# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0000950103-25-008332
**Filing Date:** 2025-7
**Character Count:** 47356
**Document Hash:** de162e628e7089e3917b57ba6c06a9c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-008332.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0000950103-25-008332

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**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:** 251098602

**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

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| | |
|:---|:---|
| ![](image_002.jpg) | Registration Statement No. 333-275898<br> Filed Pursuant to Rule 424(b)(2)<br>|

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| | |
|:---|:---|
| Pricing Supplement<br>Pricing Supplement dated June 30, 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. 1A dated May 16, 2024 | $1,122,000<br> Capped Return Dual Directional Buffer Notes<br> Linked to the S&P 500<sup>®</sup> Index,<br> Due July 6, 2027<br>Royal Bank of Canada |

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Royal Bank of Canada is offering Capped Return Dual Directional Buffer Notes (the "Notes") linked to the performance of the S&P 500<sup>®</sup> Index (the "Underlier").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Capped Return Potential** — If the
Final Underlier Value is greater than the Initial Underlier Value, at maturity, investors will receive a return equal to 100% of the Underlier
Return, subject to the Maximum Upside Return of 18.50%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Absolute Value Return** — If the Final
Underlier Value is less than or equal to the Initial Underlier Value, but is greater than or equal to the Buffer Value (85% of the Initial
Underlier Value), at maturity, investors will receive a one-for-one positive return equal to the absolute value of the Underlier Return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Principal at Risk** — If the Final
Underlier Value is less than the Buffer Value, at maturity, investors will lose 1% of the principal amount of their Notes for each 1%
that the Final Underlier Value is less than the Initial Underlier Value in excess of the Buffer Percentage of 15%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Notes do not pay interest.

&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:** 78017K4C3

**Investing in the Notes involves a number of risks. See "Selected Risk Considerations" beginning on page P-7 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.

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| | | |
|:---|:---|:---|
|  | Per Note | Total |
| Price to public<sup>(1)</sup> | 100.00% | $1122000 |
| Underwriting discounts and commissions<sup>(1)</sup> | 0.031% | $350 |
| Proceeds to Royal Bank of Canada | 99.969% | $1121650 |

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<sup>(1)</sup> We or one of our affiliates may pay varying selling concessions of up to $5.00 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 $995.00 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 $8.00 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 $983.33 per $1,000 principal amount of Notes and is less than the public offering price of the Notes. 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> Capped Return Dual Directional Buffer Notes Linked to the S&P 500<sup>®</sup> Index

**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 |
| **Underlier:** | The S&P 500<sup>®</sup> Index |

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| | | |
|:---|:---|:---|
| **Bloomberg Ticker** | **Initial Underlier Value<sup>(1)</sup>** | **Buffer Value<sup>(2)</sup>** |
| SPX | 6204.95 | 5274.21 |

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| | |
|:---|:---|
|  | <sup>(1)</sup> The closing value of the Underlier on the Trade Date |
|  | <sup>(2)</sup> 85% of the Initial Underlier Value (rounded to two decimal places) |
| **Trade Date:** | June 30, 2025 |
| **Issue Date:** | July 3, 2025 |
| **Valuation Date:\*** | June 30, 2027 |
| **Maturity Date:\*** | July 6, 2027 |
| **Payment at Maturity:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors will receive on the Maturity Date per $1,000 principal amount of Notes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Final Underlier Value is ***greater than*** the Initial Underlier Value, an amount equal to:<br>$1,000 + ($1,000 × the lesser of (a) Underlier Return × Participation Rate and (b) Maximum Upside Return)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Final Underlier Value is ***less than or equal to*** the Initial Underlier Value, but is ***greater than or equal to*** the Buffer Value, an amount equal to:<br>$1,000 + (-1 × $1,000 × Underlier Return)<br>*In this case, you will receive a positive return on the Notes equal to the absolute value of the Underlier Return, even though the Underlier Return is negative. In no event will this return exceed 15%.*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Final Underlier Value is ***less than*** the Buffer Value, an amount equal to:<br>$1,000 + [$1,000 × (Underlier Return + Buffer Percentage)]<br>*If the Final Underlier Value is less than the 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.* |
| **Participation Rate:** | 100% (subject to the Maximum Upside Return) |
| **Maximum Upside Return:** | 18.50%. Accordingly, the maximum payment at maturity if the Underlier appreciates will be $1,185 per $1,000 principal amount of Notes. |
| **Buffer Percentage:** | 15% |
| **Underlier Return:** | 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 |
| **Final Underlier Value:** | The closing value of the Underlier on the Valuation Date |

