[424B2] MicroSectors Energy 3x Leveraged ETNs Prospectus Supplement

Rhea-AI Filing Summary

Royal Bank of Canada (RY) is offering Auto-Callable Fixed Coupon Barrier Notes linked to Broadcom (AVGO), CrowdStrike (CRWD) and Snowflake (SNOW). The $5,000-denominated notes pay a fixed coupon of $218.75 each quarter (4.375% per quarter, 17.5% per annum) while outstanding.

Automatic call: On each quarterly observation date, if all three underliers close at or above their initial values, the notes are redeemed for 100% of principal plus the applicable coupon, ending further payments.

Maturity scenarios (22-Jul-2027):

• If not called and the Least Performing Underlier is ≥ 60% of its initial level, holders receive full principal ($5,000) plus the final coupon.
• If the Least Performing Underlier is < 60%, holders receive physical delivery of that stock based on a $5,000 notional—potentially far below par and possibly worthless—plus the coupon.

Key parameters: Trade Date 17-Jul-2025; CUSIP 78015QSW2; quarterly coupon dates and observation dates coincide; initial estimated value $4,603.60–$4,853.60 (92.1%–97.1% of issue price), reflecting dealer discount and hedging costs.

Principal risks disclosed by RBC:

• Up to 100% loss of principal if the 40% downside barrier is breached at maturity.
• Performance tied solely to the worst performer; investors do not share in any upside of the other stocks.
• Returns capped at the fixed coupons; no participation in equity appreciation.
• Credit risk of RBC; secondary-market liquidity may be limited; U.S. tax treatment uncertain.

The structure targets income-oriented investors willing to assume concentrated equity risk in three large-cap technology names and accept possible share settlement and reinvestment risk from early calls.

Positive

• 17.5% fixed annual coupon provides high income relative to prevailing investment-grade yields.
• 40% downside barrier offers conditional principal protection if the worst-performing stock does not decline more than 40%.
• Quarterly auto-call feature can return capital early, boosting effective IRR if underliers trade flat or higher.
• AA-rated issuer Royal Bank of Canada lowers credit-default risk versus lower-rated structured note sponsors.

Negative

• Principal at risk: a breach of the barrier triggers delivery of depreciated shares, potentially a 100% loss.
• Worst-of design ties payoff to the weakest stock, increasing downside probability versus a basket average.
• No upside participation; returns are capped at the fixed coupons even if underliers rally significantly.
• Initial estimated value 3%–8% below par indicates negative carry for investors from day one.
• Limited secondary liquidity may force holders to realize sizable discounts if exiting early.
• Uncertain U.S. tax treatment could lead to higher-than-expected tax liabilities.

Insights

Structured Products Analyst

TL;DR – High 17.5% yield with 40% barrier; upside capped, downside tied to worst tech stock.

The note offers an attractive cash yield relative to standard investment-grade bonds and embeds a 40% buffer before principal loss. Quarterly auto-call could raise the annualized return if markets remain flat or rise modestly. However, investors forfeit all stock upside and are exposed to the weakest of three volatile technology names—historically among the more correlated and high-beta constituents of the NASDAQ. The initial estimated value at up to 8% below par underscores the economic cost. Overall risk-reward is balanced, meriting a neutral view for income-focused portfolios.

Risk Analyst

TL;DR – Principal at risk, worst-of feature, illiquidity and tax uncertainty tilt negative.

The protection is only contingent: a single 60% barrier assessed once at maturity after two years of market exposure. Historical drawdowns for AVGO, CRWD, and SNOW readily exceed 40%, especially during tech sell-offs, making full principal loss a non-trivial possibility. Share settlement could force holders into an unwanted equity position and immediate tax events. Limited secondary liquidity, combined with an issuer bid–ask spread, may lock investors in. Given these factors, I judge the structure unfavorable on a risk-adjusted basis despite the headline coupon.

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The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an offer to buy these notes in any jurisdiction where the offer or sale is not permitted.

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Filed Pursuant to Rule 424(b)(2)

Registration Statement No. 333-285508

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Subject to Completion, dated July 10, 2025

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Pricing Supplement dated July , 2025 (To Product Supplement No. ELN-1 dated March 25, 2025, Underlying Supplement No. ELN-1 dated March 25, 2025, Prospectus Supplement dated March 25, 2025 and Prospectus dated March 25, 2025)

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&nbsp; &nbsp; Bank of Montreal &nbsp; Senior Medium-Term Notes, Series K $ Digital S&P 500^&reg; Index-Linked Notes due

The notes do not bear interest. The amount that you will be paid on your notes on the stated maturity date (set on the trade date and expected to be the second scheduled business day following the determination date) is based on the performance of the S&P 500^&reg; Index as measured from the trade date to and including the determination date (expected to be within the range of 49 and 52 months following the trade date).

