ROYAL BK CDA QUEN PFD 424B Filings

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the Nasdaq-100, Russell 2000 and S&P 500 indices, in an aggregate principal amount of $2,452,000. The notes pay a quarterly contingent coupon of $23.375 per $1,000 (9.35% per annum) only if, on each observation date, every index is at or above 70% of its initial level. The notes can be automatically called quarterly, starting about six months after issuance, if all indices are at or above their initial levels, in which case investors receive $1,000 per note plus the coupon and no further payments.

If the notes are not called, principal repayment at maturity depends on the worst-performing index. Full principal is returned if that index finishes at or above 60% of its initial level; below this barrier, repayment is reduced one-for-one with the index loss, and investors can lose all of their principal. The initial estimated value is $986.92 per $1,000, below the $1,000 public offering price, reflecting fees, hedging costs and the issuer’s funding rate.

Royal Bank of Canada is issuing $550,000 of Auto-Callable Fixed Coupon Barrier Notes linked to the least performing of AMD, Delta Air Lines and FedEx common stock. The notes pay a fixed coupon of $10.25 per $1,000 in principal (a rate of 12.30% per year) as long as they remain outstanding. On quarterly call observation dates, if each stock is at or above its initial level, the notes are automatically called and pay back $1,000 plus the coupon.

If the notes are not called, investors receive at maturity $1,000 per note plus the coupon if the worst-performing stock is at or above 50% of its initial value. If that stock is below this barrier, investors receive shares of that worst-performing stock instead of cash, which can mean a large loss of principal, up to 100%. The initial estimated value is $966.95 per $1,000, reflecting underwriting discounts, fees and hedging costs.

Royal Bank of Canada is offering $1,080,000 of Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to the common stock of NVIDIA Corporation. The Notes are issued at 100% of principal with underwriting discounts of 2.50%, resulting in proceeds to Royal Bank of Canada of $1,053,000.

The Notes pay a contingent monthly coupon of $8.125 per $1,000 (9.75% per annum) only when NVIDIA’s closing price is at or above the coupon threshold of $93.84, which is also the 50% barrier level, on the relevant observation date. Starting about one year after the January 23, 2026 trade date, the Notes are automatically called if NVIDIA closes at or above the initial level of $187.67 on a quarterly call observation date, returning $1,000 plus any due coupons.

If not called and NVIDIA’s final value on the January 22, 2029 valuation date is at or above the barrier, investors receive $1,000 plus any due coupons. If it is below the barrier, investors receive 5.33 NVIDIA shares per $1,000 (plus cash for fractions), which can mean large principal losses. The initial estimated value is $958.76 per $1,000, below the public price, and all payments depend on Royal Bank of Canada’s credit. The tax treatment is complex and may change.

Royal Bank of Canada is issuing $550,000 of Auto-Callable Fixed Coupon Barrier Notes linked to the worst performer of Delta Air Lines, Home Depot and Tesla common stock, maturing on January 26, 2029. The notes pay a fixed coupon of $10.208 per $1,000 each month, equal to 12.25% per year, as long as they are outstanding.

The notes can be automatically called quarterly starting July 2026 if each stock is at or above its initial value; in that case investors receive $1,000 per note plus the coupon and no further payments. If not called, principal is fully repaid at maturity only if the worst-performing stock is at or above 50% of its initial value.

If the worst-performing stock finishes below this 50% barrier, investors receive shares of that stock (or cash for fractions) worth less than the $1,000 principal, up to a total loss, while all payments remain subject to RBC’s credit risk. The initial estimated value is $971.73 per $1,000, below the public offering price.

Royal Bank of Canada is issuing $2,030,000 of senior market-linked notes tied to the worst performer among Dell Class C, Netflix and Uber common stock, maturing on February 26, 2027. Each security has a $1,000 face amount and offers a 36.00% contingent fixed return ($360 per security) if the lowest-performing stock on the calculation day finishes at or above 70% of its starting value. If the lowest-performing stock ends below that 70% threshold, principal is fully at risk and repayment is reduced dollar-for-dollar with the stock’s loss, down to a total loss. The initial estimated value is $968.60 per security, below the $1,000 offering price, reflecting dealer discounts and hedging costs. The notes pay no periodic interest, are unsecured obligations subject to RBC’s credit risk, and are not listed, so any secondary market may be limited and at prices below the offering price.

Royal Bank of Canada is offering $992,000 of Auto-Callable Enhanced Return Barrier Notes linked to the ARK Innovation ETF. Investors pay 100% of principal, while proceeds to the bank are 97.65% after underwriting discounts. The notes can be automatically called in early 2027 if the ETF’s value is at or above its initial level, paying $1,170 per $1,000 note. If not called, maturity payments in 2029 range from enhanced upside at a 155% participation rate to full principal return if the ETF stays above 70% of its initial value, or significant losses if it falls below that barrier. The initial estimated value of $971.24 per $1,000 is below the public offering price, and all payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is offering $550,000 of Return Notes linked to the performance of the Russell 2000 Index, sold at 100% of principal with all proceeds to the bank. The notes have a minimum investment of $1,000, a strike date of January 22, 2026, issue on January 28, 2026, and mature on January 25, 2029, with the final index level observed on January 22, 2029.

At maturity, if the index is at or above its initial level, holders receive $1,000 plus 63.50% of the index gain per $1,000 note. If the index is below its initial level, investors receive $1,000 plus the greater of the index return or a Minimum Return of -5%, so the minimum payment is $950 per $1,000 of principal, meaning up to 5% of principal can be lost. The initial estimated value is $980.27 per $1,000 note, below the public price, and the notes are unsecured debt subject to Royal Bank of Canada’s credit risk and limited secondary market liquidity.

