PLUS Based on the Performance of a Basket of Eight Equity Securities due April 2, 2026

This document provides a summary of the terms of the PLUS. Investors should carefully review the accompanying preliminary pricing supplement, product supplement, prospectus supplement and prospectus, and “Selected Risk Considerations” below, before making a decision to invest in the PLUS.

SUMMARY TERMS
Issuer:	Royal Bank of Canada
Basket underliers:	ASML Holding NV ordinary shares (Bloomberg symbol: “ASML UW”), Berkshire Hathaway Inc. Class B common stock (Bloomberg symbol: “BRK/B UN”), Citigroup Inc. common stock (Bloomberg symbol: “C UN”), Everest Group, Ltd. common shares (Bloomberg symbol: “EG UN”), Alphabet Inc. Class C capital stock (Bloomberg symbol: “GOOG UW”), Moderna, Inc. common stock (Bloomberg symbol: “MRNA UW”), Schlumberger N.V. (Schlumberger Limited) common stock (Bloomberg symbol: “SLB UN”) and Uber Technologies, Inc. common stock (Bloomberg symbol: “UBER UN”)
Basket weighting:	With respect to each basket underlier: 12.50%
Stated principal amount:	$1,000 per PLUS
Pricing date:	December 30, 2024
Original issue date:	January 3, 2025
Valuation date:	March 30, 2026
Maturity date:	April 2, 2026
Payment at maturity:	You will receive on the maturity date a cash payment per PLUS determined as follows: · If the final basket value is greater than the initial basket value: the lesser of (a) $1,000 + ($1,000 × leverage factor × basket return) and (b) maximum payment at maturity · If the final basket value is less than or equal to the initial basket value: $1,000 + ($1,000 × basket return) Under these circumstances, the payment at maturity will be less than or equal to the stated principal amount. You will lose some or all of the principal amount if the final basket value is less than the initial basket value.
Maximum payment at maturity:	$1,231.00 per PLUS (123.10% of the stated principal amount)
Leverage factor:	300%
Basket return:	(final basket value – initial basket value) / initial basket value
Initial basket value:	Set equal to 100 on the pricing date
Final basket value:	100 × [1 + (sum of, for each basket underlier, its basket underlier return times its basket weighting)]
Basket underlier return:	With respect to each basket underlier, (final basket underlier value – initial basket underlier value) / initial basket underlier value
Initial basket underlier value:	With respect to each basket underlier, the closing value of that basket underlier on the pricing date
Final basket underlier value:	With respect to each basket underlier, the closing value of that basket underlier on the valuation date
CUSIP / ISIN:	78017KGW6 / US78017KGW62
Preliminary pricing supplement:	https://www.sec.gov/Archives/edgar/data/1000275/000095010324018300/ dp222668_424b2-mseln616bskt.htm

The initial estimated value of the PLUS determined by us as of the pricing date, which we refer to as the initial estimated value, is expected to be between $895.37 and $945.37 per PLUS and will be less than the public offering price of the PLUS. We describe the determination of the initial estimated value in more detail in the accompanying preliminary pricing supplement.

n The PLUS n The Basket

HYPOTHETICAL PAYOUT AT MATURITY*
Basket Return	Payment at Maturity
50.00%	$1,231.00
40.00%	$1,231.00
30.00%	$1,231.00
20.00%	$1,231.00
10.00%	$1,231.00
7.70%	$1,231.00
5.00%	$1,150.00
2.00%	$1,060.00
1.00%	$1,030.00
0.00%	$1,000.00
-10.00%	$900.00
-20.00%	$800.00
-30.00%	$700.00
-40.00%	$600.00
-50.00%	$500.00
-60.00%	$400.00
-70.00%	$300.00
-80.00%	$200.00
-90.00%	$100.00
-100.00%	$0.00

* All payments are subject to our credit risk

For more information about the basket underliers, including historical performance information, see the accompanying preliminary pricing supplement.

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

Risks Relating to the Terms and Structure of the PLUS

The PLUS do not pay interest or guarantee return of principal.

The appreciation potential of the PLUS is limited by the maximum payment at maturity.

Your return on the PLUS may be lower than the return on a conventional debt security of comparable maturity.

Payments on the PLUS are subject to our credit risk, and market perceptions about our creditworthiness may adversely affect the market value of the PLUS.

Changes in the value of one basket underlier may be offset by changes in the values of the other basket underliers.

Any payment on the PLUS will be determined based on the closing values of the basket underliers on the dates specified.

The U.S. federal income tax consequences of an investment in the PLUS are uncertain.

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

There may not be an active trading market for the PLUS; sales in the secondary market may result in significant losses.

The initial estimated value of the PLUS will be less than the public offering price.

The initial estimated value of the PLUS is only an estimate, calculated as of the pricing date.

Risks Relating to Conflicts of Interest and Our Trading Activities

Hedging and trading activity by us and our affiliates could potentially adversely affect the value of the PLUS.

Our and our affiliates’ business and trading activities may create conflicts of interest.

RBCCM’s role as calculation agent may create conflicts of interest.

Risks Relating to the Basket Underliers

You will not have any rights to any basket underlier.

The PLUS are subject to risks relating to non-U.S. securities with respect to the ASML underlier, the EG underlier and the SLB underlier.

We may accelerate the PLUS if a change-in-law event occurs.

Any payment on the PLUS may be postponed and adversely affected by the occurrence of a market disruption event.

Anti-dilution protection is limited, and the calculation agent has discretion to make anti-dilution adjustments.

Reorganization or other events could adversely affect the value of the PLUS or result in the PLUS being accelerated.

Governmental regulatory actions, such as sanctions, could adversely affect your investment in the PLUS.

You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “United States Federal Income Tax Considerations” concerning the U.S. federal income tax consequences of an investment in the PLUS, and you should consult your tax adviser.

Royal Bank of Canada has filed a registration statement (including a product supplement, prospectus supplement and prospectus) with the SEC for the offering to which this document relates. Before you invest, you should read those documents and the other documents that we have filed with the SEC for more complete information about us and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any agent or any dealer participating in this offering will arrange to send you those documents if you so request by calling toll-free at 1-877-688-2301.

As used in this document, “Royal Bank of Canada,” “we,” “our” and “us” mean only Royal Bank of Canada. Capitalized terms used in this document without definition are as defined in the accompanying preliminary pricing supplement.