加拿大皇家银行美股招股说明书(2025-10-30版)

Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-275898 Royal Bank of Canada $1,000,000,0004.305% Senior Fixed Rate/Floating RateNotes,Due November 3, 2031Royal Bank of Canada Pricing Supplement Dated October 28, 2025 To the Prospectus Dated December 20, 2023 andProspectus Supplement Dated December 20, 2023 The notes (the “Notes”) are senior unsecured fixed rate/floating rate notes. Interest and the amount payable upon maturity of theNotes will be paid in cash as described in this pricing supplement. The Notes will be bail-inable notes (as defined in the accompanying prospectus supplement dated December 20, 2023) andsubject to conversion in whole or in part – by means of a transaction or series of transactions and in one or more steps – intocommon shares of the Bank or any of its affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act(the “CDIC Act”) and to variation or extinguishment in consequence, and subject to the application of the laws of the Province ofOntario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to the Notes. We may, at our option, redeem the Notes at the applicable times and at the applicable redemption prices described under thecaption “Specific Terms of the Notes—Optional Redemption” in this pricing supplement. There is no sinking fund for the Notes.All payments on the Notes are subject to our credit risk. The CUSIP number for the Notes is 78017DAQ1. The Notes will not be listed on any securities exchange. Investing in the Notes involves a number of risks. See “Risk Factors” on page P-5 of this pricing supplement andbeginning on page S-3 of the prospectus supplement dated December 20, 2023. The Notes are unsecured and are not savings accounts or insured deposits of a bank. The Notes are not insured or guaranteedby the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmentalagency or instrumentality of Canada or the United States. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of thesesecurities or determined that this pricing supplement is truthful or complete. Any representation to the contrary is a criminaloffense. We will deliver the Notes in book-entry only form through the facilities of The Depository Trust Company (“DTC”) (includingthrough its indirect participants Euroclear, Clearstream and CDS Clearing and Depository Services Inc. (“CDS”)) on or aboutNovember 3, 2025, against payment in immediately available funds. Lead Managers and Joint Book Runners 4.305% Senior Fixed Rate/FloatingRate Notes,Due November 3, 2031Royal Bank of Canada TERMS OF THE NOTES We describe the basic features of the Notes in the sections of the prospectus dated December 20, 2023 called“Description of Debt Securities” and prospectus supplement dated December 20, 2023 called “Description of the NotesWe May Offer,” subject to and as modified by the provisions described below. Royal Bank of Canada (the “Bank”) Issuer: Senior Global Medium-Term Notes, Series J Issue: 4.305% Senior Fixed Rate/Floating Rate Notes, due November 3, 2031 Title of Series: US $1,000,000,000 Principal Amount: Senior Ranking: U.S. Dollars Currency: From, and including, the Issue Date to, but excluding, November 3, 2030 Fixed Rate Period: From, and including, November 3, 2030 to, but excluding, the Maturity Date Floating Rate Period: With respect to the Fixed Rate Period, the Notes will bear interest at the fixed rate of 4.305%per annum.With respect to the Floating Rate Period, the Notes will bear interest at a rate equal to the Interest Rate: Base Rate plus the Spread payable and reset quarterly. USD Compounded SOFR Index Rate Base Rate: 0.980% $2,000 and integral multiples of $1,000 in excess thereof Minimum Denominations: October 28, 2025 Pricing Date: November 3, 2025 Issue Date: Maturity Date: November 3, 2031 78017DAQ1 / US78017DAQ16 / 322453647 CUSIP / ISIN / CommonCode: With respect to the Fixed Rate Period, semi-annually, on each May 3 and November 3,beginning May 3, 2026 and ending November 3, 2030, subject to the Payment Convention,as described below. Interest Payment Dates: With respect to the Floating Rate Period, quarterly on February 3, 2031, May 3, 2031,August 3, 2031 and the Maturity Date, subject to the modified following business dayconvention described below under “Payment Convention.” The Notes will bear interest from and including each Interest Payment Date (or, in the caseof the first Interest Period, the Issue Date) to, but excluding, the next Interest Payment Date(or, in the case of the final Interest Period, the redemption date or the Maturity Date) (eachsuch period, an “Interest Period”), subject to the applicable business day conventiondescribed below under “Payment Convention.” Interest Period: The Business Day immediately preceding