[424B2] Royal Bank of Canada Prospectus Supplement

Rhea-AI Filing Summary

Morgan Stanley Finance LLC, guaranteed by Morgan Stanley, is offering Fixed Income Buffered Auto-Callable Securities linked to the S&P® U.S. Equity Momentum 40% VT 4% Decrement Index (ticker: SPUMP40). The notes price on July 28 2025, may be called monthly after the first year, and mature on August 1 2030.

Key economic terms

• Fixed coupon: 7.00%-8.00% p.a., paid monthly until the earlier of redemption or maturity.
• Automatic early redemption: triggered when the underlier’s closing level on a determination date is ≥ 100% of the initial level; investors then receive par plus final coupon, with no further upside participation.
• Downside protection: 15% buffer. If the underlier falls > 15% at final observation and the notes were not called, principal is reduced 1-for-1 beyond the buffer, exposing investors to up to an 85% loss.
• Estimated value: $919.60 per $1,000 note (± $55), reflecting issuer pricing models and embedded costs, and below the issue price.

Risk highlights (summarised from “Risk Considerations”): investors forgo all upside beyond coupons, face early-redemption reinvestment risk, bear Morgan Stanley credit risk, lack exchange listing and may encounter limited liquidity. The underlier itself includes a 4% decrement, leverage, limited operating history (since March 14 2022) and potential regulatory, futures-market and small-cap exposure risks.

Overall, the security appeals to income-oriented investors comfortable with issuer credit exposure, potential principal loss beyond a 15% buffer, and the possibility of early call that caps returns.

Positive

• High fixed coupon of 7.00%-8.00% per annum paid monthly provides attractive income relative to investment-grade bonds.
• 15% downside buffer offers partial principal protection if the underlier declines moderately.
• Monthly automatic call feature can return capital early with coupon if the index stays at or above its initial level.

Negative

• No participation in index appreciation; upside is capped at par value plus coupons.
• Potential 85% maximum loss if the index falls more than 15% at final observation and note is not called.
• Issuer credit risk—all payments depend on Morgan Stanley’s ability to pay.
• Estimated value of $919.60 is materially below the $1,000 issue price, indicating significant embedded costs.
• No exchange listing may limit liquidity and lead to price discounts in the secondary market.

Insights

Structured Products Analyst

TL;DR 7-8% coupon with 15% buffer; limited upside, issuer credit risk, estimated value below par—standard risk/reward for auto-call note.

The product offers an above-market fixed coupon compared with traditional investment-grade bonds, but compensates by eliminating equity upside and embedding a potential 85% loss if the index falls beyond 15% on the final date. Monthly call monitoring increases probability of early redemption, effectively shortening duration and forcing reinvestment at uncertain rates. The estimated value at $919.60 underscores ~8% upfront economic cost, typical for retail-targeted structured notes. Because the disclosure is routine for a Morgan Stanley issuance and does not materially change the firm’s risk profile, I classify the event as neutral for MS shareholders but moderately attractive for investors seeking income with defined buffer.

Credit Risk Analyst

TL;DR Investors assume full Morgan Stanley credit risk; product adds no incremental corporate risk, thus neutral for bondholders.

All payments depend on the credit of Morgan Stanley Finance LLC, guaranteed by the parent. The note is subordinated only by structure, not by priority, yet carries standard unsecured obligations. No change to Moody’s/S&P ratings is noted. From a credit-holder perspective, issuance is part of regular funding activity, so impact is immaterial. Investors should, however, note that secondary pricing will track Morgan Stanley’s credit spreads; widening spreads could significantly erode market value prior to call/maturity.

	Registration Statement No. 333-275898 Filed Pursuant to Rule 424(b)(2)
The information in this preliminary pricing supplement is not complete and may be changed.