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P-2 RBC Capital Markets, LLC

<br> Capped Return Dual Directional Buffer Notes Linked to the S&P 500<sup>®</sup> Index

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| | |
|:---|:---|
| **Calculation Agent:** | RBCCM |

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\* 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-3 RBC Capital Markets, LLC

<br> Capped Return Dual Directional Buffer Notes Linked to the S&P 500<sup>®</sup> Index

**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. 1A dated May 16, 2024. 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. 1A dated May 16, 2024:

[https://www.sec.gov/Archives/edgar/data/1000275/000095010324006777/dp211286_424b2-ps1a.htm](https://www.sec.gov/Archives/edgar/data/1000275/000095010324006777/dp211286_424b2-ps1a.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-4 RBC Capital Markets, LLC

<br> Capped Return Dual Directional Buffer Notes Linked to the S&P 500<sup>®</sup> Index

**HYPOTHETICAL RETURNS**

The table and examples set forth below illustrate hypothetical payments at maturity for hypothetical performance of the Underlier, based on the Buffer Value of 85% of the Initial Underlier Value, the Participation Rate of 100%, the Maximum Upside Return of 18.50% and the Buffer Percentage of 15%. 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** | **Payment at Maturity per $1,000 Principal Amount of Notes** | **Payment at Maturity as Percentage of Principal Amount** |
| 50.00% | $1185.00 | 118.500% |
| 40.00% | $1185.00 | 118.500% |
| 30.00% | $1185.00 | 118.500% |
| 20.00% | $1185.00 | 118.500% |
| 18.50% | $1185.00 | 118.500% |
| 10.00% | $1100.00 | 110.000% |
| 5.00% | $1050.00 | 105.000% |
| 2.00% | $1020.00 | 102.000% |
| 0.00% | $1000.00 | 100.000% |
| -5.00% | $1050.00 | 105.000% |
| -10.00% | $1100.00 | 110.000% |
| -15.00% | $1150.00 | 115.000% |
| -15.01% | $999.90 | 99.990% |
| -20.00% | $950.00 | 95.000% |
| -30.00% | $850.00 | 85.000% |
| -40.00% | $750.00 | 75.000% |
| -50.00% | $650.00 | 65.000% |
| -60.00% | $550.00 | 55.000% |
| -70.00% | $450.00 | 45.000% |
| -80.00% | $350.00 | 35.000% |
| -90.00% | $250.00 | 25.000% |
| -100.00% | $150.00 | 15.000% |

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| | | |
|:---|:---|:---|
| **Example 1 —** | **The value of the Underlier increases from the Initial Underlier Value to the Final Underlier Value by 2%.** | **The value of the Underlier increases from the Initial Underlier Value to the Final Underlier Value by 2%.** |
|  | Underlier Return: | 2% |
|  | Payment at Maturity: | $1,000 + ($1,000 × the lesser of (a) 2% × 100% and (b) 18.50%)<br>= $1,000 + ($1,000 × the lesser of (a) 2% and (b) 18.50%)<br>= $1,000 + ($1,000 × 2%) = $1,000 + $20 = $1,020 |
|  | In this example, the payment at maturity is $1,020 per $1,000 principal amount of Notes, for a return of 2%.<br>Because the Final Underlier Value is greater than the Initial Underlier Value, investors receive a return equal to 100% of the Underlier Return, subject to the Maximum Upside Return of 18.50%. | In this example, the payment at maturity is $1,020 per $1,000 principal amount of Notes, for a return of 2%.<br>Because the Final Underlier Value is greater than the Initial Underlier Value, investors receive a return equal to 100% of the Underlier Return, subject to the Maximum Upside Return of 18.50%. |

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P-5 RBC Capital Markets, LLC

<br> Capped Return Dual Directional Buffer Notes Linked to the S&P 500<sup>®</sup> Index