Royal Bank of Canada is offering U.S. dollar Limited Recourse Capital Notes, Series 8, linked to Non‑Cumulative 5‑Year Fixed Rate Reset First Preferred Shares, Series CA. The notes pay fixed interest to 2033, then reset every five years based on the U.S. Treasury Rate plus a spread, and rank as subordinated indebtedness under the Bank Act (Canada).

Holders’ recourse is limited to assets in a dedicated trust, initially Series CA preferred shares, so if the bank fails to pay principal, interest or a redemption price, investors receive trust assets instead of cash and bear any shortfall. Upon a Canadian non‑viability “Trigger Event”, those preferred shares automatically convert into common shares, and the notes are redeemed into the same common shares, which could be worth significantly less than face value. The instruments are intended to qualify as Additional Tier 1 capital, will not be listed on an exchange, and proceeds support the bank’s regulatory capital and general corporate purposes.

Royal Bank of Canada is offering Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, maturing on February 4, 2030. These senior unsecured notes pay at maturity the $1,000 principal plus 145% of any positive index return; if the final index level is at or below its initial level, investors receive only the $1,000 principal, so downside is limited to foregone return but remains subject to RBC’s credit risk.

The price to the public is 100% of principal, with underwriting discounts and commissions of 1.00%, resulting in 99.00% of principal in proceeds to RBC. The initial estimated value is expected to be between $910 and $960 per $1,000, reflecting hedging and distribution costs. The underlier uses a complex rules-based strategy with volatility targets, leverage and both equity and Treasury futures components, and is subject to a 0.5% annual decrement fee plus multiple transaction and funding costs that systematically reduce index performance. The notes are treated as contingent payment debt instruments for U.S. tax purposes and are not insured by any government agency.

Royal Bank of Canada is offering $1,000 face-amount market-linked structured securities tied to the lowest-performing of Lockheed Martin and RTX, maturing on February 2, 2029. The original offering price is $1,000.00 per security, with an agent discount of $25.75 and proceeds to Royal Bank of Canada of $974.25 per security. The initial estimated value on the pricing date is expected to be between $900.00 and $950.00, below the offering price.

The notes can be automatically called on February 4, 2027 if the lowest-performing stock is at or above its starting value, paying back face amount plus a call premium of at least 16% ($160 per security). If not called, at maturity investors get: leveraged upside (200% participation) if the lowest stock finishes above its start; a positive "absolute value" return if it is below the start but at or above 60% of the start; or full downside exposure if it closes below 60%, which can mean losing more than 40% and up to all principal.

The securities pay no interest, are unsecured senior obligations of Royal Bank of Canada and are not insured by CDIC or FDIC. Liquidity may be limited, secondary prices may be well below the offering price, and returns depend solely on the worst-performing stock. The disclosure highlights complex tax treatment and significant risks compared with conventional debt.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes due February 10, 2031, linked to the worst performer of three ETFs: the VanEck Semiconductor ETF (SMH), the Financial Select Sector SPDR ETF (XLF) and the Utilities Select Sector SPDR ETF (XLU). The Notes pay a contingent coupon of $31.125 per $1,000 (3.1125% per quarter, 12.45% per year) only if, on a quarterly observation date, the value of each Underlier is at or above 70% of its initial value.

The Notes may be auto-called quarterly starting February 2027 if each ETF is at or above its initial level, in which case investors receive $1,000 plus the coupon and the Notes terminate. If the Notes are not called, at maturity investors get $1,000 per Note if the worst-performing ETF is at or above 70% of its initial value; otherwise, principal is reduced one-for-one with the loss in that ETF, potentially to zero.

The price to the public is 100% of principal, with underwriting discounts and commissions of 3.625% and proceeds to Royal Bank of Canada of 96.375%. The initial estimated value is expected to be $900–$950 per $1,000, reflecting fees and hedging costs. Payments depend on Royal Bank of Canada’s credit, and the tax treatment is complex, including potential ordinary income on coupons and withholding implications for non-U.S. holders.

Royal Bank of Canada is issuing $750,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the worst performer of the VanEck Semiconductor ETF (SMH) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP), maturing in January 2029. The notes pay a contingent coupon of $41 per $1,000 each quarter (16.40% per year) only if both ETFs close at or above 70% of their initial values on the relevant observation date. The notes are automatically called if on any call date both underliers are at or above their initial levels, in which case investors receive $1,000 plus the coupon and no further payments. If the notes are not called and the worst ETF finishes below its 70% barrier at maturity, repayment of principal is reduced one-for-one with that ETF’s loss, up to a total loss of principal. The initial estimated value is $984.20 per $1,000, below the public offering price, and all payments depend on RBC’s credit.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the Russell 2000 Index, the Energy Select Sector SPDR ETF and the Health Care Select Sector SPDR ETF. The notes have a minimum investment of $1,000 and pay a contingent coupon of $8.125 per $1,000 of principal each month (an annual rate of 9.75%) when, on the relevant observation date, each underlier is at or above 70% of its initial value.

The notes can be automatically called on monthly call observation dates starting in February 2027 if all underliers are at or above their initial values, in which case investors receive $1,000 plus the applicable coupon and no further payments. If the notes are not called, at maturity in February 2031 investors receive principal back in full only if the least performing underlier finishes at or above 60% of its initial value; below that level, repayment is reduced one-for-one with the loss in that underlier, and principal losses can be substantial.

