ROYAL BK CDA QUEN PFD 424B Filings

Royal Bank of Canada is issuing Bearish Performance Leveraged Upside Principal at Risk Securities (“Bearish PLUS”) linked inversely to the S&P 500 Index, maturing on February 16, 2027. The aggregate principal amount is $3,025,000, at $1,000 per note.

If the S&P 500 final value is below the initial level of 6,917.81, investors receive principal plus 300% of the inverse index return, capped at a maximum payment of $1,454 (145.40% of principal) per note. If the index rises, maturity payments fall one-for-one with the index gain and can be reduced to zero, so principal is fully at risk.

The notes pay no interest, are not listed on an exchange, and all payments depend on the credit of Royal Bank of Canada. The initial estimated value is $971.90 per note, below the $1,000 public offering price, reflecting fees, commissions and hedging costs.

Royal Bank of Canada is offering auto-callable enhanced return barrier notes linked to an equally weighted basket of AMD, Broadcom, Marvell Technology, NVIDIA and Oracle. Each note has a $1,000 minimum denomination, with a barrier at 65% of the initial basket value and a 150% participation rate if held to maturity.

The notes may be automatically called in March 2027 if the basket is at or above its initial value, paying at least 120% of principal. If not called, principal is protected at maturity so long as the final basket value stays at or above the 65% barrier, but investors can lose most or all of principal if the basket finishes below that level. The initial estimated value will range between $912.23 and $962.23 per $1,000, below the public offering price, and all payments are subject to RBC’s credit risk and complex tax treatment.

Royal Bank of Canada is offering $750,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the worst performer of NVIDIA and Tesla common stock, maturing on February 7, 2029. The notes pay a contingent coupon of $55.625 per $1,000 (5.5625% per quarter, 22.25% per annum) only when, on a quarterly observation date, both underliers close at or above their coupon thresholds.

The NVDA underlier has an initial value of $185.61 and a coupon threshold and barrier of $102.09, while the TSLA underlier starts at $421.81 with a threshold and barrier of $232.00, each equal to 55% of its initial value. If, on a call observation date, both underliers are at or above their initial values, the notes are automatically called and repay $1,000 plus the coupon. If not called and the final value of the least performing underlier is below its barrier, repayment at maturity is reduced dollar-for-dollar with that underlier’s loss, potentially to zero, so investors can lose a substantial portion or all of principal. The price to the public is 100.00% of principal, with proceeds to Royal Bank of Canada of 99.00%, and an initial estimated value of $976.77 per $1,000.

Royal Bank of Canada is offering senior unsecured structured notes linked to Accenture plc Class A shares, paying an 11.00% per annum coupon. Investors receive fixed monthly coupons regardless of Accenture’s share performance.

The notes may be called quarterly if Accenture’s closing value is at or above the $241.65 initial value, returning $1,000 per note plus the due coupon. If not called and the final value is at or above the $205.40 conversion price (85% of the initial level), investors get $1,000 in cash per note plus the final coupon.

If the notes are not called and Accenture’s final share value is below the conversion price, investors still receive the coupon but are delivered about 4.8685 Accenture shares per $1,000 note, likely worth less than principal and potentially worth $0. The notes carry full downside market risk of the shares, are unsecured obligations of RBC, and will not be listed on an exchange.

Royal Bank of Canada is offering auto-callable structured notes tied to the worst performer of Dell Technologies Class C shares and Intel common stock. The notes are issued in $1,000 minimum denominations and expose holders to both the equity performance and RBC’s credit risk.

If, on the February 2027 call observation date, both stocks are at or above their initial levels, the notes are automatically redeemed early for at least $1,345 per $1,000, ending all further payments. If not called, at February 2029 maturity investors receive 150% of any positive return of the worst-performing stock, and a dual-directional buffer that can provide gains on moderate declines down to a 35% loss level, beyond which principal is reduced.

The bank expects the initial estimated value to be between $887 and $937 per $1,000, below the public offering price, reflecting dealer discounts, hedging costs and RBC’s internal funding rate. The notes are unsecured, not insured, and carry complex market, valuation, liquidity and tax risks.

Royal Bank of Canada is offering Capped Return Dual Directional Barrier Notes linked to the worst performer of the Nasdaq-100 Index® and S&P 500® Index, maturing on February 29, 2028. The notes are unsecured debt and are not insured by U.S. or Canadian agencies.

Per $1,000 note, investors pay 100% of principal, with proceeds to RBC of 97.75% after underwriting discounts. Upside is linked 1:1 to the least-performing index but capped at a maximum upside return of at least 23%, so the maximum payment if the least-performing index appreciates is at least $1,230.

If the least-performing index finishes at or below its initial level but at or above 75% of that level, the payoff increases as the index falls, up to a maximum 25% positive return. If it closes below 75% of its initial value, repayment is reduced in line with the index loss and investors can lose a substantial portion or all of principal. RBC’s initial estimated value is expected between $910 and $960 per $1,000 note, below the public price, reflecting internal funding and hedging costs.

