# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0000950103-25-014182
**Filing Date:** 2025-11
**Character Count:** 82538
**Document Hash:** 32fa446c2ebcc326583003052c0ea024
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-014182.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0000950103-25-014182

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251103

**FILER**: 

**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:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-275898
- **FILM NUMBER:** 251445866

**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

---

| | |
|:---|:---|
| &nbsp;&nbsp; ![](image_004.jpg)  | &nbsp;&nbsp;Registration Statement No. 333-275898<br> Filed Pursuant to Rule 424(b)(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;The information in this preliminary pricing supplement is not complete and may be changed. | &nbsp;&nbsp;&nbsp;&nbsp;The information in this preliminary pricing supplement is not complete and may be changed. |

---

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| | |
|:---|:---|
| Preliminary Pricing Supplement<br> Subject to Completion: Dated November 3, 2025<br>Pricing Supplement dated November __, 2025 to the Prospectus dated December 20, 2023, the Prospectus Supplement dated December 20, 2023, the Underlying Supplement No. 1A dated May 16, 2024 and the Product Supplement No. 1B dated July 22, 2025 | $ Auto-Callable Contingent Coupon Buffer Notes<br> Linked to the Least Performing of Three Underliers,<br> Due October 12, 2027<br>Royal Bank of Canada |

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Royal Bank of Canada is offering Auto-Callable Contingent Coupon Buffer Notes (the "Notes") linked to the performance of the least performing of the VanEck<sup>®</sup> Gold Miners ETF, the SPDR<sup>®</sup> S&P<sup>®</sup> Regional Banking ETF and the VanEck<sup>®</sup> Semiconductor ETF (each, an "Underlier").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Contingent Coupons** — If the Notes
have not been automatically called, investors will receive a Contingent Coupon on a monthly Coupon Payment Date at a rate of 10.50% per
annum if the closing value of each Underlier is greater than or equal to its Coupon Threshold (65% of its Initial Underlier Value) on
the immediately preceding Coupon Observation Date. You may not receive any Contingent Coupons during the term of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Call Feature** — If, on any monthly
Call Observation Date beginning approximately three months following the Trade Date, the closing value of each Underlier is greater than
or equal to its Initial Underlier Value, the Notes will be automatically called for 100% of their principal amount *plus* the Contingent
Coupon otherwise due. No further payments will be made on the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Buffer Value (75% of its Initial Underlier Value), at maturity, investors will receive the principal amount of their Notes *plus* the Contingent Coupon otherwise due. If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier
is less than its Buffer 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 in excess of the Buffer Percentage of 25% and will receive
any Contingent Coupon otherwise due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any payments on the Notes are subject to our credit
risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Notes will not be listed on any securities
exchange.

**CUSIP:** 78017PB26

**Investing in the Notes involves a number of risks. See "Selected Risk Considerations" beginning on page P-8 of this pricing supplement and "Risk Factors" in the accompanying prospectus, prospectus supplement and product 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. Any representation to the contrary is a criminal offense. The Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or U.S. governmental agency or instrumentality. The Notes are not bail-inable notes and are not subject to conversion into our common shares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.

---

| | | |
|:---|:---|:---|
|  | Per Note | Total |
| Price to public<sup>(1)</sup> | 100.00% | $|
| Underwriting discounts and commissions<sup>(1)</sup> | 1.875% | $|
| Proceeds to Royal Bank of Canada | 98.125% | $|

---

<sup>(1)</sup> We or one of our affiliates may pay varying selling concessions of up to $18.75 per $1,000 principal amount of Notes in connection with the distribution of the Notes to other registered broker-dealers. Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forgo some or all of their underwriting discount or selling concessions. The public offering price for investors purchasing the Notes in these accounts may be between $981.25 and $1,000.00 per $1,000 principal amount of Notes. In addition, we or one of our affiliates may pay a broker-dealer that is not affiliated with us a referral fee of up to $5.50 per $1,000 principal amount of Notes. See "Supplemental Plan of Distribution (Conflicts of Interest)" below.

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 $894.00 and $944.00 per $1,000 principal amount of Notes and will be less than the public offering price of the Notes. The final pricing supplement relating to the Notes will set forth the initial estimated value. The market value of the Notes at any time will reflect many factors, cannot be predicted with accuracy and may be less than this amount. We describe the determination of the initial estimated value in more detail below.

RBC Capital Markets, LLC

<br> Auto-Callable Contingent Coupon Buffer Notes Linked to the Least Performing of Three Underliers

**KEY TERMS**

*The information in this "Key Terms" section is qualified by any more detailed information set forth in this pricing supplement and in the accompanying prospectus, prospectus supplement, underlying supplement and product supplement.*

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| | |
|:---|:---|
| **Issuer:** | Royal Bank of Canada |
| **Underwriter:** | RBC Capital Markets, LLC ("RBCCM") |
| **Minimum Investment:** | $1,000 and minimum denominations of $1,000 in excess thereof |
| **Underliers:** | The VanEck<sup>®</sup> Gold Miners ETF (the "GDX Fund"), the SPDR<sup>®</sup> S&P<sup>®</sup> Regional Banking ETF (the "KRE Fund") and the VanEck<sup>®</sup> Semiconductor ETF (the "SMH Fund") |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Underlier** | **Bloomberg Ticker** | **Initial Underlier Value<sup>(1)</sup>** | **Coupon Threshold<sup>(2)</sup>** | **Buffer Value<sup>(3)</sup>** |
| GDX Fund | GDX UP | $| $| $|
| KRE Fund | KRE UP | $| $| $|
| SMH Fund | SMH UQ | $| $| $|

---

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| | |
|:---|:---|
|  | <sup>(1)</sup> With respect to each Underlier, the closing value of that Underlier on the Trade Date |
|  | <sup>(2)</sup> With respect to each Underlier, 65% of its Initial Underlier Value (rounded to two decimal places) |
|  | <sup>(3)</sup> With respect to each Underlier, 75% of its Initial Underlier Value (rounded to two decimal places) |
| **Trade Date:** | November 6, 2025 |
| **Issue Date:** | November 12, 2025 |
| **Valuation Date:\*** | October 6, 2027 |
| **Maturity Date:\*** | October 12, 2027 |
| **Payment of Contingent Coupons:** | If the Notes have not been automatically called, investors will receive a Contingent Coupon on a Coupon Payment Date if the closing value of each Underlier is ***greater than or equal to*** its Coupon Threshold on the immediately preceding Coupon Observation Date.<br>*No Contingent Coupon will be payable on a Coupon Payment Date if the closing value of any Underlier is less than its Coupon Threshold on the immediately preceding Coupon Observation Date. Accordingly, you may not receive a Contingent Coupon on one or more Coupon Payment Dates during the term of the Notes.*<br>|
| **Contingent Coupon:** | If payable, $8.75 per $1,000 principal amount of Notes (corresponding to a rate of 0.875% per month or 10.50% per annum) |
| **Call Feature:** | If, on any Call Observation Date, the closing value of each Underlier is ***greater than or equal to*** its Initial Underlier Value, the Notes will be automatically called. Under these circumstances, investors will receive on the Call Settlement Date per $1,000 principal amount of Notes an amount equal to $1,000 *plus* the Contingent Coupon otherwise due. No further payments will be made on the Notes. |

---

P-2 RBC Capital Markets, LLC

<br> Auto-Callable Contingent Coupon Buffer Notes Linked to the Least Performing of Three Underliers

