加拿大皇家银行美股招股说明书(2025-10-22版)

Pricing SupplementPricing Supplement dated October 20, 2025 to the Prospectus dated December 20, 2023, the ProspectusSupplement dated December 20, 2023 and the ProductSupplement No. 1B dated July 22, 2025 Royal Bank of Canada Royal Bank of Canada is offering Geared Buffer Digital Notes (the “Notes”) linked to the performance of the 1-Year U.S.Dollar SOFR ICE Swap Rate (the “Reference Rate”). ·Contingent Fixed Return— If the Final Reference Rate is greater than or equal to the Buffer Value (68.60% ofthe Initial Reference Rate), at maturity, investors will receive a fixed return equal to the Digital Return of 10%.·Principal at Risk— If the Final Reference Rate is less than the Buffer Value, at maturity, investors will lose approximately 1.45773% of the principal amount of their Notes for each 1% that the Final Reference Rate is lessthan the Initial Reference Rate in excess of the Buffer Percentage of 31.40%.An investment in the Notes ishighly risky. Because the payment at maturity is based on the percentage change of the Reference Ratefrom the Initial Reference Rate to the Final Reference Rate, a very small absolute change in the ReferenceRate can result in a significant loss on the Notes.For example, assuming a hypothetical Initial Reference Rateof 3.5000%, if the Reference Rate were to decline by 2.4500 percentage points to a Final Reference Rate of1.0500%, while the absolute change in the Reference Rate is only 2.4500 percentage points, that movementactually represents a 70% decline from the Initial Reference Rate to the Final Reference Rate, and investorswould lose approximately 56.26822% of the principal amount of their Notes at maturity. See “HypotheticalReturns” below for additional examples.·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:78014RN71 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-7 ofthis 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 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(2)Proceeds to Royal Bank of Canada (1)Certain fiduciary accounts purchasing the Notes will pay a purchase price of $990.00 per $1,000 principal amount ofNotes, and the placement agents will forgo any fees with respect to sales made to those accounts. The price to the publicfor all other purchases of the Notes is 100%.(2) JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC and their affiliates will act as placement agents for the Notesand will receive a fee from us of $10.00 per $1,000 principal amount of Notes, but will forgo any fees for sales to certainfiduciary accounts. The initial estimated value of the Notes determined by us as of the Trade Date, which we refer to as the initial estimatedvalue, is $986.50 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. 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 and product supplement. Royal Bank of CanadaRBC Capital Markets, LLC (“RBCCM”) Minimum Investment:$10,000 and minimum denominations of $1,000 in excess thereof The 1-Year U.S. Dollar SOFR ICE Swap Rate, determined as set forth under “General Termsof the Notes—Reference Rates—U.S. Dollar SOFR ICE Swap Rate” in the accompanyingproduct supplement (1)A level determined on the Strike Date in the sole discretion of the Calculation Agent.TheInitial Reference Rate is not the Reference Rate on the Trade Date. (2)68.60% of the Initial Reference Rate (rounded to three decimal places) Valuation Date:* Maturity Date:** Investors will receive on the Maturity Date per $1,000 principal amount of Notes: ·If the Final Reference Rate isgreater than or equal tothe Buffer Value, an amountequal to: ·If the Final Reference Rate isless thanthe Buffer Value, an amount equal to: $1,000 + [$1,000 × (Reference Rate Return +