ROYAL BK CDA QUEN PFD 424B Filings

Royal Bank of Canada is issuing $1,000,000 of auto-callable contingent coupon barrier notes linked to the common stock of Blackstone Inc. The notes pay a contingent coupon of $30.625 per $1,000 (3.0625% per quarter, 12.25% per year) only if Blackstone’s share price is at or above a coupon threshold set at 70% of the initial value, or $110.33, on the relevant observation dates.

The notes can be automatically called quarterly starting July 2026 if Blackstone’s closing value is at least its initial value of $157.62, in which case holders receive $1,000 plus due and unpaid coupons and no further payments. If the notes are not called and the final share value is below the 70% barrier, investors receive approximately 6.34 Blackstone shares per $1,000 instead of principal, which can mean large losses. The initial estimated value is $981.33 per $1,000, below the public offering price, reflecting funding and hedging costs, and tax treatment is complex and uncertain.

Royal Bank of Canada is offering senior unsecured structured notes linked to the EURO STOXX® Banks Index. The notes do not pay interest and return at maturity depends entirely on index performance between the trade date and the determination date.

For each $1,000 principal amount, investors receive 150% of any index gain, but the payoff is capped by a maximum settlement amount expected between $1,614.55 and $1,720.90. A 10% buffer protects principal only if the index does not fall below 90% of its initial level; below that, losses increase about 1.1111% for each 1% further decline, and investors could lose their entire investment.

The initial estimated value is expected between $945.50 and $975.50 per $1,000, reflecting dealer compensation and hedging costs. The notes will not be listed, may have limited or no secondary market, and are subject to RBC’s credit risk and complex U.S. tax treatment.

Royal Bank of Canada is offering issuer callable contingent coupon buffer notes linked to the Bloomberg US Large Cap VolMax Index. These structured notes pay a monthly contingent coupon of $10.333 per $1,000 (about 12.40% per year) only when the index closes at or above 60% of its initial value on the related observation date, with unpaid coupons potentially “remembered” and paid later if conditions are met.

The notes are callable at RBC’s option, in whole, on monthly call dates starting about one year after issuance; if called, holders receive $1,000 per note plus any due and unpaid coupons, and no further payments. If the notes are held to maturity and not called, principal is protected only down to a 20% buffer: investors receive full principal back if the final index value is at least 80% of the initial, but below that the payoff is reduced, and a large index decline can result in a substantial loss of principal.

The minimum investment is $1,000. The initial estimated value is expected to be $927–$977 per $1,000, less than the public offering price, reflecting dealer compensation, hedging costs and RBC’s funding rate. The notes are unsecured debt subject to RBC’s credit risk and involve additional risks from leverage, daily deductions and complex U.S. tax treatment.

Royal Bank of Canada is offering $6,678,000 of Redeemable Fixed Rate Notes due January 16, 2029. The Notes pay interest at a fixed rate of 4.05% per year, with interest paid semiannually on January 16 and July 16, starting July 16, 2026.

The Notes may be redeemed at the bank’s option, in whole but not in part, on January 16, 2027 and on any later interest payment date, with 10 business days’ prior notice. If not redeemed earlier, investors receive the principal plus the final interest payment at maturity, subject to the bank’s credit risk.

The price to the public is 100.00% of principal, with underwriting discounts and commissions of 0.28%, resulting in proceeds to Royal Bank of Canada of $6,659,301.60. The Notes are bail-inable under Canadian law, meaning they can be converted into common shares or written down in a resolution scenario. U.S. tax counsel views them as debt instruments issued without original issue discount.

Royal Bank of Canada is issuing Capped Enhanced Return Buffer Notes linked to the Dow Jones Industrial Average®. These four-year structured notes offer 125% participation in any positive index performance, subject to a Maximum Return of 43.25%, which caps the payment at $1,432.50 per $1,000 at maturity. A 20% buffer protects principal against moderate declines: if the index is down by up to 20% at maturity, investors receive their full $1,000 back.

If the index falls more than 20%, repayment is reduced so that investors lose 1% of principal for each percentage point the decline exceeds the 20% buffer, and they could lose a substantial portion of their investment. The initial estimated value is expected to be between $934.50 and $984.50 per $1,000, below the public offering price, reflecting underwriting discounts, hedging costs and Royal Bank of Canada’s internal funding rate. The notes are unsecured obligations subject to the issuer’s credit risk and are not insured by any government agency.

Royal Bank of Canada is offering $7,096,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the worst performer of Amazon.com and Deere & Company stock. These three-year notes can pay a quarterly contingent coupon of 2.25% (9.00% per year) per $1,000, but only when both stocks close at or above 51.40% of their initial values on the relevant observation date, with missed coupons potentially paid later under a “memory” feature.

The notes are automatically called, returning $1,000 plus due coupons, if on any call observation date both stocks are at or above their initial values. If not called, and at maturity the worst-performing stock is below its 51.40% barrier, repayment of principal is reduced one-for-one with that stock’s loss, and investors could lose all of their investment. Underwriting discounts are 2.00%, so RBC’s proceeds are 98.00% of the offering amount, and the initial estimated value is $969.46 per $1,000, below the public offering price.

Royal Bank of Canada is issuing $500,000 of unsecured Notes linked to a basket of three equity indices: the EURO STOXX 50® (60% weight), TOPIX® (30%), and MSCI Emerging Markets (10%). The Notes are issued at 100% of principal in minimums of $1,000, with underwriting discounts and commissions of 3.35%, resulting in proceeds to Royal Bank of Canada of $483,250.