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| | |
|:---|:---|
| **Payment at Maturity:** | &nbsp;&nbsp;&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, in addition to any Contingent Coupon otherwise due:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Final Underlier Value of the Least Performing Underlier is ***greater than or equal to*** its Buffer Value: $1,000<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Final Underlier Value of the Least Performing Underlier is ***less than*** its Buffer Value, an amount equal to:<br>$1,000 + [$1,000 × (Underlier Return of the Least Performing Underlier + Buffer Percentage)]<br>*If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier is less than its Buffer Value, you will lose some or a substantial portion of your principal amount at maturity. All payments on the Notes are subject to our credit risk.*<br>|
| **Buffer Percentage:** | 25% |
| **Underlier Return:** | With respect to each Underlier, the Underlier Return, expressed as a percentage, is calculated using the following formula:<br><u>Final Underlier Value – Initial Underlier Value</u><br> Initial Underlier Value<br>|
| **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 |
| **Coupon Observation Dates:\*** | Monthly, as set forth in the table below |
| **Coupon Payment Dates:\*** | Monthly, as set forth in the table below |
| **Call Observation Dates:\*** | Monthly, beginning approximately three months following the Trade Date, on each Coupon Observation Date from and including the third Coupon Observation Date, which is February 6, 2026 |
| **Call Settlement Date:\*** | If the Notes are automatically called on any Call Observation Date, the Coupon Payment Date immediately following that Call Observation Date |
| **Calculation Agent:** | RBCCM |

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| | |
|:---|:---|
| **Coupon Observation Dates\*** | **Coupon Payment Dates\*** |
| December 8, 2025 | December 11, 2025 |
| January 6, 2026 | January 9, 2026 |
| February 6, 2026 | February 11, 2026 |
| March 6, 2026 | March 11, 2026 |
| April 6, 2026 | April 9, 2026 |
| May 6, 2026 | May 11, 2026 |
| June 8, 2026 | June 11, 2026 |
| July 6, 2026 | July 9, 2026 |
| August 6, 2026 | August 11, 2026 |
| September 8, 2026 | September 11, 2026 |
| October 6, 2026 | October 9, 2026 |
| November 6, 2026 | November 12, 2026 |
| December 7, 2026 | December 10, 2026 |
| January 6, 2027 | January 11, 2027 |
| February 8, 2027 | February 11, 2027 |

---

P-3 RBC Capital Markets, LLC

<br> Auto-Callable Contingent Coupon Buffer Notes Linked to the Least Performing of Three Underliers

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| | |
|:---|:---|
| **Coupon Observation Dates\*** | **Coupon Payment Dates\*** |
| March 8, 2027 | March 11, 2027 |
| April 6, 2027 | April 9, 2027 |
| May 6, 2027 | May 11, 2027 |
| June 7, 2027 | June 10, 2027 |
| July 6, 2027 | July 9, 2027 |
| August 6, 2027 | August 11, 2027 |
| September 7, 2027 | September 10, 2027 |
| October 6, 2027 (the Valuation Date) | October 12, 2027 (the Maturity Date) |

---

\* Subject to postponement. See "General Terms of the Notes—Postponement of a Determination Date" and "General Terms of the Notes—Postponement of a Payment Date" in the accompanying product supplement.

P-4 RBC Capital Markets, LLC

<br> Auto-Callable Contingent Coupon Buffer Notes Linked to the Least Performing of Three Underliers

**ADDITIONAL TERMS OF YOUR NOTES**

You should read this pricing supplement together with the prospectus dated December 20, 2023, as supplemented by the prospectus supplement dated December 20, 2023, relating to our Senior Global Medium-Term Notes, Series J, of which the Notes are a part, the underlying supplement no. 1A dated May 16, 2024 and the product supplement no. 1B dated July 22, 2025. This pricing supplement, together with these documents, contains the terms of the Notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials, including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours.

We have not authorized anyone to provide any information or to make any representations other than those contained or incorporated by reference in this pricing supplement and the documents listed below. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. These documents are an offer to sell only the Notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in each such document is current only as of its date.

If the information in this pricing supplement differs from the information contained in the documents listed below, you should rely on the information in this pricing supplement.

You should carefully consider, among other things, the matters set forth in "Selected Risk Considerations" in this pricing supplement and "Risk Factors" in the documents listed below, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes.

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

· Prospectus dated December 20, 2023:

[https://www.sec.gov/Archives/edgar/data/1000275/000119312523299520/d645671d424b3.htm](https://www.sec.gov/Archives/edgar/data/1000275/000119312523299520/d645671d424b3.htm)

· Prospectus Supplement dated December 20, 2023:

[https://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm](https://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm)

· Underlying Supplement No. 1A dated May 16, 2024:

[https://www.sec.gov/Archives/edgar/data/1000275/000095010324006773/dp211259_424b2-us1a.htm](https://www.sec.gov/Archives/edgar/data/1000275/000095010324006773/dp211259_424b2-us1a.htm)

· Product Supplement No. 1B dated July 22, 2025:

[https://www.sec.gov/Archives/edgar/data/1000275/000095010325009131/dp231901_424b2-opsn1b.htm](https://www.sec.gov/Archives/edgar/data/1000275/000095010325009131/dp231901_424b2-opsn1b.htm)

Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, "Royal Bank of Canada," the "Bank," "we," "our" and "us" mean only Royal Bank of Canada.

P-5 RBC Capital Markets, LLC

<br> Auto-Callable Contingent Coupon Buffer Notes Linked to the Least Performing of Three Underliers

**HYPOTHETICAL RETURNS**

The table and examples set forth below illustrate hypothetical payments at maturity for hypothetical performance of the Least Performing Underlier, based on its Coupon Threshold of 65% of its Initial Underlier Value, its Buffer Value of 75% of its Initial Underlier Value, the Contingent Coupon of $8.75 per $1,000 principal amount of Notes and the Buffer Percentage of 25%. **The table and examples below also assume that the Notes are not automatically called and do not account for any Contingent Coupons that may be paid prior to maturity.** The table and examples are only for illustrative purposes and may not show the actual return applicable to investors.

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| | | |
|:---|:---|:---|
| **Hypothetical Underlier Return of the Least Performing Underlier** | **Payment at Maturity per $1,000 Principal Amount of Notes\*** | **Payment at Maturity as Percentage of Principal Amount\*** |
| 50.00% | $1008.75 | 100.875% |
| 40.00% | $1008.75 | 100.875% |
| 30.00% | $1008.75 | 100.875% |
| 20.00% | $1008.75 | 100.875% |
| 10.00% | $1008.75 | 100.875% |
| 5.00% | $1008.75 | 100.875% |
| 0.00% | $1008.75 | 100.875% |
| -5.00% | $1008.75 | 100.875% |
| -10.00% | $1008.75 | 100.875% |
| -20.00% | $1008.75 | 100.875% |
| -25.00% | $1008.75 | 100.875% |
| -30.00% | $958.75 | 95.875% |
| -35.00% | $908.75 | 90.875% |
| -35.01% | $899.90 | 89.990% |
| -40.00% | $850.00 | 85.000% |
| -50.00% | $750.00 | 75.000% |
| -60.00% | $650.00 | 65.000% |
| -70.00% | $550.00 | 55.000% |
| -80.00% | $450.00 | 45.000% |
| -90.00% | $350.00 | 35.000% |
| -100.00% | $250.00 | 25.000% |

