[424B2] Royal Bank of Canada Prospectus Supplement
Fastly, Inc. (FSLY) – Form 144 filing discloses that insider Ronald W. Kisling intends to sell additional Fastly Class A common shares under Rule 144.
- Proposed sale: 7,294 shares, estimated proceeds ≈ $51,422, to be executed on or about 16 Jul 2025 through E*TRADE on the NYSE.
- Historical activity: Over the last three months Kisling has already sold 35,982 shares for ≈ $267,138. Adding the new notice brings total planned/realised disposals to 43,276 shares (≈ $318,560).
- Ownership context: The 7,294-share block equals roughly 0.005% of the 147.17 million shares outstanding, indicating de minimis dilution impact.
The filing is routine for insiders seeking to comply with Rule 144 resale requirements. While continued sales may raise sentiment questions, the volumes are immaterial relative to Fastly’s public float and are unlikely to exert observable price pressure on their own. No information regarding motives, 10b5-1 plans, or any undisclosed material developments is provided, and the signatory affirms no knowledge of non-public adverse information.
Fastly, Inc. (FSLY) – deposito Form 144 rivela che l'insider Ronald W. Kisling intende vendere ulteriori azioni ordinarie di Classe A di Fastly secondo la Regola 144.
- Vendita proposta: 7.294 azioni, proventi stimati ≈ 51.422$, da eseguire intorno al 16 luglio 2025 tramite E*TRADE sul NYSE.
- Attività storica: Negli ultimi tre mesi Kisling ha già venduto 35.982 azioni per circa 267.138$. Con questa nuova comunicazione, il totale delle azioni pianificate/vendute sale a 43.276 (circa 318.560$).
- Contesto di proprietà: Il blocco di 7.294 azioni rappresenta circa lo 0,005% delle 147,17 milioni di azioni in circolazione, indicando un impatto di diluizione de minimis.
Il deposito è una procedura standard per gli insider che devono rispettare i requisiti di rivendita della Regola 144. Sebbene vendite continue possano sollevare dubbi sul sentiment, i volumi sono irrilevanti rispetto al flottante pubblico di Fastly e difficilmente influenzeranno il prezzo in modo osservabile. Non sono fornite informazioni su motivazioni, piani 10b5-1 o sviluppi materiali non divulgati, e il firmatario conferma di non avere conoscenza di informazioni negative non pubbliche.
Fastly, Inc. (FSLY) – presentación del Formulario 144 revela que el insider Ronald W. Kisling tiene la intención de vender acciones adicionales comunes Clase A de Fastly bajo la Regla 144.
- Venta propuesta: 7,294 acciones, ingresos estimados ≈ $51,422, a ejecutarse aproximadamente el 16 de julio de 2025 a través de E*TRADE en la NYSE.
- Actividad histórica: En los últimos tres meses Kisling ya ha vendido 35,982 acciones por ≈ $267,138. Con este nuevo aviso, el total de disposiciones planificadas/realizadas asciende a 43,276 acciones (≈ $318,560).
- Contexto de propiedad: El bloque de 7,294 acciones representa aproximadamente el 0.005% de las 147.17 millones de acciones en circulación, indicando un impacto de dilución de minimis.
La presentación es rutinaria para insiders que buscan cumplir con los requisitos de reventa bajo la Regla 144. Aunque las ventas continuas pueden generar dudas sobre el sentimiento, los volúmenes son insignificantes en relación con el flotante público de Fastly y probablemente no ejercerán presión observable sobre el precio por sí solos. No se proporciona información sobre motivos, planes 10b5-1 o desarrollos materiales no divulgados, y el firmante afirma no tener conocimiento de información adversa no pública.
Fastly, Inc. (FSLY) – Form 144 제출은 내부자 Ronald W. Kisling이 Rule 144에 따라 Fastly Class A 보통주를 추가로 매도할 계획임을 공개합니다.
- 제안된 매도: 7,294주, 예상 수익 약 $51,422, 2025년 7월 16일경 NYSE의 E*TRADE를 통해 실행 예정.
- 과거 활동: 지난 3개월간 Kisling은 이미 35,982주를 약 $267,138에 매도했습니다. 이번 공지를 포함하면 총 계획/실현 매도 주식은 43,276주(약 $318,560)입니다.
- 소유 맥락: 7,294주 블록은 총 1억 4,717만 주 중 약 0.005%에 해당하며, de minimis 희석 영향임을 나타냅니다.
