ROYAL BK CDA QUEN PFD 424B Filings

Royal Bank of Canada is offering senior unsecured market-linked notes tied to an equally weighted basket of Amazon, Microsoft and NVIDIA common stocks. Each security has a $1,000 face amount, pricing on January 16, 2026 and maturing on January 21, 2028.

At maturity, if the basket has risen, investors receive $1,000 plus a leveraged gain of 125% of the basket return, but this upside is capped by a maximum return of at least 31.50%, so the maximum maturity payment is at least $1,315 per security. If the basket ends between the starting level and the threshold level of 85%, investors simply receive their $1,000 back, reflecting a 15% downside buffer.

If the ending basket level is below the threshold, principal is reduced 1‑for‑1 beyond the 15% buffer, so investors can lose up to 85% of principal. The securities pay no interest and are subject to the credit risk of Royal Bank of Canada. The initial estimated value is expected to range from $916 to $966 per security, below the $1,000 original offering price.

Royal Bank of Canada is offering Capped Return Notes linked to the S&P 500 Index. These notes are unsecured RBC debt that return your $1,000 principal at maturity even if the index falls, but limit upside if it rises. If the index finishes above its initial level on the July 16, 2031 valuation date, you receive principal plus 100% of the index gain, capped by a Maximum Return of 35%, so the most you can receive at maturity is $1,350 per $1,000 note.

If the index finishes at or below its initial level, you receive only your principal, with no additional return. The price to the public is 100% of principal, with a 3.00% underwriting discount and 97.00% of proceeds to RBC. The initial estimated value is expected between $894.00 and $944.00 per $1,000 note, reflecting fees and hedging costs. The notes are intended to be treated as contingent payment debt instruments for U.S. tax purposes, requiring annual interest accruals, and they carry RBC credit risk and limited secondary market liquidity.

Royal Bank of Canada is issuing $1,000,000 of Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, maturing January 4, 2029. The notes are unsecured senior debt and pay no coupons. At maturity, investors receive their $1,000 principal plus 110% of any positive index return; if the index is flat or down, they receive only principal back.

The price to the public is 100% of principal, with underwriting discounts of 1.00%, resulting in proceeds to Royal Bank of Canada of $990,000. The initial estimated value is $966.34 per $1,000, lower than the public offering price due to internal funding, hedging costs and fees. The underlier uses a leveraged, rules-based strategy with a 10% volatility target, a 0.5% annual decrement fee and additional transaction and funding costs that systematically reduce index performance.

The notes are treated as contingent payment debt instruments for U.S. federal income tax purposes, requiring investors to accrue interest income based on a comparable yield. The notes are not insured by Canadian or U.S. deposit insurers and all payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the worst performer of the Russell 2000, S&P 500 and EURO STOXX 50 indices. The notes pay a quarterly contingent coupon of at least $20 per $1,000 (at least 8% per year) only if each index closes at or above 70% of its initial level on the relevant observation date. The notes can be automatically called quarterly starting in January 2027 if all three indices are at or above their initial levels, in which case investors receive principal plus the applicable coupon and no further payments.

If the notes are not called and the worst index finishes below 70% of its initial value at maturity in January 2030, repayment of principal is reduced one-for-one with the index loss, and investors can lose most or all of their investment. The issuer’s initial estimated value per $1,000 is expected to be materially below the public offering price, reflecting underwriting discounts, funding rates and hedging costs, and secondary market values may be lower than this estimate.

Royal Bank of Canada is offering S&P 500®-linked Capped Return Notes that return principal at maturity and provide equity-linked upside up to a fixed cap. Each note has a $1,000 principal amount, a 100% participation rate in positive S&P 500 performance, and a maximum return of 33.20%, so the most an investor can receive at maturity is $1,332 per $1,000. If the index finishes at or below its initial level on the July 16, 2030 valuation date, investors receive only their $1,000 principal at maturity on July 19, 2030, with no additional return.

The notes are unsecured debt of Royal Bank of Canada and all payments depend on its credit. They are sold at 100% of principal, while the bank’s initial estimated value is expected to be between $926 and $976 per $1,000, reflecting structuring and hedging costs. For U.S. tax purposes, RBC intends to treat the notes as contingent payment debt instruments, requiring holders to accrue interest income annually based on a comparable yield.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500 indices, maturing on January 14, 2030. The Notes pay a contingent coupon of $23.00 per $1,000 (2.30% per quarter, 9.20% per year) only if, on each observation date, all three indices are at or above 75% of their initial values. Beginning in January 2027, the Notes are automatically called if, on a call observation date, each index is at or above its initial value, in which case investors receive $1,000 per Note plus any due coupon and no further payments.

If the Notes are not called and the worst-performing index on the valuation date is at or above 60% of its initial value, investors receive full principal back (and any coupon due). If that index is below 60%, repayment is reduced one-for-one with its loss, and investors can lose a substantial portion or all of their principal. The price to the public is 100% of principal, with 1.00% underwriting discounts, and the initial estimated value is expected to be between $914.50 and $964.50 per $1,000, reflecting fees and hedging costs.

Royal Bank of Canada is offering senior unsecured notes linked to the S&P 500® Index with a stated maturity date of March 22, 2028. Each note has a $1,000 principal amount, with $9,010,000 in aggregate principal at issuance, and does not pay interest.