---

\* Including any Contingent Coupon otherwise due

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| | | |
|:---|:---|:---|
| **Example 1 —** | **The value of the Least Performing Underlier increases from its Initial Underlier Value to its Final Underlier Value by 30%.** | **The value of the Least Performing Underlier increases from its Initial Underlier Value to its Final Underlier Value by 30%.** |
|  | Underlier Return of the Least Performing Underlier: | 30% |
|  | Payment at Maturity: | $1,000 + Contingent Coupon otherwise due = $1,000 + $8.75 = $1,008.75 |
|  | In this example, the payment at maturity is $1,008.75 per $1,000 principal amount of Notes.<br>Because the Final Underlier Value of the Least Performing Underlier is greater than its Coupon Threshold and Buffer Value, investors receive a full return of the principal amount of their Notes *plus* the Contingent Coupon otherwise due. This example illustrates that investors do not participate in any appreciation of the Least Performing Underlier, which may be significant. | In this example, the payment at maturity is $1,008.75 per $1,000 principal amount of Notes.<br>Because the Final Underlier Value of the Least Performing Underlier is greater than its Coupon Threshold and Buffer Value, investors receive a full return of the principal amount of their Notes *plus* the Contingent Coupon otherwise due. This example illustrates that investors do not participate in any appreciation of the Least Performing Underlier, which may be significant. |

---

P-6 RBC Capital Markets, LLC

<br> Auto-Callable Contingent Coupon Buffer Notes Linked to the Least Performing of Three Underliers

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| | | |
|:---|:---|:---|
| **Example 2 —** | **The value of the Least Performing Underlier decreases from its Initial Underlier Value to its Final Underlier Value by 10% (i.e., its Final Underlier Value is below its Initial Underlier Value but above its Coupon Threshold and Buffer Value).** | **The value of the Least Performing Underlier decreases from its Initial Underlier Value to its Final Underlier Value by 10% (i.e., its Final Underlier Value is below its Initial Underlier Value but above its Coupon Threshold and Buffer Value).** |
|  | Underlier Return of the Least Performing Underlier: | -10% |
|  | Payment at Maturity: | $1,000 + Contingent Coupon otherwise due = $1,000 + $8.75 = $1,008.75 |
|  | In this example, the payment at maturity is $1,008.75 per $1,000 principal amount of Notes.<br>Because the Final Underlier Value of the Least Performing Underlier is greater than its Coupon Threshold and Buffer Value, investors receive a full return of the principal amount of their Notes *plus* the Contingent Coupon otherwise due. | In this example, the payment at maturity is $1,008.75 per $1,000 principal amount of Notes.<br>Because the Final Underlier Value of the Least Performing Underlier is greater than its Coupon Threshold and Buffer Value, investors receive a full return of the principal amount of their Notes *plus* the Contingent Coupon otherwise due. |

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| | | |
|:---|:---|:---|
| **Example 3 —** | **The value of the Least Performing Underlier decreases from its Initial Underlier Value to its Final Underlier Value by 30% (i.e., its Final Underlier Value is below its Buffer Value but above its Coupon Threshold).** | **The value of the Least Performing Underlier decreases from its Initial Underlier Value to its Final Underlier Value by 30% (i.e., its Final Underlier Value is below its Buffer Value but above its Coupon Threshold).** |
|  | Underlier Return of the Least Performing Underlier: | -30% |
|  | Payment at Maturity: | $1,000 + [$1,000 × (-30% + 25%)] + Contingent Coupon otherwise due = $1,000 – $50 + $8.75 = $958.75 |
|  | In this example, the payment at maturity is $958.75 per $1,000 principal amount of Notes.<br>Because the Final Underlier Value of the Least Performing Underlier is less than its Buffer Value but greater than its Coupon Threshold, investors receive the Contingent Coupon otherwise due but do not receive a full return of the principal amount of their Notes. | In this example, the payment at maturity is $958.75 per $1,000 principal amount of Notes.<br>Because the Final Underlier Value of the Least Performing Underlier is less than its Buffer Value but greater than its Coupon Threshold, investors receive the Contingent Coupon otherwise due but do not receive a full return of the principal amount of their Notes. |

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| | | |
|:---|:---|:---|
| **Example 4 —** | **The value of the Least Performing Underlier decreases from its Initial Underlier Value to its Final Underlier Value by 50% (i.e., its Final Underlier Value is below its Coupon Threshold and Buffer Value).** | **The value of the Least Performing Underlier decreases from its Initial Underlier Value to its Final Underlier Value by 50% (i.e., its Final Underlier Value is below its Coupon Threshold and Buffer Value).** |
|  | Underlier Return of the Least Performing Underlier: | -50% |
|  | Payment at Maturity: | $1,000 + [$1,000 × (-50% + 25%)] = $1,000 – $250 = $750 |
|  | In this example, the payment at maturity is $750 per $1,000 principal amount of Notes, representing a loss of 25% of the principal amount.<br>Because the Final Underlier Value of the Least Performing Underlier is less than its Buffer Value, investors do not receive a full return of the principal amount of their Notes. In addition, because the Final Underlier Value of the Least Performing Underlier is less than its Coupon Threshold, investors do not receive a Contingent Coupon at maturity. | In this example, the payment at maturity is $750 per $1,000 principal amount of Notes, representing a loss of 25% of the principal amount.<br>Because the Final Underlier Value of the Least Performing Underlier is less than its Buffer Value, investors do not receive a full return of the principal amount of their Notes. In addition, because the Final Underlier Value of the Least Performing Underlier is less than its Coupon Threshold, investors do not receive a Contingent Coupon at maturity. |

---

***Investors in the Notes could lose some or a substantial portion of the principal amount of their Notes at maturity. The table and examples above assume that the Notes are not automatically called. However, if the Notes are automatically called, investors will not receive any further payments after the Call Settlement Date.***

P-7 RBC Capital Markets, LLC

<br> Auto-Callable Contingent Coupon Buffer Notes Linked to the Least Performing of Three Underliers

**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 "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.

**Risks Relating to the Terms and Structure of the Notes**

· **You May Lose a Substantial Portion of the Principal Amount at Maturity** — If the Notes are not automatically called and the Final Underlier Value of the Least Performing Underlier
is less than its Buffer Value, you will lose 1% of the principal amount of your Notes for each 1% that the Final Underlier Value of the
Least Performing Underlier is less than its Initial Underlier Value in excess of the Buffer Percentage. You could lose some or a substantial
portion of your principal amount at maturity.

· **You May Not Receive Any Contingent Coupons** — We will not necessarily pay any Contingent Coupons on the Notes. If the closing value of any Underlier is less than its Coupon
Threshold on a Coupon Observation Date, we will not pay you the Contingent Coupon applicable to that Coupon Observation Date. If the closing
value of any Underlier is less than its Coupon Threshold on each of the Coupon Observation Dates, we will not pay you any Contingent Coupons
during the term of, and you will not receive a positive return on, your Notes. Generally, this non-payment of the Contingent Coupon coincides
with a greater risk of principal loss on your Notes. Even if your return is positive, your return may be less than the return you would
earn if you purchased one of our conventional senior interest-bearing debt securities.

· **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** — Any payment
on the Notes will be determined solely by the performance of the Underlier with the worst performance. The Notes are not linked to a weighted
basket, in which the risk may be mitigated and diversified among each of the basket components. In the case of the Notes, the individual
performance of the Underliers will not be combined, and the adverse performance of one Underlier will not be mitigated by any appreciation
of any other Underlier. The Underliers may be uncorrelated and may not perform similarly over the term of the Notes, which may adversely
affect your return on the Notes.

· **You Will Not Participate in Any Appreciation of Any Underlier, and Any Potential Return on the Notes Is Limited** — The return on the Notes is limited to the Contingent Coupons,
if any, that may be payable on the Notes, regardless of any appreciation of any Underlier, which may be significant. As a result, the
return on an investment in the Notes could be less than the return on a direct investment in any Underlier.

· **The Notes Are Subject to an Automatic Call** — If, on any Call Observation Date, the closing value of each Underlier is greater than or equal to its Initial Underlier Value,
the Notes will be automatically called, and you will not receive any further payments on the Notes. Because the Notes could be called
as early as approximately three months after the Issue Date, the total return on the Notes could be minimal. You may be unable to reinvest
your proceeds from the automatic call in an investment with a return that is as high as the return on the Notes would have been if they
had not been called.