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| | | |
|:---|:---|:---|
| **Example 2 —** | **The value of the Underlier increases from the Initial Underlier Value to the Final Underlier Value by 30%, resulting in a return equal to the Maximum Upside Return.** | **The value of the Underlier increases from the Initial Underlier Value to the Final Underlier Value by 30%, resulting in a return equal to the Maximum Upside Return.** |
|  | Underlier Return: | 30% |
|  | Payment at Maturity: | $1,000 + ($1,000 × the lesser of (a) 30% × 100% and (b) 18.50%)<br>= $1,000 + ($1,000 × the lesser of (a) 30% and (b) 18.50%)<br>= $1,000 + ($1,000 × 18.50%) = $1,000 + $185 = $1,185 |
|  | In this example, the payment at maturity is $1,185 per $1,000 principal amount of Notes, for a return of 18.50%, which is the Maximum Upside Return.<br>This example illustrates that, if the Underlier appreciates, investors will not receive a return at maturity in excess of the Maximum Upside Return. Accordingly, the return on the Notes may be less than the return of the Underlier. | In this example, the payment at maturity is $1,185 per $1,000 principal amount of Notes, for a return of 18.50%, which is the Maximum Upside Return.<br>This example illustrates that, if the Underlier appreciates, investors will not receive a return at maturity in excess of the Maximum Upside Return. Accordingly, the return on the Notes may be less than the return of the Underlier. |

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| | | |
|:---|:---|:---|
| **Example 3 —** | **The value of the Underlier decreases from the Initial Underlier Value to the Final Underlier Value by 10% (i.e., the Final Underlier Value is below the Initial Underlier Value but above the Buffer Value).** | **The value of the Underlier decreases from the Initial Underlier Value to the Final Underlier Value by 10% (i.e., the Final Underlier Value is below the Initial Underlier Value but above the Buffer Value).** |
|  | Underlier Return: | -10% |
|  | Payment at Maturity: | $1,000 + (-1 × $1,000 × -10%) = $1,000 + $100 = $1,100 |
|  | In this example, the payment at maturity is $1,100 per $1,000 principal amount of Notes, for a return of 10%.<br>Because the Final Underlier Value is less than the Initial Underlier Value but greater than or equal to the Buffer Value, even though the Underlier Return is negative, investors receive a positive return equal to the absolute value of the Underlier Return. | In this example, the payment at maturity is $1,100 per $1,000 principal amount of Notes, for a return of 10%.<br>Because the Final Underlier Value is less than the Initial Underlier Value but greater than or equal to the Buffer Value, even though the Underlier Return is negative, investors receive a positive return equal to the absolute value of the Underlier Return. |

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| | | |
|:---|:---|:---|
| **Example 4 —** | **The value of the Underlier decreases from the Initial Underlier Value to the Final Underlier Value by 50% (i.e., the Final Underlier Value is below the Buffer Value).** | **The value of the Underlier decreases from the Initial Underlier Value to the Final Underlier Value by 50% (i.e., the Final Underlier Value is below the Buffer Value).** |
|  | Underlier Return: | -50% |
|  | Payment at Maturity: | $1,000 + [$1,000 × (-50% + 15%)] = $1,000 – $350 = $650 |
|  | In this example, the payment at maturity is $650 per $1,000 principal amount of Notes, representing a loss of 35% of the principal amount.<br>Because the Final Underlier Value is less than the Buffer Value, investors do not receive a full return of the principal amount of their Notes. | In this example, the payment at maturity is $650 per $1,000 principal amount of Notes, representing a loss of 35% of the principal amount.<br>Because the Final Underlier Value is less than the Buffer Value, investors do not receive a full return of the principal amount of their Notes. |

---

***Investors in the Notes could lose some or a substantial portion of the principal amount of their Notes at maturity.***

P-6 RBC Capital Markets, LLC

<br> Capped Return Dual Directional Buffer Notes Linked to the S&P 500<sup>®</sup> Index

**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 Final Underlier Value is less than the Buffer Value, you will lose 1% of the principal amount of
your Notes for each 1% that the Final Underlier Value is less than the Initial Underlier Value in excess of the Buffer Percentage. You
could lose some or a substantial portion of your principal amount at maturity.

· **Your Potential Return at Maturity Is Limited** — Your return on the Notes if the Underlier appreciates will not exceed the Maximum Upside Return, regardless of any appreciation
in the value of the Underlier, which may be significant. Accordingly, your return on the Notes may be less than your return would be if
you made an investment in a security directly linked to the positive performance of the Underlier.