Royal Bank of Canada is offering $2,499,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes pay a contingent coupon of $23.75 per $1,000 (9.50% per year) only if, on each quarterly observation date, every index is at or above 70% of its initial level.

The notes can be automatically called quarterly starting August 2026 if all indices are at or above their initial levels, returning $1,000 plus the coupon, with no further payments. If held to February 2031 and not called, investors get $1,000 back only if the worst-performing index finishes at or above 60% of its initial level; below that, principal loss matches the index decline, up to a total loss. The initial estimated value is $986.72 per $1,000, below the public price, and the notes are unsecured, uninsured obligations subject to RBC’s credit and complex U.S. tax treatment.

Royal Bank of Canada is offering Auto-Callable Enhanced Return Geared Buffer Notes linked to an equally weighted basket of CrowdStrike, Microsoft, Palo Alto Networks and Snowflake shares. The notes are unsecured debt of RBC and are not insured or bail-inable.

Per $1,000 principal, the price to the public is 100%, with 1.50% in underwriting discounts and 98.50% in proceeds to RBC. The initial estimated value is expected between $925 and $975 per $1,000, reflecting internal funding and hedging costs.

If, on the February 19, 2027 call observation date, the basket’s closing value is at or above its initial value, the notes are automatically called and pay $1,201.80 (120.18% of principal) with no further payments. If not called, at February 2028 maturity investors receive 125% of any positive basket return, full principal back if the basket decline is within a 15% buffer, and amplified losses if the basket falls beyond the 15% buffer, using a downside multiplier of 100%/85%. Investors may lose some or all principal, and all payments depend on RBC’s credit.

Royal Bank of Canada is offering auto-callable enhanced return dual directional barrier notes linked to the common stock of Salesforce, Inc., maturing on February 23, 2029. The notes are unsecured senior debt of RBC and are not insured by any government agency.

Each note is issued at 100% of principal, with underwriting discounts of 2.50%, so RBC’s proceeds are 97.50% per $1,000. The initial estimated value is expected between $914 and $964 per $1,000, reflecting structuring and hedging costs.

The notes may be automatically called on February 24, 2027 if Salesforce’s stock is at or above its initial value, paying at least $1,225 per $1,000 and then terminating. If not called, a 125% participation rate applies to positive stock returns at maturity.

The structure is “dual directional” with a downside barrier at 70% of the initial stock value: moderate declines can still produce gains, but if the final stock value falls below the barrier, investors are fully exposed to losses and can lose most or all principal. All payments depend on RBC’s credit.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the Solactive Equal Weight U.S. Semi Conductor Select AR Index. The notes pay a monthly contingent coupon of $9.583 per $1,000 (11.50% per annum) only when the index is at or above 75% of its initial value on the observation date.

The notes can be automatically called quarterly if the index is at or above its initial value, returning $1,000 per note plus the applicable coupon. If held to maturity and not called, principal is fully repaid only if the final index value is at least 70% of the initial level; otherwise repayment is reduced one-for-one with the index loss, and investors can lose most or all of their principal.

The price to the public is 100% of principal, with proceeds to Royal Bank of Canada of 97.75% after underwriting discounts. The initial estimated value is expected between $900 and $950 per $1,000, reflecting selling commissions, hedging costs and the bank’s internal funding rate. The notes are unsecured RBC debt, not insured by deposit insurers, and their U.S. tax treatment is expected to follow prepaid financial contracts with coupons taxed as ordinary income, subject to IRS uncertainty.

Royal Bank of Canada is offering redeemable fixed rate notes due February 9, 2029 as part of its senior global medium-term notes program. The notes pay a fixed interest rate of 4.00% per annum, with interest paid semiannually on February 9 and August 9, beginning August 9, 2026.

Royal Bank of Canada may, at its option, redeem all (but not part) of the notes on the August 9, 2027 interest payment date and on any subsequent interest payment date, paying principal plus the applicable interest. The notes are subject to Canadian bail-in powers, meaning they can be converted into common shares or varied or extinguished if the Canadian bail-in regime is triggered. All payments are subject to Royal Bank of Canada’s credit risk, and the notes are not insured by Canadian or U.S. deposit insurance agencies.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the Solactive Equal Weight U.S. Semi Conductor Select AR Index. The notes pay a contingent monthly coupon of $11.667 per $1,000 (1.1667% per month, 14.00% per annum) only when the index closes at or above 75% of its initial value on the relevant observation date.

The notes can be automatically called quarterly if the index is at or above its initial value, returning $1,000 plus the coupon, with no further payments. If held to maturity and the final index value is below the 70% barrier, repayment of principal is reduced one-for-one with the index loss, and investors can lose most or all of their investment.

The initial estimated value is expected to be between $910.00 and $960.00 per $1,000, below the public offering price, reflecting fees and hedging costs. U.S. tax counsel currently expects to treat the notes as prepaid financial contracts with associated coupons taxed as ordinary income, but this treatment is uncertain and could change.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the Bloomberg US Large Cap VolMax Index, maturing on February 13, 2031. These are unsecured senior debt securities with no principal protection and are not insured or bail-inable.

