[424B2] Royal Bank of Canada Prospectus Supplement

Rhea-AI Filing Summary

Royal Bank of Canada (RY) – $3.324 million Digital S&P 500 Index-Linked Notes (424B2)

The filing details the terms of a new two-year, senior unsecured structured note offering linked to the S&P 500® Index. The securities are issued under RBC’s Senior Global Medium-Term Notes, Series J program and settle on 10 July 2025, maturing on 6 October 2026 (subject to customary adjustments). Minimum denomination is $1,000.

Payout profile

• No coupons; investors rely solely on the cash settlement at maturity.
• Digital upside: If the final index level is ≥ 90 % of the initial level (6,227.42), holders receive a fixed Threshold Settlement Amount of $1,093.10 per $1,000 note, a maximum gross return of 9.31 %.
• Downside exposure: If the index closes < 90 % of the initial level, principal is reduced by 1.1111 % for every 1 % decline beyond the 10 % buffer. A fall of ≥ 90 % would wipe out the entire investment.

Key economics

• Issue price: 100 % of face; underwriting discount 1.25 %; net proceeds 98.75 %.
• Initial estimated value: $982.89, below issue price due to hedging costs and dealer margin.
• No listing, no early redemption, and secondary liquidity only through RBCCM (not obligated).
• Calculation agent & lead dealer: RBC Capital Markets, LLC. CUSIP 78017PCJ8.

Principal risks disclosed

• Total loss possible: capital is fully at risk if the S&P 500 drops > 10 %.
• Limited upside: return capped at 9.31 % even if the index rises sharply.
• Credit exposure: payments depend on Royal Bank of Canada’s ability to pay.
• Valuation & liquidity: notes may trade well below par; no active market guaranteed.
• Tax uncertainty: treated as prepaid financial contracts; IRS could disagree.

Timeline

• Trade date: 2 July 2025
• Determination date: 2 October 2026
• Maturity payment: 6 October 2026

The prospectus supplement supersedes prior marketing materials and directs investors to review the accompanying prospectus, prospectus supplement, underlying supplement 1A and product supplement 1A (all available on the SEC website) for full terms, risks, and tax disclosures.

Positive

• 10 % downside buffer provides limited protection against moderate equity declines before principal loss begins.
• Defined 9.31 % payoff if S&P 500 is flat or up to −10 %, offering clarity on best-case outcome.
• Short two-year tenor reduces long-run market and credit exposure compared with longer structured products.

Negative

• Full downside beyond 10 % drop: investors can lose 100 % of principal if the index falls ≥ 90 %.
• Upside capped at 9.31 %, materially below potential equity returns; investors surrender dividends and growth above threshold.
• No interest payments; carry cost vs. traditional fixed-rate notes.
• Liquidity risk: unlisted securities with market-making at issuer's discretion; secondary sales likely at significant discounts.
• Initial estimated value (98.289 %) below issue price indicates embedded fees and hedging costs from day one.

Insights

Structured Products Analyst

TL;DR: Two-year digital note offers 9.31 % capped upside, 10 % buffer, full downside beyond, plus RBC credit and liquidity risk.

Assessment: The product suits investors seeking modest, defined return potential over a short horizon with limited market views. The 10 % buffer softens moderate equity pullbacks, but the 1.1111× participation on losses accelerates downside beyond the buffer. With the S&P 500 historically volatile, tail risk is meaningful.
The static 9.31 % maximum equates to ~4.5 % annualised; investors forego dividends (~1.3 % forward yield) and all upside above 10 % index appreciation. Compared with plain-vanilla RBC senior notes of similar tenor (≈5.0 % coupon as of July 2025), risk-adjusted value is questionable.
Credit quality is robust (AA-/Aa2), yet any widening of RBC spreads would hit secondary pricing. The initial estimated value at 98.289 % highlights a 1.7 % built-in cost over par, amplifying break-even.
Impact rating: Neutral for RBC shareholders (small size); material only for purchasers of the notes.

