ROYAL BK CDA QUEN PFD 424B Filings

Royal Bank of Canada is offering $272,000 of Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to the worst performer of Amazon, Procter & Gamble and Walmart stock. The notes are issued at 100% of principal with full proceeds to the bank and an initial estimated value of $987.01 per $1,000, below the public offering price.

If not called early, investors may receive monthly contingent coupons of $8.125 per $1,000 (9.75% per annum) when all three underliers stay at or above 50% of their initial values. Quarterly auto-call can return principal early if each underlier is at or above its initial value on a call observation date.

At maturity in 2030, if the least performing underlier is at or above its 50% barrier, investors receive full principal plus any due coupons. If it is below the barrier, repayment is reduced one-for-one with the underlier’s loss, and investors can lose most or all of their principal. All payments depend on RBC’s credit and carry complex U.S. tax and withholding considerations.

Royal Bank of Canada provides additional information for investors in certain basket-linked Notes, updating details that work together with an existing pricing supplement. The document lists the Initial Basket Underlier Value for each stock in the reference basket, including companies such as Boston Scientific, Chubb, Crown Castle, CDW, Coherent, DoorDash, First Citizens BancShares, Globe Life, Intercontinental Exchange, Public Storage and others.

The Notes are not listed on any securities exchange, meaning investors should be prepared to hold or trade them privately. They are not insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency. Investors are directed to review the related prospectus, prospectus supplement, product supplement and pricing supplement, including the risk factor sections, and are urged to consult professional advisers before investing.

Royal Bank of Canada is issuing Capped Return Dual Directional Geared Buffer Notes linked to the S&P 500® Index, with a total public offering size of $4,061,000. The Notes have a two-year term from the trade date of December 23, 2025 to maturity on December 29, 2027 and are sold in $1,000 denominations, with a minimum investment of $10,000.

At maturity, investors participate 100% in S&P 500 gains up to a maximum upside return of 13.59%, so the most they can receive on appreciation is $1,135.90 per $1,000. If the index finishes between its initial level and a 25% buffer below that level, the Notes produce a positive “dual directional” return equal to the index’s absolute loss, capped at 25%. Below the buffer, principal is exposed to losses multiplied by a downside factor of approximately 1.33333, and investors could lose all principal.

The Notes are unsecured obligations of Royal Bank of Canada, are not insured by any government agency, and all payments depend on the bank’s credit. The initial estimated value is $980.64 per $1,000, below the public price, reflecting dealer compensation, funding and hedging costs. U.S. tax counsel views the Notes as prepaid financial contracts with some uncertainty, and the issuer’s analysis indicates Section 871(m) withholding should not apply to Non-U.S. holders.

Royal Bank of Canada is offering $2,541,000 of Capped Enhanced Return Buffer Notes linked to the S&P 500® Index. These unsecured senior debt securities provide 150% participation in any positive index return, capped at a Maximum Return of 14.50%, so the maximum payment at maturity is $1,145 per $1,000 principal amount. A 15% downside buffer protects principal if the index decline at maturity is up to 15%; beyond that, investors lose principal on a linear basis, and could lose a substantial portion of their investment.

The Notes are scheduled to price on December 23, 2025 and mature on June 28, 2027, with the S&P 500 closing level on June 23, 2027 determining the payoff. Royal Bank of Canada expects net proceeds of $2,529,265 after underwriting discounts and commissions. The initial estimated value is $991.65 per $1,000, lower than the public offering price, reflecting funding and hedging costs. The Notes are not insured, are not bail-inable, and all payments depend on Royal Bank of Canada’s credit. Tax counsel views them as prepaid financial contracts, but notes that tax treatment is uncertain and may change.

Royal Bank of Canada is offering Accelerated Return Notes linked to the State Street Energy Select Sector SPDR ETF (XLE), maturing in March 2027. Each note has a $10 principal amount and provides a 300% leveraged upside to any increase in the ETF, but returns are capped at a Capped Value between $11.90 and $12.30 per unit, a gain of 19% to 23% over principal.

If the ETF ends at or above its starting level, you receive your principal plus leveraged, capped gains. If the ETF ends below its starting level, you lose the same percentage of principal as the ETF’s decline, up to a total loss. The notes pay no interest or dividends and do not give ownership in the ETF.