The initial estimated value is expected to be between $930 and $980 per $1,000, reflecting internal funding, fees and hedging costs. The notes are senior unsecured debt of Royal Bank of Canada, are not insured by any government agency, and their tax treatment is described as prepaid financial contracts with ordinary income coupons, subject to IRS uncertainty and potential future rule changes.

Royal Bank of Canada is offering long-dated fixed-to-floating rate callable notes linked to the daily Secured Overnight Financing Rate (SOFR), maturing on January 30, 2046. The notes pay a fixed interest rate of 8.00% per annum from issuance on January 30, 2026 to January 30, 2027.

After that, interest becomes variable and depends on how often daily SOFR stays within a set range. For each interest period during the floating rate period, the rate equals 8.00% multiplied by the fraction of days in which SOFR is between the 0.00% lower barrier and the 5.00% upper barrier. If SOFR falls outside this band on many days, investors may earn very little or no interest.

Interest is paid quarterly, and RBC may redeem the notes in whole on January 30, 2027 and on any later quarterly interest payment date, returning principal plus accrued interest, after which no further payments are made. The notes are senior unsecured obligations of RBC, are not insured by any deposit insurer, and their payments depend on RBC’s credit. The initial estimated value per $1,000 note is expected to be between $900.00 and $950.50, below the public offering price, and the secondary market may be illiquid with potentially wide bid–ask spreads.

Royal Bank of Canada is offering Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, a rules-based strategy index that uses long/short equity and Treasury futures with a 10% volatility target. The Notes are senior unsecured debt, pay no coupons, and return at least principal at maturity. After about three years, investors receive $1,000 per Note plus 110% of any positive index return; if the index is flat or down, repayment is limited to the $1,000 principal amount.

The public offering price is 100% of principal, with underwriting discounts of 1.00% and proceeds to RBC of 99.00%. The initial estimated value is expected between $920 and $970 per $1,000, reflecting embedded fees, hedging costs and RBC’s lower internal funding rate. The underlier is subject to a 0.5% decrement fee, transaction costs and funding costs that reduce its performance, and the Notes are treated as contingent payment debt instruments for U.S. tax purposes.

Royal Bank of Canada is offering senior unsecured notes linked to the S&P 500® Index that pay no interest and provide a capped, conditional return at maturity. For each $1,000 note, if the index’s final level is at least 90% of its initial level, holders receive a fixed threshold settlement amount, expected between $1,074.90 and $1,087.80, regardless of how far the index has risen.

If the final index level is below 90% of the initial level, principal is exposed to loss at an effective rate of about 1.1111% loss for each 1% decline below the 90% threshold, down to a complete loss if the index falls to zero. The initial estimated value is expected between $957.90 and $987.90 per $1,000, reflecting fees, hedging costs and RBC’s funding rate, and the notes will not be listed, so liquidity and resale prices may be limited.

Royal Bank of Canada is offering senior unsecured notes whose payoff is linked to a weighted basket of five non-U.S. equity indexes: EURO STOXX 50® (38%), TOPIX® (26%), FTSE® 100 (17%), Swiss Market Index (11%) and S&P®/ASX 200 (8%). The notes do not pay interest and are not principal protected.

The initial basket level is 100. At maturity, for each $1,000 note you receive $1,000 plus the basket return multiplied by an upside participation rate expected between 155% and 182% if the final basket level is above 100, and you incur a 1% loss of principal for every 1% the final basket level is below 100, down to zero. The initial estimated value is expected between $936.70 and $966.70 per $1,000, below the 100% issue price. The underwriting discount is 3.00% of principal, with 97.00% net proceeds to the issuer. The notes are not listed, may have limited secondary liquidity, and expose investors to RBC credit risk and volatility in the underlying foreign equity markets.

Royal Bank of Canada is issuing $750,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the worst performer of two ETFs: the State Street Technology Select Sector SPDR ETF (XLK) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The notes pay a contingent coupon of $42.50 per $1,000 each quarter (17.00% per year) only if, on the relevant observation date, both underliers are at or above 80% of their initial values.

The notes can be automatically called on quarterly observation dates if both ETFs are at or above their initial values, returning $1,000 per note plus the due coupon, with no further payments. If the notes are not called and, at maturity in January 2029, the worst-performing ETF is below its 80% barrier, repayment of principal is reduced one-for-one with the underlier loss, and investors could lose most or all of their investment.

The price to the public is 100% of principal, with 1.00% in underwriting discounts and net proceeds of $742,500 to Royal Bank of Canada. The bank’s initial estimated value is $989.76 per $1,000, below the issue price, reflecting internal funding and hedging costs. The supplement highlights market, structural, conflict-of-interest and tax risks, including uncertain U.S. tax treatment and potential withholding for non-U.S. holders.

Royal Bank of Canada is issuing $7,634,000 of Auto-Callable Fixed Coupon Barrier Notes due January 27, 2028, linked to the least performing of Broadcom Inc. common stock and Taiwan Semiconductor Manufacturing Company Limited ADSs.

The Notes pay a fixed coupon of 13.50% per year, or $33.75 per $1,000 each quarter, as long as they remain outstanding. Beginning April 2026, the Notes are automatically called if on any quarterly observation date both underliers are at or above their initial values, in which case investors receive $1,000 plus the coupon and no further payments.

If not called, at maturity investors receive $1,000 per Note if the least performing underlier is at or above a 55% barrier of its initial value. If it finishes below this barrier, investors receive shares of that weakest underlier (plus the final coupon), so principal losses mirror the stock’s decline and can reach 100%.