The Notes mature on January 17, 2031. At maturity, investors receive at least their $1,000 principal per Note. If the basket’s final value is above its initial value of 100, the payoff increases by the basket return multiplied by a 100% participation rate, providing uncapped upside but no periodic interest.

The initial estimated value is $945.59 per $1,000, lower than the public offering price, reflecting internal funding and hedging costs. The Notes are subject to Royal Bank of Canada’s credit risk and are treated as contingent payment debt instruments for U.S. federal income tax purposes, requiring accrual of interest income based on a comparable yield.

Royal Bank of Canada is issuing Fixed Coupon Barrier Notes linked to the worst-performing of Apple, Clorox and Netflix stock. The offering totals $3,807,000, with proceeds to the bank of $3,759,412.50 after a 1.25% underwriting discount. Each note has a $1,000 denomination and pays a fixed coupon of $31 per quarter, equal to 12.40% per annum, regardless of underlier performance.

At maturity on January 18, 2029, holders receive $1,000 per note if the least-performing stock is at or above 70% of its initial value. If that stock finishes below this barrier, investors receive shares of that stock equal to the physical delivery amount, which may be worth substantially less than $1,000 and could be worth zero, meaning a significant or total loss of principal. The initial estimated value is $997.04 per $1,000, below the public offering price, reflecting internal funding and hedging costs.

Royal Bank of Canada is offering market linked, auto-callable notes tied to the common stock of Broadcom Inc., with principal at risk and a stated maturity of February 1, 2029. Each security has a $1,000 face amount, an original offering price of $1,000, an agent discount of $23.25 and proceeds to RBC of $976.75 per security. The initial estimated value is expected to range between $910 and $960 per security, below the offering price, reflecting internal funding and hedging costs.

The notes pay a contingent quarterly coupon at a per annum rate of at least 20.25% only if Broadcom’s closing value on each calculation day is at or above a coupon threshold set at 70% of the starting value. From July 2026 to October 2028, the notes are automatically called if Broadcom’s price on a calculation day is at or above the starting value, returning the $1,000 face amount plus a final coupon.

If not called, investors receive at maturity $1,000 per security if the ending value is at or above the 70% downside threshold. If the ending value is below that threshold, the maturity payment is $1,000 multiplied by the performance factor, exposing investors to the full decline in Broadcom’s stock and potentially a total loss of principal, while not participating in any stock appreciation.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes with a memory coupon linked to the common stock of NVIDIA Corporation, maturing in January 2029. The notes pay a contingent coupon of $8.125 per $1,000 (0.8125% per month, 9.75% per annum) when NVIDIA’s share price is at or above a coupon threshold set at 50% of the initial share value on observation dates, with missed coupons potentially paid later if conditions are met.

The notes can be automatically called quarterly starting about one year after issuance if NVIDIA closes at or above its initial value, in which case investors receive $1,000 plus due coupons and the notes terminate. If not called, and on the valuation date NVIDIA is at or above the 50% barrier, investors receive full principal back plus any due coupons. If NVIDIA finishes below the barrier, investors receive NVIDIA shares worth less than the principal, potentially up to a 100% loss. The initial estimated value is expected between $912.50 and $962.50 per $1,000 note, below the public offering price.

Royal Bank of Canada is issuing Redeemable Fixed Rate Notes that pay interest at 5.00% per annum, with semiannual payments each January 29 and July 29 starting July 29, 2026. If the Notes remain outstanding, investors receive the principal plus the final interest payment on January 29, 2038.

The Notes are callable at the bank’s option in whole, but not in part, on January 29, 2028 and on each following interest payment date, with 10 business days’ prior notice. They are offered in minimum denominations of $1,000, with RBC Capital Markets, LLC underwriting at between $980 and $1,000 per $1,000 principal amount. The Notes are designated as Canadian bail-inable notes, meaning they may be converted into common shares or written down under Canadian bail-in powers in a resolution scenario, and they are not insured by Canadian or U.S. deposit insurance agencies.

Royal Bank of Canada is offering senior unsecured notes linked to the S&P 500 Index that pay no interest and mature on May 10, 2028. Each note has a $1,000 principal amount, with an initial underlier level of 6,977.27 and a total initial issuance of $9,280,000, which may be increased.

At maturity, if the S&P 500 final level is at least 85.00% of the initial level, investors receive a fixed threshold settlement amount of $1,189.10 per $1,000, capping upside at a gain of 18.91% regardless of further index appreciation. If the final level is below 85%, principal is reduced roughly 1.1765% for every 1% the index falls below the threshold, down to a potential total loss.

The notes are not listed, have no early redemption, and are subject to Royal Bank of Canada’s credit risk. The initial estimated value is $996.55 per $1,000, below the issue price, and secondary market prices may be significantly lower than both the principal and this estimate, especially for investors buying at a premium.

Royal Bank of Canada is offering $10.94 million of Redeemable Fixed Rate Notes that pay a fixed 5.00% per annum interest rate. Interest is paid semiannually on January 15 and July 15, starting July 15, 2026, with final maturity on January 15, 2038, if the Notes are not redeemed early.

Royal Bank of Canada may, at its option, redeem all of the Notes (but not only some) on January 15, 2028 and on any subsequent interest payment date, paying back principal plus the scheduled interest on the call date. The price to the public is 100% of principal, with underwriting discounts of 1.08%, resulting in proceeds of about $10.82 million to the Bank.

