# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0000950103-25-013039
**Filing Date:** 2025-10
**Character Count:** 9820
**Document Hash:** 67b63fe2eced22c465a3ad77f50d9f91
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-013039.hdr.sgml**: 20251009

**ACCESSION NUMBER**: 0000950103-25-013039

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251009

**DATE AS OF CHANGE**: 20251009

**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:** 251385408

**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

Registration Statement No. 333-275898<br> Filed Pursuant to Rule 433

ACCELERATED RETURN NOTES<sup>®</sup> (ARNs<sup>®</sup>)

---

| | |
|:---|:---|
| **Accelerated Return Notes<sup>®</sup> Linked to the iShares<sup>®</sup> Silver Trust** | **Accelerated Return Notes<sup>®</sup> Linked to the iShares<sup>®</sup> Silver Trust** |
| **Issuer** | Royal Bank of Canada ("RBC"). References on this page to "we," "us" or "our" mean RBC. |
| **Principal Amount** | $10.00 per unit |
| **Term** | Approximately 14 months |
| **Market Measure** | The iShares<sup>®</sup> Silver Trust (Bloomberg symbol: "SLV") |
| **Payout Profile at Maturity** | · 3-to-1 upside exposure to increases in the Market Measure, subject to the Capped Value<br>· 1-to-1 downside exposure to decreases in the Market Measure, with 100% of your principal at risk<br>|
| **Capped Value** | [$12.10 to $12.50] per unit, a return of [21.00% to 25.00%] over the principal amount, to be determined on the pricing date |
| **Participation Rate** | 300% |
| **Preliminary Offering Documents** | [**https://www.sec.gov/Archives/edgar/data/1000275/000095010325013030/dp235652_424b2-mlaiw.htm**](https://www.sec.gov/Archives/edgar/data/1000275/000095010325013030/dp235652_424b2-mlaiw.htm) |
| **Exchange Listing** | No |

---

***You should read the relevant Preliminary Offering Documents before you invest. Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.***

**Risk Factors** 

**Please see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to, the following:**

· Depending on the performance of the Market Measure as measured shortly before
the maturity date, your investment may result in a loss; there is no guaranteed return of principal.

· Your return on the notes may be less than the yield you could earn by owning
a conventional fixed or floating rate debt security of comparable maturity.

· Payments on the notes are subject to our credit risk, and actual or perceived
changes in our creditworthiness are expected to affect the value of the notes.

· Your investment return is limited to the return represented by the Capped
Value and may be less than a comparable investment directly in shares of the Market Measure or the commodity held by the Market Measure.

· The initial estimated value of the notes is only an estimate, determined as
of a particular point in time by reference to our and our affiliates' pricing models.

· The public offering price you pay for the notes will exceed the initial estimated
value.

· The initial estimated value does not represent a minimum or maximum price
at which we, MLPF&S, BofAS or any of our affiliates would be willing to purchase your notes in any secondary market (if any exists)
at any time.

· A trading market is not expected to develop for the notes.

· Our business, hedging and trading activities, and those of MLPF&S, BofAS
and our respective affiliates (including trades in shares of the Market Measure or the commodity held by the Market Measure), and any
hedging and trading activities we, MLPF&S, BofAS or our respective affiliates engage in for our clients' accounts, may affect
the market value and return of the notes and may create conflicts of interest with you.

· There may be potential conflicts of interest involving the calculation agent,
which is BofAS.

· The sponsor and advisor of the Market Measure may adjust the Market Measure
in a way that could adversely affect the value of the notes and the amount payable on the notes, and these entities have no obligation
to consider your interests.

· You will have no rights of a holder of shares of the Market Measure or any
rights with respect to the commodity held by the Market Measure, and you will not be entitled to receive dividends or other distributions
by the Market Measure.

· While we, MLPF&S, BofAS or our respective affiliates may from time to
time own shares of the Market Measure, we, MLPF&S, BofAS and our respective affiliates do not control the Market Measure, and have
not verified any disclosure made by any other company.

· There are liquidity and management risks associated with the Market Measure.

· The performance of the Market Measure may not correlate with the performance
of the commodity held by the Market Measure as well as the net asset value per share of the Market Measure, especially during periods
of market volatility when the liquidity and the market price of shares of the Market Measure and/or the price of the commodity may be
adversely affected, sometimes materially.

· If the liquidity of the commodity held by the Market Measure is limited, the
value of the Market Measure and, therefore, the return on the notes would likely be impaired.

· Suspension or disruptions of market trading in the commodity held by the Market
Measure may adversely affect the value of your notes.

· The notes will not be regulated by the U.S. Commodity Futures Trading Commission.

· The payments on the notes will not be adjusted for all corporate events that
could affect the Market Measure.

· The U.S. federal income tax consequences of an investment in the notes are
uncertain.

· Single commodity prices tend to be more volatile than, and may not correlate
with, the prices of commodities generally.

· Silver prices are characterized by high and unpredictable volatility, which
could lead to high and unpredictable volatility in the Market Measure.

· The value of the Market Measure may not fully replicate the price of silver.

· There are risks relating to commodities trading on the London Bullion Market
Association.

***Final terms will be set on the pricing date within the given range for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including related risks and tax disclosure.***

![](image_001.jpg)

***The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and the table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.***

---

| | | |
|:---|:---|:---|
| **Hypothetical Percentage Change from the Starting Value to the Ending Value** | **Hypothetical Redemption Amount per Unit** | **Hypothetical Total Rate of Return on the Notes** |
| -100.00% | $0.00 | -100.00% |
| -50.00% | $5.00 | -50.00% |
| -20.00% | $8.00 | -20.00% |
| -10.00% | $9.00 | -10.00% |
| -6.00% | $9.40 | -6.00% |
| -3.00% | $9.70 | -3.00% |
| 0.00% | $10.00 | 0.00% |
| 2.00% | $10.60 | 6.00% |
| 3.00% | $10.90 | 9.00% |
| 5.00% | $11.50 | 15.00% |
| 7.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.30<sup>(1)</sup> | 23.00% |
| 10.00% | $12.30 | 23.00% |
| 20.00% | $12.30 | 23.00% |
| 30.00% | $12.30 | 23.00% |
| 50.00% | $12.30 | 23.00% |
| 100.00% | $12.30 | 23.00% |

---

(1) The Redemption Amount per unit cannot exceed the hypothetical Capped Value.

RBC has filed a registration statement (including a product supplement, a prospectus supplement and a 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 RBC has filed with the SEC, for more complete information about RBC and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, RBC, any agent, or any dealer participating in this offering will arrange to send you these documents if you so request by calling toll-free 1-800-294-1322. <br>