Preliminary Pricing Supplement Subject to Completion: Dated June 30, 2025 Pricing Supplement dated July __, 2025 to the Prospectus dated December 20, 2023, the Prospectus Supplement dated December 20, 2023 and the Product Supplement No. 1A dated May 16, 2024 $
Notes
Linked to a Basket of Ten Equity Securities,
Due August 1, 2030   Royal Bank of Canada

Royal Bank of Canada is offering Notes (the “Notes”) linked to the performance of an equally weighted basket (the “Basket”) consisting of the common stock of Cisco Systems, Inc., the common stock of Chevron Corporation, the common stock of Duke Energy Corporation, the common stock of The Coca-Cola Company, the common stock of Lockheed Martin Corporation, the common stock of McDonald’s Corporation, the ordinary shares of Medtronic plc, the common stock of PepsiCo, Inc., the common stock of The Southern Company and the common stock of Verizon Communications Inc. (each, a “Basket Underlier”).

· Return Potential — If the Final Basket Value is greater than the Initial Basket Value, at maturity, investors will receive a return equal to at least 100% of the Basket Return (to be determined on the Trade Date).

· Return of Principal at Maturity — If the Final Basket Value is less than or equal to the Initial Basket Value, at maturity, investors will receive only the principal amount of their Notes, with no additional return.

· 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: 78017PCT6

Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-6 of this pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement 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. 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.

	Per Note	Total
Price to public(1)	100.00%	$
Underwriting discounts and commissions(1)	4.00%	$
Proceeds to Royal Bank of Canada	96.00%	$

⁽¹⁾ We or one of our affiliates may pay varying selling concessions of up to $40.00 per $1,000 principal amount of Notes in connection with the distribution of the Notes to other registered broker-dealers. Certain dealers who purchase the Notes for 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 $960.00 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 with us a referral fee of up to $12.50 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts of Interest)” 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 $891.00 and $941.00 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.

RBC Capital Markets, LLC

Notes Linked to a Basket of Ten Equity Securities

KEY TERMS

The information in this “Key Terms” section is qualified by any more detailed information set forth in this pricing supplement and in the accompanying prospectus, prospectus supplement and product supplement.

Issuer:	Royal Bank of Canada
Underwriter:	RBC Capital Markets, LLC (“RBCCM”)
Minimum Investment:	$1,000 and minimum denominations of $1,000 in excess thereof
Basket Underliers:	The common stock of Cisco Systems, Inc. (the “CSCO Underlier”), the common stock of Chevron Corporation (the “CVX Underlier”), the common stock of Duke Energy Corporation (the “DUK Underlier”), the common stock of The Coca-Cola Company (the “KO Underlier”), the common stock of Lockheed Martin Corporation (the “LMT Underlier”), the common stock of McDonald’s Corporation (the “MCD Underlier”), the ordinary shares of Medtronic plc (the “MDT Underlier”), the common stock of PepsiCo, Inc. (the “PEP Underlier”), the common stock of The Southern Company (the “SO Underlier”) and the common stock of Verizon Communications Inc. (the “VZ Underlier”)

	Basket Underlier	Bloomberg Ticker	Initial Basket Underlier Value(1)	Basket Weighting
	CSCO Underlier	CSCO UW	$	1/10
	CVX Underlier	CVX UN	$	1/10
	DUK Underlier	DUK UN	$	1/10
	KO Underlier	KO UN	$	1/10
	LMT Underlier	LMT UN	$	1/10
	MCD Underlier	MCD UN	$	1/10
	MDT Underlier	MDT UN	$	1/10
	PEP Underlier	PEP UW	$	1/10
	SO Underlier	SO UN	$	1/10
	VZ Underlier	VZ UN	$	1/10