The Notes are senior bail-inable debt, meaning they may be converted into common shares or written off under Canadian bail-in powers in a resolution scenario. They are not insured by Canadian or U.S. deposit insurance schemes, and holders face the Bank’s credit risk as well as structural, liquidity, and market risks described in the risk sections.

Royal Bank of Canada is offering $2,235,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Generac Holdings Inc. These one-year notes pay a 10.60% per annum contingent coupon, in quarterly installments, but only if Generac’s share price on each observation date is at or above the $84.03 coupon barrier, which is 55% of the $152.78 initial share value.

The notes are automatically called early if Generac’s closing price on any quarterly call date is at or above the initial value, returning the $10 principal per note plus that quarter’s coupon. If the notes are not called and, at maturity, Generac is at or above the same $84.03 downside threshold, investors receive principal plus the final coupon. If Generac finishes below this threshold, repayment is reduced in line with the stock’s negative return, and investors can lose up to 100% of principal.

The notes are senior unsecured debt of Royal Bank of Canada, are not listed on any exchange, and carry the bank’s credit risk. They are sold at $10.00 per note, with underwriting fees of $0.15 per note and an initial estimated value of $9.84, reflecting dealer compensation and hedging costs.

Royal Bank of Canada is offering long-term Redeemable Fixed Rate Notes that pay interest at 5.30% per annum. Interest is paid annually each January 30, starting in 2027, with a scheduled maturity on January 30, 2046, when investors receive the principal plus the final interest payment if the notes have not been redeemed earlier.

The notes are callable at the bank’s option, in whole but not in part, on the interest payment date scheduled for January 30, 2029 and on each interest payment date thereafter, with 10 business days’ prior notice. The minimum investment is $1,000, and RBC Capital Markets, LLC will buy the notes at prices between $960 and $1,000 per $1,000 principal amount and may reallow up to $40 as selling concessions.

The notes are bail-inable under Canadian law, meaning they may be converted into common shares or written down under the CDIC Act, and investors accept these terms by purchasing. U.S. tax counsel treats the notes as debt instruments issued without original issue discount for U.S. federal income tax purposes. The notes are subject to Royal Bank of Canada’s credit risk and are not insured by Canadian or U.S. deposit insurance agencies.

Royal Bank of Canada plans to issue Enhanced Return Barrier Notes linked to the EURO STOXX 50® Index, maturing on January 30, 2031. The notes are priced at 100% of principal, with underwriting discounts of 3.35% and proceeds to RBC of 96.65% of the principal amount. The initial estimated value is expected to range from $903.07 to $953.07 per $1,000 principal, below the public offering price.

At maturity, investors receive enhanced upside with a 176% participation rate if the index finishes above its initial level. Principal is repaid in full if the final index value is at or above a barrier set at 75% of the initial value. If the index closes below this barrier, repayment tracks the index loss, and investors can lose a substantial portion or all of their principal. All payments depend on RBC’s credit, and the tax discussion indicates the notes are expected to be treated as prepaid financial contracts, though this treatment is uncertain.

Royal Bank of Canada is issuing auto-callable enhanced return barrier notes linked to the EURO STOXX 50® Index. Each note has a minimum denomination of $1,000, is priced at 100% of principal, with an underwriting discount of 2.85% and issuer proceeds of 97.15% of the price. The initial estimated value is expected between $913.01 and $963.01 per $1,000, which is lower than the public offering price.

The notes may be automatically called on January 27, 2027 if the index is at or above its initial level, paying $1,132 per $1,000 (a 13.20% return) and then terminating. If not called, at maturity on January 31, 2030 investors receive 150% of any index gain, full principal back if the index is down but not below a 75% barrier, or one-for-one losses if the index finishes below that barrier.

All payments depend on RBC’s credit and a secondary market may be limited, with potential significant discounts to par. Tax counsel currently views the notes as prepaid financial contracts, but this treatment is uncertain and could change, and no IRS ruling will be requested.

Royal Bank of Canada is offering Capped Return Dual Directional Barrier Notes linked to the worst performer of the Nasdaq-100 Index® and the S&P 500® Index. The Notes are priced at 100.00% of principal, with underwriting discounts and commissions of 2.25%, resulting in 97.75% of proceeds to the bank.

The Notes have a minimum investment of $1,000 and a term from January 30, 2026 to February 1, 2028. Returns depend on the “Least Performing Underlier.” If that index rises, investors receive 100% of its gain up to a Maximum Upside Return of at least 23%, so the maximum payment is at least $1,230 per $1,000. If the index falls but stays at or above a 75% barrier, investors earn the absolute value of the negative return, capped at 25%.

If the Least Performing Underlier closes below its barrier on the valuation date, investors are fully exposed to downside and can lose a substantial portion or all of principal. The initial estimated value is expected to be between $912.50 and $962.50 per $1,000, below the public offering price, reflecting funding and hedging costs. The Notes are unsecured debt subject to RBC’s credit risk and involve complex U.S. tax considerations.

Royal Bank of Canada is offering S&P 500® Index-linked senior unsecured notes maturing on May 3, 2028, with a total initial principal of $4,136,000. The notes pay no interest; instead, your payoff depends on index performance from the January 9, 2026 trade date to the May 1, 2028 determination date.