이 제출은 내부자가 Rule 144 재판매 요건을 준수하기 위한 일상적인 절차입니다. 지속적인 매도는 투자 심리에 의문을 제기할 수 있으나, 거래량은 Fastly의 공모 주식 수에 비해 미미하여 단독으로 가격에 눈에 띄는 영향을 미칠 가능성은 낮습니다. 동기, 10b5-1 계획 또는 미공개 중요 개발 사항에 대한 정보는 제공되지 않으며, 서명자는 비공개 불리한 정보가 없음을 확인합니다.
Fastly, Inc. (FSLY) – dépôt du Formulaire 144 révèle que l'initié Ronald W. Kisling prévoit de vendre des actions ordinaires de classe A supplémentaires de Fastly conformément à la Règle 144.
- Vente proposée : 7 294 actions, produit estimé ≈ 51 422 $, à réaliser vers le 16 juillet 2025 via E*TRADE sur le NYSE.
- Activité historique : Au cours des trois derniers mois, Kisling a déjà vendu 35 982 actions pour environ 267 138 $. Avec cette nouvelle notification, le total des cessions planifiées/réalisées s'élève à 43 276 actions (≈ 318 560 $).
- Contexte de détention : Le lot de 7 294 actions représente environ 0,005 % des 147,17 millions d'actions en circulation, indiquant un impact de dilution de minimis.
Le dépôt est une procédure courante pour les initiés cherchant à se conformer aux exigences de revente de la Règle 144. Bien que des ventes continues puissent susciter des questions sur le sentiment, les volumes sont insignifiants par rapport au flottant public de Fastly et sont peu susceptibles d'exercer une pression observable sur le prix à eux seuls. Aucune information concernant les motifs, les plans 10b5-1 ou tout développement matériel non divulgué n'est fournie, et le signataire affirme ne pas avoir connaissance d'informations défavorables non publiques.
Fastly, Inc. (FSLY) – Form 144 Einreichung offenbart, dass Insider Ronald W. Kisling beabsichtigt, weitere Fastly Class A Stammaktien gemäß Regel 144 zu verkaufen.
- Vorgeschlagener Verkauf: 7.294 Aktien, geschätzter Erlös ≈ 51.422 $, auszuführen etwa am 16. Juli 2025 über E*TRADE an der NYSE.
- Historische Aktivität: In den letzten drei Monaten hat Kisling bereits 35.982 Aktien für ≈ 267.138 $ verkauft. Mit der neuen Mitteilung belaufen sich die insgesamt geplanten/realisierten Veräußerungen auf 43.276 Aktien (≈ 318.560 $).
- Eigentumskontext: Das Paket von 7.294 Aktien entspricht etwa 0,005 % der 147,17 Millionen ausstehenden Aktien und weist auf eine de minimis-Verwässerungswirkung hin.
Die Einreichung ist Routine für Insider, die die Anforderungen der Regel 144 für den Wiederverkauf erfüllen müssen. Obwohl fortgesetzte Verkäufe Fragen zur Stimmung aufwerfen können, sind die Volumina im Verhältnis zum öffentlichen Freefloat von Fastly unerheblich und dürften den Kurs nicht spürbar beeinflussen. Es werden keine Informationen zu Motiven, 10b5-1-Plänen oder nicht veröffentlichten wesentlichen Entwicklungen bereitgestellt, und der Unterzeichner bestätigt, keine Kenntnis von nicht öffentlichen negativen Informationen zu haben.
- None.
- None.
Insights
TL;DR: Minor insider sale; negligible dilution; neutral share-price effect.
This Form 144 covers 7,294 additional shares (<0.01% of float). Aggregate insider disposals of ~43 k shares since April translate to <0.03% of outstanding stock, far below thresholds that typically move markets. The filing signals nothing about operations or guidance and simply establishes Rule 144 compliance. Overall market impact is expected to be neutral.
TL;DR: Ongoing insider selling warrants monitoring but is not materially significant.
Regular, modest sales can reflect diversification rather than negative outlook. However, cumulative disposals over three months may attract governance watchers if the trend accelerates. Investors should watch for any clustering of insider sales ahead of earnings or strategic announcements, although current volume remains too small to raise red flags.
Fastly, Inc. (FSLY) – deposito Form 144 rivela che l'insider Ronald W. Kisling intende vendere ulteriori azioni ordinarie di Classe A di Fastly secondo la Regola 144.
