ROYAL BK CDA QUEN PFD 424B Filings

Royal Bank of Canada is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Netflix, Inc., maturing on or about January 12, 2028. The Notes are issued in $10 denominations, with a minimum investment of $1,000, and pay a 15.25% per annum contingent coupon in semiannual installments when Netflix’s closing value on a Coupon Observation Date is at or above the Coupon Barrier of $63.46, which is 70% of the Initial Underlying Value of $90.65.

The Notes are automatically called if, on any semiannual Call Observation Date, Netflix closes at or above the Initial Underlying Value, returning $10 per Note plus the applicable coupon. If not called, and the Final Underlying Value is at or above the Downside Threshold of $63.46, investors receive $10 plus the final coupon at maturity. If the Final Underlying Value is below the Downside Threshold, repayment is reduced to $10 plus $10 times the Underlying Return, so investors can lose up to 100% of principal. UBS receives a $0.10 per Note commission, the public offering price is $10.00 per Note, and the initial estimated value is expected between $9.32 and $9.82. The Notes are senior unsecured obligations of Royal Bank of Canada, are not listed on any exchange, and all payments depend on the issuer’s creditworthiness.

Royal Bank of Canada is offering Issuer Callable Contingent Coupon Barrier Notes with a memory feature linked to the VanEck Semiconductor ETF. The notes pay a contingent coupon of $26.125 per $1,000 each quarter (a rate of 10.45% per year) only if the ETF closes at or above the Coupon Threshold of $290.72, which is 75% of the Initial Underlier Value of $387.62. Missed coupons can be paid later if a future observation meets the threshold.

The notes are callable at the issuer’s option on quarterly call dates starting in January 2027; if called, holders receive $1,000 per note plus any due coupons and no further payments. If the notes are not called, and on the January 6, 2031 valuation date the ETF is at or above the Barrier Value of $193.81 (50% of the initial value), investors receive full principal back plus any due coupons. If the ETF finishes below the barrier, repayment is reduced one-for-one with the ETF loss, and investors can lose a substantial portion or all of their principal. The initial estimated value is expected between $920 and $970 per $1,000, less than the public offering price.

Royal Bank of Canada is offering one-year Digital Notes linked to the Russell 2000® Index. For each $1,000 note, if the index’s final value is at or above its initial level on the valuation date, investors receive $1,000 plus a fixed digital return of at least 14.50%, regardless of how far the index has risen.

If the index finishes below its initial level, the payoff is $1,000 plus the index return, so losses match the index decline and investors can lose some or all of their principal. The price to the public is 100.00% of principal, with underwriting discounts of 2.00% and proceeds to Royal Bank of Canada of 98.00%. The initial estimated value is expected to be between $923.50 and $973.50 per $1,000, reflecting internal funding and hedging costs. The notes are unsecured debt subject to Royal Bank of Canada’s credit risk and are not insured by Canadian or U.S. deposit insurers.

Royal Bank of Canada is offering auto-callable enhanced return barrier notes linked to an unequally weighted basket of five major equity indices in Europe, Japan, the U.K., Switzerland and Australia. The notes are priced at 100% of principal, with underwriting discounts and commissions of 3.50%, resulting in proceeds to the bank of 96.50% per note.

The notes can be automatically called in early 2027 if the basket is at or above its initial level, in which case investors receive at least 111% of principal and the product terminates. If held to the 2031 maturity and not called, upside is enhanced through a 125% participation rate in basket gains, while principal is protected only down to a basket level of 75% of its initial value; below that barrier, losses track the basket. The initial estimated value is expected to be $900–$950 per $1,000 note, reflecting structuring, hedging and distribution costs, and all payments depend on RBC’s credit.

Royal Bank of Canada is offering Trigger GEARS, unsecured debt securities linked to an unequally weighted basket of five equity indices: EURO STOXX 50 (40%), Nikkei 225 (25%), FTSE 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%). The notes have a term of about five years, from a trade date of January 16, 2026 to a maturity date on or about January 21, 2031.

Each Security has a $10 principal amount. If the Basket Return is positive, holders receive $10 plus the Upside Gearing (between 1.46 and 1.66) times the Basket Return. If the Basket Return is zero or negative but the Final Basket Value is at or above 75 (75% of the Initial Basket Value), investors receive only the $10 principal. If the Final Basket Value is below 75, repayment is reduced one-for-one with the negative Basket Return, up to a total loss. The notes pay no interest or dividends, carry full downside market risk of the basket, and are subject to RBC credit risk. The public price is $10 per Security, including a $0.35 selling commission, while the initial estimated value is expected to be $9.10–$9.60.

Royal Bank of Canada is offering auto-callable notes linked to the common stock of Netflix, Inc. The notes are priced at 100% of principal, with underwriting discounts of 2.50%, so proceeds to the bank are 97.50% per $1,000 note. The initial estimated value is expected to range from $907.50 to $957.50 per $1,000, reflecting fees and hedging costs.

The notes can be automatically called after one year if Netflix’s stock is at or above its initial level, in which case investors receive at least $1,160 per $1,000 and the notes end. If not called, at maturity investors get 125% of any stock gain, capped on the downside “dual directional” payoff when the stock is between the initial level and a 70% barrier. If the stock finishes below the barrier, principal is exposed to full losses, and all payments depend on RBC’s credit.