The initial estimated value is $974.89 per $1,000, below the public offering price, reflecting underwriting discounts, hedging costs and RBC’s funding spread. The tax section highlights complex U.S. federal income tax and withholding treatment, especially for non-U.S. holders.

Royal Bank of Canada is offering Daily Auto-Callable Absolute Return Digital Notes linked to the S&P 500 Index, with a total price to the public of $10,160,000 and proceeds to the issuer of $10,135,616. The Notes are issued in minimum denominations of $1,000, mature in April 2027, and may be automatically called on any observation date if the S&P 500 closes below the stated barrier value of 5,844.28.

If the Notes are not called and the final index level is at or above the initial level of 6,875.62, investors receive their principal plus a fixed digital return of 4.05%. If the final index level is below the initial level but at or above the barrier, investors receive a positive return equal to the absolute value of the index decline, capped at 15%. All payments depend on Royal Bank of Canada’s ability to pay and the Notes are not insured or bail-inable.

Royal Bank of Canada is offering three-year Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to the worst performer of Amazon, Bank of America and Alphabet Class A shares. The notes pay a contingent coupon of $29.625 per $1,000 each quarter (11.85% per year) only if all three stocks close at or above 50% of their initial values on the relevant observation date, with missed coupons potentially paid later if conditions are met.

The notes can be automatically called quarterly if each stock is at or above its initial value, returning $1,000 plus applicable coupons. If not called, and the worst-performing stock finishes at or above its 50% barrier, investors receive $1,000 plus any due coupons. If the worst stock ends below the barrier, repayment is in shares of that stock worth less than $1,000, up to a total loss. The initial estimated value is expected between $905.50 and $955.50 per $1,000, reflecting fees, hedging costs and RBC’s funding rate, and all payments depend on RBC’s credit.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the common stock of ServiceNow, Inc. These notes pay a contingent coupon of $15.00 per $1,000 in any month the stock closes at or above the coupon threshold of $93.18, which is 70% of the initial value of $133.11. The notes can be automatically called starting in July 2026 if the stock is at or above the initial value, returning $1,000 plus the coupon. If the notes are not called and the final stock value is below the 70% barrier on the January 2028 valuation date, repayment of principal is reduced one-for-one with the stock loss, and investors can lose most or all of their investment. The public price is at par, but the initial estimated value is expected between $937.50 and $987.50 per $1,000.

Royal Bank of Canada is offering unsecured market-linked notes with a $1,000 face amount per security, at an original offering price of $1,000.00. The agent discount is $23.25 per security, so proceeds to RBC are $976.75 per security. The initial estimated value on the pricing date is expected between $902.00 and $952.00, which is lower than the offering price because of selling commissions, hedging costs and RBC’s internal funding rate.

The securities run from February 2, 2026 to February 2, 2028 and are linked to the lower performer of Alphabet Class A (GOOGL) and NVIDIA (NVDA). Investors may receive monthly contingent coupons at a rate of at least 14.00% per annum if, on each calculation day, the lower-performing stock is at or above 60% of its starting value. Beginning around six months after issuance, the notes are automatically called if the lower-performing stock is at or above its starting value on a calculation day, returning face amount plus that month’s coupon.

If the notes are not called, investors receive at maturity either the face amount (if the lower-performing stock is at or above 50% of its starting value) or a reduced amount proportional to the stock’s decline if it finishes below this downside threshold, which can mean losing more than half, up to all, of principal. There is no participation in any stock gains; all upside is limited to coupons. The notes are subject to RBC credit risk, are not insured, will not be listed on an exchange, may have limited or no secondary liquidity, and involve complex tax and valuation considerations.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the least-performing of the Nasdaq-100, Russell 2000 and S&P 500 indices, maturing on February 6, 2031. The notes pay a quarterly contingent coupon of 2.375% (9.50% per year) per $1,000 only if on each observation date all three indices are at or above 70% of their initial values. The notes are automatically called, returning $1,000 plus the coupon, if on a call observation date each index is at or above its initial level.

If the notes are not called and the worst index is at or above 60% of its initial value at maturity, investors receive full principal back (and any coupon due). If the worst index finishes below 60% of its initial value, repayment of principal is reduced one-for-one with the index loss, and investors can lose most or all of their investment. The price to the public is 100% of principal, with 0.50% underwriting discounts; initial estimated value is expected between $917.50 and $967.50 per $1,000. The notes are senior unsecured debt, not insured deposits, and involve complex tax and market risks.

Royal Bank of Canada is offering $750,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the worst-performing of the SPDR S&P Regional Banking ETF (KRE) and the VanEck Semiconductor ETF (SMH). Investors pay 100% of principal while RBC receives 99%, or $742,500 after underwriting. The notes pay a contingent coupon of $45 per $1,000 (4.50% per quarter, 18.00% per year) only if, on each observation date, both ETFs are at or above 75% of their initial values.

The notes can be automatically called quarterly if both ETFs are at or above their initial levels, returning $1,000 per note plus the coupon and ending the investment early. If not called, maturity is on January 25, 2029. Principal is protected only if the worst ETF ends at or above its 75% barrier; otherwise, repayment is reduced one-for-one with the loss in that ETF, up to total loss. The initial estimated value is $989.10 per $1,000, below the public price, and all payments depend on RBC’s creditworthiness.

Royal Bank of Canada is offering $7,650,000 of structured notes linked to the EURO STOXX® Banks Index. Each note has a $1,000 principal amount, is issued at 100% of principal on January 26, 2026, and pays no interest.

At maturity on August 18, 2027, the cash payment per $1,000 depends on index performance from the January 21, 2026 trade date. Investors get 150% upside participation if the index rises, but returns are capped at a maximum settlement amount of $1,697.50, reached when the index is at or above 146.50% of its initial level of 265.56.