The initial underlier level is 6,905.74 and the threshold level is 85.00% of that value. If, on the determination date, the S&P 500® is at or above the threshold level, investors receive a fixed threshold settlement amount of $1,180.00 per $1,000 note, capping the maximum return at 18%. If the final level is below the threshold, repayment is reduced on a leveraged basis and investors can lose up to their entire principal.

The notes will not be listed on any exchange and are subject to Royal Bank of Canada’s credit risk. The initial estimated value is $996.72 per $1,000 note, lower than the original issue price, and secondary market prices may be significantly below the amount paid.

Royal Bank of Canada is offering $2,752,000 of market-linked senior unsecured notes tied to the S&P 500® Index, each with a $1,000 face amount and maturing on January 3, 2028. The notes provide 125% upside participation if the index rises, but gains are capped at a maximum return of 19.10%, for a maximum maturity payment of $1,191 per note.

If the index finishes between the starting value and a 10% buffer below it (the threshold value at 90% of the starting level), investors receive back the $1,000 face amount. If the index ends below the threshold, principal is reduced 1-for-1 beyond the 10% buffer, with losses up to 90% of face value in a worst case. The initial estimated value is $971.52 per note, lower than the $1,000 offering price, reflecting dealer discounts, hedging costs and RBC’s internal funding rate. The notes pay no interest, are not insured, and all payments depend on the credit of Royal Bank of Canada.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the weaker performer of Amazon.com, Inc. and Deere & Company stock. The notes pay a contingent quarterly coupon of $22.50 per $1,000 (2.25% per quarter, 9.00% per year) only if both stocks are at or above a coupon threshold set at 51.40% of their initial values on each observation date, with a memory feature that can make up missed coupons later.

The notes can be automatically called quarterly if both underliers are at or above their initial levels, returning $1,000 plus due coupons. If they are not called and, at maturity in January 2029, the worst-performing stock is at or above its barrier, investors receive full principal back plus any due coupons; if it is below the barrier, repayment is reduced one-for-one with that stock’s loss, potentially to zero. The initial estimated value is expected between $922 and $972 per $1,000, and all payments depend on Royal Bank of Canada’s credit and the complex U.S. tax treatment described.

Royal Bank of Canada is offering $500,000 of Auto-Callable Contingent Coupon Geared Buffer Notes with Memory Coupon linked to the Class C stock of Alphabet Inc. The notes are priced at 100% of principal, with 1.00% in underwriting discounts, resulting in $495,000 of proceeds to Royal Bank of Canada.

For each $10,000 note, investors may receive quarterly contingent coupons of $283.50 if Alphabet’s closing value on the observation date is at or above 80% of the initial value of $314.96 (a $251.97 threshold). Missed coupons have a “memory” feature and can be paid later if conditions are met. The notes are automatically called if Alphabet’s value on a call observation date is at or above the initial value, returning $10,000 plus due coupons.

If not called, investors receive $10,000 at maturity per note if the final Alphabet value is at or above the 80% buffer. If it is below that buffer, investors receive about 39.69 Alphabet shares per $10,000 note, which may be worth significantly less than principal and could result in a substantial or total loss. The initial estimated value is $9,864.26 per $10,000 note, below the public offering price, and all payments are subject to Royal Bank of Canada’s credit and tax risks.

Royal Bank of Canada is offering Redeemable Fixed Rate Notes under its Series J medium-term note program. The Notes pay fixed interest at 5.00% per annum, with interest paid semiannually on January 15 and July 15, starting July 15, 2026, until maturity on January 15, 2038, if not redeemed earlier. The minimum investment is $1,000, in denominations of $1,000.

RBC may, at its option, redeem all (but not part) of the Notes on the January 15, 2028 interest payment date and on any subsequent interest payment date, paying principal plus the applicable interest. The Notes are bail-inable, meaning they may be converted into common shares or otherwise affected under Canadian bail-in powers if RBC becomes non-viable. RBC Capital Markets, LLC acts as underwriter, purchasing the Notes at prices between $980 and $1,000 per $1,000 principal, and may pay selling concessions to selected dealers.

Royal Bank of Canada is offering bail-inable Redeemable Fixed Rate Notes due January 16, 2029 as part of its Senior Global Medium-Term Notes, Series J program. The Notes pay fixed interest at 4.05% per annum, with interest paid semiannually on January 16 and July 16 of each year, starting July 16, 2026, using a 30/360 day-count convention.

The Notes are issued in minimum denominations of $1,000 and may be redeemed at the bank’s option, in whole but not in part, on the January 16, 2027 interest date and on any later interest payment date, with payment of principal plus the applicable interest. RBC Capital Markets, LLC will act as underwriter and calculation agent, purchasing the Notes at prices between $992.50 and $1,000.00 per $1,000 principal amount and may pay up to $7.50 per $1,000 to selected dealers as selling concessions.

The Notes are subject to Canadian bail-in powers, meaning they can be converted into common shares of Royal Bank of Canada or an affiliate, or varied or extinguished, under the CDIC Act if regulators exercise bail-in powers. They are not insured by Canadian or U.S. deposit insurance agencies, and investors are exposed to the bank’s credit risk and the specific structural and market risks described in the risk sections of the related offering documents.

Royal Bank of Canada is offering senior unsecured notes linked to an equally weighted basket of 10 large U.S. stocks, including AIG, CME Group, Duke Energy, Kraft Heinz, Coca-Cola, Philip Morris and Verizon. The notes have a trade date of December 31, 2025 and are scheduled to mature on January 6, 2031.