· **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** — The Notes are our
senior unsecured debt securities, and your receipt of any amounts due on the Notes is dependent upon our ability to pay our obligations
as they come due. If we were to default on our payment obligations, you may not receive any amounts owed to you under the Notes and you
could lose your entire investment. In addition, any negative changes in market perceptions about our creditworthiness may adversely affect
the market value of the Notes.

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· **Any Payment on the Notes Will Be Determined Based on the Closing Values of the Underliers on the Dates Specified** — Any payment on the Notes will be determined based on
the closing values of the Underliers on the dates specified. You will not benefit from any more favorable values of the Underliers determined
at any other time.

· **The U.S. Federal Income Tax Consequences of an Investment in the Notes Are Uncertain** — There is no direct legal authority regarding the proper U.S. federal income tax treatment
of the Notes, and significant aspects of the tax treatment of the Notes are uncertain. Moreover, non-U.S. investors should note that persons
having withholding responsibility in respect of the Notes may withhold on any coupon paid to a non-U.S. investor, generally at a rate
of 30%. We will not pay any additional amounts in respect of such withholding. You should review carefully the section entitled "United
States Federal Income Tax Considerations" herein, in combination with the section entitled "United States Federal Income Tax
Considerations" in the accompanying product supplement, and consult your tax adviser regarding the U.S. federal income tax consequences
of an investment in the Notes.

**Risks Relating to the Initial Estimated Value of the Notes and the Secondary Market for the Notes**

· **There May Not Be an Active Trading Market for the Notes; Sales in the Secondary Market May Result in Significant Losses** — There may be little or no secondary market for the
Notes. The Notes will not be listed on any securities exchange. RBCCM and our other affiliates may make a market for the Notes; however,
they are not required to do so and, if they choose to do so, may stop any market-making activities at any time. Because other dealers
are not likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes is likely to depend on
the price, if any, at which RBCCM or any of our other affiliates is willing to buy the Notes. Even if a secondary market for the Notes
develops, it may not provide enough liquidity to allow you to easily trade or sell the Notes. We expect that transaction costs in any
secondary market would be high. As a result, the difference between bid and ask prices for your Notes in any secondary market could be
substantial. If you sell your Notes before maturity, you may have to do so at a substantial discount from the price that you paid for
them, and as a result, you may suffer significant losses. The Notes are not designed to be short-term trading instruments. Accordingly,
you should be able and willing to hold your Notes to maturity.

· **The Initial Estimated Value of the Notes Will Be Less Than the Public Offering Price** — The initial estimated value of the Notes will be less than the public offering price
of the Notes and does not represent a minimum price at which we, RBCCM or any of our other affiliates would be willing to purchase the
Notes in any secondary market (if any exists) at any time. If you attempt to sell the Notes prior to maturity, their market value may
be lower than the price you paid for them and the initial estimated value. This is due to, among other things, changes in the values of
the Underliers, the internal funding rate we pay to issue securities of this kind (which is lower than the rate at which we borrow funds
by issuing conventional fixed rate debt) and the inclusion in the public offering price of the underwriting discount, the referral fee,
our estimated profit and the estimated costs relating to our hedging of the Notes. These factors, together with various credit, market
and economic factors over the term of the Notes, are expected to reduce the price at which you may be able to sell the Notes in any secondary
market and will affect the value of the Notes in complex and unpredictable ways. Assuming no change in market conditions or any other
relevant factors, the price, if any, at which you may be able to sell your Notes prior to maturity may be less than your original purchase
price, as any such sale price would not be expected to include the underwriting discount, the referral fee, our estimated profit or the
hedging costs relating to the Notes. In addition, any price at which you may sell the Notes is likely to reflect customary bid-ask spreads
for similar trades. In addition to bid-ask spreads, the value of the Notes determined for any secondary market price is expected to be
based on a secondary market rate rather than the internal funding rate used to price the Notes and determine the initial estimated value.
As a result, the secondary market price will be less than if the internal funding rate were used.

· **The Initial Estimated Value of the Notes Is Only an Estimate, Calculated as of the Trade Date** — The initial estimated value of the Notes is based on the value of our obligation
to make the payments on the Notes, together with the mid-market value of the derivative embedded in the terms of the Notes. See "Structuring
the Notes" below. Our estimate is based on a variety of assumptions, including our internal funding rate (which represents a discount
from our credit spreads), expectations as to dividends, interest rates and volatility and the expected term of the Notes. These assumptions
are based on certain forecasts about future events, which may prove to be incorrect. Other entities may value the Notes or similar securities
at a price that is significantly different than we do.

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The value of the Notes at any time after the Trade Date will vary based on many factors, including changes in market conditions, and cannot be predicted with accuracy. As a result, the actual value you would receive if you sold the Notes in any secondary market, if any, should be expected to differ materially from the initial estimated value of the Notes.

**Risks Relating to Conflicts of Interest and Our Trading Activities**

· **Our and Our Affiliates' Business and Trading Activities May Create Conflicts of Interest** — You should make your own independent investigation of the merits of investing
in the Notes. Our and our affiliates' economic interests are potentially adverse to your interests as an investor in the Notes due
to our and our affiliates' business and trading activities, and we and our affiliates have no obligation to consider your interests
in taking any actions that might affect the value of the Notes. Trading by us and our affiliates may adversely affect the values of the
Underliers and the market value of the Notes. See "Risk Factors—Risks Relating to Conflicts of Interest" in the accompanying
product supplement.

· **RBCCM's Role as Calculation Agent May Create Conflicts of Interest** — As Calculation Agent, our affiliate, RBCCM, will determine any values of the Underliers and make
any other determinations necessary to calculate any payments on the Notes. In making these determinations, the Calculation Agent may be
required to make discretionary judgments, including those described under "—Risks Relating to the Underliers" below.
In making these discretionary judgments, the economic interests of the Calculation Agent are potentially adverse to your interests as
an investor in the Notes, and any of these determinations may adversely affect any payments on the Notes. The Calculation Agent will have
no obligation to consider your interests as an investor in the Notes in making any determinations with respect to the Notes.

**Risks Relating to the Underliers**

· **You Will Not Have Any Rights to Any Underlier or Its Component Securities** — As an investor in the Notes, you will not have voting rights or rights to receive dividends or
other distributions or any other rights with respect to any Underlier or its component securities.

· **Each Underlier and Its Underlying Index Are Different** — The performance of an Underlier will not exactly replicate the performance of its Underlying Index (as defined below).
Each Underlier is subject to management risk, which is the risk that the investment strategy for that Underlier, the implementation of
which is subject to a number of constraints, may not produce the intended results. Each Underlier's investment adviser may have
the right to use a portion of that Underlier's assets to invest in securities or other assets or instruments, including derivatives,
that are not included in its Underlying Index. In addition, unlike an Underlying Index, an Underlier will reflect transaction costs and
fees that will reduce its performance relative to its Underlying Index.

The performance of an Underlier may diverge significantly from the performance of its Underlying Index due to differences in trading hours between that Underlier and the securities composing its Underlying Index or other circumstances. During periods of market volatility, the component securities held by an Underlier may be unavailable in the secondary market, market participants may be unable to calculate accurately the intraday net asset value per share of that Underlier and the liquidity of that Underlier may be adversely affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem shares in an Underlier. Further, market volatility may adversely affect, sometimes materially, the prices at which market participants are willing to buy and sell shares of an Underlier. As a result, under these circumstances, the market value of an Underlier may vary substantially from the net asset value per share of that Underlier.