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Pricing Supplement dated July    , 2025	Subject to Completion  Dated July 7, 2025 	Registration Statement No. 333-275898 Filed Pursuant to Rule 424(b)(2)
Royal Bank of Canada	$  Barrier Digital Notes Due July 9, 2029 Linked to the S&P 500® Index  Senior Global Medium-Term Notes, Series J 	 

&middot; Investors in the Notes will receive a Contingent Digital Return at maturity if the Final Underlier Value is greater than or equal to the Barrier Value. If the Final Underlier Value is less than the Barrier Value, at maturity investors will lose 1% of the principal amount of their Notes for each 1% that the Final Underlier Value is less than the Initial Underlier Value.

&middot; Investors in the Notes should be willing to forgo fixed interest and dividend payments and accept the risk of losing a significant portion or all of their principal.

&middot; Senior unsecured debt securities of Royal Bank of Canada. All payments on the Notes are subject to our credit risk.

&middot; Minimum denominations of $10,000 and integral multiples of $1,000 in excess thereof

&middot; The Notes are expected to price on or about July 7, 2025 (the &ldquo;Trade Date&rdquo;) and are expected to be issued on or about July 10, 2025 (the &ldquo;Issue Date&rdquo;).

Key Terms	Terms used in this pricing supplement, but not defined herein, will have the meanings ascribed to them in the product supplement.
Issuer:	Royal Bank of Canada
Underlier:	The S&P 500® Index (Bloomberg symbol “SPX”)
Payment at Maturity:	Investors will receive on the Maturity Date per $1,000 principal amount of Notes:  · if the Final Underlier Value is greater than or equal to the Barrier Value, a cash amount calculated as follows:  $1,000 + ($1,000 × Contingent Digital Return)  · if the Final Underlier Value is less than the Barrier Value, a cash amount calculated as follows:  $1,000 + ($1,000 × Underlier Return)  In this case, you will lose 1% of the principal amount of your Notes for each 1% that the Final Underlier Value is less than the Initial Underlier Value, and you will lose a significant portion or all of your initial investment.
Contingent Digital Return:	30.92%
Underlier Return:	Final Underlier Value – Initial Underlier Value Initial Underlier Value
Initial Underlier Value:	6,279.35, which was the closing value of the Underlier on July 3, 2025. The Initial Underlier Value is not the closing value of the Underlier on the Trade Date.
Barrier Value:	5,023.48, which is 80% of the Initial Underlier Value (rounded to two decimal places)
Final Underlier Value:	The closing value of the Underlier on the Valuation Date
Valuation Date:*	July 3, 2029
Maturity Date:*	July 9, 2029
CUSIP/ISIN:	78017PEN7 / US78017PEN78
Calculation Agent:	RBC Capital Markets, LLC (“RBCCM”)

* Subject to postponement. See &ldquo;General Terms of the Notes&mdash;Postponement of a Determination Date&rdquo; and &ldquo;General Terms of the Notes&mdash;Postponement of a Payment Date&rdquo; in the accompanying product supplement.

Investing in the Notes involves a number of risks. See &ldquo;Selected Risk Considerations&rdquo; beginning on page PS-5 of this pricing supplement and &ldquo;Risk Factors&rdquo; in the accompanying prospectus, prospectus supplement and product supplement.

None of the Securities and Exchange Commission (the &ldquo;SEC&rdquo;), 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. Any representation to the contrary is a criminal offense. The Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or U.S. governmental agency or instrumentality. The Notes are not bail-inable notes and are not subject to conversion into our common shares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act. The Notes will not be listed on any U.S. securities exchange or quotation system.

 	Price to Public1	Underwriting Commission2	Proceeds to Royal Bank of Canada
Per Note	$1,000.00	$25.00	$975.00
Total	$	$	$

¹ Certain fiduciary accounts purchasing the Notes will pay a purchase price of $975.00 per Note, and the placement agents will forgo any fees with respect to sales made to those accounts. The price to the public for 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 Notes and will receive a fee from us of $25.00 per $1,000 principal amount of Notes, but will forgo any fees for sales to certain fiduciary 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 $918.80 and $968.80 per $1,000 principal amount of Notes and will be less than the public 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 less than this amount. We describe the determination of the initial estimated value in more detail below.

