# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0000950103-25-015383
**Filing Date:** 2025-11
**Character Count:** 10171
**Document Hash:** dbbf2ed404afa3d76f8959952edb4fa0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-015383.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000950103-25-015383

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251126

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYAL BANK OF CANADA
- **CENTRAL INDEX KEY:** 0001000275
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 135357855
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-275898
- **FILM NUMBER:** 251531885

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2J5
- **BUSINESS PHONE:** 212-437-9267

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2J5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYAL BANK OF CANADA \
- **DATE OF NAME CHANGE:** 19950908
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYAL BANK OF CANADA
- **CENTRAL INDEX KEY:** 0001000275
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 135357855
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2J5
- **BUSINESS PHONE:** 212-437-9267

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2J5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYAL BANK OF CANADA \
- **DATE OF NAME CHANGE:** 19950908

---

| | |
|:---|:---|
| **Royal Bank of Canada**<br> **Market Linked Securities** | Filed Pursuant to Rule 433<br> Registration Statement No. 333-275898<br> ![](image_001.jpg)  |

---

&nbsp;&nbsp; Market Linked Securities—Upside Participation to a Cap with Contingent Absolute Return and Fixed Percentage Buffered Downside<br> Principal at Risk Securities Linked to the S&P 500<sup>®</sup> Index due July 6, 2028<br> Term Sheet dated November 26, 2025<br>

Summary of Terms

---

| | |
|:---|:---|
| Issuer: | Royal Bank of Canada |
| Market Measure: | The S&P 500<sup>®</sup> Index (the "<u>Index</u>") |
| Pricing Date: | December 30, 2025 |
| Issue Date: | January 5, 2026 |
| Calculation Day: | June 30, 2028 |
| Stated Maturity Date: | July 6, 2028 |
| Face Amount: | $1,000 per security |
| Maturity Payment Amount (per Security): | · if the ending value is greater than the starting value: $1,000 *plus* the lesser of:<br> &nbsp;&nbsp;&nbsp;&nbsp;(i) $1,000 × index return × upside participation rate; and<br> &nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum upside return;<br> · if the ending value is less than or equal to the starting value, but greater than or equal to the threshold value:<br> $1,000 + ($1,000 × absolute value return); or<br> · if the ending value is less than the threshold value: <br> $1,000 + [$1,000 × (index return + buffer amount)] |
| Starting Value: | The closing value of the Index on the pricing date |
| Ending Value: | The closing value of the Index on the calculation day |
| Maximum Upside Return: | At least 21.30% of the face amount per security, to be determined on the pricing date |
| Threshold Value: | 85% of the starting value |
| Buffer Amount: | 15% |
| Upside Participation Rate: | 100% |
| Index Return: | (ending value – starting value) / starting value |
| Absolute Value Return: | The absolute value of the index return |
| Calculation Agent: | RBC Capital Markets, LLC ("<u>RBCCM</u>"), an affiliate of the issuer |
| Denominations: | $1,000 and any integral multiple of $1,000 |
| Agent Discount: | Up to 2.575%; dealers, including those using the trade name Wells Fargo Advisors ("<u>WFA</u>"), may receive a selling concession of up to 2.00% and WFA may receive a distribution expense fee of 0.075%. In addition, selected dealers may receive a fee of up to 0.20% for marketing and other services. |
| CUSIP: | 78017PQ61 |

---

Hypothetical Payout Profile\*

![](image_002.jpg)

\* Assumes a maximum upside return equal to the lowest possible maximum upside return that may be determined on the pricing date

**If the ending value is less than the threshold value, you will have 1-to-1 downside exposure to the decrease in the value of the Index in excess of the buffer amount and will lose up to 85% of the face amount of your securities at maturity.**

The initial estimated value of the securities determined by us as of the pricing date, which we refer to as the initial estimated value, is expected to be between $910.00 and $960.00 per security and will be less than the original offering price of the securities. We describe the determination of the initial estimated value in more detail in the accompanying preliminary pricing supplement.