The notes are senior unsecured debt of RBC, not insured by Canadian or U.S. deposit insurers, and all payments depend on RBC’s credit. The public offering price is $10.00, but the initial estimated value is expected to be between $9.13 and $9.63 per unit, reflecting RBC’s internal funding rate, a $0.175 underwriting discount and a $0.05 per-unit hedging-related charge, which can reduce secondary market values.

Royal Bank of Canada is offering $1,600,000 of Capped Enhanced Return Buffer Notes linked to the MSCI EAFE^® Index, maturing on June 28, 2027. The notes are issued at 100% of principal with proceeds of $1,600,000 to the bank and no underwriting commission, and have an initial estimated value of $994.74 per $1,000, which is lower than the public price.

At maturity, investors receive 150% of any positive index return, capped at a maximum return of 20.75%, for a maximum payment of $1,207.50 per $1,000. A 10% buffer protects against moderate index declines, but if the index falls more than 10%, principal is reduced so that investors can lose some or a substantial portion of their investment. The notes are unsecured debt subject to Royal Bank of Canada’s credit risk and involve complex U.S. tax treatment described as prepaid financial contracts, with potential for adverse future tax changes.

Royal Bank of Canada is offering market-linked, auto-callable principal-at-risk securities linked to the lower performer of Microsoft and NVIDIA common stock, maturing on January 19, 2029, with a $1,000 face amount per security.

The notes may be automatically called on January 22, 2027 if the lower-performing stock is at or above its starting value, paying back principal plus a call premium of at least 29% (at least $290 per security). If not called and the lower stock finishes above its starting value at maturity, holders receive $1,000 plus 200% of that stock’s positive return. If the lower stock ends between its starting value and a 50% threshold, investors receive only the $1,000 face amount.

If the lower stock ends below its 50% threshold, repayment is reduced one-for-one with the decline, and investors can lose more than half, up to all, of principal. The initial estimated value is expected between $894.50 and $944.50 per security, below the $1,000 offering price. The securities pay no interest, are unsecured obligations of Royal Bank of Canada subject to its credit risk, are not insured deposits, may have limited secondary market liquidity, and involve complex tax and valuation considerations.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the Bloomberg US Large Cap VolMax Index. The notes pay a contingent coupon of $12.50 per $1,000 in any month the index closes at or above the coupon threshold, which is set at 60% of the initial index value. This coupon rate corresponds to 1.25% per month, or 15.00% per year.

The notes can be automatically called quarterly, beginning about one year after the trade date, if the index is at or above its initial value; in that case, investors receive $1,000 per note plus the applicable coupon and no further payments. If the notes are not called and the final index value is at or above the 60% barrier, investors receive full principal back plus any coupon due. If the final index value is below the barrier, repayment is reduced one-for-one with the index loss, and investors can lose most or all of their principal.

The notes are unsecured debt of Royal Bank of Canada, not insured by any government agency. The initial estimated value is expected to be $895.00–$945.00 per $1,000, below the public offering price, reflecting fees, hedging costs and the issuer’s funding rate.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the Solactive Equal Weight U.S. Semi Conductor Select AR Index. The notes are issued at 100% of principal, with underwriting discounts of 1.00% and proceeds to the bank of 99.00% per note. Investors may receive a monthly contingent coupon of $10.833 per $1,000 (13.00% per annum) only if on the prior observation date the index is at or above 75% of its initial value.

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 not called, at maturity on August 3, 2028 investors receive $1,000 if the final index value is at or above 70% of the initial value, but if it is below 70% they are fully exposed to the index loss and can lose most or all principal. The initial estimated value per $1,000 is expected to be between $915 and $965, below the public offering price, and all payments depend on Royal Bank of Canada’s credit. The document also explains complex U.S. federal tax treatment, including treatment as prepaid financial contracts and potential withholding for non-U.S. holders.

Royal Bank of Canada is issuing auto-callable contingent coupon barrier notes linked to the worst performer of the Dow Jones Industrial Average®, Nasdaq-100 Index® and Russell 2000® Index. The notes are offered at 100% of principal, for a total of $881,000, with underwriting discounts of 2.95% and proceeds to RBC of $855,010.50. The initial estimated value is $968.89 per $1,000, lower than the public price.

The notes pay a contingent coupon of $6.25 per $1,000 (0.625% per month, 7.50% per year) only if on each observation date all three indices are at or above 75% of their initial levels. The notes may be automatically called quarterly if each index is at least at its initial level, in which case investors receive principal plus the due coupon.