If the index is above its initial level of 6,966.28, you receive 160% of the index gain, capped at a maximum settlement of $1,265.60 per $1,000 note (126.560% of principal). If the index is down but not below 85.00% of the initial level, you receive your principal back. Below that 15% buffer, you lose about 1.1765% of principal for every 1% the index falls under the buffer, and you could lose your entire investment.

The initial estimated value is $995.84 per $1,000, less than the issue price, and the notes will not be listed or redeemable before maturity. Payments are subject to RBC's credit risk, secondary market liquidity may be limited, and U.S. tax treatment is uncertain.

Royal Bank of Canada is issuing $12,700,000 of Fixed Coupon Geared Buffer Notes linked to the least performing of the Russell 2000 Index and the S&P 500 Index, maturing on April 14, 2027. The notes pay a fixed coupon of $5.75 per $1,000 of principal each month, equal to 0.575% per month or 6.90% per year.

At maturity, investors receive $1,000 per note if the final value of the worst-performing index is at or above its 80% buffer level. If that index has fallen more than 20%, the payoff is reduced using a 1.25 downside multiplier, so losses on the note are magnified beyond the 20% decline and investors can lose most or all principal. The notes are unsecured debt of Royal Bank of Canada and all payments depend on its credit. The initial estimated value is $998.91 per $1,000, below the public offering price, reflecting dealer costs and hedging.

Royal Bank of Canada is offering market-linked notes that put your principal at risk, tied to the worst performer among Dell, Netflix and Uber shares and maturing on February 26, 2027. Each security has a $1,000 face amount and an initial estimated value between $900 and $950, which is lower than the original offering price due to funding, hedging costs and selling commissions.

If, on the calculation day, the lowest performing stock is at or above 70% of its starting value, you receive $1,000 plus a contingent fixed return of at least 36% (at least $360). If that stock finishes below its 70% threshold, you are fully exposed to its decline from the starting value, losing more than 30% and up to all of your principal. The notes pay no periodic interest, are unsecured senior debt of Royal Bank of Canada, and all payments depend on the bank’s credit. There is no exchange listing, secondary market liquidity may be limited and prices may be well below the issue price, and the U.S. tax treatment is described as uncertain prepaid derivative treatment.

Royal Bank of Canada is issuing auto-callable contingent coupon barrier notes with a memory coupon linked to the Bloomberg US Large Cap VolMax Index. The total offering size is $898,000, with a price to the public of 100.00% of principal and proceeds to the bank of 99.40% ($892,612) after underwriting discounts. The notes pay a contingent coupon of $11.50 per $1,000 (1.15% per month, 13.80% per annum) only when the index is at or above 70% of its initial value, with missed coupons potentially paid later if conditions are met. If the index closes below 60% of its initial value at maturity and the notes have not been called, repayment of principal is reduced one-for-one with the index loss, so investors can lose a substantial portion or all of their investment. The initial estimated value is $947.91 per $1,000, below the public offering price, reflecting structuring and hedging costs.

Royal Bank of Canada is offering $5,641,000 of auto-callable contingent coupon barrier notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500 indices, maturing on January 14, 2030. The notes pay a contingent coupon of $23 per $1,000 (2.30% per quarter, 9.20% per year) only if all three indices are at or above 75% of their initial levels on each quarterly observation date.

The notes can be automatically called starting in January 2027 if all indices are at or above their initial levels, in which case investors receive $1,000 plus the applicable coupon and no further payments. If held to maturity and not called, principal is fully repaid only if the worst-performing index finishes at or above 60% of its initial level; otherwise repayment is reduced in line with that index’s loss, and investors could lose most or all of their principal.

The minimum investment is $1,000. The initial estimated value is $982.31 per $1,000, below the public offering price, reflecting fees, hedging costs and Royal Bank of Canada’s funding rate. The tax discussion indicates the notes are reasonably treated as prepaid financial contracts with ordinary-income coupons, but this treatment is uncertain and future U.S. tax changes could be adverse.

Royal Bank of Canada is offering three-year Fixed Coupon Barrier Notes linked to the worst-performing of Apple, Clorox and Netflix common stock. The Notes pay a fixed coupon of $31 per $1,000 each quarter, equal to 12.40% per year, regardless of how the stocks move during the term.

At maturity in January 2029, investors receive $1,000 per Note if the least performing stock is at or above 70% of its initial level. If that stock finishes below this barrier, investors receive shares of that stock instead of cash, based on a set physical delivery amount, and may suffer substantial loss of principal.

The public offering price is 100% of principal, with underwriting discounts of 1.25% and proceeds to Royal Bank of Canada of 98.75%. The initial estimated value is expected between $925 and $975 per $1,000, reflecting hedging costs, fees and the bank’s funding rate. All payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is issuing S&P 500®-linked Barrier Digital Notes with a $500,000 total offering. The Notes are priced at 100% of principal, with 2.50% in underwriting discounts, resulting in proceeds to the bank of $487,500. The initial estimated value is $970.62 per $1,000 Note, which is lower than the public offering price.

The Notes reference the S&P 500 Index, with an Initial Underlier Value of 6,921.46 and a Barrier Value at 85% of that level, or 5,883.24. At maturity on January 11, 2030, investors receive $1,000 plus a 33.20% Digital Return per Note if the Final Underlier Value is at or above the Barrier. If the Final Underlier Value is below the Barrier, payment is $1,000 plus the Underlier Return, so investors can lose a substantial portion or all of their principal.