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RBC Capital Markets, LLC	 	JPMorgan Chase Bank, N.A.	J.P. Morgan Securities LLC
 	 	Placement Agents

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Additional Terms of the Notes

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You should read this pricing supplement together with the prospectus dated December 20, 2023, as supplemented by the prospectus supplement dated December 20, 2023, relating to our Senior Global Medium-Term Notes, Series J, of which the Notes are a part, the underlying supplement no. 1A dated May 16, 2024 and the product supplement no. 1A dated May 16, 2024. This pricing supplement, together with these documents, contains the terms of the Notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials, including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours.

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We have not authorized anyone to provide any information or to make any representations other than those contained or incorporated by reference in this pricing supplement and the documents listed below. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. These documents are an offer to sell only the Notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in each such document is current only as of its date.

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If the information in this pricing supplement differs from the information contained in the documents listed below, you should rely on the information in this pricing supplement.

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You should carefully consider, among other things, the matters set forth in &ldquo;Selected Risk Considerations&rdquo; in this pricing supplement and &ldquo;Risk Factors&rdquo; in the documents listed below, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes.

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You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

&nbsp;

&middot; Prospectus dated December 20, 2023:

https://www.sec.gov/Archives/edgar/data/1000275/000119312523299520/d645671d424b3.htm

&nbsp;

&middot; Prospectus Supplement dated December 20, 2023:

https://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm

&nbsp;

&middot; Underlying Supplement No. 1A dated May 16, 2024:

https://www.sec.gov/Archives/edgar/data/1000275/000095010324006773/dp211259_424b2-us1a.htm

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&middot; Product Supplement No. 1A dated May 16, 2024:

https://www.sec.gov/Archives/edgar/data/1000275/000095010324006777/dp211286_424b2-ps1a.htm

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Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, &ldquo;Royal Bank of Canada,&rdquo; the &ldquo;Bank,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo; mean only Royal Bank of Canada.

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You may revoke your offer to purchase the Notes at any time prior to the pricing as described on the cover of this pricing supplement.&nbsp;&nbsp;We reserve the right to change the terms of, or reject any offer to purchase the Notes prior to their issuance.&nbsp;&nbsp;In the event of any changes to the terms of the Notes, we will notify you and you will be asked to accept such changes in connection with your purchase.&nbsp;&nbsp;You may also choose to reject such changes, in which case we may reject your offer to purchase.

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PS-2

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What Are the Payments on the Notes at Maturity Assuming a Range of Performance for the Underlier?

&nbsp;

The following table and examples illustrate hypothetical payments and total returns at maturity per $1,000 principal amount of Notes for a range of performance of the Underlier. The table and examples are based on a hypothetical Initial Underlier Value of 100.00, a hypothetical Barrier Value of 80.00 and the Contingent Digital Return of 30.92%. The actual Initial Underlier Value and Barrier Value are set forth on the cover of this pricing supplement. The table and examples are only for illustrative purposes and may not show the actual payments and returns applicable to a purchaser of the Notes. The numbers appearing in the following table and examples have been rounded for ease of analysis. The examples below do not take into account any tax consequences from investing in the Notes.

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Final Underlier Value	Underlier Return	Payment at Maturity	Total Return on the Notes
200.00	100.00%	$1,309.20	30.92%
190.00	90.00%	$1,309.20	30.92%
180.00	80.00%	$1,309.20	30.92%
170.00	70.00%	$1,309.20	30.92%
160.00	60.00%	$1,309.20	30.92%
150.00	50.00%	$1,309.20	30.92%
140.00	40.00%	$1,309.20	30.92%
130.92	30.92%	$1,309.20	30.92%
130.00	30.00%	$1,309.20	30.92%
120.00	20.00%	$1,309.20	30.92%
110.00	10.00%	$1,309.20	30.92%
105.00	5.00%	$1,309.20	30.92%
100.00	0.00%	$1,309.20	30.92%
95.00	-5.00%	$1,309.20	30.92%
90.00	-10.00%	$1,309.20	30.92%
80.00	-20.00%	$1,309.20	30.92%
79.99	-20.01%	$799.90	-20.01%
70.00	-30.00%	$700.00	-30.00%
60.00	-40.00%	$600.00	-40.00%
50.00	-50.00%	$500.00	-50.00%
40.00	-60.00%	$400.00	-60.00%
30.00	-70.00%	$300.00	-70.00%
20.00	-80.00%	$200.00	-80.00%
10.00	-90.00%	$100.00	-90.00%
0.00	-100.00%	$0.00	-100.00%