If the final index level is between 90% and 100% of the initial level, investors receive only principal back. Below the 90% buffer level, losses accelerate at about 1.1111% of principal for each 1% drop below the buffer, and principal can be fully lost. The initial estimated value is $975.83 per $1,000, the notes are unsecured RBC debt, not insured or listed, and secondary market liquidity and prices may be unfavorable.

Royal Bank of Canada is issuing $612,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of Micron Technology, Inc. The notes pay a contingent quarterly coupon of $58.75 per $1,000 principal (5.875% per quarter, 23.50% per year) only if Micron’s share price on each observation date is at or above a coupon threshold set at 60% of the initial share price, which is $389.11.

The notes can be automatically called on quarterly call dates if Micron’s closing price is at least its initial value; in that case investors receive $1,000 plus the contingent coupon and no further payments. If the notes are not called, principal is protected at maturity only if Micron’s final price is at or above a barrier set at 50% of the initial value. Below that barrier, repayment is reduced one-for-one with Micron’s loss, and investors can lose most or all of their principal.

The initial estimated value is $960.20 per $1,000, below the public price, reflecting dealer compensation, hedging costs and RBC’s funding rate. All payments depend on RBC’s credit.

Royal Bank of Canada is offering return notes linked to the performance of the Russell 2000 Index, maturing on January 25, 2029. Each note has a $1,000 principal amount, with a price to the public of 100% and no underwriting commission to RBC Capital Markets, LLC.

At maturity, if the index is at or above its initial level of 2,718.765, investors receive $1,000 plus 63.50% of the index gain. If the index is below its initial level, the payoff is $1,000 plus the better of the index return or a minimum return of -5%, so the minimum payment is $950 per $1,000 note, meaning investors can lose up to 5% of principal.

The initial estimated value is expected between $938.50 and $988.50 per $1,000 note, reflecting issuer funding and hedging costs. The notes are unsecured RBC debt, not insured by Canadian or U.S. deposit insurers, may trade at a discount in any secondary market, and are subject to complex U.S. tax treatment as contingent payment debt instruments.

Royal Bank of Canada is offering Auto-Callable Enhanced Return Dual Directional Barrier Notes linked to the common stock of Oracle Corporation. The Notes are priced at 100% of principal, with underwriting discounts and commissions of 2.35%, so RBC’s proceeds are 97.65% per $1,000. The initial estimated value is expected to range from $914 to $964 per $1,000, which is less than the public offering price.

The Notes may be automatically called on February 1, 2027 if Oracle’s stock is at or above its initial value, paying $1,255 per $1,000 (a 25.50% return) and then terminating. If not called, at maturity in January 2028 investors receive leveraged upside at a 150% participation rate when Oracle is above its initial value, or a positive “dual directional” return when Oracle is down but not below a barrier set at 65% of the initial value, capped at a 35% gain. If Oracle’s final value is below the barrier, repayment of principal is reduced one-for-one with the stock’s loss, and investors can lose most or all of their investment. All payments are subject to RBC’s credit and complex tax and market risks.

Royal Bank of Canada is offering unsecured Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to the worst performer of the Russell 2000 Index, VanEck Semiconductor ETF and State Street Utilities Select Sector SPDR ETF. The Notes pay a contingent quarterly coupon of $24 per $1,000 (9.60% per annum) only if each underlier is at or above 70% of its initial value on the relevant observation date, with missed coupons potentially paid later if conditions are met. The Notes may be automatically called quarterly starting in February 2027 if all underliers are at or above their initial values, returning $1,000 per Note plus any due coupons. If not called, principal repayment at maturity depends on the worst underlier: full principal if it finishes at or above 60% of its initial value, but a one-for-one loss below that barrier, up to total loss of principal. The initial estimated value is expected between $870 and $920 per $1,000, reflecting fees, funding and hedging costs, and the Notes carry significant market, credit and tax risks.

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 are priced at 100% of principal, with underwriting discounts of 2.25%, so proceeds to the bank are 97.75% of the issue price.

Investors may receive a contingent coupon of $26.25 per $1,000 each quarter (10.50% per annum) if, on the relevant observation date, the index closes at or above 75% of its initial value. The Notes can be automatically called quarterly, starting about six months after issuance, if the index is at or above its initial value, in which case investors receive $1,000 plus the applicable coupon and no further payments.

If not called, principal repayment at maturity depends on the index level. Full principal is returned if the final index value is at least 65% of the initial value; below that barrier, repayment is $1,000 plus $1,000 times the index return, which can result in substantial or total loss of principal. The initial estimated value is expected between $900 and $950 per $1,000, reflecting internal funding, fees and hedging. The Notes are unsecured RBC debt, not insured, and involve complex tax and market risks.

Royal Bank of Canada is offering Daily Auto-Callable Absolute Return Digital Notes linked to the S&P 500 Index. The Notes are issued at 100% of principal, with underwriting discounts and commissions of 0.24%, so proceeds to the bank are 99.76% of the public offering price. The minimum investment is $1,000.

The structure offers a fixed Digital Return of 4.05% per $1,000 if the Final Underlier Value is at or above the Initial Underlier Value. If the Final Underlier Value is below the Initial Underlier Value but not below the Barrier Value, set at 85% of the Initial Underlier Value, investors receive the absolute value of the index move, capped at 15%. The Notes are subject to daily auto-call based on the Underlier level and all payments depend on Royal Bank of Canada’s creditworthiness.