- Vendita proposta: 7.294 azioni, proventi stimati ≈ 51.422$, da eseguire intorno al 16 luglio 2025 tramite E*TRADE sul NYSE.
- Attività storica: Negli ultimi tre mesi Kisling ha già venduto 35.982 azioni per circa 267.138$. Con questa nuova comunicazione, il totale delle azioni pianificate/vendute sale a 43.276 (circa 318.560$).
- Contesto di proprietà: Il blocco di 7.294 azioni rappresenta circa lo 0,005% delle 147,17 milioni di azioni in circolazione, indicando un impatto di diluizione de minimis.
Il deposito è una procedura standard per gli insider che devono rispettare i requisiti di rivendita della Regola 144. Sebbene vendite continue possano sollevare dubbi sul sentiment, i volumi sono irrilevanti rispetto al flottante pubblico di Fastly e difficilmente influenzeranno il prezzo in modo osservabile. Non sono fornite informazioni su motivazioni, piani 10b5-1 o sviluppi materiali non divulgati, e il firmatario conferma di non avere conoscenza di informazioni negative non pubbliche.
Fastly, Inc. (FSLY) – presentación del Formulario 144 revela que el insider Ronald W. Kisling tiene la intención de vender acciones adicionales comunes Clase A de Fastly bajo la Regla 144.
- Venta propuesta: 7,294 acciones, ingresos estimados ≈ $51,422, a ejecutarse aproximadamente el 16 de julio de 2025 a través de E*TRADE en la NYSE.
- Actividad histórica: En los últimos tres meses Kisling ya ha vendido 35,982 acciones por ≈ $267,138. Con este nuevo aviso, el total de disposiciones planificadas/realizadas asciende a 43,276 acciones (≈ $318,560).
- Contexto de propiedad: El bloque de 7,294 acciones representa aproximadamente el 0.005% de las 147.17 millones de acciones en circulación, indicando un impacto de dilución de minimis.
La presentación es rutinaria para insiders que buscan cumplir con los requisitos de reventa bajo la Regla 144. Aunque las ventas continuas pueden generar dudas sobre el sentimiento, los volúmenes son insignificantes en relación con el flotante público de Fastly y probablemente no ejercerán presión observable sobre el precio por sí solos. No se proporciona información sobre motivos, planes 10b5-1 o desarrollos materiales no divulgados, y el firmante afirma no tener conocimiento de información adversa no pública.
Fastly, Inc. (FSLY) – Form 144 제출은 내부자 Ronald W. Kisling이 Rule 144에 따라 Fastly Class A 보통주를 추가로 매도할 계획임을 공개합니다.
- 제안된 매도: 7,294주, 예상 수익 약 $51,422, 2025년 7월 16일경 NYSE의 E*TRADE를 통해 실행 예정.
- 과거 활동: 지난 3개월간 Kisling은 이미 35,982주를 약 $267,138에 매도했습니다. 이번 공지를 포함하면 총 계획/실현 매도 주식은 43,276주(약 $318,560)입니다.
- 소유 맥락: 7,294주 블록은 총 1억 4,717만 주 중 약 0.005%에 해당하며, de minimis 희석 영향임을 나타냅니다.
이 제출은 내부자가 Rule 144 재판매 요건을 준수하기 위한 일상적인 절차입니다. 지속적인 매도는 투자 심리에 의문을 제기할 수 있으나, 거래량은 Fastly의 공모 주식 수에 비해 미미하여 단독으로 가격에 눈에 띄는 영향을 미칠 가능성은 낮습니다. 동기, 10b5-1 계획 또는 미공개 중요 개발 사항에 대한 정보는 제공되지 않으며, 서명자는 비공개 불리한 정보가 없음을 확인합니다.
Fastly, Inc. (FSLY) – dépôt du Formulaire 144 révèle que l'initié Ronald W. Kisling prévoit de vendre des actions ordinaires de classe A supplémentaires de Fastly conformément à la Règle 144.
- Vente proposée : 7 294 actions, produit estimé ≈ 51 422 $, à réaliser vers le 16 juillet 2025 via E*TRADE sur le NYSE.
- Activité historique : Au cours des trois derniers mois, Kisling a déjà vendu 35 982 actions pour environ 267 138 $. Avec cette nouvelle notification, le total des cessions planifiées/réalisées s'élève à 43 276 actions (≈ 318 560 $).
- Contexte de détention : Le lot de 7 294 actions représente environ 0,005 % des 147,17 millions d'actions en circulation, indiquant un impact de dilution de minimis.