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Example 1: The closing value of the Underlier increases from the Initial Underlier Value to a Final Underlier Value of 105.00, resulting in an Underlier Return of 5.00%.

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Because the Final Underlier Value is greater than or equal to the Barrier Value, investors will receive a payment at maturity of $1,309.20 per $1,000 principal amount of Notes, for a return of 30.92% on the Notes, calculated as follows:

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$1,000 + ($1,000 &times; 30.92%) = $1,309.20

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Example 2: The closing value of the Underlier increases from the Initial Underlier Value to a Final Underlier Value of 150.00, resulting in an Underlier Return of 50.00%.

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Because the Final Underlier Value is greater than or equal to the Barrier Value, investors will receive a payment at maturity of $1,309.20 per $1,000 principal amount of Notes, for a return of 30.92% on the Notes, calculated as follows:

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$1,000 + ($1,000 &times; 30.92%) = $1,309.20

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In this case, the return on the Notes is less than the Underlier Return.

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PS-3

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Example 3: The closing value of the Underlier decreases from the Initial Underlier Value to a Final Underlier Value of 90.00, resulting in an Underlier Return of -10.00%.

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Even though the Underlier Return is negative, because the Final Underlier Value is greater than or equal to the Barrier Value, investors will receive a payment at maturity of $1,309.20 per $1,000 principal amount of Notes, for a return of 30.92% on the Notes, calculated as follows:

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$1,000 + ($1,000 &times; 30.92%) = $1,309.20

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In this case, the return on the Notes is positive, even though the Underlier Return is negative.

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Example 4: The closing value of the Underlier decreases from the Initial Underlier Value to a Final Underlier Value of 50.00, resulting in an Underlier Return of -50.00%.

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Because the Final Underlier Value is less than the Barrier Value, investors will receive a payment at maturity of $500.00 per $1,000 principal amount of Notes, for a return of -50% on the Notes, calculated as follows:

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$1,000 + ($1,000 &times; -50%) = $500.00

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In this case, the amount paid on the Notes is significantly less than the principal amount.

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PS-4

&nbsp;

Selected Risk Considerations

&nbsp;

An investment in the Notes involves significant risks. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes. Some of the risks that apply to an investment in the Notes are summarized below, but we urge you to read also the &ldquo;Risk Factors&rdquo; sections of the accompanying prospectus, prospectus supplement and product supplement. You should not purchase the Notes unless you understand and can bear the risks of investing in the Notes.

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Risks Relating to the Terms and Structure of the Notes

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&middot; You May Lose a Portion or All of the Principal Amount at Maturity &mdash; If the Final Underlier Value is less than the Barrier Value, you will lose 1% of the principal amount of your Notes for each 1% that the Final Underlier Value is less than the Initial Underlier Value. You could lose a substantial portion or all of your principal amount at maturity.

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&middot; Your Potential Return on the Notes Is Limited &mdash; Your return on the Notes will not exceed the Contingent Digital Return, regardless of any appreciation in the value of the Underlier, which may be significant. Accordingly, your return on the Notes may be less than your return would be if you made an investment in a security directly linked to the positive performance of the Underlier.

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&middot; The Notes Do Not Pay Interest, and Your Return on the Notes May Be Lower Than the Return on a Conventional Debt Security of Comparable Maturity &mdash; There will be no periodic interest payments on the Notes as there would be on a conventional fixed-rate or floating-rate debt security having the same maturity. The return that you will receive on the Notes, which could be negative, may be less than the return you could earn on other investments. Even if your return is positive, your return may be less than the return you would earn if you purchased one of our conventional senior interest-bearing debt securities.