· **The Equity Securities Composing the GDX Fund Are Concentrated in the Gold and Silver Mining Industries** — All or substantially all of the equity securities composing the
GDX Fund are issued by companies whose primary line of business is directly associated with the gold and silver mining industries. As
a result, the value of the Notes may be subject to greater volatility and may be more adversely affected by a single economic, political
or regulatory occurrence affecting this industry than a different investment linked to securities of a more broadly diversified group
of issuers. Companies that are involved in the gold mining and silver mining industries are considered speculative and are affected by
a variety of factors. Competitive pressures may have a significant effect on the financial condition of gold mining and silver mining
companies. Also, gold and silver mining companies are highly dependent on the price of gold bullion and silver bullion, respectively,
but may also be adversely affected by a variety of worldwide economic, financial and political

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factors. The price of gold and silver may fluctuate substantially over short periods of time. Fluctuation in the prices of gold and silver may be due to a number of factors, including changes in inflation, changes in currency exchange rates and changes in industrial and commercial demand for metals (including fabricator demand). Additionally, increased environmental or labor costs may depress the value of metal investments.

· **The Equity Securities Composing the KRE Fund Are Concentrated in the Regional Banking Industry and the Financial Services Industry** — All or substantially all of the equity
securities composing the KRE Fund are issued by companies whose primary line of business is directly associated with the regional banking
industry and the financial services industry. As a result, the value of the Notes may be subject to greater volatility and may be more
adversely affected by a single economic, political or regulatory occurrence affecting this industry than a different investment linked
to securities of a more broadly diversified group of issuers. Banking and financial services companies are subject to extensive government
regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates, fees
and prices they can charge, the scope of their activities and the amount of capital they must maintain. Profitability is largely dependent
on the availability and cost of capital funds, and can fluctuate significantly when interest rates change or due to increased competition.
In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and
international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Credit
losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact
the financial sector. Changes in government regulation and oversight of financial institutions may have an adverse effect on the financial
condition of a financial institution.

· **The Equity Securities Composing the SMH Fund Are Concentrated in the Semiconductor Industry** — All or substantially all of the equity securities composing the SMH Fund are
issued by companies whose primary line of business is directly associated with the semiconductor industry. As a result, the value of the
Notes may be subject to greater volatility and may be more adversely affected by a single economic, political or regulatory occurrence
affecting this industry than a different investment linked to securities of a more broadly diversified group of issuers. Semiconductor
companies are vulnerable to wide fluctuations in securities prices due to rapid product obsolescence. The international operations of
many semiconductor companies expose them to risks associated with instability and changes in economic and political conditions, foreign
currency fluctuations, changes in foreign regulations, tariffs and trade disputes, competition from subsidized foreign competitors with
lower production costs and other risks inherent to international business. The semiconductor industry is highly cyclical, which may cause
the operating results of many semiconductor companies to vary significantly.

· **The Notes Are Subject to Risks Relating to Non-U.S. Securities Markets with Respect to the GDX Fund** — Some of the equity securities composing the GDX Fund are issued by
non-U.S. companies in non-U.S. securities markets. Investments in securities linked to the value of such non-U.S. equity securities involve
risks associated with the securities markets in the home countries of the issuers of those non-U.S. equity securities, including risks
of volatility in those markets, governmental intervention in those markets and cross shareholdings in companies in certain countries.
Also, there is generally less publicly available information about companies in some of these jurisdictions than there is about U.S. companies
that are subject to the reporting requirements of the SEC, and generally non-U.S. companies are subject to accounting, auditing and financial
reporting standards and requirements and securities trading rules different from those applicable to U.S. reporting companies. The prices
of securities in non-U.S. markets may be affected by political, economic, financial and social factors in those countries, or global regions,
including changes in government, economic and fiscal policies and currency exchange laws.

· **The Notes Are Subject to Risks Relating to Non-U.S. Securities with Respect to the SMH Fund** — Because some of the equity securities composing the SMH Fund are issued by
non-U.S. issuers, an investment in the Notes involves risks associated with the home countries of those issuers. The prices of securities
of non-U.S. companies may be affected by political, economic, financial and social factors in those countries, or global regions, including
changes in government, economic and fiscal policies and currency exchange laws.

· **The Notes Are Subject to Risks Relating to Emerging Markets with Respect to the GDX Fund** — Some of the equity securities composing the GDX Fund have been issued by companies
based in emerging markets. Emerging markets pose further risks in addition to the risks associated with investing in foreign equity markets
generally. Countries

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with emerging markets may have relatively unstable financial markets and governments; may present the risks of nationalization of businesses; may impose restrictions on currency conversion, exports or foreign ownership and prohibitions on the repatriation of assets; may pose a greater likelihood of regulation by the national, provincial and local governments of the emerging market countries, including the imposition of currency exchange laws and taxes; and may have less protection of property rights, less access to legal recourse and less comprehensive financial reporting and auditing requirements than more developed countries. The economies of countries with emerging markets may be based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Moreover, the economies in such countries may differ unfavorably from the economy in the United States in such respects as growth of gross national product, rate of inflation, capital reinvestment, resources, self-sufficiency and balance of payment positions. The currencies of emerging markets may also be less liquid and more volatile than those of developed markets and may be affected by political and economic developments in different ways than developed markets. The foregoing factors may adversely affect the performance of companies based in emerging markets.

· **The Value of the GDX Fund Is Subject to Currency Exchange Risk** — Because some of the securities composing the GDX Fund are denominated in non-U.S. currencies and are converted
into U.S. dollars for purposes of calculating the value of the GDX Fund, the value of the GDX Fund will be exposed to the currency exchange
rate risk with respect to each of those non-U.S. currencies relative to the U.S. dollar. An investor's net exposure will depend
on the extent to which each of those non-U.S. currencies strengthens or weakens against the U.S. dollar and the relative weight of the
securities denominated in those non-U.S. currencies. If, taking into account the relevant weighting, the U.S. dollar strengthens against
those non-U.S. currencies, the value of the GDX Fund and the value of the Notes will be adversely affected.

· **The GDX Fund Recently Changed the Underlying Index** — Prior to market close on September 19, 2025, the GDX Fund tracked the NYSE Arca Gold Miners Index. After market close
on September 19, 2025, the GDX Fund began tracking the MarketVector Global Gold Miners Index instead. The MarketVector Global Gold Miners
Index differs from the NYSE Arca Gold Miners Index, including in the use of different market capitalization criteria for inclusion in
the index and different weighting schemes. Accordingly, the composition of the GDX Fund changed as a result of this transition. In connection
with this change, the GDX Fund may have experienced, and may continue to experience, additional portfolio turnover, and the GDX Fund may
have incurred, and may continue to incur, higher tracking error than had been typical for the GDX Fund. This change could have adversely
affected, and may continue to adversely affect, the performance of the GDX Fund and, in turn, your return on the Notes. In addition, when
evaluating the historical performance of the GDX Fund included below, you should bear in mind that the historical performance of the GDX
Fund might have been meaningfully different had the GDX Fund tracked the MarketVector Global Gold Miners Index prior to September 19,
2025. · **We May Accelerate the Notes If a Change-in-Law Event Occurs** — Upon the occurrence of legal or regulatory changes that may, among other things, prohibit or otherwise materially
restrict persons from holding the Notes or an Underlier or its components, or engaging in transactions in them, the Calculation Agent
may determine that a change-in-law-event has occurred and accelerate the Maturity Date for a payment determined by the Calculation Agent
in its sole discretion. Any amount payable upon acceleration could be significantly less than any amount that would be due on the Notes
if they were not accelerated. However, if the Calculation Agent elects not to accelerate the Notes, the value of, and any amount payable
on, the Notes could be adversely affected, perhaps significantly, by the occurrence of such legal or regulatory changes. See "General
Terms of the Notes—Change-in-Law Events" in the accompanying product supplement.