If the final underlier level on the determination date is greater than or equal to the threshold level of 80.00% of the initial underlier level (set on the trade date and expected to be the closing level of the underlier on the trade date), the return on your notes will be positive and you will receive, for each $1,000 principal amount of your notes, the threshold settlement amount (expected to be within the range of $1,295.60 and $1,346.80). However, if the final underlier level is less than the threshold level, the return on your notes will be negative and you will lose 1% of the principal amount of your notes for every 1% that the final underlier level has declined below the initial underlier level. You could lose a significant portion, or all, of the principal amount of your notes.

To determine your payment at maturity, we will calculate the underlier return, which is the percentage increase or decrease in the final underlier level from the initial underlier level. On the stated maturity date, for each $1,000 principal amount of your notes, you will receive an amount in cash equal to:

● if the underlier return is greater than or equal to -20.00% (the final underlier level is greater than or equal to 80.00% of the initial underlier level), the threshold settlement amount; or

● if the underlier return is negative and is below -20.00% (the final underlier level is less than the initial underlier level by more than 20.00%), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the underlier return. This amount will be less than $800 and could be zero.

The notes will not be listed on any securities exchange and are designed to be held to maturity.

The estimated initial 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 within the range of $935.40 and $965.40 per $1,000 principal amount of notes and will be less than the original issue price. However, as discussed in more detail in this pricing supplement, the actual value of the notes at any time will reflect many factors and cannot be predicted with accuracy. See &ldquo;Estimated Value of the Notes&rdquo; in this pricing supplement.

The notes involve risks not associated with an investment in conventional debt securities. See &ldquo;Selected Risk Considerations&rdquo; beginning on page PS-9 herein and &ldquo;Risk Factors&rdquo; beginning on page PS-5 of the accompanying product supplement, page S-2 of the prospectus supplement and page 9 of the prospectus.

The notes are the unsecured obligations of Bank of Montreal, and, accordingly, all payments on the notes are subject to the credit risk of Bank of Montreal. If Bank of Montreal defaults on its obligations, you could lose some or all of your investment. The notes are not insured by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund, the Canada Deposit Insurance Corporation or any other governmental agency.

The notes are not bail-inable notes and are not subject to conversion into our common shares or the common shares of any of our affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.

Neither the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of these notes or passed upon the accuracy or adequacy of this pricing supplement or the accompanying product supplement, underlying supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.

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 	Original Issue Price	 	Underwriting Discount(1)	 	Proceeds to Bank of Montreal
Per Note	$1,000.00	 	$33.60	 	$966.40
Total	$	 	$	 	$
(1) BMO Capital Markets Corp. (“BMOCM”), our subsidiary, is the agent for the distribution of the notes. See “Supplemental Plan of Distribution” in this pricing supplement for further information.

BMO CAPITAL MARKETS

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Terms of the Notes

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Issuer:	Bank of Montreal
 	 
Underlier:	S&P 500® Index (Bloomberg ticker symbol: SPX)
 	 
Trade Date:	 
 	 
Original Issue Date:	Expected to be the fifth scheduled business day following the trade date
 	 
Determination Date:	The determination date will be set on the trade date and is expected to be within the range of 49 and 52 months following the trade date, subject to postponement as described under “—Market Disruption Events and Postponement Provisions” below.
 	 
Stated Maturity Date:	The stated maturity date will be set on the trade date and is expected to be the second scheduled business day following the determination date, subject to postponement as described under “—Market Disruption Events and Postponement Provisions” below.
 	 
Principal Amount:	$1,000 per note.
 	 
Cash Settlement Amount:	On the stated maturity date, you will receive a cash payment in U.S. dollars equal to the cash settlement amount. The cash settlement amount per note will equal:   ●   if the final underlier level is greater than or equal to the threshold level, the threshold settlement amount; or   ●   if the final underlier level is less than the threshold level, the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the underlier return.   If the final underlier level is less than the threshold level, you will lose a significant portion, and possibly all, of the principal amount of your notes at maturity.
 	 
Initial Underlier Level:	        , the closing level of the underlier on the trade date.
 	 
Final Underlier Level:	the closing level of the underlier on the determination date.
 	 
Threshold Settlement Amount:	expected to be within the range of $1,295.60 and $1,346.80 per note (to be set on the trade date)
 	 
Underlier Return:	the quotient of (i) the final underlier level minus the initial underlier level divided by (ii) the initial underlier level, expressed as a percentage
 	 
Threshold Level:	         , which is equal to 80.00% of the initial underlier level
 	 
Closing Level:	Closing level has the meaning set forth under “General Terms of the Notes—Certain Terms for Notes Linked to an Index—Certain Definitions” in the accompanying product supplement.
 	 
Calculation Agent:	BMO Capital Markets Corp. (“BMOCM”)
 	 
Material Tax Consequences:	For a discussion of material U.S. federal income tax consequences and Canadian federal income tax consequences of the ownership and disposition of the notes, see “United States Federal Income Tax Considerations” below and the sections of the product supplement entitled “United States Federal Income Tax Considerations” and “Canadian Federal Income Tax Consequences.”