Le dépôt est une procédure courante pour les initiés cherchant à se conformer aux exigences de revente de la Règle 144. Bien que des ventes continues puissent susciter des questions sur le sentiment, les volumes sont insignifiants par rapport au flottant public de Fastly et sont peu susceptibles d'exercer une pression observable sur le prix à eux seuls. Aucune information concernant les motifs, les plans 10b5-1 ou tout développement matériel non divulgué n'est fournie, et le signataire affirme ne pas avoir connaissance d'informations défavorables non publiques.
Fastly, Inc. (FSLY) – Form 144 Einreichung offenbart, dass Insider Ronald W. Kisling beabsichtigt, weitere Fastly Class A Stammaktien gemäß Regel 144 zu verkaufen.
- Vorgeschlagener Verkauf: 7.294 Aktien, geschätzter Erlös ≈ 51.422 $, auszuführen etwa am 16. Juli 2025 über E*TRADE an der NYSE.
- Historische Aktivität: In den letzten drei Monaten hat Kisling bereits 35.982 Aktien für ≈ 267.138 $ verkauft. Mit der neuen Mitteilung belaufen sich die insgesamt geplanten/realisierten Veräußerungen auf 43.276 Aktien (≈ 318.560 $).
- Eigentumskontext: Das Paket von 7.294 Aktien entspricht etwa 0,005 % der 147,17 Millionen ausstehenden Aktien und weist auf eine de minimis-Verwässerungswirkung hin.
Die Einreichung ist Routine für Insider, die die Anforderungen der Regel 144 für den Wiederverkauf erfüllen müssen. Obwohl fortgesetzte Verkäufe Fragen zur Stimmung aufwerfen können, sind die Volumina im Verhältnis zum öffentlichen Freefloat von Fastly unerheblich und dürften den Kurs nicht spürbar beeinflussen. Es werden keine Informationen zu Motiven, 10b5-1-Plänen oder nicht veröffentlichten wesentlichen Entwicklungen bereitgestellt, und der Unterzeichner bestätigt, keine Kenntnis von nicht öffentlichen negativen Informationen zu haben.
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Registration Statement No. 333-275898 Filed Pursuant to Rule 424(b)(2) |
| The information in this preliminary pricing supplement is not complete and may be changed. | |
| | | |
|
Preliminary Pricing Supplement Subject to Completion: Dated July 10, 2025 Pricing Supplement dated July __, 2025 to the Prospectus dated December 20, 2023, the Prospectus Supplement dated December 20, 2023 and the Product Supplement No. 1A dated May 16, 2024 |
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$ Royal Bank of Canada |
| | | |
Royal Bank of Canada is offering Digital Notes (the “Notes”) linked to the performance of the common stock of Broadcom Inc. (the “Underlier”).
| · | Contingent Fixed Return — If the Final Underlier Value is greater than or equal to the Initial Underlier Value, at maturity, investors will receive a fixed return equal to the Digital Return of 25.85%. |
| · | Return of Principal at Maturity — If the Final Underlier Value is less than the Initial Underlier Value, at maturity, investors will receive only the principal amount of their Notes, with no additional return. |
| · | The Notes do not pay interest. |
| · | Any payments on the Notes are subject to our credit risk. |
| · | The Notes will not be listed on any securities exchange. |
CUSIP: 78017PFA4
Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-6 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(1) | 100.00% | $ |
| Underwriting discounts and commissions(1) |
1.00% |
$ |
| Proceeds to Royal Bank of Canada | 99.00% | $ |
(1) We or one of our affiliates may pay varying selling concessions of up to $10.00 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 $990.00 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 $7.50 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 $929.72 and $979.72 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
| | |
| | Digital Notes Linked to the Common Stock of Broadcom Inc. |
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 and product supplement.