	(1) With respect to each Basket Underlier, the closing value of that Basket Underlier on the Trade Date
Trade Date:	July 28, 2025
Issue Date:	July 31, 2025
Valuation Date:*	July 29, 2030
Maturity Date:*	August 1, 2030
Payment at Maturity:	Investors will receive on the Maturity Date per $1,000 principal amount of Notes: ·  If the Final Basket Value is greater than the Initial Basket Value, an amount equal to:  $1,000 + ($1,000 × Basket Return × Participation Rate) · If the Final Basket Value is less than or equal to the Initial Basket Value: $1,000  All payments on the Notes are subject to our credit risk.
Participation Rate:	At least 100%, to be determined on the Trade Date

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Notes Linked to a Basket of Ten Equity Securities

Basket Return:	The Basket Return, expressed as a percentage, is calculated using the following formula: Final Basket Value – Initial Basket Value Initial Basket Value
Initial Basket Value:	Set equal to 100 on the Trade Date
Final Basket Value:	The Final Basket Value will be calculated as follows: 100 × [1 + (the sum of, for each Basket Underlier, its Basket Underlier Return times its Basket Weighting)]
Basket Underlier Return:	With respect to each Basket Underlier, the Basket Underlier Return, expressed as a percentage, is calculated using the following formula: Final Basket Underlier Value – Initial Basket Underlier Value Initial Basket Underlier Value
Final Basket Underlier Value:	With respect to each Basket Underlier, the closing value of that Basket Underlier on the Valuation Date
Calculation Agent:	RBCCM

* Subject to postponement. See “General Terms of the Notes—Postponement of a Determination Date” and “General Terms of the Notes—Postponement of a Payment Date” in the accompanying product supplement.

P-3 RBC Capital Markets, LLC

Notes Linked to a Basket of Ten Equity Securities

ADDITIONAL TERMS OF YOUR NOTES

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, 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.

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.

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.

You should carefully consider, among other things, the matters set forth in “Selected Risk Considerations” in this pricing supplement and “Risk Factors” 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.

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):

· Prospectus dated December 20, 2023:

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

· Prospectus Supplement dated December 20, 2023:

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

· Product Supplement No. 1A dated May 16, 2024:

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

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

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Notes Linked to a Basket of Ten Equity Securities

HYPOTHETICAL RETURNS

The table and examples set forth below illustrate hypothetical payments at maturity for hypothetical performance of the Basket, based on a hypothetical Participation Rate of 100% (the actual Participation Rate will be determined on the Trade Date). The table and examples are only for illustrative purposes and may not show the actual return applicable to investors.

Hypothetical Basket Return	Payment at Maturity per $1,000 Principal Amount of Notes	Payment at Maturity as Percentage of Principal Amount
50.00%	$1,500.00	150.000%
40.00%	$1,400.00	140.000%
30.00%	$1,300.00	130.000%
20.00%	$1,200.00	120.000%
10.00%	$1,100.00	110.000%
5.00%	$1,050.00	105.000%
2.00%	$1,020.00	102.000%
0.00%	$1,000.00	100.000%
-5.00%	$1,000.00	100.000%
-10.00%	$1,000.00	100.000%
-20.00%	$1,000.00	100.000%
-30.00%	$1,000.00	100.000%
-40.00%	$1,000.00	100.000%
-50.00%	$1,000.00	100.000%
-60.00%	$1,000.00	100.000%
-70.00%	$1,000.00	100.000%
-80.00%	$1,000.00	100.000%
-90.00%	$1,000.00	100.000%
-100.00%	$1,000.00	100.000%

Example 1 —	The value of the Basket increases from the Initial Basket Value to the Final Basket Value by 2%.
	Basket Return:	2%
	Payment at Maturity:	$1,000 + ($1,000 × 2% × 100%) = $1,000 + $20 = $1,020
	In this example, the payment at maturity is $1,020 per $1,000 principal amount of Notes, for a return of 2%. Because the Final Basket Value is greater than the Initial Basket Value, investors receive a return equal to 100% of the Basket Return.