If not called, principal is protected at maturity only if the worst-performing index is at or above 65% 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 investment. Payments depend on RBC’s credit and involve complex tax and secondary market considerations.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the worst performer of the iShares U.S. Real Estate ETF, the Nasdaq-100 Index and the Russell 2000 Index. The total offering size is $751,000 at 100% of principal.

The Notes can pay a quarterly contingent coupon of 2.625% (10.50% per year) per $1,000 principal, but only if each underlier stays at or above 75% of its initial value on the observation dates. The Notes are automatically called, returning principal plus that quarter’s coupon, if all underliers are at or above their initial values on a call observation date.

If not called, principal is protected at maturity only while the worst underlier stays at or above 60% of its initial value; below that barrier, repayment is reduced one-for-one with the underlier loss, and investors can lose most or all of their money. The initial estimated value is $992.26 per $1,000, the Notes are unsecured obligations of RBC, and they carry complex U.S. tax treatment with principal and coupons subject to RBC’s credit risk.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the Bloomberg US Large Cap VolMax Index. The notes are issued at 100% of principal, with underwriting discounts and commissions of 4.00%, resulting in proceeds to the bank of 96.00% per note. The initial estimated value is expected to be between $863.50 and $913.50 per $1,000 principal amount, below the public offering price.

The notes pay a contingent coupon of $10.625 per $1,000 (about 1.0625% monthly, 12.75% annually) only when the index closes at or above a coupon threshold set at 60% of the initial index level. They are auto-callable quarterly if the index is at or above its initial level, in which case holders receive par plus the due coupon and the note terminates early.

If the notes are not called and the final index level on the January 27, 2031 valuation date is at or above the 60% barrier, investors receive full principal back plus any due coupon. If the final level is below the barrier, repayment is reduced in line with the index loss, down to a total loss of principal in extreme declines. 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 Solactive Equal Weight U.S. Semi Conductor Select AR Index. The notes pay a monthly contingent coupon of $9.167 per $1,000 (0.9167% per month, 11.00% per year) only when the index is at or above 75% of its initial value on the observation date.

The notes can be automatically called quarterly if the index is at or above its initial value, in which case investors receive $1,000 plus the coupon and no further payments. If the notes are not called and, at maturity in 2028, the index is at or above a 70% barrier, principal is repaid in full (with any coupon due). If the index ends below the 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 $900 and $950 per $1,000, below the public price, reflecting fees and hedging costs. Payments depend on RBC’s credit; the notes are not insured, and the U.S. tax treatment is described as prepaid financial contracts with associated coupons, with noted uncertainties.

Royal Bank of Canada is offering Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, a rules-based strategy that uses long/short equity and Treasury futures with a 10% volatility target and a 0.5% annual decrement fee.

The Notes have a Trade Date of January 7, 2026 and Maturity Date of January 10, 2031, a minimum investment of $1,000, and pay at maturity based on index performance: if the final index value is at or above the initial value, investors receive $1,000 plus 270% of the index gain; if it is below, they lose principal one-for-one with the index decline, up to total loss.

The price to the public is 100.00% of principal, with underwriting discounts of 1.00% and proceeds to RBC of 99.00%; the initial estimated value is expected to be between $900.00 and $950.00 per $1,000, reflecting internal funding and hedging costs. The index and its sub-indices are subject to ongoing fees, funding costs and transaction costs that reduce performance, and the Notes carry RBC credit risk. For U.S. tax purposes, counsel views them as prepaid financial contracts treated as open transactions, though this treatment is uncertain.

Royal Bank of Canada is offering three Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index. Each note has a $1,000 minimum denomination and offers enhanced upside participation if the index rises, while repaying only principal if the index is flat or lower at maturity.

The three CUSIPs mature in 2029, 2030 and 2031, with participation rates of 110%, 140% and 165%, respectively. Initial estimated values per $1,000 are expected to range from $898.00–$964.00, below the 100% public offering price, reflecting underwriting discounts, referral fees and hedging costs.

The complex underlier uses a 10% volatility target, long/short equity and Treasury futures exposure, and multiple fees and transaction costs that reduce index performance. The notes are unsecured RBC debt subject to RBC credit risk, are not insured or bail-inable, and are expected to be treated as contingent payment debt instruments for U.S. federal income tax purposes, requiring accrual of interest income based on a comparable yield.