· **Your Potential for a Positive Return from Depreciation of the Underlier Is Limited** — The absolute value return feature applies only if the Final Underlier Value is less than the Initial
Underlier Value but greater than or equal to the Buffer Value. Thus, any return potential of the Notes in the event that the Final Underlier
Value is less than the Initial Underlier Value is limited by the Buffer Value. Any decline in the Final Underlier Value below the Buffer
Value will result in a loss, rather than a positive return, on the Notes.

· **The Notes Do Not Pay Interest, and Your Return on the Notes May Be Lower Than the Return on a Conventional Debt Security of Comparable Maturity** — There will be no periodic
interest payments on the Notes as there would be on a conventional fixed-rate or floating-rate debt security having the same maturity.
The return that you will receive on the Notes, which could be negative, may be less than the return you could earn on other investments.
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.

· **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.

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

P-7 RBC Capital Markets, LLC

<br> Capped Return Dual Directional Buffer Notes Linked to the S&P 500<sup>®</sup> Index

**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 Is Less Than the Public Offering Price** — The initial estimated value of the Notes is 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 value of the Underlier,
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.

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 value of the
Underlier and the market value of the Notes. See "Risk Factors—Risks Relating to Conflicts of Interest" in the accompanying
product supplement.

P-8 RBC Capital Markets, LLC

<br> Capped Return Dual Directional Buffer Notes Linked to the S&P 500<sup>®</sup> Index

· **RBCCM's Role as Calculation Agent May Create Conflicts of Interest** — As Calculation Agent, our affiliate, RBCCM, will determine any values of the Underlier 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 Underlier" 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 Underlier**

· **You Will Not Have Any Rights to the Securities Included in the Underlier** — 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 the securities included in the Underlier. The Underlier is a price return index and
its return does not reflect regular cash dividends paid by its components.

· **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 the Underlier. If a market disruption event persists for a sustained
period, the Calculation Agent may make a determination of the closing value of the Underlier. See "General Terms of the Notes—Indices—Market
Disruption Events," "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.

· **Adjustments to the Underlier Could Adversely Affect Any Payments on the Notes** — The sponsor of the Underlier may add, delete, substitute or adjust the securities composing
the Underlier or make other methodological changes to the Underlier that could affect its performance. The Calculation Agent will calculate
the value to be used as the closing value of the Underlier in the event of certain material changes in, or modifications to, the Underlier.
In addition, the sponsor of the Underlier may also discontinue or suspend calculation or publication of the Underlier at any time. Under
these circumstances, the Calculation Agent may select a successor index that the Calculation Agent determines to be comparable to the
Underlier or, if no successor index is available, the Calculation Agent will determine the value to be used as the closing value of the
Underlier. Any of these actions could adversely affect the value of the Underlier and, consequently, the value of the Notes. See "General
Terms of the Notes—Indices—Discontinuation of, or Adjustments to, an Index" in the accompanying product supplement.

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<br> Capped Return Dual Directional Buffer Notes Linked to the S&P 500<sup>®</sup> Index

**INFORMATION REGARDING THE UNDERLIER**

The Underlier consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. For more information about the Underlier, see "Indices—The S&P U.S. Indices" in the accompanying underlying supplement.

**Historical Information**

The following graph sets forth historical closing values of the Underlier for the period from January 1, 2015 to June 30, 2025. The red line represents the Buffer Value. We obtained the information in the graph from Bloomberg Financial Markets, without independent investigation. **We cannot give you assurance that the performance of the Underlier will result in the return of all of your initial investment.** 

**S&P 500<sup>®</sup> Index**

![](image_001.jpg)

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

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<br> Capped Return Dual Directional Buffer Notes Linked to the S&P 500<sup>®</sup> Index

**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 Underlier. 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, it is reasonable to treat the Notes for U.S. federal income tax purposes as prepaid financial contracts that are "open transactions," as described in the section entitled "United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Notes Treated as Prepaid Financial Contracts that are Open Transactions" 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. A different tax treatment could be adverse to you. Generally, if this treatment is respected, (i) you should not recognize taxable income or loss prior to the taxable disposition of your Notes (including upon maturity or an earlier redemption, if applicable) and (ii) the gain or loss on your Notes should be treated as short-term capital gain or loss unless you have held the Notes for more than one year, in which case your gain or loss should be treated as long-term capital gain or loss.