The Notes pay a contingent coupon of $11.875 per $1,000 (1.1875% per month, 14.25% per annum) only if, on each monthly observation date, the index is at or above a Coupon Threshold set at 60% of its initial level. Quarterly, starting about one year after issuance, the Notes are auto-callable if the index is at or above its initial level, returning $1,000 plus any coupon then due, with no further payments.

If the Notes are not called, maturity payment depends on the final index level. Investors receive full principal back if the final level is at or above a Barrier Value equal to 50% of the initial level, plus any coupon due. If the final level is below the Barrier, repayment is reduced one-for-one with the index loss, and up to the entire principal can be lost.

The public offering price is 100% of principal, but the initial estimated value is expected between $900 and $950 per $1,000, reflecting underwriting discounts, hedging costs and RBC’s internal funding rate. The complex Underlier embeds daily deductions, leverage and financing costs that can materially drag on index performance and increase risk.

Royal Bank of Canada is offering Redeemable Fixed Rate Notes paying 5.05% per year and scheduled to mature on February 27, 2041. Interest is paid annually starting February 27, 2027.

The notes can be redeemed at the bank’s option in whole, but not in part, on the interest payment date set for February 27, 2031 and on each annual interest date after that, returning principal plus the applicable interest payment. The securities are bail-inable under Canadian law, meaning they can be converted into the bank’s common shares or written off in a resolution scenario.

The minimum investment is $1,000, in denominations of $1,000. RBC Capital Markets, LLC acts as underwriter and may sell the notes at prices between $970 and $1,000 per $1,000 principal amount, reflecting underwriting discounts and selling concessions. U.S. tax counsel views the notes as debt instruments issued without original issue discount for federal income tax purposes.

Royal Bank of Canada is offering Enhanced Return Barrier Notes linked to a basket of five major equity indexes: EURO STOXX 50 (40%), Nikkei 225 (25%), FTSE 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%). The notes mature on February 28, 2031, with a minimum investment of $1,000.

At maturity, investors receive enhanced upside of at least 155% of any positive basket performance. If the basket is flat or down but above the 75% barrier, principal is returned. If the final basket value falls below the barrier, repayment is reduced one-for-one with the basket loss, and investors can lose most or all of their principal.

The price to the public is 100% of principal, with underwriting discounts of 3.50% and proceeds to RBC of 96.50%. The initial estimated value is expected between $900 and $950 per $1,000, reflecting hedging costs, fees and RBC’s internal funding rate. The notes are unsecured debt subject to RBC’s credit risk and are not insured by deposit insurers.

Royal Bank of Canada is offering barrier digital notes maturing on February 27, 2031, linked to the least performing of the MSCI Emerging Markets Index and the EURO STOXX 50® Index. Each note has a $1,000 denomination and pays at maturity based on index performance.

If the least performing index ends at or above its initial value, investors receive $1,000 plus the greater of its percentage gain or a fixed 57% digital return70% of that level (the barrier), investors receive only their $1,000 principal.

If the least performing index finishes below the 70% barrier, repayment is reduced one-for-one with the index loss, and investors can lose a substantial portion or all of their principal. The initial estimated value per $1,000 note is expected to be between $885 and $935, below the public offering price, and all payments depend on RBC’s credit.

Royal Bank of Canada is offering three Capped Return Dual Directional Buffer Notes, each linked to a different equity index: the Nasdaq-100 Index, Russell 2000 Index and EURO STOXX 50 Index. The Notes are senior unsecured debt securities of Royal Bank of Canada.

Each Note has a 15% downside buffer, a 100% participation rate and a capped upside return, targeted at least 18% for the Nasdaq-100 note, 19.50% for the Russell 2000 note and 23% for the EURO STOXX 50 note. If the index falls but remains above the 15% buffer, holders gain the absolute value of the negative index return, up to 15%. Below the buffer, principal is at risk and losses accelerate.

The price to the public is 100% of principal, with underwriting discounts and commissions of 2.25%, leaving 97.75% of proceeds to Royal Bank of Canada. The initial estimated value per $1,000 principal amount is expected between $915 and $965, reflecting internal funding and hedging costs. U.S. tax counsel views the Notes as prepaid financial contracts treated as open transactions, though this characterization is not certain.

Royal Bank of Canada is offering Capped Enhanced Return Dual Directional Buffer Notes linked to the VanEck Gold Miners ETF, maturing on March 1, 2029. The notes are unsecured debt of RBC and all payments depend on its credit.

The notes provide 200% upside participation in ETF gains, capped by a Maximum Upside Return of at least 47% per $1,000. They also offer a 20% downside buffer: if the ETF closes between 80% and 100% of its initial level at maturity, investors earn the positive absolute return. Below the 80% buffer, principal is reduced, so investors can lose a substantial portion of their investment.

The public offering price is 100% of principal, with 2.50% in underwriting discounts, resulting in 97.50% of proceeds to RBC. The initial estimated value is expected between $888.04 and $938.04 per $1,000, reflecting hedging costs and dealer compensation, and is lower than the price to the public.