Royal Bank of Canada is issuing Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, maturing on January 4, 2029. The notes are unsecured RBC debt and are not insured by Canadian or U.S. deposit insurance agencies and are not bail-inable.

Investors pay 100% of principal and RBC receives 99% after underwriting discounts. For each $1,000 note held to maturity, if the index finishes above its initial level, investors receive $1,000 plus 110% of the index gain; if the index is flat or lower, investors receive only the $1,000 principal back, with no extra return. All payments depend on RBC’s credit.

The initial estimated value is expected to be between $900 and $950 per $1,000, reflecting internal funding, hedging costs and fees. The complex underlier uses volatility targeting, long/short equity and Treasury futures, and applies a 0.5% annual decrement plus additional transaction and funding costs that will reduce index performance over time. U.S. tax treatment is expected as contingent payment debt instruments, requiring annual income accruals.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to the common stock of Best Buy Co., Inc. The total price to the public is $1,000,000, with proceeds to Royal Bank of Canada of $990,000 after underwriting discounts. Each Note has a $1,000 principal amount and may pay a contingent coupon of $36.90 per $1,000 quarterly if Best Buy’s stock closes at or above the coupon threshold on the observation dates.

The Initial Underlier Value is $71.76, and both the coupon threshold and barrier are set at $46.64, equal to 65% of that value. The Notes are automatically called if, on any call observation date, the stock closes at or above the Initial Underlier Value, in which case investors receive $1,000 plus the applicable coupon and any unpaid coupons. If the Notes are not called and the final stock value is below the barrier, repayment of principal is reduced one-for-one with the stock’s decline, and investors could lose their entire investment. All payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is offering $13,913,000 of Return Notes with Variable Coupons linked to an equally weighted basket of 18 Raymond James Analysts’ Best Picks® for 2026. The notes are issued at 100% of principal, with underwriting discounts of 1.25% and proceeds to the bank of 98.75% of the offering amount.

The notes pay variable quarterly coupons based on dividends from the basket and repay at maturity an amount per $1,000 equal to $1,000 × (1 + Basket Return) × a 97.80% note adjustment factor. Because of this adjustment factor, investors can lose some or all of their principal if the basket does not rise by at least about 2.25%. The initial estimated value is $974.51 per $1,000, below the public offering price, and all payments depend on Royal Bank of Canada’s credit and complex U.S. tax treatment.

Royal Bank of Canada is offering three Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index. Each note is a senior unsecured debt security with a different maturity and participation rate of 105%, 135% or 160% of any positive index return. At maturity, investors receive their $1,000 principal per note plus the participation rate on any index gain; if the index is flat or down, they receive only the principal amount, with no additional return.

The underlier is a complex, rules-based index targeting 10% volatility and applying a 0.5% annual decrement fee, transaction costs and funding costs that systematically reduce performance. Initial estimated values per $1,000 principal (such as $962.49) are below the public offering price, reflecting dealer compensation, hedging and the bank’s lower internal funding rate. The notes are not insured, depend entirely on RBC’s credit, may be hard to sell before maturity and are treated as contingent payment debt instruments for U.S. tax purposes.

Royal Bank of Canada is issuing $490,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the Solactive Equal Weight U.S. Semi Conductor Select AR Index, maturing on June 23, 2028. The notes pay a contingent coupon of $11.667 per $1,000 (about 1.1667% per month, 14.00% per year) only when the index closes at or above the Coupon Threshold of 75% of the initial value on the relevant observation date. 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 the applicable coupon 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 the Barrier Value of 70% of the initial level; below this barrier, repayment is reduced one-for-one with the index decline, and investors can lose most or all of their principal. The initial estimated value is $986.06 per $1,000, below the public offering price, reflecting internal funding and hedging costs. The notes are unsecured debt of Royal Bank of Canada, are not insured by Canadian or U.S. deposit insurers, and carry complex market, credit, and tax risks.

Royal Bank of Canada is issuing $1,478,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500 indices, maturing on December 22, 2028. The notes pay a contingent coupon of $7.583 per $1,000 (0.7583% per month, 9.10% per annum) only if on the relevant observation date each index is at or above 70% of its initial value, and they may be automatically called monthly starting June 22, 2026 if all indices are at or above their initial levels, in which case investors receive $1,000 plus the coupon. If the notes are not called and the worst-performing index finishes at or above 60% of its initial value, investors receive full principal back (with any coupon); if it finishes below 60%, repayment is reduced one-for-one with the index loss, up to total loss of principal. The price to the public is 100% of principal, with a 0.65% underwriting discount and proceeds to Royal Bank of Canada of 99.35%, and the initial estimated value is $987.59 per $1,000, below the public offering price.