The initial estimated value is expected to range from $940.00 to $990.00 per $1,000 principal amount, reflecting internal funding and hedging costs. The tax disclosure states an intention to treat the Notes as contingent payment debt instruments for U.S. federal income tax purposes and explains potential Section 871(m) consequences for non-U.S. investors.

Royal Bank of Canada is offering fixed-rate, callable senior notes to investors. The Notes pay interest at 4.00% per annum, with payments made annually each February 13, starting in 2027 and continuing to the scheduled maturity on February 13, 2029, if the Notes are not redeemed earlier.

The minimum investment is $1,000, in denominations of $1,000, and RBC Capital Markets, LLC will act as underwriter and calculation agent. RBC Capital Markets will purchase the Notes at prices between $990.00 and $1,000.00 per $1,000 principal amount and may pay up to $10.00 per $1,000 in selling concessions. The Notes are redeemable at the issuer’s option in whole, but not in part, on the scheduled call dates of February 13, 2027 and February 13, 2028. The Notes are bail-inable under Canadian law, meaning they may be converted into common shares or written down in a resolution scenario, and all payments are subject to Royal Bank of Canada’s credit risk.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes with a memory feature, linked to the common stock of Micron Technology, Inc. The notes have a minimum investment of $1,000 and pay a contingent quarterly coupon of $46.75–$49.25 per $1,000 (about 18.70%–19.70% per year) only when Micron’s share price is at or above a coupon threshold set at 50% of its initial value. Missed coupons can be paid later if a future observation date meets the threshold.

The notes may be automatically called quarterly starting in July 2026 if Micron’s share price is at or above its initial level, returning $1,000 plus due coupons with no further payments. If not called, at maturity in January 2029 investors receive full principal only if Micron’s final value is at or above the 50% barrier; if it is below, repayment is reduced one-for-one with Micron’s loss, potentially to zero. The initial estimated value is expected to be $910.85–$960.85 per $1,000, below the public offering price, and tax treatment is expected to follow a prepaid financial contract approach, though this is not certain.

Royal Bank of Canada is issuing issuer-callable contingent coupon barrier notes linked to the common stock of Netflix, Inc. The notes are offered at 100% of principal for a total of $1,125,000, with no underwriting commissions to RBC Capital Markets, LLC, though unaffiliated brokers may receive referral fees.

Each $1,000 note pays a monthly contingent coupon of $11.25 (a rate of 1.125% per month, or 13.50% per year) only if Netflix’s closing price on the observation date is at or above the coupon threshold of $61.08, which is 70% of the initial value of $87.26. RBC can call the notes quarterly, starting about six months after issuance, paying back $1,000 plus any due coupon, with no further payments.

At maturity in January 2029, if not called, investors receive $1,000 per note if Netflix’s final value is at or above the barrier of $52.36 (60% of the initial value). If the final value is below this barrier, repayment is reduced in line with the stock’s percentage decline, and investors can lose a substantial portion or all of their principal. RBC’s initial estimated value is $970.14 per $1,000 note, reflecting internal funding and hedging costs. All payments depend on RBC’s credit and carry complex tax and market risks.

Royal Bank of Canada is issuing $3,000,000 of Airbag Autocallable Yield Notes linked to the worst performer among Dell Class C, Eli Lilly and Micron common shares, maturing on January 21, 2028. The Notes pay a fixed 15.75% per annum coupon in quarterly installments regardless of stock performance and can be called every quarter starting six months after trade if all three stocks are at or above their initial values, returning principal plus the coupon.

If the Notes are never called and, at maturity, the least performing stock is at or above its Conversion Price (60% of its initial value), investors receive full principal in cash plus the final coupon. If that stock finishes below its Conversion Price, investors receive shares of that stock based on a fixed share amount per Note plus the coupon, which can result in substantial or total loss of principal. The Notes are senior unsecured obligations of RBC, not listed on an exchange, include dealer fees, and have an initial estimated value of $970.07 per $1,000 Note.

Royal Bank of Canada is issuing auto-callable contingent coupon barrier notes linked to the Class C capital stock of Alphabet Inc. (GOOG), with a total offering size of $9,583,000. Investors pay 100% of principal, while RBC receives proceeds of 98.50% after underwriting discounts.

The notes pay a monthly contingent coupon of $8.958 per $1,000 (10.75% per annum) only when the Underlier is at or above a coupon threshold set at 70% of the initial value of $322.16, or $225.51. They may be automatically called, starting about six months after trade, if the Underlier closes at or above its initial value, returning $1,000 plus the coupon.

If not called and the final Underlier value is at or above the 70% barrier, investors receive full principal plus any coupon. If it is below the barrier, investors receive 3.10 shares of GOOG per $1,000 (plus cash for fractions), exposing them to potentially large losses. The initial estimated value is $975.71 per $1,000, below the public price, and all payments depend on RBC’s credit.

Royal Bank of Canada is issuing Trigger Autocallable Contingent Yield Notes linked to the Class A common stock of Lennar Corporation. Each Note has a principal amount of $1,000, a term of about one year from the January 27, 2026 trade date, and offers a quarterly contingent coupon at an annual rate between 13.90% and 14.50%, to be set on the trade date.

Coupons are paid only if Lennar’s share price on a Coupon Observation Date is at or above the Coupon Barrier. The Notes are automatically called if the share price on any quarterly Call Observation Date is at or above the Initial Underlying Value, in which case investors receive principal plus that quarter’s coupon and the Notes terminate.