Royal Bank of Canada is offering unsecured Auto-Callable Enhanced Return Barrier Notes linked to the Russell 2000® Index, maturing in March 2029. The notes are issued at 100% of principal, with underwriting discounts of 2.50% and proceeds to RBC of 97.50% of the principal amount.

If the index level on the March 2027 call observation date is at or above its initial value, the notes are automatically called for at least 110% of principal, ending the investment early. If held to maturity and not called, investors participate at 140% of any positive index return, receive principal back if the final index value is at or above 75% of the initial value, and suffer one-for-one losses if the index finishes below that barrier.

The initial estimated value is expected to be between $917 and $967 per $1,000 principal, reflecting hedging costs, discounts and RBC’s internal funding rate. The notes are not insured, are not bail-inable, may have limited or illiquid secondary trading and expose holders to both market risk on the Russell 2000® and RBC’s credit risk.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the Class A common stock of Robinhood Markets, Inc. (HOOD). Each note is issued at 100% of principal, with a minimum investment of $1,000.

The initial Underlier value is $87.07, and both the coupon threshold and barrier are set at $43.54, equal to 50% of the initial value. If on a quarterly coupon observation date HOOD closes at or above the threshold and the notes have not been called, investors receive a contingent coupon of $51.875 per $1,000 (5.1875% per quarter, 20.75% per year), with a memory feature for previously missed coupons.

The notes are auto-callable quarterly starting August 3, 2026 if HOOD is at or above the initial value, in which case investors receive $1,000 plus the due coupon and any unpaid coupons. If not called, at maturity investors receive $1,000 per note if the final HOOD value is at or above the barrier; otherwise the payoff is $1,000 plus $1,000 × Underlier return, exposing them to one-for-one downside below the barrier and potential loss of most or all principal. The initial estimated value is expected between $925 and $975 per $1,000. The notes are unsecured debt of RBC, not insured by Canadian or U.S. deposit insurers and involve complex tax and market risks.

Royal Bank of Canada is issuing senior unsecured notes linked to the S&P 500 Index, maturing on February 12, 2027. The notes pay no interest and are denominated in $1,000 increments, with an aggregate principal amount of $3,477,000 initially.

At maturity, each $1,000 note pays a cash amount based on index performance from February 2, 2026 to February 10, 2027. If the final S&P 500 level is at least 90% of the initial level of 6,976.44, investors receive a fixed $1,080.10, capping the return at 8.010%. If the index closes below 90% of its initial level, repayment is reduced so that holders lose about 1.1111% of principal for every 1% the index falls below the threshold, and they could lose their entire investment.

The notes are not listed, are not redeemable before maturity, and carry RBC’s credit risk. The initial estimated value is $988.20 per $1,000 note, below the 100% issue price, reflecting underwriting discounts, hedging costs, and RBC’s internal funding rate.

Royal Bank of Canada is offering senior unsecured notes linked to the S&P 500® Index. The notes run about 16–18 months, pay no interest, and repay at maturity based on index performance between the trade and determination dates.

For each $1,000 note, investors get 160% of any positive index gain, but returns are capped by a maximum settlement amount expected between $1,141.60 and $1,166.56. A 10% buffer protects principal if the index falls slightly, but below 90% of the initial level principal losses increase about 1.1111% for every additional 1% decline, up to a total loss.

The initial estimated value is expected between $965.50 and $995.50 per $1,000, below the issue price, reflecting RBC’s funding and hedging costs. The notes are not listed, may have limited liquidity, and expose holders to RBC credit risk and complex U.S. tax treatment.

Royal Bank of Canada is offering $2,600,000 of Enhanced Return Buffer Notes linked to the EURO STOXX 50® Index, maturing in February 2031. The notes provide 170% participation in any positive index return and a 20% downside buffer, so principal is protected only as long as the index does not fall more than 20% from its initial level of 6,007.51.

Below that 80% buffer level, investors lose principal in line with further index declines. The notes are unsecured RBC debt, not insured deposits or bail-inable instruments, and all payments depend on RBC’s credit. The initial estimated value is $983.85 per $1,000, less than the public offering price, reflecting dealer compensation and hedging costs.

Royal Bank of Canada is issuing auto-callable contingent coupon barrier notes tied to the worst performer of the EURO STOXX Banks Index and the SPDR S&P Oil & Gas Exploration & Production ETF. The notes total $750,000 in principal, sold at 100% of face value with 1% in underwriting discounts.

Investors may receive quarterly contingent coupons of $45.25 per $1,000 (4.525% per quarter, 18.10% per year) when both underliers close at or above 75% of their initial values on observation dates. The notes auto-call if both underliers are at or above their initial levels, returning principal plus the coupon.

If not called, maturity payment depends on the least performing underlier. Full principal is repaid when its final value is at or above the 75% barrier, but principal is reduced one-for-one with any decline below the barrier, potentially to zero. The notes are unsecured RBC obligations, not insured deposits, with an initial estimated value of $972.72 per $1,000 that is below the public offering price. U.S. tax counsel views them as prepaid financial contracts with coupons taxed as ordinary income, but this treatment is uncertain.