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&nbsp; PS-2 &nbsp;

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Market Disruption Events and Postponement Provisions:	The determination date is subject to postponement due to non-scheduled trading days and the occurrence of a market disruption event. In addition, the stated maturity date will be postponed if the determination date is postponed and will be adjusted for non-business days.   For more information regarding adjustments to the determination date and the stated maturity date, see “General Terms of the Notes—Consequences of a Market Disruption Event; Postponement of a Valuation Date—Notes Linked to a Single Underlier” and “—Payment Dates” in the accompanying product supplement. For purposes of the accompanying product supplement the determination date is a “valuation date” and the stated maturity date is a “payment date.” In addition, for information regarding the circumstances that may result in a market disruption event, see “General Terms of the Notes—Certain Terms for Notes Linked to an Index—Market Disruption Events” in the accompanying product supplement.
 	 
Supplemental Provisions:	For purposes of the notes, the provisions set forth under “General Terms of the Notes—Change-in-Law Events” in the accompanying product supplement are not applicable.
 	 
Denominations:	$1,000 and any integral multiple of $1,000.
 	 
CUSIP / ISIN:	06376ES29 / US06376ES291

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&nbsp; PS-3 &nbsp;

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Additional Information about the Issuer and the Notes

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You should read this pricing supplement together with product supplement no. ELN-1 dated March 25, 2025, underlying supplement no. ELN-1 dated March 25, 2025, the prospectus supplement dated March 25, 2025 and the prospectus dated March 25, 2025 for additional information about the notes. To the extent that disclosure in this pricing supplement is inconsistent with the disclosure in the product supplement, underlying supplement, prospectus supplement or prospectus, the disclosure in this pricing supplement will control. Certain defined terms used but not defined herein have the meanings set forth in the product supplement, prospectus supplement or prospectus.

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Our Central Index Key, or CIK, on the SEC website is 927971. When we refer to &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo; in this pricing supplement, we refer only to Bank of Montreal.

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You may access the product supplement, underlying supplement, prospectus supplement and prospectus on the SEC website www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

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&middot; Product Supplement No. ELN-1 dated March 25, 2025:

https://www.sec.gov/Archives/edgar/data/927971/000121465925004723/o321252424b2.htm

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&middot; Underlying Supplement No. ELN-1 dated March 25, 2025:

https://www.sec.gov/Archives/edgar/data/927971/000121465925004728/r321250424b2.htm

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&middot; Prospectus Supplement and Prospectus dated March 25, 2025:

https://www.sec.gov/Archives/edgar/data/927971/000119312525062081/d840917d424b5.htm

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&nbsp; PS-4 &nbsp;

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Estimated Value of the Notes

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Our estimated initial value of the notes equals the sum of the values of the following hypothetical components:

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&middot; a fixed-income debt component with the same tenor as the notes, valued using our internal funding rate for structured notes; and

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&middot; one or more derivative transactions relating to the economic terms of the notes.

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The internal funding rate used in the determination of the initial estimated value generally represents a discount from the credit spreads for our conventional fixed-rate debt. The value of these derivative transactions is derived from our internal pricing models. These models are based on factors such as the traded market prices of comparable derivative instruments and on other inputs, which include volatility, dividend rates, interest rates and other factors. As a result, the estimated initial value of the notes is based on market conditions at the time it is calculated.

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For more information about the estimated initial value of the notes, see &ldquo;Selected Risk Considerations&rdquo; below.

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&nbsp; PS-5 &nbsp;

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Hypothetical Examples

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The following examples are provided for purposes of illustration only. The examples should not be taken as an indication or prediction of future investment results and are intended merely to illustrate the impact that the various hypothetical final underlier levels on the determination date could have on the cash settlement amount at maturity, assuming all other variables remain constant and are not intended to predict the actual final underlier level.

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The information in the following examples reflects hypothetical rates of return on the notes assuming that they are purchased on the original issue date at a price equal to the principal amount and held to the stated maturity date. If you sell your notes in any secondary market prior to the stated maturity date, your return will depend upon the market value of your notes at the time of sale, which may be affected by a number of factors that are not reflected in the examples below. Such factors are described under &ldquo;Selected Risk Considerations&mdash;The Value of the Notes Prior to Maturity Will Be Affected by Numerous Factors, Some of Which Are Related in Complex Ways&rdquo; below. In addition, the estimated value of the notes will be less than the original issue price. For more information on the estimated value of your notes, see &ldquo;Estimated Value of the Notes&rdquo; above and &ldquo;Selected Risk Considerations&rdquo; below.

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The information in the examples also reflects the key terms and assumptions in the box below.

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Key Terms and Assumptions
Principal amount	$1,000
Threshold settlement amount	$1,295.60
Threshold level	80.00% of the initial underlier level
Neither a market disruption event nor a non-scheduled trading day occurs on the originally scheduled determination date
No change in or affecting any of the securities included in the underlier or the method by which the index sponsor calculates the underlier
 
Notes purchased on original issue date at a price equal to the principal amount and held to the stated maturity date  

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Moreover, we have not yet set the initial underlier level that will serve as the baseline for determining the underlier return and the amount that we will pay on your notes, if any, at maturity. We will not do so until the trade date. As a result, the actual initial underlier level may differ substantially from the closing level of the underlier prior to the trade date.