Royal Bank of Canada is offering auto-callable enhanced return dual directional barrier notes linked to the worst performer of Bristol-Myers Squibb and Merck common stock. The notes are priced at 100% of principal, with underwriting discounts of 2.50% and proceeds to the bank of 97.50% per note. They can be automatically called in January 2027 if both stocks are at or above their initial values, paying at least $1,322.50 per $1,000 of principal.

If not called, the notes mature in January 2029. Investors get 150% of the positive return of the least-performing stock if it finishes above its initial level. If that stock ends between 65% and 100% of its initial value, investors receive a positive “dual directional” payoff equal to the absolute value of its return, capped at 35%. If it closes below 65% of its initial value, principal is exposed one-for-one to losses and can be largely or fully lost. The initial estimated value is expected between $890 and $940 per $1,000, below the public offering price, and all payments are subject to RBC’s credit risk.

Royal Bank of Canada is offering auto-callable enhanced return barrier notes linked to the Russell 2000® Index, maturing in January 2031. The notes are issued at 100% of principal, with underwriting discounts of 3.50% and proceeds to the bank of 96.50% per note.

The notes may be automatically called in February 2027 if the index is at or above its initial level, paying at least $1,100 per $1,000 principal and then terminating. If not called, maturity payments range from enhanced upside with a 115% participation rate when the index finishes above its initial level, full principal return if the index stays at or above a 75% barrier, and one-for-one downside loss below that barrier, potentially to zero. The initial estimated value is expected to be $910–$960 per $1,000, below the public price, and investors face Royal Bank of Canada credit risk, limited liquidity, and tax treatment uncertainty.

Royal Bank of Canada plans to issue Barrier Digital Notes linked to the worst performer of the MSCI Emerging Markets Index and the EURO STOXX 50® Index. These notes are senior debt securities, not bank deposits or insured instruments.

Each note has a minimum investment of $1,000. The price to the public is 100% of principal, with proceeds to Royal Bank of Canada of 96.50% per note after underwriting discounts. At maturity in January 2031, investors’ payout depends on the “Least Performing Underlier.”

If that index finishes at or above its initial level, investors receive $1,000 plus the greater of the index return or a fixed digital return of at least 56%. If the least performing index is below its initial level but at or above 70% of that level (the barrier), investors receive their full principal. If it falls below the 70% barrier, repayment is reduced one-for-one with the index loss, and investors can lose a substantial portion or all of their principal.

The initial estimated value per $1,000 note is expected to be between $900 and $950, lower than the public price due to underwriting discounts, hedging costs and the issuer’s internal funding rate. Liquidity may be limited, and any secondary market price may be significantly below the purchase price.

Royal Bank of Canada is offering senior unsecured notes linked to a weighted basket of five non-U.S. equity indices: EURO STOXX 50® (38%), TOPIX® (26%), FTSE® 100 (17%), Swiss Market Index (11%) and S&P®/ASX 200 (8%). The notes pay no interest and have a term expected to be 17–20 months.

The payoff at maturity depends on the basket return, with a 300% upside participation rate but a cap, so the maximum settlement amount is expected to be between $1,221.10 and $1,259.50 per $1,000. If the basket falls, losses are one-for-one with the decline, and investors can lose their entire principal.

The initial estimated value is expected to be between $944.60 and $974.60 per $1,000, below the 100% original issue price. The notes are not listed, not redeemable before maturity, and expose investors to both basket performance risk and RBC credit risk.

Royal Bank of Canada is offering senior unsecured notes linked to the S&P 500® Index, maturing on December 15, 2027. The notes have a principal amount of $1,000 each and an aggregate principal of $2,344,000, with no periodic interest and no early redemption or exchange listing.

At maturity, investors receive a cash amount based on index performance from the January 2, 2026 trade date to the December 13, 2027 determination date. Upside is enhanced by a 160% participation rate but capped at a maximum settlement amount of $1,231.68 per $1,000 note, reached when the index is at or above 114.48% of its initial level of 6,858.47. A 12.5% buffer protects principal if the index stays at or above 87.5% of the initial level; below that, losses increase at about 1.1429% of principal for each 1% drop under the buffer, and investors could lose their entire investment.

The initial estimated value is $995.50 per $1,000 note, below the issue price, reflecting RBC’s funding and hedging costs. Payments depend on RBC’s credit, and the notes are not insured by FDIC or CDIC. Liquidity may be limited because there is no exchange listing and any secondary market making by RBC Capital Markets may be discretionary.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the Class C capital stock of Alphabet Inc. (GOOG). Investors pay 100% of principal, while Royal Bank of Canada receives 98.50% after a 1.50% underwriting discount, and the initial estimated value is expected to range between $922.00 and $972.00 per $1,000 note. The notes pay a contingent coupon of $8.958 per $1,000 (0.8958% monthly, 10.75% per annum) only when GOOG’s closing value is at or above a coupon threshold set at 70% of the initial underlier value on each observation date.

The notes can be automatically called monthly starting July 20, 2026 if GOOG is at or above its initial value, in which case investors receive principal plus the applicable coupon and no further payments. If the notes are not called and at maturity GOOG is at or above the 70% barrier, investors receive full principal plus any due coupon; if GOOG is below the barrier, repayment is in GOOG shares based on a physical delivery amount, likely resulting in a substantial loss of principal and possibly total loss. All payments are subject to Royal Bank of Canada’s credit risk, and the tax treatment is described as prepaid financial contracts with associated coupons, with noted uncertainties, including for non-U.S. holders.

