加拿大皇家银行美股招股说明书(2025-10-24版)

$2,000,000Auto-Callable Contingent Coupon Barrier NotesLinked to the S&P 500®Index,Due April 27, 2027 Pricing Supplement dated October 22, 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 Auto-Callable Contingent Coupon Barrier Notes (the “Notes”) linked to the performanceof the S&P 500®Index (the “Underlier”).Contingent Coupons— If the Notes have not been automatically called, investors will receive a Contingent ·Coupon on a monthly Coupon Payment Date at a rate of 9.35% per annum if the closing value of the Underlier isgreater than or equal to the Coupon Threshold (75% of the Initial Underlier Value) on the immediately precedingCoupon Observation Date. You may not receive any Contingent Coupons during the term of the Notes.·Call Feature— If, on any monthly Call Observation Date beginning approximately three months following the Trade Date, the closing value of the Underlier is greater than or equal to the Initial Underlier Value, the Notes willbe automatically called for 100% of their principal amountplusthe Contingent Coupon otherwise due. No furtherpayments 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 (75% of the Initial Underlier Value), at maturity, investors willreceive the principal amount of their Notesplusthe Contingent Coupon otherwise due. If the Notes are notautomatically called and the Final Underlier Value is less than the Barrier Value, at maturity, investors will lose 1%of the principal amount of their Notes for each 1% that the Final Underlier Value is less than the Initial UnderlierValue.·Any payments on the Notes are subject to our credit risk.·The Notes will not be listed on any securities exchange.CUSIP:78017P4X6 Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-7 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 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 $2.50 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 $997.50 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 $2.50 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 estimated value, is $996.65 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. Royal Bank of CanadaRBC Capital Markets, LLC (“RBCCM”)$1,000 and minimum denominations of $1,000 in excess thereofThe S&P 500®Index Issuer:Underwriter:Minimum Investment:Underlier: (1)The closing value of the Underlier on the Trade Date (2)75% of the Initial Underlier Value (rounded to two decimal places) Trade Date:Issue Date:Valuation Date:*Maturity Date:*Payment of ContingentCoupons: If the Notes have not been automatically called, investors will receive a ContingentCoupon on a Coupon Payment Date if