加拿大皇家银行美股招股说明书(2025-10-21版)

Pricing Supplement $3,002,000Dual Directional Buffer Digital NotesLinked to the S&P 500®Index,Due January 27, 2027 Pricing Supplement dated October 17, 2025 to theProspectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023, the UnderlyingSupplement No. 1A dated May 16, 2024 and the ProductSupplement No. 1B dated July 22, 2025 Royal Bank of Canada Royal Bank of Canada is offering Dual Directional Buffer Digital Notes (the “Notes”) linked to the performance of the S&P500®Index (the “Underlier”).Contingent Fixed Return— If the Final Underlier Value is greater than or equal to the Digital Barrier Value (94% ·of the Initial Underlier Value), at maturity, investors will receive a fixed return equal to the Digital Return of 6%.·Absolute Value Return— If the Final Underlier Value is less than the Digital Barrier Value, but is greater than or equal to the Buffer Value (80% of the Initial Underlier Value), at maturity, investors will receive a one-for-onepositive return equal to the absolute value of the Underlier Return.·Principal at Risk— If the Final Underlier Value is less than the Buffer Value, at maturity, investors will lose 1% ofthe principal amount of their Notes for each 1% that the Final Underlier Value is less than the Initial UnderlierValue in excess of the Buffer Percentage of 20%.·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:78017PUL3 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 andproduct 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. 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 NoteTotal Price to publicUnderwriting discounts and commissions(1)Proceeds to Royal Bank of Canada(1) RBC Capital Markets, LLC, acting as our agent, will not receive a commission in connection with its sales of the Notes.We or one of our affiliates may pay a broker-dealer that is not affiliated with us a referral fee of up to $5.00 per $1,000principal 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 $986.74 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 pricingsupplementand in the accompanying prospectus,prospectus supplement,underlying supplement and productsupplement. Issuer:Underwriter:Minimum Investment:Underlier: RBC Capital Markets, LLC (“RBCCM”) $1,000 and minimum denominations of $1,000 in excess thereof The S&P 500®Index Trade Date:Issue Date:Valuation Date:*Maturity Date:*Payment at Maturity: Investors will receive on the Maturity Date per $1,000 principal amount of Notes:·If the Final Underlier Value isgreater than or equal tothe Digital Barrier Value, an amount equal to:$1,000 + ($1,000 × Digital Return)·If the Final Underlier Value isless thanthe Digital Barrier Value, but isgreater thanor equal tothe Buffer Value, an amount equal to:$1,000 + (-1 × $1,000 × Underlier Return)In this case, you will receive a positive return on the Notes equal to the absolute value of the Underlier Return, even though the Underlier Return is negative. In no event will this returnexceed 20%.·If the Final Underlier Value isless thanthe Buffer Value, an amount equal to: If the Final Underlier Value is less than the Buffer Value, you will lose some or a substantialportion of your principal amount at maturity. All payments on the Notes are subject to ourcredit risk. Digital Return:Buffer Percentage:Underlier Return: Final Underlier Value:Calculation Agent: The closing value of the Underlier on the Valuation DateRBCCM * 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 acc