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&middot; The Contingent Repayment of Principal Applies Only at Maturity &mdash; You should be willing to hold your Notes to maturity. If you sell your Notes prior to maturity in the secondary market, if any, you may have to sell your Notes at a loss relative to your initial investment even if the value of the Underlier is above the Barrier Value.

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&middot; Payments on the Notes Are Subject to Our Credit Risk, and Market Perceptions about Our Creditworthiness May Adversely Affect the Market Value of the Notes &mdash; The Notes are our senior unsecured debt securities, and your receipt of any amounts due on the Notes is dependent upon our ability to pay our obligations as they come due. If we were to default on our payment obligations, you may not receive any amounts owed to you under the Notes and you could lose your entire investment. In addition, any negative changes in market perceptions about our creditworthiness may adversely affect the market value of the Notes.

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&middot; Any Payment on the Notes Will Be Determined Based on the Closing Values of the Underlier on the Dates Specified &mdash; Any payment on the Notes will be determined based on the closing values of the Underlier on the dates specified. You will not benefit from any more favorable value of the Underlier determined at any other time.

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&middot; The U.S. Federal Income Tax Consequences of an Investment in the Notes Are Uncertain &mdash; There is no direct legal authority regarding the proper U.S. federal income tax treatment of the Notes, and significant aspects of the tax treatment of the Notes are uncertain. You should review carefully the section entitled &ldquo;United States Federal Income Tax Considerations&rdquo; herein, in combination with the section entitled &ldquo;United States Federal Income Tax Considerations&rdquo; in the accompanying product supplement, and consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the Notes.

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Risks Relating to the Initial Estimated Value of the Notes and the Secondary Market for the Notes

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&middot; There May Not Be an Active Trading Market for the Notes; Sales in the Secondary Market May Result in Significant Losses &mdash; There may be little or no secondary market for the Notes. The Notes will not be listed on any securities exchange. RBCCM and our other affiliates may make a market for the Notes; however, they are not required to do so and, if they choose to do so, may stop any market-making activities at any time. Because other dealers are not likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes is likely to depend on the price, if any, at which RBCCM or any of our other affiliates is willing to buy the Notes. Even if a secondary market for the Notes develops, it may not provide enough liquidity to allow you to easily trade or sell the Notes. We expect that transaction costs in any secondary market would be high. As a result, the difference between bid and ask prices for your Notes in any secondary market could be substantial. If you sell your Notes before maturity, you may have to do so at a substantial discount from the price that you

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PS-5

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paid for them, and as a result, you may suffer significant losses. The Notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your Notes to maturity.

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&middot; The Initial Estimated Value of the Notes Will Be Less Than the Public Offering Price &mdash; The initial estimated value of the Notes will be less than the public offering price of the Notes and does not represent a minimum price at which we, RBCCM or any of our other affiliates would be willing to purchase the Notes in any secondary market (if any exists) at any time. If you attempt to sell the Notes prior to maturity, their market value may be lower than the price you paid for them and the initial estimated value. This is due to, among other things, changes in the value of the Underlier, the internal funding rate we pay to issue securities of this kind (which is lower than the rate at which we borrow funds by issuing conventional fixed rate debt) and the inclusion in the public offering price of the underwriting discount, our estimated profit and the estimated costs relating to our hedging of the Notes. These factors, together with various credit, market and economic factors over the term of the Notes, are expected to reduce the price at which you may be able to sell the Notes in any secondary market and will affect the value of the Notes in complex and unpredictable ways. Assuming no change in market conditions or any other relevant factors, the price, if any, at which you may be able to sell your Notes prior to maturity may be less than your original purchase price, as any such sale price would not be expected to include the underwriting discount, our estimated profit or the hedging costs relating to the Notes. In addition, any price at which you may sell the Notes is likely to reflect customary bid-ask spreads for similar trades. In addition to bid-ask spreads, the value of the Notes determined for any secondary market price is expected to be based on a secondary market rate rather than the internal funding rate used to price the Notes and determine the initial estimated value. As a result, the secondary market price will be less than if the internal funding rate were used.

