# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0000950103-25-012238
**Filing Date:** 2025-9
**Character Count:** 13890
**Document Hash:** 0df721179ec116635bd58bddf5f075e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-012238.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0000950103-25-012238

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**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:** 251344825

**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

---

| | |
|:---|:---|
| ![](image_001.jpg) | ![](image_002.jpg) |
| **Auto-Callable Barrier Notes<br> Linked to the Least Performing of Three Underliers**<br>**Due October 3, 2029** | **Auto-Callable Barrier Notes<br> Linked to the Least Performing of Three Underliers**<br>**Due October 3, 2029** |

---

**PRODUCT CHARACTERISTICS**

&nbsp;&nbsp;&nbsp;&nbsp;· **Call Feature** — If, on any monthly Call Observation Date beginning approximately one year following the Trade Date, the
closing value of each Underlier is greater than or equal to its applicable Call Value, the Notes will be automatically called for a
return that increases for each Call Observation Date at a call return rate of at least 10.30% per annum (to be determined on the Trade
Date). No further payments will be made on the Notes. With respect to each Underlier, the Call Value is (1) for each Call Observation
Date prior to the final Call Observation Date (the Valuation Date), its Initial Underlier Value and (2) for the Valuation Date, its Final
Call Value.

&nbsp;&nbsp;&nbsp;&nbsp;· **Contingent Return of Principal at Maturity** — If the Notes are not automatically called and the Final Underlier Value
of the Least Performing Underlier is greater than or equal to its Barrier Value, at maturity, investors will receive the principal amount
of their Notes. If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier is less than
its Barrier Value, at maturity, investors will lose 1% of the principal amount of their Notes for each 1% that the Final Underlier Value
of the Least Performing Underlier is less than its Initial Underlier Value.

---

| | |
|:---|:---|
| **KEY TERMS** | **KEY TERMS** |
| **Issuer:** | Royal Bank of Canada ("RBC") |
| **CUSIP:** | 78017PTW1 |
| **Underliers:** | The Russell 2000<sup>®</sup> Index (Bloomberg symbol "RTY"), the S&P 500<sup>®</sup> Index (Bloomberg symbol "SPX") and the EURO STOXX 50<sup>®</sup> Index (Bloomberg symbol "SX5E") |
| **Trade Date:** | September 30, 2025 |
| **Issue Date:** | October 8, 2025 |
| **Valuation Date:** | September 28, 2029 |
| **Maturity Date:** | October 3, 2029 |
| **Call Feature:** | See "Payment If the Notes Are Automatically Called." |
| **Call Value:** | &nbsp;&nbsp;&nbsp;&nbsp; With respect to each Underlier:<br>· for each Call Observation Date prior to the final Call Observation Date (the Valuation Date), its Initial Underlier Value; and<br>· for the Valuation Date, its Final Call Value |
| **Final Call Value:** | With respect to each Underlier, 80% of its Initial Underlier Value |
| **Call Observation Dates:** | Monthly, beginning approximately one year following the Trade Date, as set forth in the table below |
| **Call Settlement Dates:** | Monthly, beginning approximately one year following the Issue Date, as set forth in the table below |
| **Payment at Maturity:** | &nbsp;&nbsp;&nbsp;&nbsp; If the Notes are not automatically called, investors will receive on the Maturity Date per $1,000 principal amount of Notes:<br> · If the Final Underlier Value of the Least Performing Underlier is ***greater than or equal to*** its Barrier Value: $1,000<br> · If the Final Underlier Value of the Least Performing Underlier is ***less than*** its Barrier Value, an amount equal to:<br> $1,000 + ($1,000 × Underlier Return of the Least Performing Underlier)<br> *If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier is less than its Barrier Value, you will lose a substantial portion or all of your principal amount at maturity.* |
| **Barrier Value:** | With respect to each Underlier, 70% of its Initial Underlier Value |
| **Underlier Return:** | With respect to each Underlier:<br> <u>Final Underlier Value – Initial Underlier Value</u><br> Initial Underlier Value |
| **Initial Underlier Value:** | With respect to each Underlier, the closing value of that Underlier on the Trade Date |
| **Final Underlier Value:** | With respect to each Underlier, the closing value of that Underlier on the Valuation Date |
| **Least Performing Underlier:** | The Underlier with the lowest Underlier Return |