Royal Bank of Canada is offering Capped Enhanced Return Buffer Notes linked to the Russell 2000 Index. The Notes provide 150% participation in any positive index return, capped at a maximum return of 22.80%, so the most an investor receives at maturity is $1,228 per $1,000 of principal.

The Notes include a 10% downside buffer: if the index loss at maturity is up to 10%, investors still receive their full $1,000. If the index falls more than 10%, repayment of principal is reduced and investors can lose a substantial portion of their investment. The initial estimated value is expected to be between $945.10 and $995.10 per $1,000, below the public offering price, reflecting hedging costs and the issuer’s funding rate. All payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is issuing Auto-Callable Dual Directional Geared Buffer Notes linked to the worst performer of the Nasdaq-100 Index and the Russell 2000 Index. The Notes are priced at 100% of principal, with underwriting discounts of 0.375% and proceeds to Royal Bank of Canada of 99.625% per $1,000. The initial estimated value is expected to range from $938.50 to $988.50 per $1,000, which is less than the public offering price.

The Notes offer semiannual auto-call features with a call return rate of 11.10% per annum, leading to call payments of $1,055.50, $1,111.00, or $1,166.50 per $1,000 if conditions are met. If not called and the least performing index finishes between 80% and 100% of its initial level, investors receive a positive “dual directional” return up to 20%. If the least performing index falls below 80% of its initial value, losses are magnified by a 1.25 downside multiplier and investors may lose some or all principal. All payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is offering Enhanced Return Buffer Notes linked to the S&P 500® Futures Excess Return Index, maturing on January 19, 2029. The Notes are unsecured senior debt of the bank and are not insured by any deposit insurance agency or subject to Canadian bail-in conversion.

Each $1,000 Note is sold at 100% of principal, with a 0.75% underwriting discount, so proceeds to the bank are 99.25% of the principal amount. If the index rises, investors receive $1,000 plus 134.15% of the index gain. If the index falls but stays within a 20% buffer, investors receive back $1,000. If the index falls more than 20%, principal is reduced, and investors can lose a substantial portion of their investment.

The initial estimated value is expected to be between $932 and $982 per $1,000, below the public offering price, reflecting internal funding rates, hedging costs, and dealer compensation. The Notes involve complex risks, including market risk from the futures-based index, valuation uncertainty, conflicts of interest, and uncertain U.S. tax treatment.

Royal Bank of Canada is offering senior Redeemable Fixed Rate Notes due January 20, 2033, as part of its global medium-term note program. The Notes pay a fixed interest rate of 4.50% per annum, with interest paid semiannually on January 20 and July 20 of each year, starting July 20, 2026. The Notes may be redeemed at the bank’s option, in whole but not in part, on the January 20, 2028 interest payment date and on each interest payment date thereafter, with investors receiving principal plus the applicable interest payment on any call date.

RBC Capital Markets, LLC will act as underwriter and will purchase the Notes at prices between $982.50 and $1,000.00 per $1,000 principal amount, reflecting underwriting discounts and selling concessions. The Notes are designated as bail-inable under Canadian law, meaning they can be converted into common shares of the bank or its affiliates and potentially extinguished if Canadian bail-in powers are exercised, and holders agree to be bound by these terms upon purchase.

Royal Bank of Canada is offering $300,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the Bloomberg US Large Cap VolMax Index, maturing in January 2031. The notes pay a contingent monthly coupon of $12.292 per $1,000 (about 14.75% per year) only if the index is at or above a coupon threshold set at 60% of the initial value of 16,293.88, or 9,776.33.

The notes can be automatically called quarterly 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 the notes are not called and, at maturity, the index is at or above the 60% barrier, investors receive full principal back plus any due coupon; if it is below the barrier, repayment of principal is reduced one-for-one with the index loss, down to zero. The initial estimated value is $939.16 per $1,000, below the public price, and investors are exposed to RBC’s credit risk and the complex, leveraged, fee‑laden index design.

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 Notes have a minimum investment of $10,000, a Trade Date of January 6, 2026 and mature on January 22, 2027, unless automatically called earlier.

Investors pay 100% of principal, with 1.00% in underwriting discounts and 99.00% of proceeds to Royal Bank of Canada. If payable, the contingent coupon is $42.15 per $1,000 principal on quarterly dates, but only when the Underlier’s closing value is at or above a coupon threshold set at 60% of the Initial Underlier Value. Missed coupons may be “remembered” and paid later if conditions are met.

If the Notes are not called and the Final Underlier Value is at or above the 60% barrier, investors receive $1,000 per Note plus any due coupons. If it is below the barrier, repayment is reduced in line with the Underlier’s loss, and investors can lose a substantial portion or all of their principal. The initial estimated value is expected to be between $930 and $980 per $1,000, below the public offering price.

Royal Bank of Canada is offering senior unsecured Autocallable Strategic Accelerated Redemption Securities® linked to an equally weighted basket of three financial sector stocks: Goldman Sachs, JPMorgan Chase and Morgan Stanley. Each note has a $10 principal amount and can be automatically called on annual Observation Dates in 2027, 2028 or 2029 if the basket is at or above its Starting Value of 100.00, paying $10 plus a fixed Call Premium.