Example 2 —	The value of the Basket decreases from the Initial Basket Value to the Final Basket Value by 10% (i.e., the Final Basket Value is below the Initial Basket Value).
	Basket Return:	-10%
	Payment at Maturity:	$1,000
	In this example, the payment at maturity is $1,000 per $1,000 principal amount of Notes, for a return of 0%. Because the Final Basket Value is less than the Initial Basket Value, investors receive only the principal amount of their Notes, with no additional return.

P-5 RBC Capital Markets, LLC

Notes Linked to a Basket of Ten Equity Securities

SELECTED RISK CONSIDERATIONS

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 “Risk Factors” 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.

Risks Relating to the Terms and Structure of the Notes

· You May Not Receive a Positive Return on the Principal Amount at Maturity — If the Final Basket Value is less than the Initial Basket Value, you will receive only the principal amount of your Notes, with no additional return.

· 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 — 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 zero, 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.

· 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 — 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.

· Changes in the Value of One Basket Underlier May Be Offset by Changes in the Values of the Other Basket Underliers — A change in the value of one Basket Underlier may not correlate with changes in the values of the other Basket Underliers. The value of one Basket Underlier may increase, while the values of the other Basket Underliers may not increase as much, or may even decrease. Therefore, in determining the value of the Basket as of any time, increases in the value of one Basket Underlier may be moderated, or wholly offset, by lesser increases or decreases in the values of the other Basket Underliers.

· Any Payment on the Notes Will Be Determined Based on the Closing Values of the Basket Underliers on the Dates Specified — Any payment on the Notes will be determined based on the closing values of the Basket Underliers on the dates specified. You will not benefit from any more favorable values of the Basket Underliers determined at any other time.

· You May Be Required to Recognize Taxable Income on the Notes Prior to Maturity — If you are a U.S. investor in a Note, under the treatment of a Note as a contingent payment debt instrument, you will generally be required to recognize taxable interest income in each year that you hold the Note. In addition, any gain you recognize under the rules applicable to contingent payment debt instruments will generally be treated as ordinary interest income rather than capital gain. You should review carefully the section entitled “United States Federal Income Tax Considerations” herein, in combination with the section entitled “United States Federal Income Tax Considerations” in the accompanying product supplement, and consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the Notes.

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

· There May Not Be an Active Trading Market for the Notes; Sales in the Secondary Market May Result in Significant Losses — 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

P-6 RBC Capital Markets, LLC

Notes Linked to a Basket of Ten Equity Securities

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 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.

· The Initial Estimated Value of the Notes Will Be Less Than the Public Offering Price — 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 values of the Basket Underliers, 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, the referral fee, 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, the referral fee, 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.

· The Initial Estimated Value of the Notes Is Only an Estimate, Calculated as of the Trade Date — 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 “Structuring the Notes” 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.

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.

Risks Relating to Conflicts of Interest and Our Trading Activities

· Our and Our Affiliates’ Business and Trading Activities May Create Conflicts of Interest — You should make your own independent investigation of the merits of investing in the Notes. Our and our affiliates’ economic interests are potentially adverse to your interests as an investor in the Notes due to our and our affiliates’ 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 values of the Basket Underliers and the market value of the Notes. See “Risk Factors—Risks Relating to Conflicts of Interest” in the accompanying product supplement.

· RBCCM’s Role as Calculation Agent May Create Conflicts of Interest — As Calculation Agent, our affiliate, RBCCM, will determine any values of the Basket Underliers 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 “—Risks Relating to the Basket Underliers” below. In making these

P-7 RBC Capital Markets, LLC

Notes Linked to a Basket of Ten Equity Securities

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.

Risks Relating to the Basket Underliers

· You Will Not Have Any Rights to Any Basket Underlier — 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 any Basket Underlier.

· The Notes Are Subject to Risks Relating to Non-U.S. Securities with Respect to the MDT Underlier — Because the issuer of the MDT Underlier is incorporated in Ireland, an investment in the Notes involves risks associated with Ireland. The prices of securities of non-U.S. companies may be affected by political, economic, financial and social factors in those countries, or global regions, including changes in government, economic and fiscal policies and currency exchange laws.