· **Any Payment on the Notes May Be Postponed and Adversely Affected by the Occurrence of a Market Disruption Event** — The timing and amount of any payment on the Notes is subject
to adjustment upon the occurrence of a market disruption event affecting an Underlier. If a market disruption event persists for a sustained
period, the Calculation Agent may make a discretionary determination of the closing value of any affected Underlier. See "General
Terms of the Notes—Reference Stocks and Funds—Market Disruption Events," "General Terms of the Notes—Postponement
of a

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Determination Date" and "General Terms of the Notes—Postponement of a Payment Date" in the accompanying product supplement.

· **Adjustments to an Underlier or to Its Underlying Index Could Adversely Affect Any Payments on the Notes** — The investment adviser of an Underlier may add, remove or substitute
the component securities held by that Underlier or make changes to its investment strategy, and the sponsor of an Underlying Index may
add, delete, substitute or adjust the securities composing that Underlying Index, may make other methodological changes to that Underlying
Index that could affect its performance or may discontinue or suspend calculation and publication of that Underlying Index. Any of these
actions could adversely affect the value of an Underlier and, consequently, the value of the Notes.

· **Anti-dilution Protection Is Limited, and the Calculation Agent Has Discretion to Make Anti-dilution Adjustments** — The Calculation Agent may in its sole discretion make adjustments
affecting any amounts payable on the Notes upon the occurrence of certain events with respect to an Underlier that the Calculation Agent
determines have a diluting or concentrative effect on the theoretical value of that Underlier. However, the Calculation Agent might not
make adjustments in response to all such events that could affect an Underlier. The occurrence of any such event and any adjustment made
by the Calculation Agent (or a determination by the Calculation Agent not to make any adjustment) may adversely affect the market price
of, and any amounts payable on, the Notes. See "General Terms of the Notes—Reference Stocks and Funds—Anti-dilution
Adjustments" in the accompanying product supplement.

· **Reorganization or Other Events Could Adversely Affect the Value of the Notes or Result in the Notes Being Accelerated** — If an Underlier is delisted or terminated, the Calculation
Agent may select a successor fund. In addition, upon the occurrence of certain reorganization or other events affecting an Underlier,
the Calculation Agent may make adjustments that result in payments on the Notes being based on the performance of (i) cash, securities
of another issuer and/or other property distributed to holders of that Underlier upon the occurrence of that event or (ii) in the case
of a reorganization event in which only cash is distributed to holders of that Underlier, a substitute security, if the Calculation Agent
elects to select one. Any of these actions could adversely affect the value of the affected Underlier and, consequently, the value of
the Notes. Alternatively, the Calculation Agent may accelerate the Maturity Date for a payment determined by the Calculation Agent. Any
amount payable upon acceleration could be significantly less than any amount that would be due on the Notes if they were not accelerated.
However, if the Calculation Agent elects not to accelerate the Notes, the value of, and any amount payable on, the Notes could be adversely
affected, perhaps significantly. See "General Terms of the Notes—Reference Stocks and Funds—Anti-dilution Adjustments—Reorganization
Events" and "General Terms of the Notes—Reference Stocks and Funds—Discontinuation of, or Adjustments to, a Fund"
in the accompanying product supplement.

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**INFORMATION REGARDING THE UNDERLIERS**

According to publicly available information, the GDX Fund is an exchange-traded fund of the VanEck<sup>®</sup> ETF Trust, a registered investment company, that seeks to track as closely as possible, before fees and expenses, the price and yield performance of the MarketVector Global Gold Miners Index (with respect to the GDX Fund, the "Underlying Index"). The MarketVector Global Gold Miners Index is a float-adjusted modified market capitalization-weighted index that tracks the performance of companies involved primarily in the gold and silver mining industry. Prior to market close on September 19, 2025, the GDX Fund's benchmark index was the NYSE Arca Gold Miners Index. For more information about the GDX Fund, see "Exchange-Traded Funds—The VanEck<sup>®</sup> ETFs" in the accompanying underlying supplement, as supplemented and superseded by the information above. For more information about the MarketVector Global Gold Miners Index, see Annex A in this pricing supplement.

According to publicly available information, the KRE Fund is an exchange-traded fund of the SPDR<sup>®</sup> Series Trust, a registered investment company, that seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P<sup>®</sup> Regional Banks Select Industry<sup>TM</sup> Index (with respect to the KRE Fund, the "Underlying Index"). The Underlying Index is a modified equal-weighted index that is designed to measure the performance of the GICS<sup>®</sup> regional banks sub-industry of the S&P Total Market Index. For more information about the KRE Fund, see "Exchange-Traded Funds—The SPDR<sup>®</sup> S&P<sup>®</sup> Industry ETFs" in the accompanying underlying supplement.

According to publicly available information, the SMH Fund is an exchange-traded fund of the VanEck<sup>®</sup> ETF Trust, a registered investment company, that seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS<sup>®</sup> US Listed Semiconductor 25 Index (with respect to the SMH Fund, the "Underlying Index"). The Underlying Index is designed to track the performance of the largest and most liquid U.S. exchange-listed companies that derive at least 50% (25% for current components) of their revenues from semiconductors. For more information about the SMH Fund, see "Exchange-Traded Funds—The VanEck<sup>®</sup> ETFs" in the accompanying underlying supplement.

**Historical Information**

The following graphs set forth historical closing values of the Underliers for the period from January 1, 2015 to October 31, 2025. Each red line represents a hypothetical Coupon Threshold and each green line represents a hypothetical Buffer Value, in each case based on the closing value of the relevant Underlier on October 31, 2025. We obtained the information in the graphs from Bloomberg Financial Markets, without independent investigation. **We cannot give you assurance that the performance of the Underliers will result in the return of all of your initial investment.**

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**VanEck<sup>®</sup> Gold Miners ETF**

![](image_001.jpg)

***PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.***

**SPDR<sup>®</sup> S&P<sup>®</sup> Regional Banking ETF**

![](image_002.jpg)

***PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.***

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**VanEck<sup>®</sup> Semiconductor ETF**

![](image_003.jpg)

***PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.***

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**UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS**

You should review carefully the section in the accompanying product supplement entitled "United States Federal Income Tax Considerations." The following discussion, when read in combination with that section, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the Notes.

Generally, this discussion assumes that you purchased the Notes for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including consequences that may arise due to any other investments relating to the Underliers. You should consult your tax adviser regarding the effect any such circumstances may have on the U.S. federal income tax consequences of your ownership of a Note.

In the opinion of our counsel, which is based on current market conditions, it is reasonable to treat the Notes for U.S. federal income tax purposes as prepaid financial contracts with associated coupons, and any coupons as ordinary income, as described in the section entitled "United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Notes Treated as Prepaid Financial Contracts with Associated Coupons" in the accompanying product supplement. There is uncertainty regarding this treatment, and the Internal Revenue Service (the "IRS") or a court might not agree with it. Moreover, because this treatment of the Notes and our counsel's opinion are based on market conditions as of the date of this preliminary pricing supplement, each is subject to confirmation on the Trade Date. A different tax treatment could be adverse to you.

We do not plan to request a ruling from the IRS regarding the treatment of the Notes. An alternative characterization of the Notes could materially and adversely affect the tax consequences of ownership and disposition of the Notes, including the timing and character of income recognized. In addition, the U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of "prepaid forward contracts" and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the Notes, possibly with retroactive effect.