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&middot; The Initial Estimated Value of the Notes Is Only an Estimate, Calculated as of the Trade Date &mdash; The initial estimated value of the Notes is based on the value of our obligation to make the payments on the Notes, together with the mid-market value of the derivative embedded in the terms of the Notes. See &ldquo;Structuring the Notes&rdquo; below. Our estimate is based on a variety of assumptions, including our internal funding rate (which represents a discount from our credit spreads), expectations as to dividends, interest rates and volatility and the expected term of the Notes. These assumptions are based on certain forecasts about future events, which may prove to be incorrect. Other entities may value the Notes or similar securities at a price that is significantly different than we do.

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The value of the Notes at any time after the Trade Date will vary based on many factors, including changes in market conditions, and cannot be predicted with accuracy. As a result, the actual value you would receive if you sold the Notes in any secondary market, if any, should be expected to differ materially from the initial estimated value of the Notes.

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Risks Relating to Conflicts of Interest and Our Trading Activities

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&middot; Our and Our Affiliates&rsquo; Business and Trading Activities May Create Conflicts of Interest &mdash; You should make your own independent investigation of the merits of investing in the Notes. Our and our affiliates&rsquo; economic interests are potentially adverse to your interests as an investor in the Notes due to our and our affiliates&rsquo; business and trading activities, and we and our affiliates have no obligation to consider your interests in taking any actions that might affect the value of the Notes. Trading by us and our affiliates may adversely affect the value of the Underlier and the market value of the Notes. See &ldquo;Risk Factors &mdash; Risks Relating to Conflicts of Interest&rdquo; in the accompanying product supplement.

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&middot; RBCCM&rsquo;s Role as Calculation Agent May Create Conflicts of Interest &mdash; As Calculation Agent, our affiliate, RBCCM, will determine any values of the Underlier and make any other determinations necessary to calculate any payments on the Notes. In making these determinations, the Calculation Agent may be required to make discretionary judgments, including those described under &ldquo;&mdash; Risks Relating to the Underlier&rdquo; below. In making these discretionary judgments, the economic interests of the Calculation Agent are potentially adverse to your interests as an investor in the Notes, and any of these determinations may adversely affect any payments on the Notes. The Calculation Agent will have no obligation to consider your interests as an investor in the Notes in making any determinations with respect to the Notes.

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Risks Relating to the Underlier

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&middot; You Will Not Have Any Rights to the Securities Included in the Underlier&nbsp;&mdash; As an investor in the Notes, you will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the securities included in the Underlier. The Underlier is a price return index and its return does not reflect regular cash dividends paid by its components.

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PS-6

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&middot; Any Payment on the Notes May Be Postponed and Adversely Affected by the Occurrence of a Market Disruption Event &mdash; The timing and amount of any payment on the Notes is subject to adjustment upon the occurrence of a market disruption event affecting the Underlier. If a market disruption event persists for a sustained period, the Calculation Agent may make a determination of the closing value of the Underlier. See &ldquo;General Terms of the Notes&mdash;Indices&mdash;Market Disruption Events,&rdquo; &ldquo;General Terms of the Notes&mdash;Postponement of a Determination Date&rdquo; and &ldquo;General Terms of the Notes&mdash;Postponement of a Payment Date&rdquo; in the accompanying product supplement.

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&middot; Adjustments to the Underlier Could Adversely Affect Any Payments on the Notes &mdash; The sponsor of the Underlier may add, delete, substitute or adjust the securities composing the Underlier or make other methodological changes to the Underlier that could affect its performance. The Calculation Agent will calculate the value to be used as the closing value of the Underlier in the event of certain material changes in, or modifications to, the Underlier. In addition, the sponsor of the Underlier may also discontinue or suspend calculation or publication of the Underlier at any time. Under these circumstances, the Calculation Agent may select a successor index that the Calculation Agent determines to be comparable to the Underlier or, if no successor index is available, the Calculation Agent will determine the value to be used as the closing value of the Underlier. Any of these actions could adversely affect the value of the Underlier and, consequently, the value of the Notes. See &ldquo;General Terms of the Notes&mdash;Indices&mdash;Discontinuation of, or Adjustments to, an Index&rdquo; in the accompanying product supplement.