Each note has a $1,000 principal amount and a price to the public of 100.00%, with proceeds to Royal Bank of Canada of 96.80% after underwriting discounts and commissions of 3.20%. At maturity, investors receive $1,000 plus 100% of any positive basket return; if the basket is flat or down, they receive only the $1,000 principal, subject to the bank’s credit risk.

The initial estimated value is expected to be between $900 and $950 per $1,000, reflecting underwriting, structuring and hedging costs. The notes are expected to have limited liquidity, and secondary market prices may be substantially below the purchase price. For U.S. tax purposes, Royal Bank of Canada intends to treat the notes as contingent payment debt instruments, requiring annual interest accruals, and expects Section 871(m) withholding generally will not apply to Non-U.S. holders based on current determinations.

Royal Bank of Canada is offering $395,000 of Auto-Callable Enhanced Return Dual Directional Barrier Notes linked to the least performing of General Motors and Tesla common stock. These senior notes may be automatically called on January 4, 2027 if each stock closes at or above its initial value, paying $1,400 per $1,000 of principal and then terminating.

If not called, the notes mature on January 4, 2029. At maturity, investors get enhanced upside with a 150% participation rate if the weaker stock finishes above its initial value. If the weaker stock is below its initial value but at or above a 50% barrier, the payoff tracks the absolute value of its return, capped at a 50% gain. If it finishes below the barrier, principal is reduced one-for-one with the loss, and a substantial or total loss is possible.

The price to the public is 100% of principal, with underwriting discounts of 2.50%, so proceeds to Royal Bank of Canada are 97.50%. The initial estimated value is $971.54 per $1,000, reflecting internal funding and hedging costs. The issuer’s counsel views the notes as prepaid financial contracts for U.S. tax purposes, though the treatment is not certain.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the VanEck Gold Miners ETF, VanEck Semiconductor ETF and State Street Financial Select Sector SPDR ETF. The notes are issued at 100% of principal, with underwriting discounts of 1.875% and proceeds to the bank of 98.125% per $1,000 note. The initial estimated value is expected to be between $879.50 and $929.50 per $1,000.

Investors may receive a contingent coupon of at least $10.625 per $1,000 (at least 1.0625% per month, or at least 12.75% per year) on monthly payment dates if each ETF is at or above 60% of its initial value on the relevant observation date. The notes can be automatically called quarterly if all three ETFs are at or above their initial values, in which case investors receive $1,000 plus the applicable coupon.

If the notes are not called and the least performing ETF finishes below 60% of its initial value at maturity in October 2027, repayment of principal is reduced one-for-one with the decline, up to a total loss of principal. Payments depend entirely on ETF performance and Royal Bank of Canada’s credit.

Royal Bank of Canada is offering Redeemable Fixed Rate Notes that pay interest at 4.30% per annum and are scheduled to mature on January 16, 2031, unless redeemed earlier. The minimum investment is $1,000, in denominations of $1,000, with interest paid semiannually on January 16 and July 16, beginning July 16, 2026.

The Notes are callable at the bank’s option, in whole but not in part, on the interest payment date scheduled for January 16, 2028 and on each interest payment date thereafter, with 10 business days’ prior notice. If called, investors receive the principal plus the applicable interest payment on the call date, and no further payments are made.

The Notes are bail-inable under Canadian law, meaning they may be converted into common shares of Royal Bank of Canada or its affiliates or written down in a resolution scenario, and investors agree to be bound by the Canadian bail-in regime. RBC Capital Markets, LLC underwrites the offering and may sell the Notes at prices between $987.50 and $1,000.00 per $1,000 principal amount, reflecting selling concessions and fees.

Royal Bank of Canada is offering $20,715,240 of Buffer Autocallable GEARS linked to a weighted basket of five major equity indices, maturing on December 29, 2028. Each $10 Security can be automatically called on January 4, 2027 if the basket value is at or above its initial level, paying $11 per Security (a 10% Call Return) and then terminating. If not called and the basket ends above its initial level, investors receive $10 plus 1.4 times the basket’s positive return. If the basket is flat or down but no worse than 10%, principal is repaid at maturity. Below the 90% Downside Threshold, losses match the basket’s decline beyond the 10% buffer, up to a 90% loss of principal. The Securities pay no interest or dividends, depend entirely on RBC’s credit, are not insured, and are initially valued at $9.69 per $10 issue price.

Royal Bank of Canada is issuing Fixed Coupon Barrier Notes linked to the common stock of Micron Technology, Inc., with a minimum investment of $1,000 and an aggregate offering of $1,054,000. The Notes pay a fixed coupon of $9.583 per $1,000 monthly, equal to 11.50% per annum, regardless of Micron’s share performance.

The Initial Underlier Value is $294.37, and the Barrier Value is set at 50% of that, or $147.19. At maturity on December 31, 2026, investors receive $1,000 per Note plus the final coupon if Micron’s closing value is at or above the Barrier. If Micron ends below the Barrier, the principal is reduced one-for-one with the Underlier loss, so principal losses can be substantial or total.

The public offering price is 100% of principal, but the initial estimated value is $966.23 per $1,000, reflecting underwriting discounts, referral fees and hedging costs. The Notes are unsecured debt of Royal Bank of Canada, are not insured by any deposit insurer, and all payments depend on the Bank’s credit.