**Non-U.S. Holders.** The U.S. federal income tax treatment of the coupons is unclear. To the extent that we have withholding responsibility in respect of the Notes, we would expect generally to treat the coupons as subject to U.S. withholding tax. Moreover, you should expect that, if the applicable withholding agent determines that withholding tax should apply, it will be at a rate of 30% (or lower treaty rate). In order to claim an exemption from, or a reduction in, the 30% withholding under an applicable treaty, you may need to comply with certification requirements to establish that you are not a U.S. person and are eligible for such an exemption or reduction under an applicable tax treaty. You should consult your tax adviser regarding the tax treatment of the coupons.

As discussed under "United States Federal Income Tax Considerations—Tax Consequences to Non-U.S. Holders—Dividend Equivalents under Section 871(m) of the Code" in the accompanying product supplement, Section 871(m) of the Internal Revenue Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. The Treasury regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that do not have a "delta" of one. Based on certain determinations made by us, we expect that Section 871(m) will not apply to the Notes with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. If necessary, further information regarding the potential application of Section 871(m) will be provided in the final pricing supplement for the Notes.

We will not be required to pay any additional amounts with respect to U.S. federal withholding taxes.

You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the Notes, including possible alternative treatments, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

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**SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)**

The Notes are offered initially to investors at a purchase price equal to par, except with respect to certain accounts as indicated on the cover page of this pricing supplement. We or one of our affiliates may pay the underwriting discount and may pay a broker-dealer that is not affiliated with us a referral fee, in each case as set forth on the cover page of this pricing supplement.

The value of the Notes shown on your account statement may be based on RBCCM's estimate of the value of the Notes if RBCCM or another of our affiliates were to make a market in the Notes (which it is not obligated to do). That estimate will be based on the price that RBCCM may pay for the Notes in light of then-prevailing market conditions, our creditworthiness and transaction costs. For a period of approximately six months after the Issue Date, the value of the Notes that may be shown on your account statement may be higher than RBCCM's estimated value of the Notes at that time. This is because the estimated value of the Notes will not include the underwriting discount, the referral fee or our hedging costs and profits; however, the value of the Notes shown on your account statement during that period may initially be a higher amount, reflecting the addition of the underwriting discount, the referral fee and our estimated costs and profits from hedging the Notes. This excess is expected to decrease over time until the end of this period. After this period, if RBCCM repurchases your Notes, it expects to do so at prices that reflect their estimated value.

RBCCM or another of its affiliates or agents may use this pricing supplement in the initial sale of the Notes. In addition, RBCCM or another of our affiliates may use this pricing supplement in a market-making transaction in the Notes after their initial sale. ***Unless we or our agent informs the purchaser otherwise in the confirmation of sale, this pricing supplement is being used in a market-making transaction.***

For additional information about the settlement cycle of the Notes, see "Plan of Distribution" in the accompanying prospectus. For additional information as to the relationship between us and RBCCM, see the section "Plan of Distribution—Conflicts of Interest" in the accompanying prospectus.

**STRUCTURING THE NOTES**

The Notes are our debt securities. As is the case for all of our debt securities, including our structured notes, the economic terms of the Notes reflect our actual or perceived creditworthiness. In addition, because structured notes result in increased operational, funding and liability management costs to us, we typically borrow the funds under structured notes at a rate that is lower than the rate that we might pay for a conventional fixed or floating rate debt security of comparable maturity. The lower internal funding rate, the underwriting discount, the referral fee and the hedging-related costs relating to the Notes reduce the economic terms of the Notes to you and result in the initial estimated value for the Notes being less than their public offering price. Unlike the initial estimated value, any value of the Notes determined for purposes of a secondary market transaction may be based on a secondary market rate, which may result in a lower value for the Notes than if our initial internal funding rate were used.

In order to satisfy our payment obligations under the Notes, we may choose to enter into certain hedging arrangements (which may include call options, put options or other derivatives) with RBCCM and/or one of our other subsidiaries. The terms of these hedging arrangements take into account a number of factors, including our creditworthiness, interest rate movements, volatility and the tenor of the Notes. The economic terms of the Notes and the initial estimated value depend in part on the terms of these hedging arrangements.

See "Selected Risk Considerations—Risks Relating to the Initial Estimated Value of the Notes and the Secondary Market for the Notes—The Initial Estimated Value of the Notes Will Be Less Than the Public Offering Price" above.

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**ANNEX A**

**The MarketVector Global Gold Miners Index**

All information contained in this pricing supplement regarding the MarketVector Global Gold Miners Index (for purposes of this Annex A, the "Underlying Index"), including, without limitation, its make-up, method of calculation and changes in its components, has been derived from publicly available information, without independent verification. This information reflects the policies of, and is subject to change by, MarketVector Indexes GmbH ("MarketVector"). The Underlying Index is owned by MarketVector and is calculated and maintained by Solactive AG ("Solactive"). MarketVector and Solactive have no obligation to continue to publish, and may discontinue publication of, the Underlying Index.

The Underlying Index is reported by Bloomberg L.P. under the ticker symbol "MVGDX."

The Underlying Index is a float-adjusted modified market capitalization-weighted index that tracks the performance of companies involved primarily in the gold and silver mining industry. The Underlying Index was launched on June 3, 2025 with a base index value of 1000.00 as of April 30, 2006.

***Index Composition***

*Index Universe*

To be eligible for inclusion in the Underlying Index, companies must generate at least 50% (25% for current index components) of their revenues from gold and/or silver mining, royalties and/or streaming or have at least 50% (25% for current index components) of their mining mineral resources from gold and/or silver. In addition, securities must be common securities or securities with similar characteristics from financial markets that are freely investable for foreign investors and that provide real-time and historical component and currency pricing, excluding limited partnerships. Companies from financial markets that are not freely investable for foreign investors or that do not provide real-time and historical component and currency pricing may still be eligible if they have a listing on an eligible exchange and if they meet all the size and liquidity requirements set forth below on that exchange.

Securities are not eligible for inclusion in the Underlying Index if they are listed on (1) exchanges in Bahrain, China (domestic market), India, Kuwait, Luxembourg, Oman, Qatar, Russia, Saudi Arabia, United Arab Emirates or Vietnam or (2) Paris Euronext Auction, Hamburger Boerse, Boerse Berlin, Oslo Euronext Growth or London Stock Exchange (AIM, AIMI, ASQ1, ASQ2, ASX1, ASXN, SFM2, SFM3, SSQ3, SSX3, SSX4, EQS).

*Investable Universe*

To be included in the investable universe, securities must meet the following size and liquidity requirements:

&nbsp;&nbsp;&nbsp;&nbsp;1. For securities that are currently not included in the Underlying Index, the securities must have (i) free-float
of at least 10%, (ii) full market capitalization exceeding $150 million, (iii) a three-month average daily trading volume of at least
$1 million at the current quarter and at the previous two quarters and (iv) at least 0.25 million shares traded per month over the last
six months at the current quarter and at the previous two quarters.

&nbsp;&nbsp;&nbsp;&nbsp;2. For securities that are already included in the Underlying Index, the securities must have (i) free-float
of at least 5%, (ii) full market capitalization exceeding $75 million, (iii) a three-month average daily trading volume of at least $0.2
million in at least two of the latest three quarters (current quarter and the previous two quarters) and (iv) at the current quarter or
at one of the previous two quarters, a three-month average daily trading volume of at least $0.6 million or at least 0.2 million shares
traded per month over the last six months.

&nbsp;&nbsp;&nbsp;&nbsp;3. In the case of recent initial public offerings, spin-offs and post-merger/acquisition special purpose
acquisition companies, the securities must have (i) free-float of at least 10%, (ii) full market capitalization exceeding $150 million,
(iii) an average daily trading volume of at least $1 million and (iv) traded at least 0.25 million shares per month (or per 22 days).