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PS-7

&nbsp;

Information Regarding the Underlier

&nbsp;

The Underlier consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. For more information about the Underlier, see &ldquo;Indices&mdash;The S&P U.S. Indices&rdquo; in the accompanying underlying supplement.

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Historical Information

&nbsp;

The following graph sets forth historical closing values of the Underlier for the period from January 1, 2015 to July 3, 2025. The red line represents the Barrier Value. We obtained the information in the graph from Bloomberg Financial Markets, without independent investigation. We cannot give you assurance that the performance of the Underlier will result in the return of all of your initial investment.

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S&P 500^&reg; Index

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&nbsp;

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

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PS-8

&nbsp;

United States Federal Income Tax Considerations

&nbsp;

You should review carefully the section in the accompanying product supplement entitled &ldquo;United States Federal Income Tax Considerations.&rdquo; The following discussion, when read in combination with that section, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the Notes.

&nbsp;

Generally, this discussion assumes that you purchased the Notes for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including consequences that may arise due to any other investments relating to the Underlier. You should consult your tax adviser regarding the effect any such circumstances may have on the U.S. federal income tax consequences of your ownership of a Note.

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In the opinion of our counsel, which is based on current market conditions, it is reasonable to treat the Notes for U.S. federal income tax purposes as prepaid financial contracts that are &ldquo;open transactions,&rdquo; as described in the section entitled &ldquo;United States Federal Income Tax Considerations&mdash;Tax Consequences to U.S. Holders&mdash;Notes Treated as Prepaid Financial Contracts that are Open Transactions&rdquo; in the accompanying product supplement. There is uncertainty regarding this treatment, and the Internal Revenue Service (the &ldquo;IRS&rdquo;) or a court might not agree with it. Moreover, because this treatment of the Notes and our counsel&rsquo;s opinion are based on market conditions as of the date of this preliminary pricing supplement, each is subject to confirmation on the Trade Date. A different tax treatment could be adverse to you. Generally, if this treatment is respected, (i) you should not recognize taxable income or loss prior to the taxable disposition of your Notes (including upon maturity or an earlier redemption, if applicable) and (ii) the gain or loss on your Notes should be treated as short-term capital gain or loss unless you have held the Notes for more than one year, in which case your gain or loss should be treated as long-term capital gain or loss.

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We do not plan to request a ruling from the IRS regarding the treatment of the Notes. An alternative characterization of the Notes could materially and adversely affect the tax consequences of ownership and disposition of the Notes, including the timing and character of income recognized. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of &ldquo;prepaid forward contracts&rdquo; and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the Notes, possibly with retroactive effect.

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Non-U.S. Holders. As discussed under &ldquo;United States Federal Income Tax Considerations&mdash;Tax Consequences to Non-U.S. Holders&mdash;Dividend Equivalents under Section 871(m) of the Code&rdquo; in the accompanying product supplement, Section 871(m) of the Internal Revenue Code and Treasury regulations promulgated thereunder (&ldquo;Section 871(m)&rdquo;) generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. The Treasury regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that do not have a &ldquo;delta&rdquo; of one. Based on certain determinations made by us, we expect that Section 871(m) will not apply to the Notes with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. If necessary, further information regarding the potential application of Section 871(m) will be provided in the final pricing supplement for the Notes.

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We will not be required to pay any additional amounts with respect to U.S. federal withholding taxes.

&nbsp;

You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the Notes, including possible alternative treatments, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

&nbsp;

Supplemental Plan of Distribution (Conflicts of Interest)

&nbsp;

JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC and its affiliates will act as placement agents for the Notes and will receive a fee from us of the amount per $1,000 principal amount of Notes specified on the cover of this pricing supplement, but will forgo any fees for sales to certain fiduciary accounts.