Royal Bank of Canada is offering five separate auto-callable contingent coupon barrier notes with a memory coupon feature, each linked to a single stock: Cloudflare, Netflix, PayPal, UnitedHealth Group, or Valero Energy. Each note has its own terms, including a contingent coupon rate per annum ranging from 10.25% to 13.25%, with quarterly coupon payments only if the related stock closes at or above a preset coupon threshold on the observation date.

The notes can be automatically called quarterly, beginning in June 2026, if the stock is at or above its initial value, in which case investors receive principal plus applicable coupons and no further payments. If the notes are not called and the final stock value is at or above the barrier level (50%–70% of the initial value, depending on the stock), investors receive full principal back; below the barrier, repayment is reduced one-for-one with the stock decline, and principal losses can be substantial or total. The initial estimated values per $1,000 are below the public offering price, the market value may be lower over time, and tax treatment of coupons—particularly for Non-U.S. holders—is complex and potentially subject to future changes.

Royal Bank of Canada is offering senior Redeemable Fixed Rate Notes due January 16, 2036 as part of its global medium-term note program. The Notes pay a fixed interest rate of 4.85% per annum, with interest paid semiannually on January 16 and July 16 of each year, beginning July 16, 2026.

The Notes are callable at the bank’s option, in whole but not in part, on the January 16, 2029 interest payment date and on each interest payment date thereafter, with 10 business days’ prior written notice. If the Notes are redeemed, investors receive the principal plus the applicable interest payment on the call date, with no further payments.

The Notes are bail-inable under Canadian law, meaning they may be converted into common shares of Royal Bank of Canada or its affiliates, or varied or extinguished, if Canadian bail-in powers are exercised. RBC Capital Markets, LLC is the underwriter, purchasing the Notes at prices between $982.50 and $1,000.00 per $1,000 principal amount and may reallow up to $17.50 per $1,000 as selling concessions to certain dealers.

Royal Bank of Canada is issuing $1,818,000 of Barrier Digital Notes linked to the worst performer of the MSCI Emerging Markets Index and the EURO STOXX 50 Index, maturing on January 3, 2031. The notes are sold at 100% of principal, with underwriting discounts of 3.50%, resulting in proceeds to the bank of 96.50% of the issue price. Per $1,000 note, investors can receive a digital return of 56% if the least performing index finishes at or above its initial level, or full principal back if it finishes below its initial level but at or above a 70% barrier. If the least performing index ends below the barrier, repayment is reduced in line with the index loss, and investors can lose most or all of their principal. The initial estimated value is $940.09 per $1,000, reflecting structuring and hedging costs, and payments depend entirely on RBC’s credit.

Royal Bank of Canada is offering Redeemable Fixed Rate Notes with an aggregate price to the public of $2,354,000. The Notes pay a fixed interest rate of 5.25% per annum, with interest paid annually on December 31, starting in 2026 and continuing until the scheduled maturity on December 31, 2040, if they are not redeemed earlier.

The Notes are issued in minimum denominations of $1,000 and are senior bail-inable notes of Royal Bank of Canada, meaning they may be converted into common shares or written down under Canadian bail-in powers. They are callable at the bank’s option, in whole but not in part, on the interest payment date scheduled for December 31, 2028 and on each interest payment date thereafter, with 10 business days’ prior notice. The Notes are not insured by Canadian or U.S. deposit insurance programs and are subject to the credit risk and regulatory environment of Royal Bank of Canada.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the VanEck Gold Miners ETF, VanEck Semiconductor ETF and State Street Financial Select Sector SPDR ETF. The notes pay a monthly contingent coupon of at least 1.1875% (at least 14.25% per year) per $1,000, but only if on each observation date every ETF closes at or above its coupon threshold, set at 60% of its initial value.

The notes can be automatically called quarterly if all underliers are at or above their initial values, in which case investors receive $1,000 per note plus the applicable coupon and no further payments. If not called, at maturity investors receive $1,000 per note only if the least performing ETF is at or above its 60% barrier; otherwise, repayment is reduced one-for-one with that ETF’s loss, exposing holders to a substantial or total loss of principal.

The public offering price is 100% of principal, with a 1.00% underwriting discount and 99.00% of proceeds to Royal Bank of Canada. The initial estimated value is expected between $893.50 and $943.50 per $1,000, reflecting internal funding and hedging costs. Tax counsel currently expects to treat the notes as prepaid financial contracts with associated coupons taxed as ordinary income, but notes that this treatment is uncertain and could change.

Royal Bank of Canada is issuing Auto-Callable Enhanced Return Dual Directional Barrier Notes linked to the worst performer of Bristol-Myers Squibb common stock and Novo Nordisk ADSs. The notes are offered at 100% of principal, for a total of $2,402,000, with 2.50% underwriting discounts and 97.50% of proceeds to the bank. The initial estimated value is $969.27 per $1,000 note, reflecting structuring and hedging costs.

The notes may be automatically called on January 4, 2027 if each underlier is at or above its initial value, paying $1,375 per $1,000 (137.5%) and then terminating. If not called, at maturity investors get enhanced upside with a 150% participation rate on the least-performing underlier when it finishes above its initial level. If that underlier ends between its initial value and a 60% barrier, investors receive a positive “dual directional” payoff up to a 40% loss in the underlier. If it closes below the barrier, repayment is fully exposed to downside and investors can lose most or all principal. All payments depend on RBC’s credit.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the Russell 2000, S&P 500 and EURO STOXX 50, with a total offering of $621,000. The notes pay a contingent coupon of $20.625 per $1,000 (an annual rate of 8.25%) only if, on each observation date, all three indices stay at or above 70% of their initial values.