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For these reasons, the actual performance of the underlier over the term of your notes, as well as the actual cash settlement amount, if any, may bear little relation to the hypothetical examples shown below or to the historical closing levels of the underlier shown elsewhere in this pricing supplement. For information about the historical closing levels of the underlier during recent periods, see &ldquo;The Underlier&mdash;Historical Information&rdquo; below.

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Also, the hypothetical examples shown below do not take into account the effects of applicable taxes.

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The levels in the left column of the table below represent hypothetical final underlier levels and are expressed as percentages of the initial underlier level. The amounts in the right column represent the hypothetical cash settlement amounts, based on the corresponding hypothetical final underlier level (expressed as a percentage of the initial underlier level), and are expressed as percentages of the principal amount of a note (rounded to the nearest one-thousandth of a percent). Thus, a hypothetical cash settlement amount of 129.560% means that the value of the cash payment that we would deliver for each $1,000 of the outstanding principal amount of the notes on the stated maturity date would equal 129.560% of the principal amount of a note, based on the corresponding hypothetical final underlier level and the assumptions noted above.

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&nbsp; PS-6 &nbsp;

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Hypothetical Final Underlier Level   (as a Percentage of the Initial Underlier Level)  	Hypothetical Cash Settlement Amount   (as a Percentage of the Principal Amount)  
200.000%	129.560%
175.000%	129.560%
160.000%	129.560%
150.000%	129.560%
140.000%	129.560%
130.000%	129.560%
129.560%	129.560%
120.000%	129.560%
110.000%	129.560%
105.000%	129.560%
100.000%	129.560%
95.000%	129.560%
90.000%	129.560%
80.000%	129.560%
79.999%	79.999%
75.000%	75.000%
50.000%	50.000%
25.000%	25.000%
0.000%	0.000%

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As shown in the table above:

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&middot; If the final underlier level were determined to be 25.000% of the initial underlier level, the cash settlement amount that we would deliver on your notes at maturity would be 25.000% of the principal amount of your notes. As a result, if you purchased your notes on the original issue date at the principal amount and held them to the stated maturity date, you would lose 75.000% of your investment.

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&middot; If the final underlier level were determined to be 0.000% of the initial underlier level, you would lose your entire investment in the notes.

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&middot; If the final underlier level were determined to be 200.000% of the initial underlier level, the cash settlement amount that we would deliver on your notes at maturity would be limited by the threshold settlement amount, or 129.560% of each $1,000 principal amount of your notes. As a result, if you held your notes to the stated maturity date, you would not benefit from any increase in the final underlier level over 80.000% of the initial underlier level, regardless of the extent of that increase.

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&nbsp; PS-7 &nbsp;

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The following chart shows a graphical illustration of the hypothetical cash settlement amounts (expressed as percentages of the principal amount of your notes) that we would pay on your notes on the stated maturity date, if the final underlier level (expressed as percentages of the initial underlier level) were any of the hypothetical levels shown on the horizontal axis. The chart shows that any hypothetical final underlier level of less than 80.000% (the section left of the 80.000% marker on the horizontal axis) would result in a hypothetical cash settlement amount of less than 100.000% of the principal amount of your notes (the section below the 100.000% marker on the vertical axis) and, accordingly, in a loss of principal to the holder of the notes. The chart also shows that any hypothetical final underlier level of greater than or equal to 80.000% (the section right of the 80.000% marker on the horizontal axis) would result in a limited return on your investment.

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&nbsp; PS-8 &nbsp;

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&nbsp;

Selected Risk Considerations

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The notes involve risks not associated with an investment in conventional debt securities. Some of the risks that apply to an investment in the notes are summarized below, but we urge you to read the more detailed explanation of the risks relating to the notes generally in the &ldquo;Risk Factors&rdquo; section of the accompanying product supplement and prospectus supplement. You should reach an investment decision only after you have carefully considered with your advisors the appropriateness of an investment in the notes in light of your particular circumstances.

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Risks Relating To The Notes Generally

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If The Final Underlier Level Is Less Than The Threshold Level, You Will Lose A Significant Portion, And Possibly All, Of The Principal Amount Of Your Notes At Maturity.

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We will not repay you a fixed amount on the notes on the stated maturity date. The cash settlement amount will depend on the direction of and percentage change in the final underlier level relative to the initial underlier level and the other terms of the notes. Because the level of the underlier will be subject to market fluctuations, the cash settlement amount may be more or less, and possibly significantly less, than the principal amount of your notes.

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If the final underlier level is less than the threshold level, the cash settlement amount will be less than the principal amount, you will have full downside exposure to the decrease in the level of the underlier from the initial underlier level, and you will lose 1% of the principal amount for every 1% that the final underlier level is less than the initial underlier level. As a result, if the final underlier level is less than the threshold level, you will lose a significant portion, and possibly all, of the principal amount per note at maturity. This is the case even if the level of the underlier is greater than or equal to the initial underlier level or the threshold level at certain times during the term of the notes.