If the notes are not called and the Ending Value is below the Threshold Value, set at 100% of the Starting Value, investors lose principal on a 1-for-1 basis. The notes pay no interest, do not provide dividends, are not insured, and all payments are subject to RBC’s credit risk. The public offering price of $10.00 per unit includes a $0.20 underwriting discount and a $0.05 hedging-related charge, so the initial estimated value is expected to be between $9.00 and $9.50 per unit.

Royal Bank of Canada is issuing $953,000 of senior unsecured notes linked to an equally weighted basket of ten large‑cap U.S. stocks, maturing on January 6, 2031. The basket includes shares of AIG, CME Group, Duke Energy, FirstEnergy, Kraft Heinz, Kimberly‑Clark, Coca‑Cola, Philip Morris International, Prudential Financial and Verizon.

The notes offer 100% participation in any positive basket performance, so if the basket is above its initial level at maturity, holders receive $1,000 plus the full basket return per $1,000 of principal. If the basket is flat or down, investors receive only the $1,000 principal at maturity, providing downside protection but no interest payments.

The public offering price is 100% of principal, with underwriting discounts and commissions of 3.20%, resulting in proceeds to Royal Bank of Canada of 96.80%. The bank’s initial estimated value is $944.32 per $1,000, reflecting structuring, distribution and hedging costs, 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 linked to the performance of the least performing of the Nasdaq-100 Index, the Russell 2000 Index and the S&P 500 Index, maturing on July 20, 2028. The notes pay a contingent coupon of $6.75 per $1,000 principal amount (0.675% per month, 8.10% per annum) on scheduled monthly dates, but only if on the prior observation date each index is at or above 75% of its initial value; otherwise no coupon is paid for that period.

The notes can be automatically called quarterly, beginning about six months after issuance, if on a call observation date each index is at or above its initial value. In that case, investors receive $1,000 per note plus the applicable contingent coupon, and no further payments are made.

If the notes are not called, repayment at maturity depends on the worst-performing index. Investors receive full principal back if the final value of the least performing index is at or above 55% of its initial value (and a final coupon if the 75% threshold is met). If the least performing index finishes below 55% of its initial value, principal is reduced in line with that index’s loss, up to a complete loss of the investment.

The notes are unsecured senior debt obligations of Royal Bank of Canada, are not insured, and all payments depend on the bank’s credit. The initial estimated value is expected to be between $930 and $980 per $1,000, below the public offering price due to underwriting discounts, referral fees, hedging costs and the bank’s lower internal funding rate. U.S. tax counsel views the notes as prepaid financial contracts with associated coupons, but this treatment is uncertain, and non-U.S. investors may face 30% withholding on coupons.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the Nasdaq-100, Russell 2000 and S&P 500 indexes, scheduled to mature on January 21, 2028. Investors may receive a quarterly contingent coupon of $25.25 per $1,000 in principal (10.10% per annum) if, on the relevant observation date, each index is at or above 70% of its initial level.

The notes are automatically called, returning $1,000 per note plus the coupon, if on any call observation date each index is at or above its initial level. If the notes are not called and the worst-performing index finishes below 70% of its initial level at maturity, repayment of principal is reduced one-for-one with the index loss, and investors can lose most or all of their investment. The initial estimated value is expected to be $935–$985 per $1,000, less than the public offering price.

Royal Bank of Canada is offering $1,185,000 of Auto-Callable Contingent Coupon Barrier Notes with a memory coupon linked to the common stock of NVIDIA Corporation. The notes are issued at 100% of principal, with underwriting discounts of 1.00%, resulting in proceeds to the bank of $1,173,150, and an initial estimated value of $982.96 per $1,000, which is below the public offering price.

The notes pay a contingent quarterly coupon of $32.50 per $1,000 only if NVIDIA’s share price is at or above a coupon threshold of $103.32, equal to 55.40% of the initial underlier value of $186.50. The notes can be automatically called each quarter if the stock closes at or above the initial value, in which case investors receive $1,000 plus due coupons and no further payments.

If the notes are not called and the final stock value is at or above the barrier, investors receive full principal back plus any due coupon; if it falls below the barrier, repayment is reduced one-for-one with the stock decline, and investors can lose a substantial portion or all of their principal. All payments are subject to Royal Bank of Canada’s credit risk, and the tax treatment, especially for Non-U.S. holders, can be complex.

Royal Bank of Canada is offering senior unsecured structured notes called Autocallable Strategic Accelerated Redemption Securities, linked to one or more underlying stocks or ADRs. These notes do not pay interest and do not guarantee a return of principal. Each unit typically has a $10 principal amount and can be automatically called on set observation dates if the underlying reaches or exceeds a preset call level, paying back principal plus a fixed call premium.

If the notes are not called, the amount repaid at maturity depends on the underlying’s performance versus a threshold value. If the ending value is below this threshold, investors are exposed to one‑for‑one downside and can lose a significant portion or all of their investment. Payments depend on RBC’s credit and the notes are expected not to be listed on an exchange, so liquidity may be limited.

The product includes complex features such as baskets of stocks, anti‑dilution and market disruption adjustments, and detailed U.S. and Canadian tax considerations, including potential application of Section 871(m) to non‑U.S. holders. Investors do not receive dividends or voting rights in any underlying company and are encouraged to consult legal, tax and financial advisers before investing.

Royal Bank of Canada is offering market-linked, principal-at-risk securities tied to the S&P 500® Index, maturing on July 6, 2028, with a face amount of $1,000 per security. The original offering price is $1,000, including an agent discount of $25.75, for proceeds to the bank of $974.25 per security. The initial estimated value is $968.41 per security, which is less than the offering price.