The notes can be automatically called quarterly starting in December 2026 if each index is at or above its initial level, in which case investors receive $1,000 plus the applicable coupon and no further payments. If the notes are not called and the worst-performing index finishes below its barrier at maturity in December 2029, repayment of principal is reduced one-for-one with the index loss, and investors can lose most or all of their investment.

The price to the public is 100% of principal, while proceeds to Royal Bank of Canada are 97.5% after underwriting discounts. The initial estimated value is $943 per $1,000, reflecting internal funding and hedging costs, and may be higher than secondary-market values shown on account statements for only a limited period.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of Oracle Corporation. The total offering is $1,000,000 in Notes, sold at 100% of principal, with underwriting discounts of 1.75% and proceeds to RBC of $982,500. The initial estimated value is $978.02 per $1,000, below the public price.

The Notes pay a contingent quarterly coupon of $39.50 per $1,000 (3.95% per quarter, 15.80% per year) if Oracle’s stock closes on the observation date at or above the Coupon Threshold, set equal to the Barrier Value of $117.23, which is 60% of the $195.38 initial value. Missed coupons have a “memory” feature and can be paid later if the threshold is met.

The Notes are automatically called if, on any call observation date, Oracle’s stock is at or above the initial value, returning $1,000 plus due coupons, with no further payments. If not called and the final value is below the Barrier Value, repayment at maturity is reduced one-for-one with the Underlier loss, and investors can lose a substantial portion or all of principal. Payments depend on RBC’s credit, and tax treatment is uncertain, with counsel treating the Notes as prepaid financial contracts with associated coupons.

Royal Bank of Canada is offering $723,000 of Capped Enhanced Return Buffer Notes linked to the Nasdaq-100 Index®. These notes provide 150% participation in positive index performance, up to a maximum return of 16.50%, so the most an investor receives at maturity is $1,165 per $1,000 of principal. A 10% downside buffer protects principal as long as the index does not fall more than 10%, but if the Nasdaq-100 drops below this buffer, investors lose principal in line with the decline beyond that level.

The notes are unsecured senior debt of Royal Bank of Canada and all payments depend on the bank’s credit. The initial estimated value is $976.27 per $1,000, below the $1,000 public offering price, reflecting underwriting discounts, hedging costs and the bank’s funding rate. The notes trade based on market conditions and may be difficult to sell at a favorable price before the July 2027 maturity.

Royal Bank of Canada is issuing five separate Auto-Callable Contingent Coupon Barrier Notes with a memory coupon feature, each linked to a single stock: Alcoa, Advanced Micro Devices, Axon Enterprise, Constellation Energy and Dell Technologies Class C. Each note has its own terms, including annual contingent coupon rates such as 11.50% on the Alcoa note and 12.25% on the AMD note, with principal amounts like $582,000 for the Alcoa note and $3,324,000 for the AMD note.

The notes pay quarterly contingent coupons only when the relevant stock closes at or above a set coupon threshold, with barrier levels generally at 50%–55% of the initial stock value. The notes may be automatically called on quarterly observation dates if the stock is at or above its initial value, returning principal plus due coupons. If not called, investors receive full principal only if the final stock value is at or above the barrier; otherwise, repayment is reduced one-for-one with the stock loss, and investors could lose all principal.

The initial estimated values per $1,000 (for example, $966.21 to $969.05) are below the public offering price, reflecting underwriting discounts, referral fees and hedging costs. All payments depend on Royal Bank of Canada’s credit, and the notes involve complex U.S. tax and withholding consequences, including potential 30% withholding for some non-U.S. holders.

Royal Bank of Canada is offering Auto-Callable Enhanced Return Barrier Notes linked to an unequally weighted equity index basket, with a total public offering of $310,000 and expected proceeds to the bank of $299,150.

The notes reference the EURO STOXX 50 (40% weight), Nikkei 225 (25%), FTSE 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%), with the Basket’s initial value set to 100. If, on January 4, 2027, the Basket is at or above its initial level, the notes are automatically called and pay $1,110 per $1,000 (an 11% return) with no further payments.

If not called, the notes mature in early 2031. At maturity, investors receive 150% of any positive Basket return, full principal repayment if the Basket is down but not below the 75% barrier, and one-for-one losses if the Basket finishes below the barrier, which can result in losing most or all of principal. The initial estimated value is $952.98 per $1,000, and all payments depend on RBC’s credit.

Royal Bank of Canada is offering auto-callable enhanced return barrier notes linked to an equally weighted basket of five U.S. equities: Advanced Micro Devices, Broadcom, Marvell Technology, NVIDIA and Oracle. The notes are scheduled to mature on February 1, 2029.

The notes are issued at 100% of principal, with underwriting discounts and commissions of 2.50% and proceeds to Royal Bank of Canada of 97.50% per note. The initial estimated value is expected to be between $902 and $952 per $1,000, less than the public offering price.

The notes may be automatically called on February 2, 2027 if the basket is at or above its initial value, paying at least $1,185 per $1,000. If not called, at maturity investors get 150% of any positive basket return, full principal back if the basket is above a 65% barrier, and otherwise lose value one-for-one with the basket, up to total loss. All payments depend on Royal Bank of Canada’s credit and involve complex tax and market risks.

