on any Call Observation Date, the closing value of the Underlier isgreater than orequal tothe Initial Underlier Valu