**This introductory term sheet does not provide all of the information that an investor should consider prior to making an investment decision.** Investors should carefully review the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus before making a decision to invest in the securities.

Preliminary Pricing Supplement:

[https://www.sec.gov/Archives/edgar/data/1000275/000095010325015292/<br>dp237844_424b2-wfceln349spx.htm](https://www.sec.gov/Archives/edgar/data/1000275/000095010325015292/dp237844_424b2-wfceln349spx.htm)

**The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See "Selected Risk Considerations" in this term sheet and the accompanying preliminary pricing supplement and "Risk Factors" in the accompanying product supplement.**

NOT A BANK DEPOSIT AND NOT INSURED OR GUARANTEED BY THE FDIC OR ANY OTHER GOVERNMENTAL AGENCY

Selected Risk Considerations

An investment in the securities involves significant risks. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the securities. Some of the risks that apply to an investment in the securities are summarized below, but we urge you to read also the "Selected Risk Considerations" section of the accompanying preliminary pricing supplement and the "Risk Factors" sections of the accompanying prospectus, prospectus supplement and product supplement. You should not purchase the securities unless you understand and can bear the risks of investing in the securities.

<u>Risks Relating To The Terms And Structure Of The Securities</u>

· If The Ending Value Is Less Than The Threshold Value, You Will Lose Up To 85% Of The Face Amount Of Your Securities At Stated Maturity.

· Your Potential For A Positive Return From Depreciation Of The Index Is Limited.

· Your Return Will Be Limited To The Maximum Upside Return If The Index Appreciates And May Be Lower Than The Return On A Direct Investment
In The Index.

· The Securities Do Not Pay Interest, And Your Return On The Securities May Be Lower Than The Return On A Conventional Debt Security
Of Comparable Maturity.

· Payments On The Securities Are Subject To Our Credit Risk, And Market Perceptions About Our Creditworthiness May Adversely Affect
The Market Value Of The Securities.

· The U.S. Federal Income Tax Consequences Of An Investment In The Securities Are Uncertain.

<u>Risks Relating To The Estimated Value Of The Securities And Any Secondary Market</u>

· There May Not Be An Active Trading Market For The Securities And Sales In The Secondary Market May Result In Significant Losses.

· The Initial Estimated Value Of The Securities Will Be Less Than The Original Offering Price.

· The Initial Estimated Value Of The Securities Is Only An Estimate, Calculated As Of The Time The Terms Of The Securities Are Set.

· The Value Of The Securities Prior To Stated Maturity Will Be Affected By Numerous Factors, Some Of Which Are Related In Complex Ways.

<u>Risks Relating To Conflicts Of Interest</u>

· Our Economic Interests And Those Of Any Dealer Participating In The Offering Are Potentially Adverse To Your Interests.

<u>Risks Relating To The Index</u>

· Investing In The Securities Is Not The Same As Investing In The Index.

· Historical Values Of The Index Should Not Be Taken As An Indication Of Its Future Performance During The Term Of The Securities.

· Changes That Affect The Index May Adversely Affect The Value Of The Securities And The Maturity Payment Amount.

· We Cannot Control Actions By Any Of The Unaffiliated Companies Whose Securities Are Included In The Index.

· We And Our Affiliates Have No Affiliation With The Index Sponsor And Have Not Independently Verified Its Public Disclosure Of Information.

Royal Bank of Canada has filed a registration statement (including a product supplement, underlying supplement, prospectus supplement and prospectus) with the SEC for the offering to which this document relates. Before you invest, you should read those documents and the other documents that we have filed with the SEC for more complete information about us and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any agent or any dealer participating in this offering will arrange to send you those documents if you so request by calling toll-free at 1-877-688-2301.

As used in this document, "Royal Bank of Canada," "we," "our" and "us" mean only Royal Bank of Canada. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.