Royal Bank of Canada is offering redeemable fixed rate notes with a total principal amount of $15,259,000. The notes pay interest at a fixed rate of 4.10% per annum, with interest payable each December 31 from 2026 to maturity on December 29, 2028, unless redeemed earlier. Royal Bank of Canada will receive gross proceeds of $15,259,000 and net proceeds of approximately $15,210,171.20 after underwriting discounts.

The notes are callable at the bank’s option, in whole but not in part, on the call dates scheduled for December 31, 2026 and December 31, 2027, at which point investors receive principal plus the applicable interest payment and no further payments. The notes are bail-inable under Canadian law, meaning they may be converted into common shares or written down in a resolution scenario, and they are not insured by Canadian or U.S. deposit insurance agencies. Legal opinions from Canadian and U.S. counsel confirm the notes are valid obligations of the bank, subject to typical insolvency and enforceability limitations.

Royal Bank of Canada is offering $597,000 of Capped Enhanced Return Buffer Notes linked to the S&P 500 Index. Investors pay 100% of principal, while Royal Bank of Canada receives 98.25% before costs, or $586,552.50, with the remainder going to underwriting discounts and commissions.

The Notes run from a trade date of December 29, 2025 to a maturity date of July 2, 2027. They offer 150% participation in any positive S&P 500 return, subject to a maximum total return of 13%, so the most an investor can receive at maturity is $1,130 per $1,000 of principal. A 10% buffer protects against moderate losses: if the index is down 10% or less at maturity, investors get back full principal.

If the S&P 500 falls more than 10%, repayment is reduced dollar-for-dollar beyond the buffer, and investors can lose a substantial portion of principal. The initial estimated value is $975.73 per $1,000, below the public offering price, reflecting internal funding, hedging costs and fees. Payments depend entirely on Royal Bank of Canada’s ability to meet its obligations.

Royal Bank of Canada is issuing Auto-Callable Enhanced Return Barrier Notes linked to the Russell 2000® Index, with a total public offering of $890,000 at 100% of principal, underwriting discounts of $31,150 and proceeds to the bank of $858,850. The notes have a trade date of December 29, 2025, mature on January 3, 2031, and may be automatically called on January 4, 2027 for $1,100 per $1,000 note if the index is at or above its initial level.

The barrier is set at 75% of the initial Russell 2000® value (1,889.849 versus an initial 2,519.798). If not called, investors receive 125% participation in index gains at maturity, full principal back if the index stays at or above the barrier, and 1:1 downside exposure below the barrier, which can result in substantial or total loss of principal. The initial estimated value is $966.67 per $1,000 note, below the public price, and returns depend on both index performance and RBC’s credit.

Royal Bank of Canada is issuing $300,000 of Auto-Callable Contingent Coupon Buffer Notes linked to the least performing of Alphabet Class C, Meta Class A and Tesla common stock, due December 29, 2028. The notes are offered at 100% of principal with a 1.75% underwriting discount, providing proceeds of $294,750 to the bank, and have an initial estimated value of $979.56 per $1,000, which is lower than the purchase price.

If not called early, the notes pay a contingent coupon of $14.417 per $1,000 (1.4417% monthly, 17.30% per year) only when each stock closes at or above 60% of its initial value on the relevant observation date. Principal is protected only down to a 25% buffer; if the worst-performing stock falls more than 25% by maturity, repayment is reduced in line with that decline and some or a substantial portion of principal can be lost. All payments depend on Royal Bank of Canada's ability to meet its obligations and the notes are not insured by any government agency.

Royal Bank of Canada is offering redeemable fixed rate senior notes with a total offering of $13,242,000. The Notes pay interest at 4.30% per annum, with semiannual payments each June and December, starting June 30, 2026, and are scheduled to mature on December 31, 2030 if not redeemed earlier.

The Notes are callable at the bank’s option, in whole but not in part, on the December 31, 2027 interest payment date and on each interest payment date thereafter, at par plus the applicable interest payment. Investors bear the issuer’s credit risk and must also accept that the Notes are bail-inable under Canadian law, meaning they can be converted into common shares or written down in a resolution scenario. The price to the public is 100% of principal, with underwriting discounts of 0.54%, and proceeds to Royal Bank of Canada of 99.46% of principal.

Royal Bank of Canada is offering Dual Directional Trigger PLUS notes linked to the iShares® Silver Trust, maturing May 5, 2027. These principal-at-risk securities pay no interest and all payments depend on the performance of the SLV ETF and RBC’s credit.

If the ETF rises, investors receive $1,000 plus 200% of the ETF gain, capped at a maximum payment of $1,536 per note (153.60% of principal. If the ETF falls but stays at or above 80% of its initial level, investors get back $1,000 plus an unleveraged positive return equal to the percentage decline, up to a 20% gain.

If the ETF closes below 80% of its initial level on the valuation date, repayment is reduced 1-for-1 with the ETF loss, and investors can lose more than 20% and up to all of their principal. The notes are unsecured senior debt of Royal Bank of Canada, will not be listed on any exchange, and their initial estimated value is expected to be between $903 and $953 per note, below the $1,000 public offering price.