The notes provide 100% upside participation in the Index, capped at a maximum upside return of 21.30%, so the maximum maturity payment is $1,213 per security if the Index appreciates sufficiently. They include a 15% buffer on the downside and a contingent "absolute value" return if the Index ends between 85% and 100% of its starting level, but if the Index closes below 85% of the starting value, holders have 1-to-1 downside exposure beyond the buffer and can lose up to 85% of principal.

The securities pay no interest, are unsecured senior debt of Royal Bank of Canada, and all payments depend on the bank’s credit. They are not insured by Canadian or U.S. deposit insurance agencies, may have limited or no secondary market, and any resale value is expected to be below the original price, especially shortly after issuance.

Royal Bank of Canada is offering $526,000 of Contingent Coupon Barrier Notes linked to the least performing of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index. The Notes mature on January 3, 2031, with a minimum investment of $1,000.

The Notes pay a contingent coupon of $36.25 per $1,000 (3.625% semiannually, 7.25% per annum) on each semiannual payment date if, on the related observation date, the closing value of each index is at or above 70% of its initial value. If any index finishes below this level, no coupon is paid for that period.

At maturity, investors receive $1,000 per Note if the least performing index is at or above 70% of its initial value; otherwise, repayment is reduced in line with that index’s loss and can fall to zero. The initial estimated value is $967.56 per $1,000, below the public offering price, and all payments are subject to Royal Bank of Canada’s credit risk.

Royal Bank of Canada is offering three separate auto-callable contingent coupon barrier notes with a memory feature, each linked to the common stock of Royal Caribbean Cruises, Snowflake, or Target. The notes pay quarterly contingent coupons only if the underlier stays at or above a set threshold, with indicative annual rates of 10.25%–11.25% for RCL and 10.50%–11.50% for SNOW and TGT. Each note has a barrier level based on a percentage of the initial share price (60% for RCL, 55% for SNOW, 65% for TGT), below which principal is exposed one-for-one to equity losses at maturity.

The notes can be automatically called quarterly if the underlier is at or above its initial value, returning principal plus any due coupons. The initial estimated value per $1,000 note is expected to be $899–$949 for RCL and $900–$950 for SNOW and TGT, which is less than the public offering price, partly due to fees and hedging costs. The product carries issuer credit risk, is not insured by deposit insurance schemes, and has complex and uncertain U.S. tax treatment, including potential withholding for non-U.S. holders.

Royal Bank of Canada is issuing $575,000 of Capped Enhanced Return Barrier Notes linked to the S&P 500 Index, maturing on February 12, 2027. The notes are priced at 100% of principal, with underwriting discounts of 2.00%, providing proceeds to RBC of 98.00% of the offering amount.

Investors receive 200% of any positive S&P 500 return, capped at a Maximum Return of 10.50%, for a maximum payment of $1,105 per $1,000 note. Principal is fully protected at maturity only if the index finish level is at or above the Barrier Value of 85% of the initial level; below the barrier, losses match the index decline and investors could lose all principal. The initial estimated value is $975.90 per $1,000, below the public offering price, and all payments depend on RBC’s credit. The notes are treated for U.S. tax purposes as prepaid financial contracts, with specific U.S. holder and non-U.S. holder considerations.

Royal Bank of Canada is offering senior unsecured structured Notes linked to an equally weighted basket of ten large-company stocks, maturing on July 31, 2031. The basket includes shares of Cisco, Chevron, Duke Energy, Coca-Cola, Lockheed Martin, McDonald’s, Medtronic, PepsiCo, Southern Company and Verizon, each with a 1/10 weighting.

For each $1,000 Note, investors receive at maturity either $1,000 plus at least 100% of any positive basket return, or $1,000 if the basket is flat or down, so principal is repaid at maturity but upside is variable. The price to the public is 100% of principal, with a 4.00% underwriting discount and 96.00% of principal as proceeds to Royal Bank of Canada.

The initial estimated value is expected to range from $889.00 to $939.00 per $1,000 Note, reflecting internal funding rates, fees and hedging costs, and may be below secondary market values. The Notes are unsecured obligations subject to Royal Bank of Canada’s credit risk, are not insured or bail-inable, may have limited liquidity, and are expected to be treated as contingent payment debt instruments for U.S. federal income tax purposes.

Royal Bank of Canada is offering Auto-Callable Enhanced Return Barrier Notes linked to an equally weighted basket of Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo common stocks. The notes are issued in $1,000 minimums, with a price to the public of 100% of principal, underwriting discounts of 2.50% and proceeds to Royal Bank of Canada of 97.50% per note.

The notes may be automatically called in February 2027 if the basket is at or above its initial level, in which case investors would receive at least 111% of principal and no further payments. If not called, the notes mature in February 2029 with 150% participation in any basket gains, full principal return so long as the basket does not fall below a 70% barrier, and 1‑for‑1 loss of principal below that barrier. The initial estimated value, set on the trade date, is expected to be between $902 and $952 per $1,000, reflecting underwriting and hedging costs, and all payments are subject to Royal Bank of Canada’s credit risk.

Royal Bank of Canada is offering five separate auto-callable contingent coupon barrier notes with memory coupons, each linked to a single stock: NVIDIA, Novo Nordisk ADS, Tesla, United Airlines and Vistra. Investors can choose one or more offerings, each with its own terms. Indicative contingent coupon rates range from 10.00%–11.25% per year for most underliers and 13.50%–14.50% for Tesla, paid quarterly only if the stock stays at or above a set coupon threshold.