If the Notes are not called and Lennar’s final share value is below the Downside Threshold, investors receive shares of Lennar equal to the Share Delivery Amount instead of cash principal, and these shares may be worth far less than $1,000 or even zero. The Notes are senior unsecured obligations of Royal Bank of Canada, are not exchange-listed, and all payments depend on the bank’s creditworthiness. UBS receives a $15 selling commission per Note, and the initial estimated value is expected to be $923.75 to $973.75 per Note, below the $1,000 public price.

Royal Bank of Canada is offering $2,300,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the least performing of three ETFs: XBI (biotech), XLE (energy) and XLY (consumer discretionary). The Notes pay a contingent coupon of $13.958 per $1,000 (1.3958% per month, 16.75% per year) only if on each observation date all three underliers stay at or above their coupon thresholds, set at 75% of initial values.

If on a call observation date every underlier is at or above its initial value, the Notes are automatically called and pay back $1,000 plus the coupon, with no further payments. At maturity, if not called, full principal is repaid only if the least performing underlier finishes at or above its 70% barrier; otherwise repayment is reduced one-for-one with the underlier loss, and principal can be largely or entirely lost. The initial estimated value is $985.50 per $1,000, below the public price, and RBC receives approximately $2,294,250 in proceeds after underwriting.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the worst performer of the State Street Technology Select Sector SPDR ETF (XLK) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The notes pay a contingent coupon of $42.50 per $1,000 in principal each quarter (4.25% per quarter, 17.00% per year) only if, on the observation date, both ETFs are at or above 80% of their initial values.

The notes can be called early each quarter if both ETFs are at or above their initial levels, in which case holders receive $1,000 plus the coupon and no further payments. If the notes are not called, maturity repayment depends on the worst-performing ETF: if it is at or above 80% of its initial value, investors receive full principal plus the coupon; if it is below 80%, repayment is reduced in line with its loss, up to a complete loss of principal.

The initial estimated value is expected to be between $925.33 and $975.33 per $1,000, below the public offering price, reflecting underwriting discounts and hedging costs, and Royal Bank of Canada expects to receive 99.00% of the principal amount in proceeds before expenses. The notes are unsecured obligations subject to RBC’s credit risk, are not insured by deposit insurance schemes, and involve complex risk and tax considerations.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the weaker performer of the VanEck Semiconductor ETF (SMH) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The notes are issued in $1,000 minimums and pay a contingent coupon of $41.00 per $1,000 each quarter, equivalent to 4.10% per quarter or 16.40% per year, but only if on the observation date both ETFs are at or above 70% of their initial values.

The notes can be automatically called quarterly if both underliers are at or above their initial values, in which case investors receive $1,000 plus the contingent coupon and no further payments. If the notes are not called and at maturity the worst-performing ETF is at or above its 70% barrier, investors receive $1,000 plus any coupon. If it is below the barrier, repayment is reduced one-for-one with the ETF’s loss, and investors can lose most or all of their principal.

The initial estimated value is expected between $915.37 and $965.37 per $1,000, reflecting dealer compensation, hedging costs and RBC’s funding rate, so secondary market values may be materially below the $1,000 issue price. The notes are unsecured senior debt of RBC, not insured by U.S. or Canadian deposit insurers, include complex U.S. tax treatment, and embed ETF, market volatility and issuer credit risks.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to two ETFs: the State Street SPDR S&P Regional Banking ETF (KRE) and the VanEck Semiconductor ETF (SMH). The notes are issued at 100% of principal, with underwriting discounts of 1.00% and proceeds to RBC of 99.00% of the principal amount. The initial estimated value is expected to range from $917.00 to $967.00 per $1,000, which is lower than the public offering price.

The notes pay a contingent coupon of $45.00 per $1,000 (4.50% per quarter, 18.00% per year) only if, on the relevant observation date, the closing value of each underlier is at or above 75% of its initial value. The notes may be automatically called quarterly if each underlier is at or above its initial value, returning $1,000 plus any due coupon. If not called, principal repayment at maturity depends on the worst-performing underlier: if its final value is at or above the 75% barrier, investors receive full principal plus any coupon; if it is below the barrier, repayment is reduced one-for-one with the underlier’s loss, and investors can lose most or all of their principal. All payments are subject to RBC’s credit risk, and the tax treatment is uncertain and may change.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of Broadcom Inc., maturing on March 4, 2027. The notes pay a contingent coupon of $11.25 per $1,000 in any month the Broadcom share price is at or above a coupon threshold set at 57% of the initial share value. If on any monthly call observation date the share price is at or above the initial value, the notes are automatically called and pay back principal plus that month’s coupon.

If the notes are not called, principal repayment at maturity depends on Broadcom’s final share value. Full principal is repaid if the final value is at or above the 57% barrier; if it is below, repayment is reduced one-for-one with the share loss, and investors can lose most or all of their investment. The public issue price is 100% of principal, with proceeds to RBC of 98.5%, and the bank’s initial estimated value per $1,000 is expected between $919.50 and $969.50, reflecting fees, funding and hedging costs. The product carries complex tax treatment and significant market, credit and structural risks.

Royal Bank of Canada is issuing unsecured Return Notes with variable coupons linked to an equally weighted basket of 18 U.S.-listed equities chosen by Raymond James as its Analysts’ Best Picks for 2026. The basket spans names such as Boston Scientific, Chubb, Crown Castle, DoorDash, NRG Energy and Public Storage, each with a 1/18 weighting.

The Notes run from a trade date of February 13, 2026 to a scheduled maturity on February 22, 2027. At maturity, holders receive per $1,000 an amount equal to $1,000 × (1 + Basket Return) × a Note Adjustment Factor of 97.80%. Because this factor reduces effective exposure to $978 per $1,000, investors begin to lose principal if the Final Basket Value is less than approximately 102.25% of the Initial Basket Value, and can lose their entire investment if the basket declines enough.