· We May Accelerate the Notes If a Change-in-Law Event Occurs — Upon the occurrence of legal or regulatory changes that may, among other things, prohibit or otherwise materially restrict persons from holding the Notes or a Basket Underlier, or engaging in transactions in them, the Calculation Agent may determine that a change-in-law-event has occurred and accelerate the Maturity Date for a payment determined by the Calculation Agent in its sole discretion. Any amount payable upon acceleration could be significantly less than any amount that would be due on the Notes if they were not accelerated. However, if the Calculation Agent elects not to accelerate the Notes, the value of, and any amount payable on, the Notes could be adversely affected, perhaps significantly, by the occurrence of such legal or regulatory changes. See “General Terms of Notes—Change-in-Law Events” in the accompanying product supplement.

· Any Payment on the Notes May Be Postponed and Adversely Affected by the Occurrence of a Market Disruption Event — The timing and amount of any payment on the Notes is subject to adjustment upon the occurrence of a market disruption event affecting a Basket Underlier. If a market disruption event persists for a sustained period, the Calculation Agent may make a discretionary determination of the closing value of any affected Basket Underlier. See “General Terms of the Notes—Reference Stocks and Funds—Market Disruption Events,” “General Terms of the Notes—Postponement of a Determination Date” and “General Terms of the Notes—Postponement of a Payment Date” in the accompanying product supplement.

· Anti-dilution Protection Is Limited, and the Calculation Agent Has Discretion to Make Anti-dilution Adjustments — The Calculation Agent may in its sole discretion make adjustments affecting any amounts payable on the Notes upon the occurrence of certain corporate events (such as stock splits or extraordinary or special dividends) that the Calculation Agent determines have a diluting or concentrative effect on the theoretical value of a Basket Underlier. However, the Calculation Agent might not make adjustments in response to all such events that could affect a Basket Underlier. The occurrence of any such event and any adjustment made by the Calculation Agent (or a determination by the Calculation Agent not to make any adjustment) may adversely affect the market price of, and any amounts payable on, the Notes. See “General Terms of the Notes—Reference Stocks and Funds—Anti-dilution Adjustments” in the accompanying product supplement.

· Reorganization or Other Events Could Adversely Affect the Value of the Notes or Result in the Notes Being Accelerated — Upon the occurrence of certain reorganization or other events affecting a Basket Underlier, the Calculation Agent may make adjustments that result in payments on the Notes being based on the performance of (i) cash, securities of another issuer and/or other property distributed to holders of that Basket Underlier upon the occurrence of that event or (ii) in the case of a reorganization event in which only cash is distributed to holders of that Basket Underlier, a substitute security, if the Calculation Agent elects to select one. Any of these actions could adversely affect the value of the affected Basket Underlier and, consequently, the value of the Notes. Alternatively, the Calculation Agent may accelerate the Maturity Date for a payment determined by the Calculation Agent. Any amount payable upon acceleration could be significantly less than any amount that would be due on the Notes if they were not accelerated. However, if the Calculation Agent elects not to accelerate the Notes, the value of, and any amount payable on, the

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Notes could be adversely affected, perhaps significantly. See “General Terms of the Notes—Reference Stocks and Funds—Anti-dilution Adjustments—Reorganization Events” in the accompanying product supplement.

P-9 RBC Capital Markets, LLC

Notes Linked to a Basket of Ten Equity Securities

INFORMATION REGARDING THE BASKET UNDERLIERS

Each Basket Underlier is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Companies with securities registered under the Exchange Act are required to file financial and other information specified by the SEC periodically. Information provided to or filed with the SEC by the issuer of each Basket Underlier can be located on a website maintained by the SEC at https://www.sec.gov by reference to that issuer’s SEC file number provided below. Information from outside sources is not incorporated by reference in, and should not be considered part of, this pricing supplement. We have not independently verified the accuracy or completeness of the information contained in outside sources.