The notes can be automatically called quarterly, starting about six months after issuance, if the stock is at or above its initial level, returning principal plus due coupons. If not called and the final stock value is at or above a barrier level (typically 50%–60% of the initial value), principal is repaid; below the barrier, repayment is reduced one-for-one with the stock loss, up to total loss of principal. The notes are unsecured RBC obligations, not insured, have an initial estimated value of about $900–$955 per $1,000, and involve complex tax and market risks.

Royal Bank of Canada is offering Capped Enhanced Return Buffer Notes linked to the EURO STOXX 50® Index. These senior unsecured notes provide 300% participation in positive index performance, but gains are capped by a Maximum Return between 21% and 23%, so the most an investor can receive at maturity is $1,210 to $1,230 per $1,000 of principal. A 15% downside buffer protects principal only if the index decline stays within that range; if the EURO STOXX 50® falls more than 15% from its initial level, repayment is reduced and investors can lose a substantial portion of principal.

The notes are priced at 100% of principal, but the initial estimated value is expected to be between $926.54 and $976.54 per $1,000, reflecting underwriting discounts, referral fees, hedging costs and RBC’s internal funding rate. They are not insured by Canadian or U.S. deposit insurance schemes and all payments depend on RBC’s credit. RBC and its affiliates may make a secondary market but are not obligated to, and any resale before maturity could occur at a significant discount. For U.S. tax purposes, counsel views the notes as prepaid financial contracts treated as “open transactions,” but this approach is uncertain and future tax or regulatory changes could affect outcomes.

Royal Bank of Canada is offering two separate Auto-Callable Contingent Coupon Barrier Notes, each linked to a single stock: Class A common stock of Alphabet Inc. and capital stock of International Business Machines Corporation. The Notes pay a quarterly contingent coupon only if the relevant stock closes at or above a coupon threshold, currently shown as 70% of its initial value, and can be automatically called if the stock is at or above its initial value on specified quarterly call observation dates.

If the Notes are not called, investors receive their principal at maturity only if the final stock value is at or above the barrier; if it is below, repayment is reduced one-for-one with the stock decline, and investors can lose most or all of their principal. The public offering price is 100% of principal, with underwriting discounts of 2.50% and an initial estimated value between $905 and $955 per $1,000, reflecting dealer compensation, hedging costs and RBC’s lower internal funding rate. The Notes are unsecured RBC debt, are not insured by deposit insurers, and carry complex tax and structural risks, including potential U.S. withholding for some non-U.S. holders.

Royal Bank of Canada is offering Capped Return Dual Directional Buffer Notes linked to the S&P 500® Index, maturing on February 3, 2028. The notes let investors participate one-for-one in index gains up to an 18% maximum upside return, so the most an investor can receive at maturity in an up market is $1,180 per $1,000 principal.

If the index ends down but by no more than the 15% buffer, investors receive a positive return equal to the absolute value of the index move (capped at 15%). If the index falls by more than 15%, principal is reduced beyond the buffer and investors can lose a substantial portion of their investment. The minimum investment is $1,000. The initial estimated value is expected to be between $930.00 and $980.00 per $1,000, below the public offering price, reflecting dealer compensation and hedging costs. Payments depend on RBC’s credit, and the tax treatment is uncertain, with counsel currently viewing the notes as prepaid financial contracts.

Royal Bank of Canada is offering Auto-Callable Enhanced Return Barrier Notes linked to an equally weighted basket of five large U.S. bank stocks: Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo.

The Notes pay a price to the public of 100% of principal, with underwriting discounts of 1% and proceeds to Royal Bank of Canada of 99% of the principal amount. They may be automatically called in February 2027 if the basket is at or above its initial value, in which case investors receive at least $1,150 per $1,000 of principal and no further payments.

If not called, the Notes mature in February 2029. At maturity, investors participate 150% in any positive basket return, receive full principal back if the basket is down but above a barrier set at 70% of the initial basket value, and suffer one-for-one losses if the basket finishes below this barrier. The initial estimated value is expected to be between $923.50 and $973.50 per $1,000, reflecting hedging and distribution costs, and all payments are subject to Royal Bank of Canada’s credit risk.

Royal Bank of Canada is offering three separate Capped Enhanced Return Buffer Notes linked individually to the Nasdaq-100, Russell 2000 and S&P 500 indices, maturing on February 3, 2028. Each $1,000 note offers 150% participation in any positive index return, subject to a maximum return that is expected to range from about 20.5% to 29% depending on the index and will be set on the trade date. If the linked index falls by up to 10%, investors receive full principal at maturity; if it falls by more than 10%, principal is reduced so investors can lose a substantial amount of their investment. The notes are issued at 100% of principal, with dealer compensation of about 1% and proceeds to Royal Bank of Canada of about 99%, and their initial estimated value is expected to be below the public offering price. Payments depend on Royal Bank of Canada’s ability to meet its obligations.

Royal Bank of Canada is offering Capped Return Dual Directional Buffer Notes linked to the S&P 500 Index. The Notes are priced at 100% of principal, with underwriting discounts and commissions of 2.25%, resulting in proceeds to Royal Bank of Canada of 97.75% of the principal amount. The minimum investment is $1,000.