The Notes are unsecured debt of Royal Bank of Canada, are not insured by any government agency, and are not bail‑inable. Liquidity may be limited and secondary market prices may be materially below the initial estimated value. For U.S. tax purposes, counsel views the Notes as prepaid financial contracts, but this treatment is uncertain, and future tax or regulatory changes could adversely affect after‑tax returns, including for Non‑U.S. Holders.

Royal Bank of Canada is offering Capped Enhanced Return Barrier Notes linked to the MSCI Emerging Markets Index, maturing on March 19, 2027. The Notes are issued in minimum investments of $1,000 and are unsecured debt obligations subject to Royal Bank of Canada’s credit risk.

At maturity, investors receive $1,000 plus a leveraged gain if the index is above its initial level, with a 200% participation rate capped by a Maximum Return of at least 12.75%, so the maximum payment is at least $1,127.50 per $1,000. If the index ends at or below its initial level but not below 85% of that level, principal is returned. If it finishes below 85% of the initial level, repayment is reduced one-for-one with the index loss, and investors could lose most or all of their principal.

The price to the public is 100% of principal, with underwriting discounts and commissions of 2.00%, so proceeds to Royal Bank of Canada are 98.00%. The initial estimated value is expected to be between $921.50 and $971.50 per $1,000, reflecting internal funding and hedging costs, and may differ from secondary market values. U.S. federal tax treatment is expected to follow prepaid financial contract treatment, but this is not certain and could change.

Royal Bank of Canada is offering unsecured Notes linked to an unequally weighted basket of three equity indices: 60% EURO STOXX 50® Index, 30% TOPIX® Index and 10% MSCI Emerging Markets Index. The Notes have a minimum investment of $1,000, trade date on January 13, 2026, issue date January 16, 2026, and mature on January 17, 2031.

At maturity, investors receive their $1,000 principal back even if the Basket has declined. If the Final Basket Value is above the Initial Basket Value of 100, the payment increases by 100% of the Basket Return, so a 20% Basket gain leads to a $1,200 payment. The participation rate is 100%, and all payments depend on RBC’s creditworthiness.

The price to the public is 100% of principal, with underwriting discounts of 3.35% and proceeds to Royal Bank of Canada of 96.65% per $1,000 of Notes. The bank expects the initial estimated value to be between $897.00 and $947.00 per $1,000. For U.S. tax purposes, RBC intends to treat the Notes as contingent payment debt instruments, and counsel expects Section 871(m) withholding will not apply to Non-U.S. Holders based on current determinations.

Royal Bank of Canada is offering auto-callable fixed coupon barrier notes linked to the weaker performer of Broadcom common stock and Taiwan Semiconductor ADRs. The notes pay a fixed coupon of $33.75 per $1,000 each quarter (13.50% per year) as long as they remain outstanding. If on any quarterly call observation date both underliers are at or above their initial values, the notes are automatically called and investors receive $1,000 per note plus that quarter’s coupon.

If the notes are not called, investors receive at maturity $1,000 per note plus the final coupon if the least performing underlier finishes at or above 55% of its initial value. If it finishes below that barrier, investors receive shares of the worst underlier instead of cash, which may be worth far less than principal and could be zero. The price to the public is 100% of principal, with proceeds to RBC of 98.25%. The initial estimated value is expected to range from $902.50 to $952.50 per $1,000 note.

Royal Bank of Canada is offering Issuer Callable Contingent Coupon Barrier Notes linked to the common stock of Netflix, Inc. The Notes pay a contingent coupon of $11.25 per $1,000 (1.125% per month, 13.50% per year) only if Netflix’s closing value on each observation date is at or above a coupon threshold set at 70% of the initial value.

The Notes are callable at RBC’s option on specified quarterly call dates; if called, investors receive $1,000 plus any due coupon and no further payments. If not called, at maturity investors receive $1,000 per Note if the final Netflix value is at or above a barrier set at 60% of the initial value, or $1,000 plus $1,000 × Underlier Return if it is below, which can result in substantial or total loss of principal.

The initial estimated value is expected to be between $920 and $970 per $1,000, lower than the public offering price, reflecting dealer compensation, hedging costs and RBC’s internal funding rate. U.S. tax treatment is uncertain; counsel views the Notes as prepaid financial contracts with associated coupons, but the IRS could challenge this characterization.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes with a memory coupon linked to the common stock of Blackstone Inc. (BX). The notes are sold at 100% of principal, with underwriting discounts of 0.65% and proceeds to RBC of 99.35% of the principal amount. The initial estimated value per $1,000 note is expected to range from $933 to $983, which is lower than the public offering price.

The notes pay a quarterly contingent coupon of $30.625 per $1,000 (12.25% per year) only if BX’s closing value is at or above a coupon threshold of 70% of the initial underlier value, and missed coupons can be paid later if conditions are met. The notes can be automatically called quarterly starting July 2026 if BX is at or above its initial value, in which case investors receive $1,000 plus due coupons and no further payments.

If not called, and on the valuation date BX is at or above the 70% barrier, investors receive $1,000 plus any due coupons. If BX closes below the barrier, investors receive physical delivery of BX shares (about 6.34 shares per $1,000 at issuance levels) that may be worth substantially less than principal, with downside exposure similar to owning the stock and no further coupons.