Royal Bank of Canada is issuing $3,817,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Schlumberger N.V. (SLB), maturing on January 4, 2027. The notes pay an 11.25% per annum contingent coupon, but only for quarters when Schlumberger’s closing share price on the observation date is at or above the coupon barrier of $26.53, which is 70% of the $37.90 initial share value. The notes are automatically called if on any quarterly call observation date the share price is at or above the initial value, returning the $10 principal per note plus that quarter’s coupon. If not called, investors receive full principal back at maturity only if the final share value is at or above the same $26.53 downside threshold; otherwise the maturity payment is $10 plus $10 times the stock’s return, which can reduce principal by up to 100%. All payments depend on Royal Bank of Canada’s credit, and the notes will not be listed on any securities exchange.

Royal Bank of Canada is offering $870,000 of senior unsecured Market Linked Securities tied to the lowest performing of ASML Holding N.V. and Eli Lilly and Company, maturing December 29, 2028.

The notes pay a quarterly contingent coupon of 17.65% per annum only if the lowest performing stock on each calculation day is at or above 70% of its starting value, with a “memory” feature that can repay missed coupons later. From June 2026 to September 2028, the notes are auto-callable at par plus due coupons if the lowest stock closes at or above its starting value.

If not called, investors receive full principal only if the lowest stock on the final calculation day is at or above 70% of its starting value; otherwise principal is reduced one-for-one with that stock’s decline and can fall to zero. The initial estimated value is $973.08 per $1,000 note, below the issue price, and the notes carry RBC credit risk with no exchange listing.

Royal Bank of Canada is offering Performance Leveraged Upside Securities (PLUS), senior unsecured notes linked to the S&P 500® Index, maturing on May 5, 2027. The PLUS pay no interest and do not protect principal. At maturity, if the index is at or above its initial level, investors receive $1,000 plus 300% of the index gain, capped at a maximum payment of $1,140 per note (114% of principal). If the index is below its initial level, the payoff is $1,000 plus the full index return, so losses match the index decline on a 1:1 basis and can reach a total loss.

The public offering price is $1,000 per PLUS, while the initial estimated value is expected between $923.80 and $973.80, reflecting fees, hedging costs and Royal Bank of Canada’s funding rate. The notes are distributed through RBC Capital Markets and Morgan Stanley Wealth Management, will not be listed on an exchange, and are subject to the credit risk of Royal Bank of Canada. The filing also outlines U.S. and Canadian tax considerations and notes that future IRS or legislative action could change tax treatment.

Royal Bank of Canada is issuing $182,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the Bloomberg US Large Cap VolMax Index, maturing on December 31, 2030. The notes pay a contingent coupon of $10.417 per $1,000 (1.0417% monthly, 12.50% per annum) for each month the index closes at or above the coupon threshold, set at 60% of the initial index value of 17,267.59.

The notes can be automatically called quarterly if the index is at or above its initial level, in which case investors receive $1,000 plus the applicable coupon and no further payments. If held to maturity and not called, principal is fully returned only if the final index value is at or above the 60% barrier; below that level, repayment is reduced in line with the index loss, and investors can lose most or all of their principal. The initial estimated value is $909.65 per $1,000, below the public offering price, and extensive daily deductions and leverage in the index can significantly weigh on performance.

Royal Bank of Canada is offering $10,300,000 of senior Market Linked Securities that are auto-callable notes tied to the worst performer of the Dow Jones Industrial Average and the S&P 500 Index, maturing December 31, 2029. Each $1,000 security pays a fixed coupon at a rate of 5.85% per annum, with quarterly payments until the notes are automatically called or reach maturity. The notes may be automatically called quarterly from December 2026 through September 2029 if the lowest performing index is at or above 105% of its starting value, returning principal plus a final coupon. If not called, principal is repaid at maturity only if the lowest performing index is at or above 75% of its starting value; below that level, investors are fully exposed to index declines and can lose more than 25%, up to all of principal. The initial estimated value is $982.24 per $1,000 security, and all payments are subject to Royal Bank of Canada’s credit risk.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes with a memory coupon linked to the Bloomberg US Large Cap VolMax Index, maturing on February 4, 2031. The notes pay a contingent coupon of $10 per $1,000 (1.00% per month, 12.00% per year) only if, on the relevant observation date, the index is at or above 60% of its initial level. Missed coupons can be paid later if conditions are met. The notes are automatically called if, on a quarterly call observation date, the index is at or above its initial level, in which case investors receive $1,000 plus due coupons and no further payments.

If the notes are not called, principal is protected at maturity only if the final index value is at or above a 50% barrier; below this barrier, repayment is reduced one-for-one with the index loss, and investors can lose most or all of their principal. The initial estimated value is expected between $896.50 and $946.50 per $1,000, reflecting fees, hedging costs and RBC’s funding rate. The index itself embeds daily deductions, including a 6% per annum factor, a notional financing cost based on SOFR plus 0.50%, and transaction costs, all of which can significantly drag performance. U.S. tax counsel currently views the notes as prepaid financial contracts with coupons taxed as ordinary income, but this treatment is uncertain.

Royal Bank of Canada is offering Accelerated Return Notes linked to the S&P 500 Index, with a $10 principal amount per unit and a term of approximately 14 months, maturing in March 2027. The notes provide 300% participation in any increase of the index, up to a capped value between $11.025 and $11.425 per unit, equal to a return of 10.25% to 14.25%. If the index is unchanged at maturity, investors receive their $10 principal amount. If the index falls, repayment is reduced 1‑for‑1 and investors can lose all of their principal. The notes pay no interest, are unsecured senior debt of RBC, and all payments are subject to RBC’s credit risk. The public offering price is $10.00 per unit, including an underwriting discount of $0.175 and a hedging-related charge of $0.05, and the initial estimated value is expected to range from $9.20 to $9.70 per unit.