The Notes offer 100% participation in the S&P 500 return, subject to a Maximum Upside Return of 18%, so the maximum payment at maturity if the index rises is $1,180 per $1,000. They include a 10% buffer; if the index ends between 90% and 100% of its initial level, investors receive the positive "dual directional" return equal to the index’s absolute move, capped at 10%. If the index falls more than 10%, principal is reduced beyond the buffer and investors can lose a substantial portion of their investment.

The initial estimated value is expected to be between $915 and $965 per $1,000, below the public offering price, reflecting internal funding rates, hedging costs, and selling compensation. All payments depend on Royal Bank of Canada’s credit and the product carries complex tax and market risks.

Royal Bank of Canada is offering Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index. The Notes pay back principal at maturity and provide 105% participation in any positive index return, so if the index rises, investors earn an enhanced upside, and if it is flat or negative, they receive $1,000 per $1,000 note, subject to issuer credit risk.

The index is a rules-based strategy using a synthetic 70/30 equity–Treasury futures portfolio with a 10% volatility target and multiple embedded fees, including a 0.5% annual decrement, transaction costs and funding costs, all of which reduce performance. Initial estimated value is expected between $897 and $947 per $1,000, below the public price, reflecting hedging costs, fees and RBC’s funding rate, and the Notes are expected to be treated as contingent payment debt instruments for U.S. tax purposes.

Royal Bank of Canada is offering unsecured Enhanced Return Notes that pay at maturity based on the S&P 500 Market Agility 10 TCA 0.5% Decrement Index. The notes run from a trade date of January 27, 2026 to maturity on January 30, 2031.

At maturity, investors receive their $1,000 principal plus upside equal to 140% of any positive index return. If the index finishes at or below its initial level, investors receive only their principal back, so there is no downside participation at maturity but no coupons during the term. The price to the public is 100% of principal, with underwriting discounts of 4%, so proceeds to Royal Bank of Canada are 96% of principal.

The initial estimated value is expected between $879 and $929 per $1,000, reflecting structuring and hedging costs. The underlier is a complex, rules-based index with a 10% volatility target, a 0.5% annual decrement and multiple transaction and funding costs that systematically reduce performance, and the notes are treated as contingent payment debt instruments for U.S. federal tax purposes.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the least-performing of Applied Materials, Caterpillar and Eli Lilly common stocks. The Notes are priced at 100% of principal, for a total offering of $1,175,000, with underwriting discounts of 0.60% and proceeds to the bank of 99.40%.

Investors may receive a contingent coupon of $16.083 per $1,000 (1.6083% monthly, 19.30% per annum) on each coupon date if every underlier closes at or above 70% of its initial value. The Notes are automatically called if, on any call observation date, each underlier is at or above its initial value, paying $1,000 plus the coupon, with no further payments.

If not called, maturity repayment depends on the worst underlier. If the least-performing is at or above 50% of its initial value, principal is returned (with a coupon only if the 70% threshold is met). Below 50%, principal is reduced one-for-one with the underlier loss, and investors can lose all principal. The initial estimated value is $993.39 per $1,000, below the public price, reflecting funding and hedging costs. The Notes carry significant market, structural, credit and tax risks.

Royal Bank of Canada is offering Capped Return Notes linked to the S&P 500^® Index with a total offering size of $370,000 at 100.00% of principal. The notes run from a trade date of December 30, 2025 to a maturity date of July 3, 2030, and pay at least the $1,000 principal at maturity, even if the index falls. If the index finishes above its initial level of 6,896.24, investors receive 100% of the index gain, but returns are capped at a Maximum Return of 34%, for a maximum payment of $1,340 per $1,000 note.

The initial estimated value is $979.46 per $1,000, below the purchase price, reflecting structuring and hedging costs. The notes are unsecured debt of Royal Bank of Canada, are not insured by deposit insurers, and expose holders to the bank’s credit risk, limited liquidity in any secondary market, and complex U.S. tax treatment as contingent payment debt instruments.

Royal Bank of Canada is offering two Capped Enhanced Return Buffer Notes linked separately to the Nasdaq‑100 Index and the Russell 2000 Index. Each note offers 150% participation in positive index performance up to a specified maximum return range and provides a 10% downside buffer; if index losses exceed 10%, investors lose principal in line with further declines.

The notes are unsecured senior debt of Royal Bank of Canada, so all payments depend on the bank’s credit. The initial estimated value per $1,000 will be lower than the public offering price, reflecting dealer compensation and hedging costs, and any secondary market is expected to involve wide bid‑ask spreads and possible sales at a substantial discount. U.S. tax counsel currently views the notes as prepaid financial contracts, but this treatment is uncertain and could change, and non‑U.S. holders are cautioned about potential withholding under Section 871(m).

Royal Bank of Canada is offering Capped Enhanced Return Dual Directional Buffer Notes linked to the VanEck Gold Miners ETF. The Notes are unsecured debt that pay at maturity based on the ETF’s performance, with a 20% downside buffer and a 200% participation rate on gains, subject to a maximum upside return of at least 45%, to be set on the trade date.