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Such securities qualify for fast-track addition to the investable universe once; either at the next regularly scheduled review if they have been trading since at least the last trading day of the month two months prior to the review month or else at the following regularly scheduled review.

*Eligible Universe*

For each company in the investable universe, only one share class is included in the eligible universe. In cases where more than one share class fulfills the above specified market capitalization and liquidity eligibility criteria, only the largest share class by free-float market capitalization is included in the eligible universe. In exceptional cases (e.g. significantly higher liquidity), MarketVector can decide that a different share class will be included in the eligible universe. In cases where the free-float market capitalization of a currently not included share class of an index component exceeds the free-float market capitalization of the currently selected share class by at least 25% and fulfills all market capitalization and liquidity eligibility criteria for non-components, the currently selected share class will be replaced by the larger one. In exceptional cases (e.g. significantly higher liquidity), MarketVector can decide to keep the current share class instead.

For each company in the investable universe, one pricing source qualifies for the eligible universe. In cases where a company has multiple listings (e.g. ADRs, GDRs or listing on markets other than in the home country), the price sources will be selected to the eligible universe in the following order: U.S. price source, UK price source (London Stock Exchange International Order Book only), home market price source and most liquid foreign market price source. Once a company has qualified for the investable universe, only the most liquid single exchange price source within the country qualifies for the eligible universe. In exceptional cases, MarketVector can assign alternative pricing sources.

*Selection of Index Components*

Upon an index reconstitution, securities included in the eligible universe are selected for inclusion in the Underlying Index based on the following procedure. The Underlying Index targets a coverage of 90% of the free-float market capitalization of the eligible universe with a minimum of 25 components.

&nbsp;&nbsp;&nbsp;&nbsp;1. All securities in the eligible universe are sorted in terms of free-float market capitalization in descending
order.

&nbsp;&nbsp;&nbsp;&nbsp;2. Securities covering the top 85% of the free-float market capitalization of the eligible universe qualify
for selection.

&nbsp;&nbsp;&nbsp;&nbsp;3. Current components between 85% and 98% of the free-float market capitalization of the eligible universe
also qualify for selection.

&nbsp;&nbsp;&nbsp;&nbsp;4. If the coverage is still below 90% of the free-float market capitalization of the eligible universe or
the number of components in the Underlying Index is still below 25, the largest remaining securities will be selected until both the target
coverage and minimum number of components are reached.

&nbsp;&nbsp;&nbsp;&nbsp;5. If the number of eligible securities is below the minimum of 25, additional securities will be added by
MarketVector's decision until the number of securities selected to the Underlying Index reaches the minimum of 25.

*Weighting of Index Components*

Upon an index rebalance, components selected for inclusion in the Underlying Index will be weighted according to a modified float-adjusted market cap weighting methodology:

&nbsp;&nbsp;&nbsp;&nbsp;1. All index components are weighted by their free-float market capitalization.

&nbsp;&nbsp;&nbsp;&nbsp;2. At least the largest five and at most the largest nine of the components with more than 50% exposure to
gold-related activities that exceed 4.5% in weight are grouped together (so called "Large-Weights"). All other components
are grouped together as well (so called "Small-Weights").

&nbsp;&nbsp;&nbsp;&nbsp;3. The aggregated weighting of the Large-Weights is capped at 45%. If the aggregated weighting of the Large-Weights
exceeds 45%, then a capping factor is calculated to bring the weighting down to 45%, and a second capping factor

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is calculated to bring the aggregated weighting of the Small-Weights up to 55%. These two factors are then applied to all components in the Large-Weights or the Small-Weights, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;4. For the Large-Weights, the maximum weight for any single security is 20% and the minimum weight is 5%.
If a security is above the maximum weight or below the minimum weight, then the weight will be reduced to the maximum weight or increased
to the minimum weight and the excess weight will be redistributed proportionally across all other remaining components in the Large-Weights.

&nbsp;&nbsp;&nbsp;&nbsp;5. For the Small-Weights, the maximum weight for any single security is 4.5%. If a security is above the
maximum weight, then the weight will be reduced to the maximum weight and the excess weight will be redistributed proportionally across
all other remaining components in the Small-Weights.

&nbsp;&nbsp;&nbsp;&nbsp;6. The aggregated weighting of all components with less than 50% exposure to gold-related activities is capped
at 20%. Any excess weight will be redistributed proportionally among the uncapped components with more than 50% exposure to gold-related
activities in the Small-Weights.

*Index Reconstitution and Rebalance*

The Underlying Index is reconstituted and rebalanced on a quarterly basis in March, June, September and December according to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;1. The eligible universe and component selection is determined based on the closing data on the last business
day in February, May, August and November. If a security does not trade on the last business day in February, May, August or November,
the last available price for this security will be used.

&nbsp;&nbsp;&nbsp;&nbsp;2. Component weights are determined based on the closing data as of the Wednesday prior to the second Friday
of March, June, September and December. If a security does not trade on the Wednesday prior to the second Friday of March, June, September
or December, the last available price for this security will be used.

&nbsp;&nbsp;&nbsp;&nbsp;3. The underlying review and rebalance data (i.e. weights, shares outstanding, free-float factors and new
weighting cap factors) is announced on the second Friday of March, June, September and December.

&nbsp;&nbsp;&nbsp;&nbsp;4. Changes will be implemented and based on the closing prices as of the third Friday of March, June, September
and December. If the third Friday is not a business day, the review will take place on the last business day before the third Friday.
If a security does not trade on the third Friday of March, June, September or December, the last available price for this security will
be used. Changes become effective on the next index dissemination day.

***Index Calculation***

The Underlying Index is calculated on weekdays between 01:00 and 22:40 (CET) and index values are disseminated to data vendors every 15 seconds on days when either the U.S. equity market is open for trading or at least one of the index components is available for trading. Real-time index values are calculated with the midpoint between the latest available real-time bid- and ask-prices. Closing values are calculated at 22:40 (CET) with fixed 16:00 London time exchange rates from WM company.

The Underlying Index's index level on a given day is calculated as the sum of the free-float market capitalization of the index components in U.S. dollars *divided by* the divisor. The Underlying Index is free-float adjusted, meaning the number of shares outstanding is reduced to exclude closely held shares (amount larger than 5% of the company's full market capitalization) from the index calculation. Free-float factors are reviewed quarterly. The divisor is a mathematical factor defined at the inception of the Underlying Index and is adjusted upon certain corporate actions and index rebalances.

The Underlying Index is calculated as a price return index and does not include in the index calculation dividend payments except for special dividends from non-operating income or cash dividends that are either declared as special or extraordinary or that do not coincide with the company's regular dividend distribution schedule.

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***Index Maintenance***

The composition of the Underlying Index will be adjusted to reflect changes to free-float factors and number of shares, changes due to mergers and takeovers and changes due to spin-offs. On an ongoing basis, for all corporate events that result in a security deletion from the Underlying Index, the deleted security will be replaced with the highest ranked non-component on the most recent selection list immediately only if the number of components in the Underlying Index would drop below 20. The replacement security will be added at the same weight as the deleted security, unless the number of index components drops below the minimum component number due to a merger of two or more index components, in which case the replacement security will be added with its uncapped free-float market capitalization weight. If there is no replacement, the additional weight resulting from the deletion will be redistributed proportionally across all other index constituents. If the number of index components drops below the minimum component number and no non-component security is eligible as a replacement, the determination of the addition is subject to MarketVector's decision.

***Index Oversight***

Any changes to the index methodology will be reviewed and approved by MarketVector's Legal and Compliance Department. In cases of material changes, an advance notice will be published and provided to users.

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