Royal Bank of Canada is offering Auto-Callable Fixed Coupon Barrier Notes linked to the common stock of Broadcom Inc. (AVGO).

The notes pay a fixed coupon of $9.833 per $1,000 each month, equal to 0.9833% monthly or 11.80% per year, as long as they remain outstanding. Starting about six months after issuance, the notes are automatically called if AVGO’s closing value on a Call Observation Date is at or above its initial value, returning $1,000 plus that month’s coupon.

If the notes are not called, investors receive at maturity $1,000 per note plus the final coupon if the final AVGO value is at or above a barrier set at 56% of the initial value. If the final value is below the barrier, investors receive AVGO shares equal to the physical delivery amount instead of principal, which can mean large losses.

The initial estimated value is expected to range from $917 to $967 per $1,000, below the public offering price, reflecting fees, hedging costs and RBC’s internal funding rate. The notes carry RBC credit risk, limited liquidity, and complex U.S. tax treatment, including potential withholding issues for non‑U.S. holders.

Royal Bank of Canada is offering issuer callable contingent coupon barrier notes linked to the common stock of Tesla, Inc. The notes are issued at 100% of principal, with proceeds to RBC of 99.75% after a 0.25% underwriting discount per $1,000 note.

The notes pay a contingent coupon of $12.667 per $1,000 (1.2667% monthly, 15.20% per year) on scheduled payment dates if Tesla’s closing value on the prior observation date is at or above a coupon threshold set at 50% of the initial underlier value. RBC may call the notes quarterly, starting about six months after issuance, paying $1,000 plus any due coupon, with no further payments.

If not called, at maturity in February 2028 investors receive $1,000 per $1,000 note if Tesla’s final value is at or above the 50% barrier. If Tesla finishes below the barrier, repayment is reduced in line with the underlier return, and investors can lose a substantial portion or all of principal. The initial estimated value will be between $928 and $978 per $1,000, below the public offering price, and the notes are subject to RBC’s credit risk and complex U.S. tax treatment.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the least performing of three ETFs: the SPDR S&P Regional Banking ETF (KRE), the VanEck Semiconductor ETF (SMH) and the Energy Select Sector SPDR ETF (XLE). Each note has a $1,000 minimum denomination and pays a monthly contingent coupon of at least $13.125 (at least 15.75% per year) only if, on the prior observation date, each ETF closes at or above 70% of its initial level. The notes can be automatically called quarterly starting about six months after issuance if all ETFs are at or above their initial levels, returning $1,000 plus the coupon then due. If not called, principal repayment at maturity depends on the worst ETF: investors receive $1,000 if its final level is at least 60% of its initial level, but suffer a one-for-one loss if it falls below that barrier, up to a total loss of principal. The price to the public is 100% of principal, with 1% underwriting discounts and 99% proceeds to RBC, and the initial estimated value is expected between $875 and $925 per $1,000. The notes are unsecured RBC debt, not insured or bail-inable, and involve complex market, liquidity and tax risks.

Royal Bank of Canada is issuing auto-callable contingent coupon barrier notes linked to the worst performer of three ETFs: the SPDR S&P Regional Banking ETF (KRE), VanEck Semiconductor ETF (SMH) and Energy Select Sector SPDR ETF (XLE). Investors receive a monthly contingent coupon of at least $11.458 per $1,000 (at least 13.75% per year) only if each ETF closes at or above 70% of its initial value on the observation date. If all ETFs are at or above their initial values on a call observation date, the notes are automatically called and pay back principal plus the coupon. At maturity, if not called, principal is fully repaid only if the worst ETF is at or above 60% of its initial value; below that barrier, repayment is reduced one-for-one with the loss in that ETF, and investors can lose most or all of their principal. The initial estimated value is expected between $855 and $905 per $1,000, below the public price, reflecting fees, hedging costs and Royal Bank of Canada’s funding rate.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the Bloomberg US Large Cap VolMax Index. The notes are issued at 100% of principal, with 1.00% underwriting discounts and 99.00% of principal proceeds to the bank.

Investors may receive a monthly contingent coupon of $14.167 per $1,000 (17.00% per annum) only when the index is at or above 70% of its initial value on observation dates. If the notes are not called and the index finishes below the 50% barrier, repayment of principal is reduced one-for-one with the index loss, potentially to zero.

The initial estimated value is expected between $887.00 and $937.00 per $1,000, reflecting dealer compensation, hedging costs and a lower internal funding rate. The underlier itself embeds daily deductions, leverage up to 500% exposure, and financing and transaction costs that can significantly drag performance.

Royal Bank of Canada is offering senior unsecured market-linked notes tied to the worst performer of Lockheed Martin (LMT) and RTX (RTX), with a face amount of $1,000 per security and a total offering of $950,000. The notes are auto-callable on February 4, 2027: if the lowest performing stock is at or above its starting value, investors receive $1,160 per security (a 16% call premium) and the notes terminate early.

