加拿大皇家银行美股招股说明书(2025-09-29版)

$1,560,000NotesLinked to the S&P 500 Market Agility 10 TCA 0.5%Decrement Index,Due September 28, 2028 Pricing SupplementPricing Supplement dated September 25, 2025 to the Prospectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023, the IndexSupplement No. SPMKTD-1 dated May 14, 2024 and theProduct Supplement No. 1B dated July 22, 2025 Royal Bank of Canada Royal Bank of Canada is offering Notes (the “Notes”) linked to the performance of the S&P 500 Market Agility 10 TCA0.5% Decrement Index (the “Underlier”). ·Return Potential— If the Final Underlier Value is greater than the Initial Underlier Value, at maturity, investors willreceive a return equal to 100% of the Underlier Return.·Return of Principal at Maturity— If the Final Underlier Value is less than or equal to the Initial Underlier 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:78017PPM7 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-5 ofthis pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement, indexsupplement and product supplement. None of the Securities and Exchange Commission (the “SEC”), any state securities commission or any other regulatorybody 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. Price to public(1)Underwriting discounts and commissions(1)Proceeds to Royal Bank of Canada (1)We or one of our affiliates may pay varying selling concessions of up to $27.50 per $1,000 principal amount of Notes inconnection with the distribution of the Notes to other registered broker-dealers. Certain dealers who purchase the Notesfor 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 $972.50 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 withus a referral fee of up to $7.50 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts ofInterest)” below. The initial estimated value of the Notes determined by us as of the Trade Date, which we refer to as the initial estimatedvalue, is $958.18 per $1,000 principal amount of Notes and is less than the public offering price of the Notes. The marketvalue of the Notes at any time will reflect many factors, cannot be predicted with accuracy and may be less than thisamount. We describe the determination of the initial estimated value in more detail below. RBC Capital Markets, LLC KEY TERMS The information in this “Key Terms” section is qualified by any more detailed information set forth in this pricingsupplement and in the accompanying prospectus, prospectus supplement, index supplement and product supplement. RBC Capital Markets, LLC (“RBCCM”) The S&P 500 Market Agility 10 TCA 0.5% Decrement Index. On each index calculation day, adecrement fee of 0.5% per annum (the “decrement fee”) is deducted from the level of theUnderlier and funding and transaction costs are deducted from the levels of its sub-indices.See “Selected Risk Considerations—Risks Relating to the Underlier—The Underlier and ItsSub-Indices Are Subject to Deductions That Will Adversely Affect Their Performance” below. (1)The closing value of the Underlier on the Trade Date September 25, 2025 Final Underlier Value:The closing value of the Underlier on the Valuation Date * Subject to postponement. See “General Terms of the Notes—Postponement of a Determination Date” and “GeneralTerms of the Notes—Postponement of a Payment Date” in the accompanying product supplement. ADDITIONAL TERMS OF YOUR NOTES You should read this pricing supplement together with the prospectus dated December 20, 2023, as supplemented by theprospectus supplement dated December 20, 2023, relating to our Senior Global Medium-Term Notes, Series J, of whichthe Notes are a part, the index supplement no. SPMKTD-1 dated May 14, 2024 and the product supplement no. 1B datedJuly 22, 2025. 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,