&nbsp;

The value of the Notes shown on your account statement may be based on RBCCM&rsquo;s estimate of the value of the Notes if RBCCM or another of our affiliates were to make a market in the Notes (which it is not obligated to do). That estimate will be based on the price that RBCCM may pay for the Notes in light of then-prevailing market conditions, our creditworthiness and transaction costs. For a period of approximately six months after the Issue Date, the value of the Notes that may be shown on your account statement may be higher than RBCCM&rsquo;s estimated value of the Notes at that time. This is because the estimated value of the Notes will not include the underwriting discount or our hedging costs and profits; however, the value of the Notes shown on your account statement during that

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PS-9

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period may initially be a higher amount, reflecting the addition of the underwriting discount and our estimated costs and profits from hedging the Notes. This excess is expected to decrease over time until the end of this period. After this period, if RBCCM repurchases your Notes, it expects to do so at prices that reflect their estimated value.

&nbsp;

RBCCM or another of its affiliates or agents may use this pricing supplement in the initial sale of the Notes. In addition, RBCCM or another of our affiliates may use this pricing supplement in a market-making transaction in the Notes after their initial sale. Unless we or our agent informs the purchaser otherwise in the confirmation of sale, this pricing supplement is being used in a market-making transaction.

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For additional information about the settlement cycle of the Notes, see &ldquo;Plan of Distribution&rdquo; in the accompanying prospectus. For additional information as to the relationship between us and RBCCM, see the section &ldquo;Plan of Distribution&mdash;Conflicts of Interest&rdquo; in the accompanying prospectus.

&nbsp;

Structuring the Notes

&nbsp;

The Notes are our debt securities. As is the case for all of our debt securities, including our structured notes, the economic terms of the Notes reflect our actual or perceived creditworthiness. In addition, because structured notes result in increased operational, funding and liability management costs to us, we typically borrow the funds under structured notes at a rate that is lower than the rate that we might pay for a conventional fixed or floating rate debt security of comparable maturity. The lower internal funding rate, the underwriting discount and the hedging-related costs relating to the Notes reduce the economic terms of the Notes to you and result in the initial estimated value for the Notes being less than their public offering price. Unlike the initial estimated value, any value of the Notes determined for purposes of a secondary market transaction may be based on a secondary market rate, which may result in a lower value for the Notes than if our initial internal funding rate were used.

&nbsp;

In order to satisfy our payment obligations under the Notes, we may choose to enter into certain hedging arrangements (which may include call options, put options or other derivatives) with RBCCM and/or one of our other subsidiaries. The terms of these hedging arrangements take into account a number of factors, including our creditworthiness, interest rate movements, volatility and the tenor of the Notes. The economic terms of the Notes and the initial estimated value depend in part on the terms of these hedging arrangements.

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See &ldquo;Selected Risk Considerations&mdash;Risks Relating to the Initial Estimated Value of the Notes and the Secondary Market for the Notes&mdash;The Initial Estimated Value of the Notes Will Be Less Than the Public Offering Price&rdquo; above.

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FAQ

What is the maximum return on Royal Bank of Canada (RY) Digital S&P 500® Notes?

If the index closes ≥ 90 % of its initial level on 2 Oct 2026, investors receive the Threshold Settlement Amount of $1,093.10 per $1,000 note (9.31 % total).

How much principal protection do the notes provide?

There is a 10 % buffer; losses start only if the S&P 500 falls below 90 % of the initial level. Beyond that, losses are amplified 1.1111×.

Do the notes pay periodic interest?

No. The securities bear no coupons; all return is delivered at maturity based on index performance.

Can the notes be redeemed early or traded on an exchange?

They cannot be redeemed early and will not be listed; liquidity depends on RBCCM’s willingness to make a market.

Why is the initial estimated value ($982.89) lower than the $1,000 issue price?

The estimate excludes the 1.25 % underwriting discount, hedging costs and dealer profit, reflecting the economic value of embedded derivatives.

What are the key dates investors should know?

Trade date: 2 Jul 2025. Settlement: 10 Jul 2025. Determination: 2 Oct 2026. Maturity/payment: 6 Oct 2026.