| 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 common stock of Broadcom Inc. | |
| | Bloomberg Ticker | Initial Underlier Value(1) |
| | AVGO UW | $ |
| | (1) The closing value of the Underlier on the Trade Date | |
| Trade Date: | July 31, 2025 | |
| Issue Date: | August 5, 2025 | |
| Valuation Date:* | July 31, 2028 | |
| Maturity Date:* | August 3, 2028 | |
| Payment at Maturity: |
Investors will receive on the Maturity Date per $1,000 principal amount of Notes: · If the Final Underlier Value is greater than or equal to the Initial Underlier Value, an amount equal to: $1,000 + ($1,000 × Digital Return) · If the Final Underlier Value is less than the Initial Underlier Value: $1,000 All payments on the Notes are subject to our credit risk. | |
| Digital Return: | 25.85% | |
| Final Underlier Value: | The closing value of the Underlier on the Valuation Date | |
| Calculation Agent: | RBCCM | |
* 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-2 | RBC Capital Markets, LLC |
| | |
| | Digital Notes Linked to the Common Stock of Broadcom Inc. |
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, 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
| · | Prospectus Supplement dated December 20, 2023: |
https://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm
| · | Product Supplement No. 1A dated May 16, 2024: |
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-3 | RBC Capital Markets, LLC |
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| | Digital Notes Linked to the Common Stock of Broadcom Inc. |
HYPOTHETICAL RETURNS
The table and examples set forth below illustrate hypothetical payments at maturity for hypothetical performance of the Underlier, based on the Digital Return of 25.85%. For purposes of the table and examples below, the “Underlier Return” represents the percent change in the value of the Underlier from the Initial Underlier Value to the Final Underlier Value. The table and examples are only for illustrative purposes and may not show the actual return applicable to investors.
| Hypothetical Underlier Return | Payment at Maturity per $1,000 Principal Amount of Notes | Payment at Maturity as Percentage of Principal Amount |
| 50.00% | $1,258.50 | 125.850% |
| 40.00% | $1,258.50 | 125.850% |
| 30.00% | $1,258.50 | 125.850% |
| 25.85% | $1,258.50 | 125.850% |
| 20.00% | $1,258.50 | 125.850% |
| 10.00% | $1,258.50 | 125.850% |
| 5.00% | $1,258.50 | 125.850% |
| 2.00% | $1,258.50 | 125.850% |
| 0.00% | $1,258.50 | 125.850% |
| -0.01% | $1,000.00 | 100.000% |
| -5.00% | $1,000.00 | 100.000% |
| -10.00% | $1,000.00 | 100.000% |
| -20.00% | $1,000.00 | 100.000% |
| -30.00% | $1,000.00 | 100.000% |
| -40.00% | $1,000.00 | 100.000% |
| -50.00% | $1,000.00 | 100.000% |
| -60.00% | $1,000.00 | 100.000% |
| -70.00% | $1,000.00 | 100.000% |
| -80.00% | $1,000.00 | 100.000% |
| -90.00% | $1,000.00 | 100.000% |
| -100.00% | $1,000.00 | 100.000% |
| Example 1 — | The value of the Underlier increases from the Initial Underlier Value to the Final Underlier Value by 2%, resulting in a return equal to the Digital Return. | |
| | Underlier Return: | 2% |
| | Payment at Maturity: | $1,000 + ($1,000 × 25.85%) = $1,000 + $258.50 = $1,258.50 |
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In this example, the payment at maturity is $1,258.50 per $1,000 principal amount of Notes, for a return of 25.85%, which is the Digital Return. Because the Final Underlier Value is greater than or equal to the Initial Underlier Value, investors receive a return equal to the Digital Return. | |
| P-4 | RBC Capital Markets, LLC |
| | |
| | Digital Notes Linked to the Common Stock of Broadcom Inc. |
| Example 2 — | The value of the Underlier increases from the Initial Underlier Value to the Final Underlier Value by 40%, resulting in a return equal to the Digital Return. | |
| | Underlier Return: | 40% |
| | Payment at Maturity: | $1,000 + ($1,000 × 25.85%) = $1,000 + $258.50 = $1,258.50 |
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In this example, the payment at maturity is $1,258.50 per $1,000 principal amount of Notes, for a return of 25.85%, which is the Digital Return. Because the Final Underlier Value is greater than or equal to the Initial Underlier Value, investors receive a return equal to the Digital Return. This example illustrates that investors will not receive a return at maturity in excess of the Digital Return. Accordingly, the return on the Notes may be less than the return of the Underlier. | |
| 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). | |
| | Underlier Return: | -10% |
| | Payment at Maturity: | $1,000 |
| |
In this example, the payment at maturity is $1,000 per $1,000 principal amount of Notes, for a return of 0%. Because the Final Underlier Value is less than the Initial Underlier Value, investors receive only the principal amount of their Notes, with no additional return. | |
| P-5 | RBC Capital Markets, LLC |
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| | Digital Notes Linked to the Common Stock of Broadcom Inc. |
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 Not Receive a Positive Return on the Principal Amount at Maturity — If the Final Underlier Value is less than the Initial Underlier Value, you will receive only the principal amount of your Notes, with no additional return. |
| · | Your Potential Return at Maturity Is Limited — Your return on the Notes will not exceed the Digital 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. |
| · | 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 zero, 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. |
| · | You May Be Required to Recognize Taxable Income on the Notes Prior to Maturity — If you are a U.S. investor in a Note, under the treatment of a Note as a contingent payment debt instrument, you will generally be required to recognize taxable interest income in each year that you hold the Note. In addition, any gain you recognize under the rules applicable to contingent payment debt instruments will generally be treated as ordinary interest income rather than capital gain. 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 |
