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Capped Enhanced Return Buffer Notes Due April 1, 2027 | |
| PRODUCT CHARACTERISTICS |
| · | Capped Enhanced Return Potential — If the Final Basket Value is greater than the Initial Basket Value, at maturity, investors will receive a return equal to 125% of the Basket Return, subject to the Maximum Return of 24%. |
| · | Contingent Return of Principal at Maturity — If the Final Basket Value is less than or equal to the Initial Basket Value, but is greater than or equal to the Buffer Value, at maturity, investors will receive the principal amount of their Notes. If the Final Basket 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 Basket Value is less than the Initial Basket Value in excess of the Buffer Percentage. |
| KEY TERMS | |
| Issuer: | Royal Bank of Canada (“RBC”) |
| CUSIP: | 78017KXD9 |
| Basket Underliers: | The common stock of General Dynamics Corporation (Bloomberg symbol “GD UN”), the common stock of Honeywell International Inc. (Bloomberg symbol “HON UW”), the common stock of Lockheed Martin Corporation (Bloomberg symbol “LMT UN”), the common stock of Northrop Grumman Corporation (Bloomberg symbol “NOC UN”) and the common stock of RTX Corporation (Bloomberg symbol “RTX UN”) |
| Basket Weighting: | With respect to each Basket Underlier: 1/5 |
| Trade Date: | March 27, 2025 |
| Issue Date: | March 31, 2025 |
| Valuation Date: | March 29, 2027 |
| Maturity Date: | April 1, 2027 |
| Payment at Maturity: |
Investors will receive on the Maturity Date per $1,000 principal amount of Notes: · If the Final Basket Value is greater than the Initial Basket Value, an amount equal to: $1,000 + ($1,000 × the lesser of (a) Basket Return × Participation Rate and (b) Maximum Return) · If the Final Basket Value is less than or equal to the Initial Basket Value, but is greater than or equal to the Buffer Value: $1,000 · If the Final Basket Value is less than the Buffer Value, an amount equal to: $1,000 + [$1,000 × (Basket Return + Buffer Percentage)] If the Final Basket Value is less than the Buffer Value, you will lose some or a substantial portion of your principal amount at maturity. |
| Participation Rate: | 125% (subject to the Maximum Return) |
| Maximum Return: | 24% |
| Buffer Percentage: | 10% |
| Basket Return: | Final Basket Value – Initial Basket Value Initial Basket Value |
| Initial Basket Value: | Set equal to 100 on the Trade Date |
| Final Basket Value: | 100 × [1 + (the sum of, for each Basket Underlier, its Basket Underlier Return times its Basket Weighting)] |
| Buffer Value: | 90, which is 90% of the Initial Basket Value |
| Basket Underlier Return: |
With respect to each Basket Underlier: Final Basket Underlier Value
– Initial Basket Underlier Value |
| KEY TERMS (continued) | |
| Initial Basket Underlier Value: | With respect to each Basket Underlier, the closing value of that Basket Underlier on the Trade Date |
| Final Basket Underlier Value: | With respect to each Basket Underlier, the closing value of that Basket Underlier on the Valuation Date |
| PAYOFF DIAGRAM |
— Basket Performance — Note Performance
This document provides a summary of the terms of the
Notes. Investors should carefully review the accompanying preliminary pricing supplement, product supplement, prospectus supplement and
prospectus, as well as “Selected Risk Considerations” below, before making a decision to invest in the Notes: https://www.sec.gov/Archives/edgar/data/1000275/000095010325003636/
dp226520_424b2-us2382.htm
The initial estimated value of the Notes determined by us as of the Trade Date, which we refer to as the initial estimated value, is expected to be between $900.00 and $950.00 per $1,000 principal amount of Notes and will be less than the public offering price of the Notes. We describe the determination of the initial estimated value in more detail in the accompanying preliminary pricing supplement.
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Selected Risk Considerations
An investment in the Notes involves significant risks. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes. Some of the risks that apply to an investment in the Notes are summarized below, but we urge you to read also the “Selected Risk Considerations” section of the accompanying preliminary pricing supplement and the “Risk Factors” sections of the accompanying prospectus, prospectus supplement and product supplement. You should not purchase the Notes unless you understand and can bear the risks of investing in the Notes.
| · | You May Lose a Substantial Portion of the Principal Amount at Maturity. |
| · | Your Potential Return at Maturity Is Limited. |
| · | 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. |
| · | 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. |
| · | Changes in the Value of One Basket Underlier May Be Offset by Changes in the Values of the Other Basket Underliers. |
| · | Any Payment on the Notes Will Be Determined Based on the Closing Values of the Basket Underliers on the Dates Specified. |
| · | The U.S. Federal Income Tax Consequences of an Investment in the Notes Are Uncertain. |
| · | There May Not Be an Active Trading Market for the Notes; Sales in the Secondary Market May Result in Significant Losses. |
| · | The Initial Estimated Value of the Notes Will Be Less Than the Public Offering Price. |
| · | The Initial Estimated Value of the Notes Is Only an Estimate, Calculated as of the Trade Date. |
| · | Our and Our Affiliates’ Business and Trading Activities May Create Conflicts of Interest. |
| · | RBCCM’s Role as Calculation Agent May Create Conflicts of Interest. |
| · | You Will Not Have Any Rights to Any Basket Underlier. |
| · | Any Payment on the Notes May Be Postponed and Adversely Affected by the Occurrence of a Market Disruption Event. |
| · | Anti-dilution Protection Is Limited, and the Calculation Agent Has Discretion to Make Anti-dilution Adjustments. |
| · | Reorganization or Other Events Could Adversely Affect the Value of the Notes or Result in the Notes Being Accelerated. |
Royal Bank of Canada has filed a registration statement (including a product supplement, prospectus supplement and prospectus) with the SEC for the offering to which this document relates. Before you invest, you should read those documents and the other documents that we have filed with the SEC for more complete information about us and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any agent or any dealer participating in this offering will arrange to send you those documents if you so request by calling toll-free at 1-877-688-2301.
As used in this document, “Royal Bank of Canada,” “we,” “our” and “us” mean only Royal Bank of Canada. Capitalized terms used in this document without definition are as defined in the accompanying preliminary pricing supplement.
Registration Statement No. 333-275898; filed pursuant to Rule 433