If not called, at maturity on February 2, 2029 investors get: leveraged upside at a 200% participation rate if the worst stock is above its starting value; a positive “absolute value” return if that stock is between 60% and 100% of its starting value; or full downside exposure below 60%, with losses that can reach 100% of principal. The initial estimated value is $976.63 per $1,000 security, and the notes carry significant market, liquidity, tax and RBC credit risk.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes tied to the worst performer of the Russell 2000 Index, the Technology Select Sector SPDR ETF and the Utilities Select Sector SPDR ETF. The notes pay a monthly contingent coupon of $9.167 per $1,000 (11.00% per year) when all underliers stay at or above 70% of their initial values.

The notes can be automatically called starting about six months after issuance if all underliers are at or above their initial levels, returning $1,000 plus the coupon. If held to maturity and the worst underlier is at or above 60% of its initial value, principal is repaid; otherwise, repayment is reduced one-for-one with the underlier loss, potentially down to zero. The initial estimated value is expected between $904 and $954 per $1,000, reflecting fees and hedging costs, and all payments depend on RBC’s credit.

Royal Bank of Canada is offering senior unsecured notes linked to a weighted basket of five non-U.S. equity indices, maturing on February 1, 2029. The basket includes the EURO STOXX 50® (38%), TOPIX® (26%), FTSE® 100 (17%), Swiss Market Index (11%) and S&P®/ASX 200 (8%).

The notes pay no interest. At maturity, investors receive $1,000 plus 170.50% of any positive basket return, or a reduced amount if the basket has fallen. If the final basket level is below the initial level of 100, principal is lost one-for-one, down to a total loss.

The initial estimated value is $970.07 per $1,000, below the 100% issue price, reflecting underwriting (3% discount) and hedging costs. Total initial principal is $13,185,000, and the issuer may increase this amount. The notes are not listed, may have limited liquidity, and are subject to RBC’s credit risk.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes with a memory feature linked to the weaker performer of Bank of America and ConocoPhillips stock, maturing on February 8, 2029. The notes pay a quarterly contingent coupon of 2.6125% (annualized 10.45%) per $1,000, but only when each underlier stays at or above 55% of its initial value on observation dates.

The notes are automatically called if, on any call observation date, both stocks are at or above their initial values, returning $1,000 plus due coupons. If held to maturity and the least performing stock finishes below its 55% barrier, repayment of principal is reduced one-for-one with the stock loss and can fall to zero. The price to the public is 100% of principal with 2.00% underwriting discounts, and the initial estimated value is expected between $917.50 and $967.50 per $1,000, reflecting structuring and hedging costs. All payments depend on RBC’s credit.

Royal Bank of Canada is issuing Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, in a primary offering of $562,000 total principal at 100% of face value. The bank expects net proceeds of $556,380 after underwriting discounts.

The notes mature in February 2030. At maturity, investors receive $1,000 per note plus 145% of any positive index return; if the index is flat or down, they receive only the $1,000 principal, subject to Royal Bank of Canada’s credit risk. The initial estimated value is $966.15 per $1,000, below the public offering price, reflecting internal funding and hedging costs.

Royal Bank of Canada is offering $1,000 face amount market-linked securities that are auto-callable and tied to the worst performer of AbbVie common stock and Eaton ordinary shares, with a preliminary internal estimated value between $911.50 and $961.50 per security.

The notes can be automatically called in February 2027 if the lowest performing stock is at or above its starting value, paying back face value plus a call premium of at least 42.85% ($428.50) per security. If held to February 2029 and not called, investors get 150% leveraged upside on the lowest performer when it finishes above its starting value, full principal back if it is between 70% and 100% of its starting value, and one-for-one losses below 70%, potentially losing most or all principal. The securities pay no interest, are unsecured senior debt of Royal Bank of Canada, and all payments depend on the bank’s credit.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to NVIDIA Corporation stock, with a total public offering price of $6,876,000. The Notes are issued at 100% of principal, with proceeds to the bank of 98.50%, or $6,772,860, after underwriting discounts.

The Notes pay a contingent coupon of 1.0292% per month (12.35% per year) per $1,000 if NVIDIA’s closing value is at or above a coupon threshold set at 59% of the initial value of $191.13, or $112.77. They may be automatically called monthly starting July 30, 2026 if the stock is at or above the initial value, returning $1,000 plus the applicable coupon.

If not called, at maturity investors receive $1,000 per Note only if the final NVIDIA value is at or above the 59% barrier; if it is below, repayment is reduced one-for-one with the stock’s decline, potentially down to zero. The initial estimated value is $972.91 per $1,000, below the public price, and all payments are subject to Royal Bank of Canada’s credit risk.

Royal Bank of Canada is offering $1,735,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the Solactive Equal Weight U.S. Semi Conductor Select AR Index. These two‑year notes can be called quarterly if the index closes at or above its initial level.

Investors may receive a contingent coupon of 2.625% per quarter (10.50% per year) when the index is at or above 75% of its initial level on observation dates. If the notes are not called and the index finishes below 65% of its initial level at maturity, principal is reduced one-for-one with the index loss and can be fully lost.