| P-6 | RBC Capital Markets, LLC |
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| | Digital Notes Linked to the Common Stock of Broadcom Inc. |
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 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. |
| · | 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. |
| P-7 | RBC Capital Markets, LLC |
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| | Digital Notes Linked to the Common Stock of Broadcom Inc. |
Risks Relating to the Underlier
| · | You Will Not Have Any Rights to 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 Underlier. |
| · | 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 discretionary determination of the closing value of the Underlier. See “General Terms of the Notes—Reference Stocks and Funds—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. |
| · | 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 corporate events (such as stock splits or extraordinary or special dividends) that the Calculation Agent determines have a diluting or concentrative effect on the theoretical value of the Underlier. However, the Calculation Agent might not make adjustments in response to all such events that could affect the 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 — Upon the occurrence of certain reorganization or other events affecting the 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 the 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 the Underlier, a substitute security, if the Calculation Agent elects to select one. Any of these actions could adversely affect the value of the 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” in the accompanying product supplement. |
| P-8 | RBC Capital Markets, LLC |
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| | Digital Notes Linked to the Common Stock of Broadcom Inc. |
INFORMATION REGARDING THE UNDERLIER
The Underlier is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Companies with securities registered under the Exchange Act are required to file financial and other information specified by the SEC periodically. Information provided to or filed with the SEC by the issuer of the Underlier can be located on a website maintained by the SEC at https://www.sec.gov by reference to that issuer’s SEC file number provided below. Information from outside sources is not incorporated by reference in, and should not be considered part of, this pricing supplement. We have not independently verified the accuracy or completeness of the information contained in outside sources.
According to publicly available information, Broadcom Inc. designs, develops and supplies a range of semiconductor and infrastructure software solutions.
The issuer of the Underlier’s SEC file number is 001-38449. The Underlier is listed on The Nasdaq Stock Market under the ticker symbol “AVGO.”
Historical Information
The following graph sets forth historical closing values of the Underlier for the period from January 1, 2015 to July 8, 2025. 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 a positive return on your initial investment.
Common Stock of Broadcom Inc.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
| P-9 | RBC Capital Markets, LLC |
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| | Digital Notes Linked to the Common Stock of Broadcom Inc. |
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.
We intend to treat the Notes for U.S. federal income tax purposes as contingent payment debt instruments, or “CPDIs,” as described in “United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Notes Treated as Debt Instruments—Notes Treated as Contingent Payment Debt Instruments” in the accompanying product supplement. In the opinion of our counsel, which is based on current market conditions, this treatment of the Notes is reasonable under current law. Assuming this treatment is respected, regardless of your method of accounting for U.S. federal income tax purposes, you generally will be required to accrue interest income in each year on a constant yield to maturity basis at the “comparable yield,” as determined by us, adjusted upward or downward to reflect the difference, if any, between the actual and projected payments on the Notes during the year. Upon a taxable disposition of a Note, you generally will recognize taxable income or loss equal to the difference between the amount received and your tax basis in the Notes. You generally must treat any income realized as interest income and any loss as ordinary loss to the extent of previous interest inclusions, and the balance as capital loss, the deductibility of which is subject to limitations.
After the original issue date, you may obtain the comparable yield and the projected payment schedule by requesting them from RBCCM at 1-877-688-2301.
Neither the comparable yield nor the projected payment schedule constitutes a representation by us regarding the actual amount(s) that we will pay on the Notes.
Non-U.S. Holders. If you are a Non-U.S. Holder, please also read the section entitled “United States Federal Income Tax Considerations—Tax Consequences to Non-U.S. Holders— Notes Treated as Debt Instruments” in the accompanying product supplement.
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 Internal Revenue Service (the “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, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.
| P-10 | RBC Capital Markets, LLC |
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| | Digital Notes Linked to the Common Stock of Broadcom Inc. |
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.
| P-11 | RBC Capital Markets, LLC |
FAQ
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