---

---

| | |
|:---|:---|
| **PAYMENT IF THE NOTES ARE AUTOMATICALLY CALLED** | **PAYMENT IF THE NOTES ARE AUTOMATICALLY CALLED** |
| If, on any Call Observation Date, the closing value of each Underlier is *greater than or equal to* its applicable Call Value, the Notes will be automatically called for a return that increases for each Call Observation Date at a call return rate of at least 10.30% per annum, to be determined on the Trade Date. Under these circumstances, investors will receive on the corresponding Call Settlement Date per $1,000 principal amount of Notes the relevant amount specified below for that Call Observation Date, in each case to be determined on the Trade Date. No further payments will be made on the Notes. | If, on any Call Observation Date, the closing value of each Underlier is *greater than or equal to* its applicable Call Value, the Notes will be automatically called for a return that increases for each Call Observation Date at a call return rate of at least 10.30% per annum, to be determined on the Trade Date. Under these circumstances, investors will receive on the corresponding Call Settlement Date per $1,000 principal amount of Notes the relevant amount specified below for that Call Observation Date, in each case to be determined on the Trade Date. No further payments will be made on the Notes. |
| **Call Observation Date** | **Amount** |
| 1st | At least $1,103.000 |
| 2nd | At least $1,111.583 |
| 3rd | At least $1,120.167 |
| 4th | At least $1,128.750 |
| 5th | At least $1,137.333 |
| 6th | At least $1,145.917 |
| 7th | At least $1,154.500 |
| 8th | At least $1,163.083 |
| 9th | At least $1,171.667 |
| 10th | At least $1,180.250 |
| 11th | At least $1,188.833 |
| 12th | At least $1,197.417 |
| 13th | At least $1,206.000 |
| 14th | At least $1,214.583 |
| 15th | At least $1,223.167 |
| 16th | At least $1,231.750 |
| 17th | At least $1,240.333 |
| 18th | At least $1,248.917 |
| 19th | At least $1,257.500 |
| 20th | At least $1,266.083 |
| 21st | At least $1,274.667 |
| 22nd | At least $1,283.250 |
| 23rd | At least $1,291.833 |
| 24th | At least $1,300.417 |
| 25th | At least $1,309.000 |
| 26th | At least $1,317.583 |
| 27th | At least $1,326.167 |
| 28th | At least $1,334.750 |
| 29th | At least $1,343.333 |
| 30th | At least $1,351.917 |
| 31st | At least $1,360.500 |
| 32nd | At least $1,369.083 |
| 33rd | At least $1,377.667 |
| 34th | At least $1,386.250 |
| 35th | At least $1,394.833 |
| 36th | At least $1,403.417 |
| 37th | At least $1,412.000 |

---

This document provides a summary of the terms of the Notes. Investors should carefully review the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus, as well as "Selected Risk Considerations" below, before making a decision to invest in the Notes:

[https://www.sec.gov/Archives/edgar/data/1000275/000095010325011886/dp234599_424b2-us3066mul.htm](https://www.sec.gov/Archives/edgar/data/1000275/000095010325011886/dp234599_424b2-us3066mul.htm)

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 expected to be between $907.00 and $957.00 per $1,000 principal amount of Notes and will be less than the public offering price of the Notes. We describe the determination of the initial estimated value in more detail in the accompanying preliminary pricing supplement.

---

| | |
|:---|:---|
| ![](image_001.jpg) | ![](image_002.jpg) |

---

**Selected Risk Considerations**

An investment in the Notes involves significant risks. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes. Some of the risks that apply to an investment in the Notes 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 Notes unless you understand and can bear the risks of investing in the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;· You May Lose a Portion or All of the Principal Amount at Maturity.

&nbsp;&nbsp;&nbsp;&nbsp;· Your Potential Return If the Notes Are Automatically Called Is Limited.

&nbsp;&nbsp;&nbsp;&nbsp;· Any Payment on the Notes Will Be Determined Solely by the Performance of the Underlier with the Worst Performance Even If the
 Other Underliers Perform Better.

&nbsp;&nbsp;&nbsp;&nbsp;· The Notes Do Not Pay Interest, and Your Return on the Notes May Be Lower Than the Return on a Conventional Debt Security of Comparable
Maturity.

&nbsp;&nbsp;&nbsp;&nbsp;· The Notes Are Subject to an Automatic Call.

&nbsp;&nbsp;&nbsp;&nbsp;· Payments on the Notes Are Subject to Our Credit Risk, and Market Perceptions about Our Creditworthiness May Adversely Affect the Market
Value of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;· Any Payment on the Notes Will Be Determined Based on the Closing Values of the Underliers on the Dates Specified.

&nbsp;&nbsp;&nbsp;&nbsp;· The U.S. Federal Income Tax Consequences of an Investment in the Notes Are Uncertain.

&nbsp;&nbsp;&nbsp;&nbsp;· There May Not Be an Active Trading Market for the Notes; Sales in the Secondary Market May Result in Significant Losses.

&nbsp;&nbsp;&nbsp;&nbsp;· The Initial Estimated Value of the Notes Will Be Less Than the Public Offering Price.

&nbsp;&nbsp;&nbsp;&nbsp;· The Initial Estimated Value of the Notes Is Only an Estimate, Calculated as of the Trade Date.

&nbsp;&nbsp;&nbsp;&nbsp;· Our and Our Affiliates' Business and Trading Activities May Create Conflicts of Interest.

&nbsp;&nbsp;&nbsp;&nbsp;· RBCCM's Role as Calculation Agent May Create Conflicts of Interest.

&nbsp;&nbsp;&nbsp;&nbsp;· You Will Not Have Any Rights to the Securities Included in Any Underlier.

&nbsp;&nbsp;&nbsp;&nbsp;· The Notes Are Subject to Small-Capitalization Companies Risk with Respect to the RTY Index.

&nbsp;&nbsp;&nbsp;&nbsp;· The Notes Are Subject to Risks Relating to Non-U.S. Securities Markets with Respect to the SX5E Index.

&nbsp;&nbsp;&nbsp;&nbsp;· The Notes Do Not Provide Direct Exposure to Fluctuations in Exchange Rates between the U.S. Dollar and the Euro with Respect to the
SX5E Index.

&nbsp;&nbsp;&nbsp;&nbsp;· We May Accelerate the Notes If a Change-in-Law Event Occurs.

&nbsp;&nbsp;&nbsp;&nbsp;· Any Payment on the Notes May Be Postponed and Adversely Affected by the Occurrence of a Market Disruption Event.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjustments to an Underlier Could Adversely Affect Any Payments on the Notes.

**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. Capitalized terms used in this document without definition are as defined in the accompanying preliminary pricing supplement.

Registration Statement No. 333-275898; filed pursuant to Rule 433