Variable coupons are based on a Basket Distribution Return that aggregates dividends and similar distributions on each underlier, adjusted for weighting, tax withholding on certain foreign issuers and timing conventions. The initial estimated value is expected to be $945–$975 per $1,000, below the 100% public offering price, reflecting RBC’s funding rate, underwriting discount of 1.25%, a Raymond James licensing fee of up to $6 per $1,000 and hedging costs. The Notes are subject to RBC’s credit risk, are not insured, and involve complex U.S. tax treatment, including potential constructive ownership and Section 871(m) withholding, with no additional gross-up for U.S. federal withholding taxes.

Royal Bank of Canada is offering structured “Return Notes with Variable Coupons” linked to an equally weighted basket of 18 U.S.-listed stocks chosen as Raymond James Analysts’ Best Picks for 2026. Each Note has a $1,000 principal amount and pays variable coupons based on distributions from the basket, adjusted by a 99.05% Note Adjustment Factor, so investors are effectively exposed to $990.50 per $1,000 Note.

At maturity in February 2027, the payment per $1,000 Note equals $1,000 × (1 + Basket Return) × 99.05%. If the Final Basket Value is less than approximately 100.96% of the Initial Basket Value, investors lose some or all principal, and all payments depend on RBC’s credit. The initial estimated value is expected between $957.40 and $987.40 per $1,000, below the 100% public offering price, reflecting fees and hedging costs.

The Notes are not insured deposits, are not bail-inable, and involve complex U.S. tax treatment, including potential “constructive ownership” rules and 30% withholding on coupons and dividend equivalents for many non-U.S. holders.

Royal Bank of Canada is offering auto-callable enhanced return barrier notes linked to the least-performing of Alphabet Class A, Microsoft, and NVIDIA common stock. The notes are senior unsecured debt of RBC, issued at 100% of principal, with underwriting discounts and commissions of 2.25%, resulting in proceeds to RBC of 97.75% of the principal amount.

The notes may be automatically called on February 2, 2027 if each underlier is at or above its initial value, in which case investors receive at least $1,422.50 per $1,000 of principal, or at least 142.25% of principal, and no further payments. If not called, the notes mature on February 1, 2029 and offer 300% participation in the gain of the least-performing underlier, full principal repayment if that underlier stays at or above 60% of its initial value, and one-for-one downside loss below that barrier, exposing investors to a substantial loss of principal.

The minimum investment is $1,000. RBC’s initial estimated value per $1,000 note is expected to be between $858.50 and $908.50, below the public offering price, reflecting internal funding rates, underwriting discounts, and hedging costs. The notes are not insured deposits, are subject to RBC’s credit risk, involve complex U.S. tax treatment, and may trade at values materially below the initial estimated value.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the common stock of NVIDIA Corporation. The notes have a minimum investment of $1,000, trade date on January 30, 2026, issue date on February 4, 2026, and are scheduled to mature on March 4, 2027, unless called earlier.

Investors may receive a contingent coupon of $10.292 per $1,000 (about 1.0292% per month, 12.35% per year) for each month the NVIDIA share price is at or above a coupon threshold set at 59% of the initial value. The notes are automatically called if, on any monthly call observation date starting around six months after issuance, NVIDIA’s closing value is at least its initial value; in that case, investors receive $1,000 plus the coupon and no further payments.

If the notes are not called, investors receive at maturity either full principal plus any due coupon if the final NVIDIA value is at least the 59% barrier, or $1,000 plus $1,000 × Underlier Return if it is below the barrier, which can mean losing a substantial portion or all of the principal. The initial estimated value is expected to be between $921 and $971 per $1,000, below the public price, and all payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is offering Dual Directional Trigger PLUS linked to the iShares Silver Trust, maturing on May 5, 2027. Each note has a $1,000 stated principal amount, with an aggregate principal of $10,786,000, and pays no interest. The payoff depends on the ETF’s closing value on the valuation date.

If the ETF finishes above its initial value of $81.02, investors receive $1,000 plus 200% of the positive return, capped at a maximum payment of $1,600 per note. If the final value is at or below the initial value but at or above the trigger level of 80% of the initial value (i.e., $64.82), investors receive $1,000 plus the absolute value of the negative return, up to a 20% gain. If the final value falls below the trigger, repayment is reduced one-for-one with the ETF’s loss, and investors can lose their entire principal.

The notes’ initial estimated value is $960.83 per note, below the public offering price, reflecting fees and hedging costs. The securities are senior unsecured debt of Royal Bank of Canada, subject to its credit risk, will not be listed on an exchange, and may have limited or volatile secondary market values.

Royal Bank of Canada is offering Performance Leveraged Upside Securities ("PLUS") linked to the S&P 500® Index, maturing on May 5, 2027. Each PLUS has a stated principal amount of $1,000 and a 300% leverage factor on positive index performance, subject to a maximum payment at maturity of $1,140 (114% of principal).

If the final index level is above the initial level of 6,940.01, investors receive principal plus 300% of the index gain, capped at the maximum. If the final level is below the initial level, investors lose 1% of principal for each 1% decline in the index, with no minimum repayment, so the entire investment can be lost. The PLUS pay no interest, are senior unsecured debt of Royal Bank of Canada, and all payments depend on the bank’s credit.

The aggregate principal amount is $8,181,000. The public offering price is $1,000 per PLUS, with an initial estimated value of $974.01, reflecting commissions, structuring and hedging costs.