Royal Bank of Canada is offering Autocallable Strategic Accelerated Redemption Securities® linked to an international equity index basket at $10 per unit. These senior unsecured notes can be automatically called after approximately one, two, or three years if the basket value is at or above the starting value, paying per-unit call amounts of $10.825–$10.925 on the first observation date, $11.650–$11.850 on the second, or $12.475–$12.775 on the final date. If the notes are never called and the ending basket value is below the threshold (set equal to the starting value), investors have 1‑for‑1 downside exposure and can lose all or part of their principal. The basket combines six major equity indices with set weights, pays no periodic interest, includes a $0.20 underwriting discount and $0.05 hedging charge per unit, and has an initial estimated value of $9.10–$9.60 per unit, all subject to RBC’s credit risk.

Royal Bank of Canada is offering Accelerated Return Notes linked to the EURO STOXX 50 Index, maturing in about 14 months. Each note has a $10 principal amount and offers a 300% participation rate in index gains, but the return is capped at a Capped Value expected between $11.55 and $11.95 per unit, or about 15.5%–19.5% over principal.

If the index finishes below its starting level, investors lose principal, up to a total loss; if it is unchanged, they simply receive back the $10 principal. The notes are senior unsecured debt of RBC, are not insured, and all payments depend on RBC’s credit. The initial estimated value is expected to be between $9.20 and $9.70 per unit, below the public offering price of $10.00, reflecting RBC’s internal funding rate, a $0.175 per-unit underwriting discount, and a $0.05 hedging-related charge.

Investors will not receive interest or dividends and will not own the underlying index components. The notes will not be listed on an exchange, and any secondary market is expected to be limited and dealer-driven, potentially at prices below the initial estimated value.

Royal Bank of Canada is offering auto-callable contingent coupon geared buffer notes with a memory coupon linked to the Class C capital stock of Alphabet Inc. (GOOG). The notes are issued in minimum investments of $10,000, pay a contingent coupon of $283.50 per $10,000 when Alphabet’s share price is at or above 80% of its initial value on observation dates, and can be automatically called quarterly if the share price is at or above the initial value.

If the notes are not called and Alphabet’s final value is at or above the 80% buffer, investors receive full principal plus any due coupons; if it falls below the buffer, repayment is in Alphabet shares based on a preset physical delivery amount, which may be worth significantly less than principal and could be zero. The price to the public is 100% of principal, with proceeds to Royal Bank of Canada of 99% after a 1% placement fee, and the initial estimated value is between $9,314 and $9,814 per $10,000, reflecting hedging and structuring costs.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of Oracle Corporation. These structured notes pay a contingent coupon of $39.50 per $1,000 each quarter (a rate of 3.95% per quarter, or 15.80% per year) when Oracle’s share price is at or above a preset coupon threshold.

The notes feature a quarterly auto-call: if Oracle’s share price is at or above its initial level on a call observation date, investors receive $1,000 per note plus any due contingent coupons, and the notes terminate early. At maturity, if not called and Oracle’s final value is at or above 60% of the initial value, investors receive full principal plus any due coupons. If Oracle finishes below this 60% barrier, repayment of principal is reduced one-for-one with the stock’s decline and can fall to zero.

The initial estimated value per $1,000 note is expected to be between $927 and $977, below the public offering price, reflecting dealer compensation and hedging costs. All payments depend on Royal Bank of Canada’s credit and the notes carry complex tax, market and structural risks.

Royal Bank of Canada is offering Trigger Autocallable Contingent Yield Notes linked to the common stock of Schlumberger N.V. (SLB), maturing on or about January 4, 2027. Each Note has a principal amount of $10 and pays a contingent quarterly coupon only if Schlumberger’s closing share price on the relevant observation date is at or above the Coupon Barrier, set at 70% of the Initial Underlying Value. The Contingent Coupon Rate is expected to be between 11.00% and 11.25% per annum.

The Notes are automatically callable each quarter if the stock closes at or above the Initial Underlying Value; in that case, investors receive $10 plus the applicable coupon and the Notes terminate. If the Notes are not called and the final stock price is at or above the Downside Threshold (also 70% of the initial value), investors receive $10 plus the final coupon. If the final price is below the Downside Threshold, repayment is reduced in proportion to the stock’s decline, with potential loss of up to 100% of principal.

The Notes are senior unsecured obligations of Royal Bank of Canada, not listed on any exchange, and subject to the issuer’s credit risk. The public offering price is $10.00 per Note, including a $0.15 selling commission to UBS and $9.85 in proceeds to the issuer. The initial estimated value is expected to be between $9.28 and $9.78 per Note, reflecting dealer discounts and hedging costs.

Royal Bank of Canada provides additional terms for structured notes linked to a basket of U.S.-listed equities by setting the Initial Basket Underlier Value for each stock. The basket includes companies such as Boston Scientific, Chubb, Crown Castle, CDW, Coherent, DoorDash, First Citizens BancShares, Public Storage, Shake Shack and others, with each underlier assigned a specific starting price level used to calculate future note performance.

The notes are part of Royal Bank of Canada’s Senior Global Medium-Term Notes, Series J, will not be listed on any securities exchange, and are not insured by Canadian or U.S. deposit insurance agencies. Investors are directed to review the related prospectus, supplements and risk factor sections for detailed risk considerations before investing.