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.** 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, our counsel is of the opinion that Section 871(m) should 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.

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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<br> Capped Return Dual Directional Buffer Notes Linked to the S&P 500<sup>®</sup> Index

**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 three 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 Is Less Than the Public Offering Price" above.

**VALIDITY OF THE NOTES**

In the opinion of Norton Rose Fulbright Canada LLP, as Canadian counsel to the Bank, the issue and sale of the Notes has been duly authorized by all necessary corporate action of the Bank in conformity with the indenture, and when the Notes have been duly executed, authenticated and issued in accordance with the indenture and delivered against payment therefor, the Notes will be validly issued and, to the extent validity of the Notes is a matter governed by the laws of the

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<br> Capped Return Dual Directional Buffer Notes Linked to the S&P 500<sup>®</sup> Index

Province of Ontario or Québec, or the federal laws of Canada applicable therein, will be valid obligations of the Bank, subject to the following limitations: (i) the enforceability of the indenture may be limited by the Canada Deposit Insurance Corporation Act (Canada), the Winding-up and Restructuring Act (Canada) and bankruptcy, insolvency, reorganization, receivership, moratorium, arrangement or winding-up laws or other similar laws of general application affecting the enforcement of creditors' rights generally; (ii) the enforceability of the indenture is subject to general equitable principles, including the principle that the availability of equitable remedies, such as specific performance and injunction, may only be granted at the discretion of a court of competent jurisdiction; (iii) under applicable limitations statutes generally, including that the enforceability of the indenture will be subject to the limitations contained in the Limitations Act, 2002 (Ontario), and such counsel expresses no opinion as to whether a court may find any provision of the indenture to be unenforceable as an attempt to vary or exclude a limitation period under such applicable limitations statutes; (iv) rights to indemnity and contribution under the Notes or the indenture which may be limited by applicable law; and (v) courts in Canada are precluded from giving a judgment in any currency other than the lawful money of Canada and such judgment may be based on a rate of exchange in existence on a day other than the day of payment, as prescribed by the Currency Act (Canada). This opinion is given as of the date hereof and is limited to the laws of the Provinces of Ontario and Québec and the federal laws of Canada applicable therein. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and the genuineness of signatures and to such counsel's reliance on the Bank and other sources as to certain factual matters, all as stated in the opinion letter of such counsel dated December 20, 2023, which has been filed as Exhibit 5.3 to the Bank's Form 6-K filed with the SEC dated December 20, 2023. References to the "indenture" in this paragraph mean the Indenture as defined in the opinion of Norton Rose Fulbright Canada LLP dated December 20, 2023, as further amended and supplemented by the sixth supplemental indenture dated as of July 23, 2024.

In the opinion of Davis Polk & Wardwell LLP, as special United States products counsel to the Bank, when the Notes offered by this pricing supplement have been issued by the Bank pursuant to the indenture, the trustee has made, in accordance with the indenture, the appropriate notation to the master note evidencing such Notes (the "master note"), and such Notes have been delivered against payment as contemplated herein, such Notes will be valid and binding obligations of the Bank, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith) and possible judicial or regulatory actions or applications giving effect to governmental actions or foreign laws affecting creditors' rights, *provided* that such counsel expresses no opinion as to (i) the enforceability of any waiver of rights under any usury or stay law or (ii) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date hereof and is limited to the laws of the State of New York. Insofar as the foregoing opinion involves matters governed by the laws of the Provinces of Ontario and Québec and the federal laws of Canada, you have received, and we understand that you are relying upon, the opinion of Norton Rose Fulbright Canada LLP, Canadian counsel for the Bank, set forth above. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and the authentication of the master note and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the opinion of Davis Polk & Wardwell LLP dated May 16, 2024, which has been filed as an exhibit to the Bank's Form 6-K filed with the SEC on May 16, 2024. References to the "indenture" in this paragraph mean the Indenture as defined in the opinion of Davis Polk & Wardwell LLP dated May 16, 2024, as further amended and supplemented by the sixth supplemental indenture dated as of July 23, 2024.

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fees

#### Ex-Filing Fees

#### CALCULATION OF FILING FEE TABLES

#### F-3

#### ROYAL BANK OF CANADA

#### Narrative Disclosure
The maximum aggregate offering price of the securities to which the prospectus relates is $1,122,000. The prospectus is a final prospectus for the related offering(s).