Royal Bank of Canada is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Generac Holdings Inc. These one-year notes (unless called earlier) pay a quarterly contingent coupon at a rate of 10.60% per annum if Generac’s share price is at or above the Coupon Barrier of $84.03 (55% of the Initial Underlying Value of $152.78) on each observation date. If on any quarterly call date Generac’s stock closes at or above the Initial Underlying Value, the notes are automatically called and investors receive $10 per note plus that quarter’s coupon.

If the notes are not called and, at maturity, Generac’s stock is at or above the Downside Threshold of $84.03, investors receive full principal plus the final coupon. If the final stock price is below the Downside Threshold, the maturity payment is reduced in line with the negative return of the stock, with up to 100% loss of principal. The notes are senior unsecured debt of Royal Bank of Canada, are not listed on any exchange, and all payments depend on the bank’s creditworthiness.

Royal Bank of Canada is offering Capped Enhanced Return Dual Directional Buffer Notes linked to the iShares® Silver Trust. The notes are priced at 100% of principal, with 0.20% in underwriting discounts and 99.80% of proceeds to the bank. The minimum investment is $1,000.

At maturity, investors receive enhanced upside and limited downside protection. If the iShares Silver Trust rises, the notes pay 200% of the Underlier return, capped at a Maximum Upside Return of 26.65%, or $1,266.50 per $1,000. If the Underlier falls by up to 10%, investors earn the positive equivalent of that loss, up to 10%. Below a 10% decline, principal is reduced after the buffer, so a 50% Underlier drop would return $600 per $1,000.

The Initial Underlier Value is $72.38 with a 10% buffer level at $65.14. The initial estimated value of the notes is expected to be between $940 and $950 per $1,000, lower than the public offering price due to funding, fees and hedging costs. The notes expose investors to Royal Bank of Canada’s credit risk and to structural, market, liquidity and tax risks described in the risk and tax discussions.

Royal Bank of Canada is offering equity-linked notes tied to a weighted basket of five major non‑U.S. stock indices: EURO STOXX 50® (38%), TOPIX® (26%), FTSE® 100 (17%), Swiss Market Index (11%) and S&P®/ASX 200 (8%). The notes are senior unsecured debt in $1,000 denominations, have an aggregate principal of $4,001,000, pay no interest, and mature on July 12, 2027.

The payoff depends on the basket return from an initial basket level of 100 to a final basket level on July 8, 2027. Investors receive $1,000 plus 300% of any positive basket return, capped at a maximum settlement amount of $1,244.50 per $1,000. If the final basket level is below the initial basket level, principal is reduced 1% for each 1% decline, down to zero, so investors can lose their entire investment.

The original issue price is 100% of principal, with a 1.51% underwriting discount and 98.49% net proceeds to the issuer. The initial estimated value is $977.63 per $1,000, reflecting internal funding and hedging costs. The notes are not listed, are not redeemable before maturity, are not insured by FDIC or CDIC and are subject to RBC’s credit risk.

Royal Bank of Canada is offering senior unsecured notes whose return depends on the MSCI EAFE® Index instead of paying interest. The notes run for about 24–27 months and pay a fixed threshold settlement amount of between $1,124.10 and $1,146.00 per $1,000 of principal if the index finish level is at least 87.50% of its initial level.

If the index ends below that threshold, the payoff drops in proportion to the decline, and investors can lose up to 100% of their principal. The payoff is capped, so gains above the threshold do not increase returns. The initial estimated value is between $963.80 and $993.80 per $1,000, reflecting hedging costs and issuer profit. The notes are not listed, do not pay interest, and carry Royal Bank of Canada credit risk with no FDIC or CDIC insurance.

Royal Bank of Canada is issuing Fixed Coupon Geared Buffer Notes linked to the worst performer of the Russell 2000® Index and the S&P 500® Index. The Notes pay a fixed coupon of $5.75 per $1,000 each month, equal to 0.575% per month or 6.90% per year, regardless of index performance while the Notes are outstanding.

At maturity in April 2027, investors receive $1,000 per Note plus the final coupon if the least performing index is at or above its 80% buffer level of its initial value. If the least performing index has fallen below this buffer, principal is reduced using a 1.25× downside multiplier, so losses become larger than the index decline beyond the 20% buffer, up to a total loss of principal.

The minimum investment is $1,000. The initial estimated value is expected to be between $945 and $995 per $1,000, less than the public offering price, reflecting structuring and hedging costs. The Notes are unsecured debt of Royal Bank of Canada, are not insured by any government agency, and involve complex market, credit and tax risks that may not suit all investors.

Royal Bank of Canada is offering S&P 500® Index-linked notes with a principal amount of $1,000 per note and $2,503,000 in aggregate, maturing on December 8, 2027. The notes pay no interest and the payout depends on index performance between January 7, 2026 and December 6, 2027.

If the index rises, investors receive 160% of the index gain, capped at a maximum settlement amount of $1,229.12 per $1,000. If the index is flat or down but no lower than 87.50% of the initial level, investors receive their principal back. Below that buffer, principal is reduced so that a large index decline can lead to a substantial or total loss.

The notes are senior unsecured debt of Royal Bank of Canada, not insured by the FDIC or CDIC, are not redeemable before maturity, and will not be listed on an exchange. The initial estimated value is $996.07 per $1,000, reflecting structuring and hedging costs, and secondary market values may be lower.