The initial estimated value is $955.40 per $1,000 note, below the public offering price, reflecting fees, hedging costs and RBC’s funding rate. Payments depend entirely on Royal Bank of Canada’s credit.

Royal Bank of Canada is offering three capped enhanced return buffer notes linked separately to the Nasdaq-100, Russell 2000 and S&P 500 indexes, with principal amounts of $488,000, $24,000 and $1,911,000, respectively. These notes mature in February 2028 and provide 150% participation in any positive index performance, subject to maximum returns of 24% (NDX), 27% (RTY) and 20.50% (SPX).

Investors are protected by a 10% downside buffer; losses begin if the final index value falls more than 10% below its initial level, with principal reduced in line with further declines. Initial estimated values per $1,000 note range from about $975.90 to $982.89, below the public offering price, reflecting dealer compensation and hedging costs. The notes are unsecured debt of Royal Bank of Canada, pay no coupons, and expose holders to both market risk of the underlying indexes and the issuer’s credit risk. U.S. tax treatment is described as prepaid financial contracts with important uncertainties and potential future rule changes.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the Class A common stock of Meta Platforms, Inc. The total price to the public is $1,936,000, with proceeds to Royal Bank of Canada of $1,902,120 after underwriting discounts.

The notes pay a contingent coupon of $22.50 per $1,000 each quarter (9.00% per year) when Meta’s stock closes at or above a threshold set at 60% of the initial value of $716.50

If the notes are not called and Meta’s final value is at or above the 60% barrier, investors receive their full principal back plus any coupon due. If the final value is below the barrier, investors receive Meta shares based on a physical delivery amount of 1.3957 shares per $1,000, which can lead to substantial loss of principal, up to a total loss. The initial estimated value of the notes is $983.14 per $1,000, lower than the public offering price.

Royal Bank of Canada is issuing Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, with a total offering size of $361,000 at 100% of principal.

The three-year Notes (maturing in early 2029) pay back $1,000 per Note at maturity if the index is flat or down, and increase this amount when the index is up using a 105% participation rate on positive index returns. Investors face the Bank’s credit risk and do not receive dividends from index stocks.

The initial estimated value is $965.42 per $1,000, below the public offering price, reflecting internal funding, hedging costs and any referral fees. The Underlier applies a 0.5% annual decrement and various funding and transaction costs that steadily reduce its performance versus the underlying equity and Treasury futures exposures.

The Notes are treated as contingent payment debt instruments for U.S. tax purposes, requiring annual interest accruals based on a comparable yield. Counsel believes Section 871(m) withholding should not apply to Non-U.S. Holders under current rules.

Royal Bank of Canada is issuing $554,000 of Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, maturing on February 2, 2029. These are senior unsecured debt securities under its global medium-term note program.

The notes pay at maturity at least the $1,000 principal per note, plus upside if the index rises. Investors earn 110% of any positive index return; if the final index value is at or below its initial level, investors receive only principal back, with no interest or coupons during the term.

The underlying index uses a rules-based strategy targeting 10% volatility, shifting between equity and Treasury futures exposure and applying a 0.5% annual decrement fee, transaction costs and funding costs, all of which reduce index performance. The initial estimated value is $969.11 per $1,000, below the public offering price, reflecting structuring, hedging and distribution costs. U.S. tax treatment is expected to follow contingent payment debt instrument rules.

Royal Bank of Canada is issuing $1,047,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the Solactive Equal Weight U.S. Semi Conductor Select AR Index, maturing August 3, 2028. These are unsecured senior debt securities, not insured by any deposit insurance agency.

The notes pay a contingent monthly coupon of $10.833 per $1,000 (13.00% per annum) only when the index closes at or above 75% of its initial value on the relevant observation date. The notes are automatically called if, on specified quarterly call observation dates, the index is at or above its initial level, in which case investors receive $1,000 plus the applicable coupon and no further payments.

If the notes are not called, principal protection depends on the index staying above a 70% barrier at maturity. If the final index value is at or above this barrier, investors receive full principal (and any due coupon). If it is below the barrier, repayment is reduced one-for-one with the index loss, and investors can lose a substantial portion or all of their principal.

The initial estimated value is $967.39 per $1,000 of principal, below the public offering price, reflecting underwriting compensation, referral fees and hedging costs. The underlying index holds nine equal-weighted semiconductor-related stocks and deducts a 2.0% annual adjustment factor from its gross total return.

Royal Bank of Canada is issuing Capped Return Dual Directional Buffer Notes linked to the S&P 500 Index, with a total public offering price of $948,000. The Notes pay at maturity based on index performance over roughly two years, subject to capped upside and partial downside protection.

Upside is fully participated at 100% but capped at an 18% maximum return, or $1,180 per $1,000 note. If the index falls by up to 15%, investors earn a positive “dual directional” return equal to the absolute index move, capped at 15%. Below a 15% decline, principal is reduced beyond the buffer.