Basket Underlier	Exchange Ticker	Exchange	SEC File Number
CSCO Underlier	CSCO	Nasdaq Stock Market	001-39940
CVX Underlier	CVX	New York Stock Exchange	001-00368
DUK Underlier	DUK	New York Stock Exchange	001-32853
KO Underlier	KO	New York Stock Exchange	001-02217
LMT Underlier	LMT	New York Stock Exchange	001-11437
MCD Underlier	MCD	New York Stock Exchange	001-05231
MDT Underlier	MDT	New York Stock Exchange	001-36820
PEP Underlier	PEP	Nasdaq Stock Market	001-01183
SO Underlier	SO	New York Stock Exchange	001-03526
VZ Underlier	VZ	New York Stock Exchange	001-08606

According to publicly available information:

· Cisco Systems, Inc. designs and sells a range of technologies including networks, security, collaboration and observability, and services, including technical support services and advanced services.

· Chevron Corporation manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to U.S. and international subsidiaries that engage in integrated energy and chemicals operations.

· Duke Energy Corporation is an energy company that is engaged in two business segments: electric utilities and infrastructure; and gas utilities and infrastructure.

· The Coca-Cola Company is a beverage company that owns or licenses and markets nonalcoholic beverage brands.

· Lockheed Martin Corporation is an aerospace and defense company principally engaged in the research, design, development, manufacture, integration and sustainment of technology systems, products and services.

· McDonald’s Corporation franchises and operates McDonald’s restaurants.

· Medtronic plc, an Irish company, is a healthcare technology company that develops, manufactures, distributes and sells device-based medical therapies and services.

· PepsiCo, Inc. is a beverage and food company.

· The Southern Company is a holding company that, through its subsidiaries, (1) generates, wholesales and retails electricity in the southeastern United States, (2) develops, constructs, acquires, owns and manages power generation assets, including renewable energy projects, and (3) distributes natural gas through the natural gas distribution utilities.

· Verizon Communications Inc. provides communications, technology, information and streaming products and services to consumers, businesses and government entities.

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Notes Linked to a Basket of Ten Equity Securities

Historical Information

The following graphs set forth historical closing values of the Basket Underliers for the period from January 1, 2015 to June 26, 2025. We obtained the information in the graphs from Bloomberg Financial Markets, without independent investigation. We cannot give you assurance that the performance of the Basket Underliers will result in a positive return on your initial investment.

Common Stock of Cisco Systems, Inc.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Common Stock of Chevron Corporation

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

P-11 RBC Capital Markets, LLC

Notes Linked to a Basket of Ten Equity Securities

Common Stock of Duke Energy Corporation

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Common Stock of The Coca-Cola Company

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

P-12 RBC Capital Markets, LLC

Notes Linked to a Basket of Ten Equity Securities

Common Stock of Lockheed Martin Corporation

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Common Stock of McDonald’s Corporation

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

P-13 RBC Capital Markets, LLC

Notes Linked to a Basket of Ten Equity Securities

Ordinary Shares of Medtronic plc

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Common Stock of PepsiCo, Inc.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

P-14 RBC Capital Markets, LLC

Notes Linked to a Basket of Ten Equity Securities

Common Stock of The Southern Company

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Common Stock of Verizon Communications Inc.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

P-15 RBC Capital Markets, LLC

Notes Linked to a Basket of Ten Equity Securities

UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS

You should review carefully the section in the accompanying product supplement entitled “United States Federal Income Tax Considerations.” 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.

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 Basket Underliers. 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.