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You Will Receive The Threshold Settlement Amount Only If The Final Underlier Level Is Greater Than Or Equal To The Threshold Level.

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You will receive the threshold settlement amount only if the final underlier level is greater than or equal to the threshold level. If the final underlier level is less than the threshold level, then you will not receive the threshold settlement amount.

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The Potential Return On The Notes Is Limited By The Threshold Settlement Amount.

&nbsp;

The potential return on the notes is limited by the threshold settlement amount, regardless of how significantly the final underlier level exceeds the initial underlier level. The underlier could appreciate from the trade date through the determination date by significantly more than the percentage represented by the threshold settlement amount, in which case an investment in the notes will underperform a hypothetical alternative investment providing a 1-to-1 return based on the performance of the underlier.

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The Return on Your Notes May Change Significantly Despite Only a Small Change in the Level of the Underlier.

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If the final underlier level is less than the threshold level, you will receive less than the principal amount of your notes and you could lose all or a substantial portion of your investment in the notes. This means that while a decrease in the final underlier level to the threshold level will not result in a loss of principal on the notes, a decrease in the final underlier level to less than the threshold level will result in a loss of a significant portion of the principal amount of the notes despite only a small change in the level of the underlier.

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The Notes Do Not Pay Interest.

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The notes will not pay any interest. Accordingly, you should not invest in the notes if you seek current income during the term of the notes.

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The Notes Are Subject To Credit Risk.

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The notes are our obligations and are not, either directly or indirectly, an obligation of any third party. Any amounts payable under the notes are subject to our creditworthiness and you will have no ability to pursue any securities included in the underlier for payment. As a result, our actual and perceived creditworthiness may affect the value of the notes and, in the event we were to default on our obligations under the notes, you may not receive any amounts owed to you under the terms of the notes.

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The Stated Maturity Date Of The Notes Is A Pricing Term And Will Be Determined By Us On The Trade Date.

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We will not fix the stated maturity date until the trade date. The stated maturity date is expected to be the second scheduled business day following the determination date. Therefore, the term of the notes could be as short as the low end of the range and as long as the high end of the range for the determination date set forth on the cover page. You should be willing to hold your notes for up to the high end of the range set forth on the cover page. The stated maturity date selected by us could have an impact on the value of the notes.

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&nbsp; PS-9 &nbsp;

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The U.S. Federal Income Tax Consequences Of An Investment In The Notes Are Unclear.

&nbsp;

There is no direct legal authority regarding the proper U.S. federal income tax treatment of the notes and we do not plan to request a ruling from the Internal Revenue Service (the &ldquo;IRS&rdquo;) with respect to the notes. Consequently, significant aspects of the tax treatment of the notes are uncertain, and the IRS or a court might not agree with our intended treatment of them, as described in &ldquo;United States Federal Income Tax Considerations&rdquo; below. If the IRS were successful in asserting an alternative treatment of the notes, the tax consequences of the ownership and disposition of the notes, including the timing and character of income recognized by U.S. investors, and the withholding tax consequences to non-U.S. investors, might be materially and adversely affected. Moreover, future legislation, Treasury regulations or IRS guidance could adversely affect the U.S. federal income tax treatment of the notes, possibly retroactively.

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You should review carefully the sections of this pricing supplement and the accompanying product supplement entitled &ldquo;United States Federal Income Tax Considerations&rdquo; and consult your tax advisor 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.

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The Stated Maturity Date Will Be Postponed If The Determination Date Is Postponed.

&nbsp;

The determination date will be postponed if the originally scheduled determination date is not a scheduled trading day or if the calculation agent determines that a market disruption event has occurred or is continuing on the determination date. If such a postponement occurs, the stated maturity date will be postponed. See &ldquo;General Terms of the Notes&mdash;Consequences of a Market Disruption Event; Postponement of a Valuation Date&mdash;Notes Linked to a Single Underlier&rdquo; and &ldquo;&mdash;Payment Dates&rdquo; in the accompanying product supplement.

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Risks Relating To The Estimated Value Of The Notes And Any Secondary Market

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The Estimated Value Of The Notes On The Trade Date, Based On Our Proprietary Pricing Models, Will Be Less Than The Original Issue Price.

&nbsp;

Our initial estimated value of the notes is only an estimate, and is based on a number of factors. The original issue price of the notes may exceed our initial estimated value, because costs associated with offering, structuring and hedging the notes are included in the original issue price, but are not included in the estimated value. These costs will include any underwriting discount and selling concessions and the cost of hedging our obligations under the notes through one or more hedge counterparties (which may be one or more of our affiliates). Such hedging cost includes our or our hedge counterparty&rsquo;s expected cost of providing such hedge, as well as the profit we or our hedge counterparty expect to realize in consideration for assuming the risks inherent in providing such hedge.

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The Terms Of The Notes Are Not Determined By Reference To The Credit Spreads For Our Conventional Fixed-Rate Debt.

&nbsp;

To determine the terms of the notes, we use an internal funding rate that represents a discount from the credit spreads for our conventional fixed-rate debt. As a result, the terms of the notes are less favorable to you than if we had used a higher funding rate.