Royal Bank of Canada is issuing $1,825,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Netflix, Inc., maturing on January 12, 2028. The notes are issued in $10 denominations and pay a contingent coupon at 15.25% per annum (7.625% semiannual) only if Netflix’s share price on a coupon observation date is at or above a barrier.

The Initial Underlying Value is $90.65, with a Downside Threshold and Coupon Barrier of $63.46, which is 70% of the initial value. The notes are automatically called if Netflix’s stock on any semiannual call date is at or above $90.65, returning $10 per note plus that period’s coupon.

If the notes are not called and the final Netflix price is at or above $63.46, investors receive $10 per note plus the last coupon. If it is below $63.46, repayment is reduced in proportion to the stock’s decline, up to a total loss of principal. The initial estimated value is $9.86 per note, and all payments are subject to Royal Bank of Canada’s credit risk. The notes will not be listed on any exchange.

Royal Bank of Canada is offering $6,075,000 of Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, maturing on January 10, 2031. The notes provide 270% participation in positive index performance, but if the final index value is below the initial 3,870.74 level, investors incur losses one-for-one with the index and can lose their entire principal.

The price to the public is 100% of principal, with underwriting discounts of 0.926% and proceeds to the bank of $6,018,750; the initial estimated value is $962.53 per $1,000, below the offering price. The complex underlier uses long/short strategies, leverage, volatility targeting and multiple fees, including a 0.5% annual decrement and various transaction and funding costs that reduce performance.

The notes are unsecured obligations of Royal Bank of Canada, are not insured by Canadian or U.S. agencies, and all payments depend on the bank’s credit. The filing also highlights significant risks, reliance on hypothetical back-tested index data, and tax uncertainty, including open-transaction treatment and potential future changes affecting U.S. and non-U.S. holders.

Royal Bank of Canada is offering $1,584,000 of issuer callable contingent coupon barrier notes with a memory coupon linked to the VanEck® Semiconductor ETF. The notes pay a quarterly contingent coupon of $26.125 per $1,000 (2.6125% per quarter, 10.45% per year) only if the ETF’s closing value on the observation date is at or above 75% of the initial value of $387.62, a threshold of $290.72. Principal is protected at maturity as long as the final ETF value is at or above the 50% barrier of $193.81; below this barrier, repayment is reduced in line with the ETF loss, and investors could lose most or all of their principal. Royal Bank of Canada may call the notes in whole on specified quarterly dates starting in January 2027, in which case investors receive $1,000 per note plus any due coupons and no further payments. The price to the public is 100% of principal, with proceeds to Royal Bank of Canada of 99.75% and an initial estimated value of $999.01 per $1,000.

Royal Bank of Canada is issuing Capped Enhanced Return Buffer Notes linked to the Russell 2000 Index, with total proceeds of $415,000. The notes are unsecured debt of the bank and are not insured by any deposit insurance agency or subject to Canadian bail-in conversion.

For each $1,000 note, investors get 150% of any positive index return at maturity, capped at a Maximum Return of 22.80%, so the maximum payment is $1,228. A 10% buffer protects against moderate declines: if the index ends between 90% and 100% of its initial level, principal is returned. Below the 10% buffer, principal is reduced so investors can lose a substantial portion of their investment. The initial estimated value is $994.58 per $1,000, reflecting dealer costs and hedging. U.S. tax counsel views the notes as prepaid financial contracts, but notes that the tax treatment is uncertain and future IRS or legislative changes could be adverse. All payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is offering senior unsecured Barrier Digital Notes linked to the S&P 500® Index, maturing on January 11, 2030. The notes have a minimum investment of $10,000 and are issued at 100% of principal, with underwriting discounts of 2.50%, so proceeds to the bank are 97.50% of the principal amount.

The payoff depends on the index level on the valuation date versus a barrier set at 85% of the initial S&P 500 level of 6,921.46 (barrier 5,883.24). If the final index value is at or above the barrier, holders receive $1,332 per $1,000 note, a fixed 33.20% Digital Return, even if the index is modestly down. If the final index value is below the barrier, repayment equals $1,000 plus the actual index return, so investors can lose a substantial portion or all of principal.

The initial estimated value is expected between $918 and $968 per $1,000 note, reflecting hedging costs, underwriting fees and RBC’s funding rate. The notes are unsecured obligations subject to RBC’s credit risk, are not insured by Canadian or U.S. deposit insurers, and involve complex tax treatment that counsel currently expects to be as prepaid financial contracts, with some uncertainty.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes with a memory feature linked to the worst performer of Amazon.com common stock and Alphabet Class A common stock. The notes have a minimum investment of $5,000 and pay a contingent coupon of $125.00 per $5,000 (2.50% per quarter, 10.00% per year) only if each stock stays at or above 52% of its initial value on the relevant observation date; missed coupons can be paid later if conditions are met. The notes can be automatically called quarterly if both stocks are at or above their initial values, returning $5,000 plus due coupons with no further payments. If not called and the worst-performing stock ends below its 52% barrier, investors receive shares of that stock instead of cash, and may lose a large portion or all of their principal. The initial estimated value is expected to be between $4,630.00 and $4,880.00 per $5,000, below the public offering price, and the product carries complex U.S. tax and withholding considerations.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the common stock of Micron Technology, Inc. These notes pay a contingent coupon of $58.75 per $1,000 (a rate of 5.875% per quarter, or 23.50% per annum) only if Micron’s closing value on each observation date is at or above a coupon threshold set at 60% of the initial stock value.