The initial estimated value is $981.69 per $1,000, lower than the public price due to underwriting discounts, referral fees, hedging costs and RBC’s internal funding rate. All payments depend on RBC’s credit. The Notes are unsecured, not insured by Canadian or U.S. deposit insurers, and carry complex tax and market risks.

Royal Bank of Canada is offering $1,053,000 of Auto-Callable Enhanced Return Barrier Notes linked to an equally weighted basket of Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo common stocks.

The notes may be automatically called in February 2027 if the basket is at or above its initial value, paying $1,150 per $1,000 principal (a 15% return) with no further payments. If not called, they mature in February 2029 with 150% participation in any basket gains and full principal repayment as long as the basket does not fall below 70% of its initial value. Below this 70% barrier, repayment is reduced one-for-one with the basket decline, so investors can lose a substantial portion or all of their principal. The minimum investment is $1,000, and the initial estimated value is $979.78 per $1,000, less than the public offering price, reflecting fees, hedging costs and the issuer’s funding rate.

Royal Bank of Canada is issuing issuer-callable contingent coupon barrier notes linked to Marvell Technology, Inc. common stock, with a total price to the public of $660,000. These three-year notes pay a monthly contingent coupon of $16.25 per $1,000 (1.625% per month, 19.50% per year) only if Marvell’s share price stays at or above a coupon threshold of $47.35, which is 60% of the initial value of $78.92.

The notes can be called by RBC on designated quarterly dates; if called, investors receive $1,000 per note plus any due coupon, with no further payments. If held to maturity and Marvell’s final share value is at or above the barrier of $39.46 (50% of the initial value), investors receive full principal back, plus any contingent coupon. If the final value is below the barrier, repayment is reduced one-for-one with the stock’s loss, and investors can lose most or all of their principal. The initial estimated value is $985.93 per $1,000, below the $1,000 issue price, reflecting fees and hedging costs.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of Marvell Technology, Inc. The total offering size is $225,000, with 2.50% in underwriting discounts and 97.50% of proceeds to the bank.

The notes pay a contingent coupon of $13.375 per $1,000 (1.3375% monthly, 16.05% per year) only when Marvell’s stock closes at or above a coupon threshold set at 60% of the initial value of $78.92. The notes can be automatically called quarterly if the stock is at or above the initial value, returning principal plus the due coupon.

At maturity in February 2029, if not called, investors receive full principal back only if the final stock value is at or above a barrier set at 50% of the initial value; below that barrier, repayment is reduced one-for-one with the stock’s loss, and investors can lose most or all of their principal. The initial estimated value of each note is $961.14 per $1,000, less than the public offering price, reflecting fees, hedging costs and Royal Bank of Canada’s funding rate.

Royal Bank of Canada is issuing Geared Buffer Digital Notes linked to the common stock of UnitedHealth Group Incorporated. The notes total $500,000, sold at 100% of principal with a 1% placement fee, leaving 99% in proceeds to the bank.

Each note has a $10,000 minimum denomination and a term from early February 2026 to February 2027. If the UNH share price on the valuation date is at or above the buffer level of 85% of the initial value ($292.29), investors receive principal plus a fixed 16.31% digital return, regardless of how much UNH has risen.

If UNH finishes below the buffer, investors receive about 40.2495 UNH shares per $10,000 note instead of cash, exposing them to full downside in the stock and potential total loss of principal. The initial estimated value of each note is $9,763.48, below the $10,000 issue price, and there may be limited or no secondary market. The notes are unsecured RBC debt, not insured deposits, and carry complex U.S. tax treatment as prepaid financial contracts with potential future regulatory changes.

Royal Bank of Canada is offering $3,777,000 of Auto-Callable Contingent Coupon Barrier Notes linked to Delta Air Lines common stock. Investors pay 100% of principal, while the bank receives 98.25%, or $3,710,902.50, after underwriting discounts. The initial estimated value is $969.79 per $1,000, below the public price, reflecting fees and hedging costs.

The Notes pay a contingent coupon of $24.375 per $1,000 (2.4375% quarterly, 9.75% annually) only when Delta’s share price is at or above 50% of the initial level on observation dates. If the stock is at or above its initial level on a call observation date, the Notes are automatically redeemed at $1,000 plus the coupon.

If not called, and Delta’s final price is at or above the 50% barrier, investors receive $1,000 plus any due coupon. If the final price is below the barrier, repayment is in Delta shares worth less than principal, potentially down to zero, and all payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is issuing Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of Blackstone Inc. The total offering size is $5,535,000, sold at 100% of principal, with underwriting discounts of 1.85% and proceeds to the bank of 98.15%.

The notes pay a quarterly contingent coupon of $25.875 per $1,000 (2.5875% per quarter, 10.35% per year) only when Blackstone’s stock closes at or above the coupon threshold of $85.76, which is 60% of the initial value of $142.94. They may be automatically called each quarter if the stock is at or above the initial value, returning $1,000 plus due coupons. If not called and the final stock value is below the 60% barrier, repayment is reduced one-for-one with the stock decline, and investors can lose most or all principal. The initial estimated value is $972.11 per $1,000, reflecting fees and hedging costs, and all payments depend on RBC’s credit.