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The Estimated Value Of The Notes Is Not An Indication Of The Price, If Any, At Which We, BMOCM Or Any Other Person May Be Willing To Buy The Notes From You In The Secondary Market.

&nbsp;

Our initial estimated value of the notes is derived using our internal pricing models. This value is based on market conditions and other relevant factors, which include volatility of the underlier, dividend rates and interest rates. Different pricing models and assumptions, including those used by other market participants, could provide values for the notes that are greater than or less than our initial estimated value. In addition, market conditions and other relevant factors after the trade date are expected to change, possibly rapidly, and our assumptions may prove to be incorrect. After the trade date, the value of the notes could change dramatically due to changes in market conditions, our creditworthiness, and the other factors discussed in the next risk factor. These changes are likely to impact the price, if any, at which we, BMOCM or any other party would be willing to purchase the notes from you in any secondary market transactions. Our initial estimated value does not represent a minimum price at which we, BMOCM or any other party would be willing to buy your notes in any secondary market at any time.

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&nbsp; PS-10 &nbsp;

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For a period of approximately 3 months following issuance of the notes, the price, if any, at which we or our affiliates would be willing to buy the notes from investors, and the value that BMOCM may also publish for the notes through one or more financial information vendors and which could be indicated for the notes on any brokerage account statements, will reflect a temporary upward adjustment from our estimated value of the notes that would otherwise be determined and applicable at that time. This temporary upward adjustment represents a portion of (a) the hedging profit that we or our affiliates expect to realize over the term of the notes and (b) any underwriting discount and selling concessions paid in connection with this offering. The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the 3-month period.

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The Value Of The Notes Prior To Maturity Will Be Affected By Numerous Factors, Some Of Which Are Related In Complex Ways.

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The value of the notes prior to stated maturity will be affected by the then-current level of the underlier, interest rates at that time and a number of other factors, some of which are interrelated in complex ways. The effect of any one factor may be offset or magnified by the effect of another factor. The following factors, which are described in more detail in the accompanying product supplement, are expected to affect the value of the notes: performance of the underlier; interest rates; volatility of the underlier; time remaining to maturity; and dividend yields on the securities included in the underlier. When we refer to the &ldquo;value&rdquo; of your notes, we mean the value you could receive for your notes if you are able to sell them in the open market before the stated maturity date.

&nbsp;

In addition to these factors, the value of the notes will be affected by actual or anticipated changes in our creditworthiness. You should understand that the impact of one of the factors specified above, such as a change in interest rates, may offset some or all of any change in the value of the notes attributable to another factor, such as a change in the level of the underlier. Because numerous factors are expected to affect the value of the notes, changes in the level of the underlier may not result in a comparable change in the value of the notes.

&nbsp;

The Notes Will Not Be Listed On Any Securities Exchange And We Do Not Expect A Trading Market For The Notes To Develop.

&nbsp;

The notes will not be listed or displayed on any securities exchange. Although the agent and/or its affiliates may purchase the notes from holders, they are not obligated to do so and are not required to make a market for the notes. There can be no assurance that a secondary market will develop. Because we do not expect that any market makers will participate in a secondary market for the notes, the price at which you may be able to sell your notes is likely to depend on the price, if any, at which the agent is willing to buy your notes.

&nbsp;

If a secondary market does exist, it may be limited. Accordingly, there may be a limited number of buyers if you decide to sell your notes prior to maturity. This may affect the price you receive upon such sale. Consequently, you should be willing to hold the notes to maturity.

&nbsp;

Risks Relating To The Underlier

&nbsp;

The Cash Settlement Amount Will Depend Upon The Performance Of The Underlier And Therefore The Notes Are Subject To The Following Risks, Each As Discussed In More Detail In The Accompanying Product Supplement.

&nbsp;

&middot; Investing In The Notes Is Not The Same As Investing In The Underlier. Investing in the notes is not equivalent to investing in the underlier. As an investor in the notes, your return will not reflect the return you would realize if you actually owned and held the securities included in the underlier for a period similar to the term of the notes because you will not receive any dividend payments, distributions or any other payments paid on those securities. As a holder of the notes, you will not have any voting rights or any other rights that holders of the securities included in the underlier would have.

&nbsp;

&middot; Historical Levels Of The Underlier Should Not Be Taken As An Indication Of The Future Performance Of The Underlier During The Term Of The Notes.

&nbsp;

&middot; Changes That Affect The Underlier May Adversely Affect The Value Of The Notes And The Cash Settlement Amount.

&nbsp;

&middot; We Cannot Control Actions By Any Of The Unaffiliated Companies Whose Securities Are Included In The Underlier.

&nbsp;

&middot; We And Our Affiliates Have No Affiliation With The Index Sponsor And Have Not Independently Verified Its Public Disclosure Of Information.

&nbsp;

&nbsp; PS-11 &nbsp;

&nbsp;

&nbsp;

Risks Relating To Conflicts Of Interest

&nbsp;

Our Economic Interests And Those Of Any Dealer Participating In The Offering Are Potentially Adverse To Your Interests.