If the ETF rises, investors receive enhanced upside up to the cap; if it falls but not more than 20%, investors gain the absolute value of the decline; if it falls beyond 20%, principal is reduced and a substantial loss is possible. The price to the public is 100% of principal, with 2.50% underwriting discounts and 97.50% proceeds to Royal Bank of Canada. The initial estimated value is expected between $886.11 and $936.11 per $1,000, reflecting fees and hedging costs. U.S. tax counsel expects treatment as prepaid financial contracts, but notes uncertainty and potential application of the constructive ownership and Section 871(m) regimes.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes with a memory coupon feature linked to the Bloomberg US Large Cap VolMax Index, maturing January 14, 2031. The notes are priced at 100% of principal, with underwriting discounts of 0.60% and proceeds to RBC of 99.40%.

Investors may receive monthly contingent coupons of $11.50 per $1,000 (1.15% per month, 13.80% per year) only if the index is at or above 70% of its initial level on the relevant observation date; missed coupons can be paid later if conditions are met. Starting about two years after trade date, if on a call observation date the index is at or above its initial level, the notes are automatically redeemed at $1,000 plus due coupons.

If not called, principal is protected only if the final index value is at or above 60% of its initial level; below that barrier, repayment is reduced one-for-one with the index loss, and investors can lose most or all of their principal. The underlying index uses volatility targeting (100%–500% exposure), daily leverage and deductions including a 6% annual factor, notional financing at SOFR plus 0.50%, and transaction costs, all of which can significantly drag on performance. The initial estimated value is expected to be $900–$950 per $1,000, below the public offering price.

Royal Bank of Canada is offering Capped Enhanced Return Buffer Notes linked to the EURO STOXX 50® Index. These two-year notes are expected to be issued on January 30, 2026 and mature on February 1, 2028, with returns determined by the index level on the valuation date.

Investors get 200% participation in any positive index performance, but gains are capped by a Maximum Return of 19% to 21%, set on the trade date. A 15% downside buffer protects principal if the index falls by up to 15%; beyond that, investors lose principal in line with index declines above the buffer.

The notes are unsecured debt of Royal Bank of Canada, are not insured by deposit insurers and are not bail-inable. The initial estimated value per $1,000 note is expected to be between $913.16 and $963.16, below the public offering price, and secondary market liquidity may be limited with potentially wide bid/ask spreads. U.S. tax treatment is expected to follow a prepaid financial contract approach, but this is uncertain and may change.

Royal Bank of Canada is offering senior unsecured notes whose payout is tied to the S&P 500® Index. The notes do not pay interest and return at maturity depends on index performance from the trade date to a determination date expected 22–25 months later.

Investors receive 160% of any positive index return, but gains are capped by a maximum settlement amount expected between $1,194.88 and $1,229.12 per $1,000 note. A buffer protects principal against moderate losses: as long as the index does not fall below 87.50% of its initial level, holders receive full principal back.

If the index finishes below the 87.50% buffer level, principal is reduced by about 1.1429% for every 1% decline below the buffer, and investors could lose their entire investment. The initial estimated value is expected between $965.10 and $995.10 per $1,000 note, reflecting dealer profit and hedging costs. The notes are not listed, may have limited liquidity, and carry Royal Bank of Canada credit risk.

Royal Bank of Canada is offering unsecured senior notes linked to the S&P 500® Index that do not pay interest and are designed to be held to maturity. At maturity, for each $1,000 principal amount, investors receive a cash amount based on the index’s performance from the trade date to a determination date expected between 23 and 26 months later.

If the S&P 500® rises, the notes offer a 160% upside participation rate but returns are capped at a maximum settlement amount expected between $1,196.96 and $1,231.68 per $1,000 (a hypothetical cap example of 119.696%). If the index falls but finishes at or above 87.50% of the initial level, investors receive principal back. Below this 87.50% buffer level, principal is reduced about 1.1429% for every 1% drop under the buffer, and investors could lose their entire investment. The initial estimated value is expected to be $965.20–$995.20 per $1,000, the notes will not be listed or redeemable early, and all payments depend on RBC’s credit.

Royal Bank of Canada is offering Enhanced Return Notes that are unsecured debt linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index. The notes require a minimum investment of $1,000 and pay back $1,000 at maturity per $1,000 principal even if the index falls, but offer enhanced upside if the index rises.

If the final index level is above the initial level, investors receive $1,000 plus 105% of the index gain; if it is equal to or below the initial level, they receive only the principal, with no periodic interest. The initial estimated value is expected to be between $912 and $962 per $1,000, below the public offering price, reflecting fees, hedging costs and RBC’s funding rate.

The underlier is a rules-based strategy that dynamically allocates between long and short equity and Treasury futures with a 10% volatility target and multiple embedded fees and costs, all of which reduce its performance. The notes are treated as contingent payment debt instruments for U.S. tax purposes, requiring annual interest accruals, and they are subject to RBC’s credit risk and complex tax, market and structural risks.

Royal Bank of Canada is offering Capped Enhanced Return Buffer Notes linked to the S&P 500® Index, maturing on February 1, 2028, under its global medium-term note program. The Notes are issued at 100% of principal, with underwriting discounts and commissions of 2.25%, so Royal Bank of Canada receives 97.75% of principal per Note before hedging costs and referral fees.

The Notes provide 125% of any positive S&P 500® return at maturity, subject to a maximum total return of 18%–20% per $1,000. A 10% downside buffer protects principal if the index falls modestly, but below that level investors lose principal in line with further index declines, as shown in the hypothetical payoff table. The initial estimated value is expected to be between $916 and $966 per $1,000, reflecting dealer compensation and hedging. All payments depend on Royal Bank of Canada’s ability to meet its obligations, and the Notes are not insured or bail‑inable.