加拿大皇家银行美股招股说明书(2025-07-22版)

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon (the “Notes”)linked to the performance of the Bloomberg US Large Cap VolMax Index (the “Underlier”).Contingent Coupons with Memory Feature— If the Notes have not been automatically called, investors willreceive a Contingent Coupon on a monthly Coupon Payment Date at a rate of 11.15% per annum if the closingvalue of the Underlier is greater than or equal to the Coupon Threshold (60% of the Initial Underlier Value) on the immediately preceding Coupon Observation Date. A Contingent Coupon that is not payable on a Coupon PaymentDate may be paid later, but only if the closing value of the Underlier is greater than or equal to the CouponThreshold on a later Coupon Observation Date. You may not receive any Contingent Coupons during the term of Date, the closing value of the Underlier is greater than or equal to the Initial Underlier Value, the Notes will beautomatically called for 100% of their principal amountplusthe Contingent Coupon and any unpaid ContingentCoupons otherwise due. No further payments will be made on the Notes. Contingent Return of Principal at Maturity— If the Notes are not automatically called and the Final UnderlierValue is greater than or equal to the Barrier Value (40% of the Initial Underlier Value), at maturity, investors willreceive the principal amount of their Notesplusany Contingent Coupon and any unpaid Contingent Coupons The Notes will not be listed on any securities exchange.CUSIP:78017PFK2Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-9 ofthis pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement, underlying body has approved or disapproved of the Notes or passed upon the adequacy or accuracy of this pricing supplement. Anyrepresentation to the contrary is a criminal offense. The Notes will not constitute deposits insured by the Canada DepositInsurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or U.S. governmentalagency or instrumentality. The Notes are not bail-inable notes and are not subject to conversion into our common sharesunder subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.Per NotePrice to public(1)100.00%Underwriting discounts and commissions(1)1.00%Proceeds to Royal Bank of Canada99.00%We or one of our affiliates may pay varying selling concessions of up to $10.00 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 $990.00 and $1,000.00 per KEY TERMSThe information in this “Key Terms” section is qualified by any more detailed information set forth in this pricingsupplementand in the accompanying prospectus,prospectus supplement,underlying supplement and product supplement.Royal Bank of Canada The Bloomberg US Large Cap VolMax Index. The Underlier is subject to a notionalfinancing cost, a 6% per annum deduction factor and a transaction cost of 0.01% applied July 18, 2030July 23, 2030If the Notes have not been automatically called, investors will receive a Contingent Coupon on a Coupon Payment Date if the closing value of the Underlier isgreater thanor equal tothe Coupon Threshold on the immediately preceding Coupon ObservationDate.If a Contingent Coupon is not payable on any Coupon Payment Date, it will be paid on Contingent Coupons otherwise due. No further payments will be made on the Notes.RBC Capital Markets, LLC $1,000 principal amount of Notes, in addition to any Contingent Coupon and any unpaidContingent Coupons otherwise due: RBC Capital Markets, LLC 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 whichthe Notes are a part, the underlying supplement no. 2A dated January 21, 2025 and the product supplement no. 1A datedMay 16, 2024. This pricing supplement, together with these documents, contains the terms of the Notes and supersedesall other prior or contemporaneous oral statements as well as any other written materials, including preliminary orindicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets,brochures or other educational materials of ours. offer to sell only the Notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. Theinformation contained in each such document is current only as of its date.If the information in this pricing supplement differs from the