&nbsp;

You should be aware of the following ways in which our economic interests and those of any dealer participating in the distribution of the notes, which we refer to as a &ldquo;participating dealer,&rdquo; are potentially adverse to your interests as an investor in the notes. In engaging in certain of the activities described below and as discussed in more detail in the accompanying product supplement, our affiliates, or any participating dealer or its affiliates may take actions that may adversely affect the value of and your return on the notes, and in so doing they will have no obligation to consider your interests as an investor in the notes. Our affiliates, or any participating dealer or its affiliates may realize a profit from these activities even if investors do not receive a favorable investment return on the notes.

&nbsp;

&middot; The calculation agent is our affiliate and may be required to make discretionary judgments that affect the return you receive on the notes. BMOCM, which is our affiliate, will be the calculation agent for the notes. As calculation agent, BMOCM will determine any values of the underlier and make any other determinations necessary to calculate any payments on the notes. In making these determinations, BMOCM may be required to make discretionary judgments that may adversely affect any payments on the notes. See the sections entitled &ldquo;General Terms of the Notes&mdash;Certain Terms for Notes Linked to an Index&mdash;Market Disruption Events&rdquo; and &ldquo;&mdash;Discontinuance of, or Adjustments to, an Index&rdquo; in the accompanying product supplement. In making these discretionary judgments, the fact that BMOCM is our affiliate may cause it to have economic interests that are adverse to your interests as an investor in the notes, and BMOCM&rsquo;s determinations as calculation agent may adversely affect your return on the notes.

&nbsp;

&middot; The estimated value of the notes was calculated by us and is therefore not an independent third-party valuation.

&nbsp;

&middot; Research reports by our affiliates or any participating dealer or its affiliates may be inconsistent with an investment in the notes and may adversely affect the level of the underlier.

&nbsp;

&middot; Business activities of our affiliates or any participating dealer or its affiliates with the companies whose securities are included in the underlier may adversely affect the level of the underlier.

&nbsp;

&middot; Hedging activities by our affiliates or any participating dealer or its affiliates may adversely affect the level of the underlier.

&nbsp;

&middot; Trading activities by our affiliates or any participating dealer or its affiliates may adversely affect the level of the underlier.

&nbsp;

&middot; A participating dealer or its affiliates may realize hedging profits projected by its proprietary pricing models in addition to any selling concession and/or fee, creating a further incentive for the participating dealer to sell the notes to you.

&nbsp;

&nbsp; PS-12 &nbsp;

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&nbsp;

The Underlier

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

&nbsp;

Historical Information

&nbsp;

We obtained the closing levels of the underlier in the graph below from Bloomberg Finance L.P., without independent verification.

&nbsp;

The following graph sets forth daily closing levels of the underlier for the period from January 2, 2020 to July 9, 2025. The closing level on July 9, 2025 was 6,263.26. The historical performance of the underlier should not be taken as an indication of its future performance during the term of the notes.

&nbsp;

&nbsp;

&nbsp;

&nbsp; PS-13 &nbsp;

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&nbsp;

United States Federal Income Tax Considerations

&nbsp;

Although there is uncertainty regarding the U.S. federal income tax consequences of an investment in the notes due to the lack of governing authority, in the opinion of our counsel Davis Polk & Wardwell LLP, under current law, and based on current market conditions, it is reasonable to treat a note as a single financial contract that is an &ldquo;open transaction&rdquo; for U.S. federal income tax purposes. However, because our counsel&rsquo;s opinion is based in part on market conditions as of the date of this document, it is subject to confirmation in the final pricing supplement. Assuming this treatment of the notes is respected, the tax consequences are as outlined in the discussion under &ldquo;United States Federal Income Tax Considerations&mdash;Tax Consequences to U.S. Holders&mdash;Notes Treated as Open Transactions&rdquo; in the accompanying product supplement.

&nbsp;

We do not plan to request a ruling from the Internal Revenue Service (the &ldquo;IRS&rdquo;) regarding the treatment of the notes. If the IRS were successful in asserting an alternative treatment of the notes, the tax consequences of the ownership and disposition of the notes, including the timing and character of income recognized by U.S. investors, and the withholding tax consequences to non-U.S. investors, might be materially and adversely affected. For example, under one alternative characterization the notes may be treated as contingent payment debt instruments, which among other things would require U.S. investors to accrue income periodically based on a &ldquo;comparable yield&rdquo; and generally would require non-U.S. investors to certify their non-U.S. status on an IRS Form W-8 to avoid a 30% (or a lower treaty rate) U.S. withholding tax. 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.

