# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0000950103-25-009470
**Filing Date:** 2025-7
**Character Count:** 10270
**Document Hash:** 9c9502f0fdaead254ffb13cac41dbdd7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-009470.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0000950103-25-009470

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250729

**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:** 251163646

**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) | Registration Statement No. 333-275898<br> Filed pursuant to Rule 433 |

---

Trigger PLUS Based on the Performance of the EURO STOXX 50<sup>®</sup> Index due September 4, 2031

**Trigger Performance Leveraged Upside Securities<sup>℠</sup>**

Principal at Risk Securities

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

---

| | |
|:---|:---|
| **SUMMARY TERMS** |  |
| **Issuer:** | Royal Bank of Canada |
| **Underlier:** | The EURO STOXX 50<sup>®</sup> Index (Bloomberg symbol: "SX5E") |
| **Stated principal amount:** | $1,000 per Trigger PLUS |
| **Pricing date:** | August 15, 2025 |
| **Original issue date:** | August 20, 2025 |
| **Valuation date:** | August 29, 2031 |
| **Maturity date:** | September 4, 2031 |
| **Payment at maturity:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; You will receive on the maturity date a cash payment per Trigger PLUS determined as follows:<br>· If the final underlier value is *greater than* the initial underlier value:<br>$1,000 + ($1,000 × underlier return × leverage factor)<br>· If the final underlier value is *less than or equal to* the initial underlier value but *greater than or equal to* the trigger value:<br>$1,000<br>· If the final underlier value is *less than* the trigger value:<br>$1,000 + ($1,000 × underlier return)<br>*Under these circumstances, the payment at maturity will be less than 65% of the stated principal amount. You will lose more than 35% and possibly all of the stated principal amount if the final underlier value is less than the trigger value.*<br>|
| **Leverage factor:** | 189.40% |
| **Underlier return:** | (final underlier value – initial underlier value) / initial underlier value |
| **Trigger value:** | 65% of the initial underlier value |
| **Initial underlier value:** | The closing value of the underlier on the pricing date |
| **Final underlier value:** | The closing value of the underlier on the valuation date |
| **CUSIP / ISIN:** | 78017PHL8 / US78017PHL85 |
| **Preliminary pricing supplement:** | [https://www.sec.gov/Archives/edgar/data/1000275/000095010325009445/dp232231_424b2-mseln639sx5e.htm](https://www.sec.gov/Archives/edgar/data/1000275/000095010325009445/dp232231_424b2-mseln639sx5e.htm) |

---

The initial estimated value of the Trigger PLUS determined by us as of the pricing date, which we refer to as the initial estimated value, is expected to be between $884.75 and $934.75 per Trigger PLUS and will be less than the public offering price of the Trigger PLUS. We describe the determination of the initial estimated value in more detail in the accompanying preliminary pricing supplement.

![](image_002.jpg)

**■** The Trigger PLUS **■** The Underlier

---

| | |
|:---|:---|
| **HYPOTHETICAL PAYOUT AT MATURITY\*** | **HYPOTHETICAL PAYOUT AT MATURITY\*** |
| **Underlier Return** | **Payment at Maturity** |
| 40.00% | $1757.60 |
| 30.00% | $1568.20 |
| 20.00% | $1378.80 |
| 10.00% | $1189.40 |
| 0.00% | $1000.00 |
| -10.00% | $1000.00 |
| -20.00% | $1000.00 |
| -30.00% | $1000.00 |
| -35.00% | $1000.00 |
| -35.01% | $649.90 |
| -40.00% | $600.00 |
| -50.00% | $500.00 |
| -60.00% | $400.00 |
| -70.00% | $300.00 |
| -80.00% | $200.00 |
| -90.00% | $100.00 |
| -100.00% | $0.00 |

---

\* All payments are subject to our credit risk

Underlier

For more information about the underlier, including historical performance information, see the accompanying preliminary pricing supplement.

Selected Risk Considerations

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

**Risks Relating to the Terms and Structure of the Trigger PLUS**

&nbsp;&nbsp;&nbsp;&nbsp;▪ The Trigger PLUS do not pay interest or guarantee return
of principal.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Your return on the Trigger PLUS may be lower than the return
on a conventional debt security of comparable maturity.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Payments on the Trigger PLUS are subject to our credit risk,
and market perceptions about our creditworthiness may adversely affect the market value of the Trigger PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Any payment on the Trigger PLUS will be determined based
on the closing values of the underlier on the dates specified.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The U.S. federal income tax consequences of an investment
in the Trigger PLUS are uncertain.

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ There may not be an active trading market for the Trigger
PLUS; sales in the secondary market may result in significant losses.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The initial estimated value of the Trigger PLUS will be less
than the public offering price.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The initial estimated value of the Trigger PLUS is only an
estimate, calculated as of the pricing date.

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

&nbsp;&nbsp;&nbsp;&nbsp;▪ Hedging and trading activity by us and our affiliates could
potentially adversely affect the value of the Trigger PLUS.

&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.

**Risks Relating to the Underlier**

&nbsp;&nbsp;&nbsp;&nbsp;▪ You will not have any rights to the securities included in
the underlier.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The Trigger PLUS are subject to risks relating to non-U.S.
securities markets.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The Trigger PLUS do not provide direct exposure to fluctuations
in exchange rates between the U.S. dollar and the euro.

&nbsp;&nbsp;&nbsp;&nbsp;▪ We may accelerate the Trigger PLUS if a change-in-law event
occurs.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Any payment on the Trigger PLUS may be postponed and adversely
affected by the occurrence of a market disruption event.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Adjustments to the underlier could adversely affect any payments
on the Trigger PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Governmental regulatory actions, such as sanctions, could
adversely affect your investment in the Trigger PLUS.

Tax Considerations<br>You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption "United States Federal Income Tax Considerations" concerning the U.S. federal income tax consequences of an investment in the Trigger PLUS, and you should consult your tax adviser.<br>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.<br>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.<br>