We intend to treat the Notes for U.S. federal income tax purposes as contingent payment debt instruments, or “CPDIs,” as described in “United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Notes Treated as Debt Instruments—Notes Treated as Contingent Payment Debt Instruments” in the accompanying product supplement. In the opinion of our counsel, which is based on current market conditions, this treatment of the Notes is reasonable under current law. Assuming this treatment is respected, regardless of your method of accounting for U.S. federal income tax purposes, you generally will be required to accrue interest income in each year on a constant yield to maturity basis at the “comparable yield,” as determined by us, adjusted upward or downward to reflect the difference, if any, between the actual and projected payments on the Notes during the year. Upon a taxable disposition of a Note, you generally will recognize taxable income or loss equal to the difference between the amount received and your tax basis in the Notes. You generally must treat any income realized as interest income and any loss as ordinary loss to the extent of previous interest inclusions, and the balance as capital loss, the deductibility of which is subject to limitations.

After the original issue date, you may obtain the comparable yield and the projected payment schedule by requesting them from RBCCM at 1-877-688-2301.

Neither the comparable yield nor the projected payment schedule constitutes a representation by us regarding the actual amount(s) that we will pay on the Notes.

Non-U.S. Holders. If you are a Non-U.S. Holder, please also read the section entitled “United States Federal Income Tax Considerations—Tax Consequences to Non-U.S. Holders— Notes Treated as Debt Instruments” in the accompanying product supplement.

As discussed under “United States Federal Income Tax Considerations—Tax Consequences to Non-U.S. Holders—Dividend Equivalents under Section 871(m) of the Code” in the accompanying product supplement, Section 871(m) of the Internal Revenue Code and Treasury regulations promulgated thereunder (“Section 871(m)”) 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 Internal Revenue Service (the “IRS”) notice, exempt financial instruments issued prior to January 1, 2027 that do not have a “delta” 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.

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

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

P-16 RBC Capital Markets, LLC

Notes Linked to a Basket of Ten Equity Securities

SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)

The Notes are offered initially to investors at a purchase price equal to par, except with respect to certain accounts as indicated on the cover page of this pricing supplement. We or one of our affiliates may pay the underwriting discount and may pay a broker-dealer that is not affiliated with us a referral fee, in each case as set forth on the cover page of this pricing supplement.

The value of the Notes shown on your account statement may be based on RBCCM’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 twelve months after the Issue Date, the value of the Notes that may be shown on your account statement may be higher than RBCCM’s estimated value of the Notes at that time. This is because the estimated value of the Notes will not include the underwriting discount, the referral fee or our hedging costs and profits; however, the value of the Notes shown on your account statement during that period may initially be a higher amount, reflecting the addition of the underwriting discount, the referral fee 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.

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.

For additional information about the settlement cycle of the Notes, see “Plan of Distribution” in the accompanying prospectus. For additional information as to the relationship between us and RBCCM, see the section “Plan of Distribution—Conflicts of Interest” in the accompanying prospectus.

STRUCTURING THE NOTES

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, the referral fee 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.

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.

See “Selected Risk Considerations—Risks Relating to the Initial Estimated Value of the Notes and the Secondary Market for the Notes—The Initial Estimated Value of the Notes Will Be Less Than the Public Offering Price” above.

P-17 RBC Capital Markets, LLC

FAQ

What coupon rate do the Morgan Stanley (MS) SPUMP40 Buffered Auto-Callable Securities pay?

The notes pay a fixed 7.00%-8.00% annual coupon, distributed monthly until redemption or maturity.

How can the securities be redeemed early?

If on any monthly determination date the SPUMP40 index closes at or above 100% of its initial level, the notes are automatically called at par plus the final coupon.

What principal protection is provided at maturity?

Investors have a 15% buffer; losses begin only if the index is down more than 15%, after which repayment declines 1-for-1 to a minimum of $150.

What is the estimated value compared with the issue price?

Morgan Stanley estimates the value at $919.60 per $1,000 note (± $55), below the issue price due to embedded costs.

Which risks should investors review before purchasing the notes?

Key risks include early redemption risk, loss of principal beyond the 15% buffer, issuer credit risk, limited liquidity, tax uncertainty, and performance risks of the SPUMP40 index.