&nbsp;

As discussed in the accompanying product supplement, Section 871(m) of the Code and the Treasury regulations thereunder (&ldquo;Section 871(m)&rdquo;) generally impose a 30% (or lower treaty rate) withholding tax on &ldquo;dividend equivalents&rdquo; paid or deemed paid to non-U.S. investors with respect to certain financial instruments linked to equities that could pay U.S.-source dividends for U.S. federal income tax purposes (&ldquo;underlying securities&rdquo;), as defined under the applicable Treasury regulations, or indices that include underlying securities. Section 871(m) generally applies to financial instruments that substantially replicate the economic performance of one or more underlying securities, as determined based on tests set forth in the applicable Treasury regulations. Pursuant to an IRS notice, Section 871(m) will not apply to securities issued before January 1, 2027 that do not have a delta of one with respect to any underlying security. Based on the terms of the notes and current market conditions, we expect that the notes will not have a delta of one with respect to any underlying security on the pricing date. However, we will provide an updated determination in the final pricing supplement. Our determination is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on a non-U.S. investor&rsquo;s particular circumstances, including whether the non-U.S. investor enters into other transactions with respect to an underlying security. If withholding is required, we will not be required to pay any additional amounts with respect to the amounts so withheld. Non-U.S. investors should consult their tax advisors regarding the potential application of Section 871(m) to the notes.

&nbsp;

Both U.S. and non-U.S. investors considering an investment in the notes should read the discussion under &ldquo;United States Federal Income Tax Considerations&rdquo; in the accompanying product supplement and consult their tax advisors regarding all aspects of the U.S. federal income tax consequences of an investment in the notes, including possible alternative treatments, and any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

&nbsp;

&nbsp; PS-14 &nbsp;

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&nbsp;

Supplemental Plan of Distribution

&nbsp;

BMOCM, our subsidiary, is the agent for the distribution of the notes and will purchase the notes at the original issue price less the underwriting discount specified on the cover page of this pricing supplement. BMOCM may resell the notes to other securities dealers at the original issue price of the notes less a concession not in excess of the underwriting discount. In addition, a fee will be paid to iCapital Markets LLC, an electronic platform in which an affiliate of Goldman Sachs & Co. LLC, who is acting as a dealer in connection with the distribution of the notes, holds an indirect minority equity interest, for services it is providing in connection with this offering.

&nbsp;

We expect to hedge our obligations through one or more hedge counterparties (which may be one or more of our affiliates). The agent or another affiliate of ours expects to realize hedging profits projected by its proprietary pricing models to the extent it assumes the risks inherent in hedging our obligations under the notes. If any dealer participating in the distribution of the notes or any of its affiliates conducts hedging activities for us in connection with the notes, that dealer or its affiliate will expect to realize a profit projected by its proprietary pricing models from such hedging activities. Any such projected profit will be in addition to any discount or concession received in connection with the sale of the notes to you.

&nbsp;

BMOCM may, but is not obligated to, make a market in the notes. BMOCM will determine any secondary market prices that it is prepared to offer in its sole discretion.

&nbsp;

For a period of approximately 3 months following issuance of the notes, the price, if any, at which we or our affiliates would be willing to buy the notes from investors, and the value that BMOCM may also publish for the notes through one or more financial information vendors and which could be indicated for the notes on any brokerage account statements, will reflect a temporary upward adjustment from our estimated value of the notes that would otherwise be determined and applicable at that time. This temporary upward adjustment represents a portion of (a) the hedging profit that we or our affiliates expect to realize over the term of the notes and (b) any underwriting discount and selling concessions paid in connection with this offering. The amount of this temporary upward adjustment will decline to zero on a straight-line basis over the 3 month period.

&nbsp;

We may use this pricing supplement in the initial sale of the notes. In addition, BMOCM or another of our affiliates may use this pricing supplement in market-making transactions in any notes after their initial sale. Unless BMOCM or we inform you otherwise in the confirmation of sale, this pricing supplement is being used by BMOCM in a market-making transaction.

&nbsp;

See &ldquo;Supplemental Plan of Distribution&rdquo; in the accompanying product supplement, &ldquo;Supplemental Plan of Distribution (Conflicts of Interest) in the accompanying prospectus supplement and &ldquo;Plan of Distribution (Conflicts of Interest)&rdquo; in the accompanying prospectus for more information.

&nbsp;

&nbsp;

PS-15

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&nbsp;

&nbsp;

FAQ

What coupon rate do the RY Auto-Callable Fixed Coupon Barrier Notes pay?

The notes pay a fixed $218.75 per $5,000 each quarter, equal to 17.5% per annum.

When can the Royal Bank of Canada notes be automatically called?

On each quarterly Call Observation Date if all three underliers close at or above their initial levels.

What is the downside barrier on the Broadcom, CrowdStrike, Snowflake notes?

The barrier is 60% of each underlier's initial value; breaches trigger share delivery and potential principal loss.

What happens at maturity if the worst-performing stock is below the barrier?

Investors receive a physical delivery of that stock worth less than the $5,000 principal, plus the final coupon.

How does the initial estimated value compare with the $5,000 issue price?

RBC estimates the value at $4,603.60–$4,853.60, or about 92%–97% of par, reflecting fees and hedging costs.

What are the main risks highlighted in the free writing prospectus?

Principal loss, worst-of exposure, limited upside, RBC credit risk, liquidity constraints and uncertain taxes are key risks.

What is the CUSIP for these Royal Bank of Canada structured notes?

The CUSIP is 78015QSW2.