加拿大皇家银行美股招股说明书(2025-11-07版)

$500,000Auto-Callable Contingent Coupon Geared BufferNotes with Memory CouponLinked to the Common Stock of Bank of AmericaCorporation,Due November 20, 2026 Pricing Supplement Pricing Supplement dated November 5, 2025 to theProspectus 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 Auto-Callable Contingent Coupon Geared Buffer Notes with Memory Coupon (the“Notes”) linked to the performance of the common stock of Bank of America Corporation (the “Underlier”).·Contingent Coupons with Memory Feature— If the Notes have not been automatically called, investors will receive a Contingent Coupon of $25.00 per $1,000 principal amount of Notes on a quarterly Coupon PaymentDate if the closing value of the Underlier is greater than or equal to the Coupon Threshold (80.15% of the InitialUnderlier Value) on the immediately preceding Coupon Observation Date. A Contingent Coupon that is notpayable on a Coupon Payment Date may be paid later, but only if the closing value of the Underlier is greater thanor equal to the Coupon Threshold on a later Coupon Observation Date. You may not receive any ContingentCoupons during the term of the Notes. Contingent Coupons should not be viewed as periodic interest payments.·Call Feature— If, on any quarterly Call Observation Date, the closing value of the Underlier is greater than or equal to the Initial Underlier Value, the Notes will be automatically called for 100% of their principal amountplusthe Contingent Coupon and any unpaid Contingent Coupons otherwise due. No further payments will be made onthe 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 Buffer Value (80.15% of the Initial Underlier Value), at maturity, investors willreceive the principal amount of their Notesplusthe Contingent Coupon and any unpaid Contingent Couponsotherwise due. If the Notes are not automatically called and the Final Underlier Value is less than the Buffer Value,at maturity, investors will lose approximately 1.24766% of the principal amount of their Notes for each 1% that theFinal Underlier Value is less than the Initial Underlier Value in excess of the Buffer Percentage of 19.85%.·Any payments on the Notes are subject to our credit risk.·The Notes will not be listed on any securities exchange.CUSIP:78017PD65 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(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 estimated value, is $984.35 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, LLCJPMorgan Chase Bank, N.A.J.P. Morgan Securities LLC Placement Agents 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”)$10,000 and minimum denominations of $1,000 in excess thereofThe common stock of Bank of America Corporation Issuer:Underwriter:Min