The notes can be automatically called on quarterly call observation dates if Micron’s closing value is at least equal to its initial value, in which case holders receive $1,000 plus the applicable coupon and the product terminates early. If the notes are not called, and at maturity Micron’s value is at or above a barrier set at 50% of the initial value, investors receive full principal back (and any due coupon), but do not participate in stock upside.

If at maturity Micron’s value is below the barrier, repayment is reduced one-for-one with the stock loss, so investors can lose a substantial portion or all of their principal. The initial estimated value is expected to be between $909 and $959 per $1,000 note, less than the public offering price, reflecting fees, hedging costs and the bank’s funding spread.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of NVIDIA Corporation. The Notes are priced at 100% of principal, with underwriting discounts of 1.875% and proceeds to Royal Bank of Canada of 98.125% per $1,000. The initial estimated value is expected to be between $915 and $965 per $1,000, which is lower than the public offering price.

The Notes pay a contingent coupon of $33.125 per $1,000 (3.3125% per quarter, 13.25% per year) only if NVIDIA’s closing value on the relevant observation date is at or above a coupon threshold set at 60% of the initial value, which is also the barrier level. The Notes can be automatically called quarterly if NVIDIA is at or above its initial value, returning $1,000 plus the coupon. If not called and NVIDIA finishes below the barrier, repayment at maturity is reduced one-for-one with the Underlier’s loss, and investors can lose a substantial portion or all of their principal. Payments are subject to Royal Bank of Canada’s credit and carry complex U.S. tax treatment.

Royal Bank of Canada is offering $10,007,000 of Auto-Callable Dual Directional Geared Buffer Notes linked to the Nasdaq-100 Index and Russell 2000 Index. The notes can be automatically called semiannually if both indices are at or above their initial levels, paying call amounts of $1,055.50, $1,111.00 or $1,166.50 per $1,000 depending on the call date, based on an 11.10% per annum call return rate. If the notes are not called, and the worst-performing index finishes at or above 80% of its initial level, investors receive a positive return equal to the absolute value of that index’s return, capped at 20%. If the worst index finishes below 80%, principal is reduced using a 1.25 downside multiplier, so investors can lose some or all of their investment. The initial estimated value is $995.14 per $1,000, below the public price, reflecting dealer compensation and hedging costs, and all payments depend on Royal Bank of Canada’s credit and complex tax rules.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to the common stock of Constellation Energy Corporation. The offering size is $5,250,000, with a price to the public of 100% of principal and underwriting discounts of 1%, resulting in proceeds to the bank of 99%. The initial estimated value is $986.27 per $1,000 principal amount, lower than the public offering price.

The Notes pay a contingent coupon of $42.15 per $1,000 per period only if the underlier’s closing value is at or above a coupon threshold set at 60% of the initial value, and missed coupons can be paid later if conditions are met. The Notes are auto-callable quarterly if the underlier is at or above its initial value, returning principal plus applicable coupons. If not called and the final value is below the 60% barrier, repayment of principal is reduced one-for-one with the underlier loss, and investors can lose a substantial portion or all of their principal. Payments depend on RBC’s credit, and the tax treatment is complex and potentially subject to 30% U.S. withholding for some non-U.S. holders.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the least performing of the Dow Jones Industrial Average, Nasdaq-100 Index and S&P 500 Index, maturing on February 9, 2029. The notes can pay a monthly contingent coupon of at least $6.25 per $1,000 (at least 0.625% per month, or at least 7.50% per year) if on each observation date all three indices are at or above their coupon thresholds.

The notes are subject to an auto-call feature: if on certain monthly call observation dates each index is at or above its initial level, investors receive $1,000 per note plus the applicable coupon and the notes terminate early. If the notes are not called, principal repayment at maturity depends on the worst-performing index. If the final value of the least performing index is at or above 60% of its initial value, investors receive full principal back (plus any coupon). If it is below 60%, 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 $937.50 and $987.50, which is less than the public offering price, reflecting underwriting discounts, hedging costs and Royal Bank of Canada’s internal funding rate.

Royal Bank of Canada is offering senior unsecured structured notes linked to the S&P 500® Index. Each note has a $1,000 principal amount, does not pay interest, and is expected to mature about 26 to 29 months after the trade date. At maturity, if the index is at or above 85.00% of its initial level, investors receive a fixed threshold settlement amount expected between $1,153.70 and $1,180.80 per $1,000, capping upside.

If the final index level is below 85.00% of the initial level, the payoff falls and investors lose about 1.1765% of principal for each 1% drop below the threshold, which can lead to a total loss of principal. The notes are not listed, have no early redemption, and are subject to Royal Bank of Canada’s credit risk. The initial estimated value is expected between $966.00 and $996.00 per $1,000, less than the original issue price.

Royal Bank of Canada is offering senior unsecured notes linked to the S&P 500® Index with a maturity expected between 27 and 30 months after the trade date. The notes pay no interest; your return comes entirely from the index performance between the trade date and the determination date.

For each $1,000 principal amount, investors get 160% of any positive index return, but this is capped by a maximum settlement amount expected between $1,225.76 and $1,265.44. A 15% downside buffer protects principal if the index falls but stays at or above 85.00% of its initial level; below that, losses increase about 1.1765% for each additional 1% decline and you could lose your entire investment. The notes are not listed, may have limited liquidity, and their initial estimated value, expected between $965.00 and $995.00 per $1,000, will be less than the issue price.