Royal Bank of Canada is offering Return Notes with Variable Coupons linked to an equally weighted basket of 18 Raymond James Analysts’ Best Picks® equities, with a total public offering of $4,709,000.

The Notes mature on December 28, 2026 and pay a maturity amount per $1,000 of $1,000 × (1 + Basket Return) × 99.05%, so returns move one‑for‑one with the basket but are scaled by the 99.05% Note Adjustment Factor. Investors can receive variable coupons based on dividends and other distributions paid by each stock in the basket, adjusted for taxes and averaging conventions.

The initial estimated value is $986.97 per $1,000 principal amount, below the public offering price, reflecting structuring and hedging costs. Hypothetical examples show that if the basket falls, investors can lose some or all of their principal. The filing also highlights complex U.S. tax treatment, including potential constructive ownership rules and Section 871(m) withholding for non‑U.S. holders.

Royal Bank of Canada is offering an estimated $1,146,000 in Auto-Callable Enhanced Return Barrier Notes linked to an equally weighted basket of Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo stock. The notes may be automatically called on January 4, 2027 if the basket is at or above its initial value, paying $1,155 per $1,000 of principal (115.50%) and then terminating.

If not called, investors at maturity receive enhanced upside with a 150% participation rate on any basket gains, full principal back if the basket is flat to down but not below a 70% barrier, and one-for-one losses below that barrier, which can result in a substantial or total loss of principal. The initial estimated value is $982.94 per $1,000, below the public offering price, reflecting dealer compensation, hedging costs and RBC’s lower internal funding rate, and all payments depend on RBC’s credit.

Royal Bank of Canada is offering Capped Enhanced Return Buffer Notes linked to the S&P 500 Index, with a total offering size of $2,425,000 at 100% of principal. These Notes run from a Trade Date of December 22, 2025 to a Maturity Date of June 25, 2027 and provide enhanced upside exposure to the index with limited downside protection.

Per $1,000 of principal, investors receive 150% of any positive S&P 500 return, capped at a Maximum Return of 17.90%, so the maximum payment at maturity is $1,179. A 10% buffer means principal is fully protected if the index falls by up to 10%, but losses begin dollar-for-dollar beyond that, and investors could lose a substantial portion of principal. The initial estimated value is $998 per $1,000, reflecting structuring and hedging costs, and all payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is issuing $12,536,000 in Auto-Callable Barrier Notes linked to the worst performer of the Russell 2000 Index and the EURO STOXX 50 Index, maturing in December 2030. The notes are sold at 100% of principal, with 2.5% underwriting discounts, resulting in $12,222,600 in proceeds to the bank.

The notes can be automatically called each year if both indices are at or above 90% of their initial levels, paying step-up call amounts from 108.05% to 140.25% of principal. If not called, investors receive full principal at maturity only if the worst-performing index stays at or above 60% of its initial level. If it falls 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 $962.23 per $1,000 note, below the public offering price, reflecting dealer compensation and hedging costs. All payments depend on RBC’s credit and the complex tax treatment and risks described in the accompanying documents.

Royal Bank of Canada is offering Auto-Callable Enhanced Return Buffer Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index. The total public offering is $383,000, with proceeds to the bank of $382,042.50 after underwriting discounts. The Notes are issued at 100% of principal, but the initial estimated value is $951.08 per $1,000, reflecting fees, hedging costs and the bank’s funding rate.

The Notes can be automatically called on December 28, 2026 if the index is at or above its initial level, in which case investors receive $1,100 per $1,000 and no further payments. If not called, at maturity in December 2030 investors participate at 160% of index gains and have a 10% downside buffer; losses begin if the index falls more than 10%, and principal can be substantially reduced. Payments depend on Royal Bank of Canada’s credit, and the complex underlier is subject to ongoing fees and transaction costs that reduce performance.

Royal Bank of Canada is issuing $6,817,000 of redeemable fixed rate notes due December 23, 2032. The notes pay interest at 4.50% per annum, with semiannual payments each June 23 and December 23, starting June 23, 2026.

The notes are issued in minimum denominations of $1,000 and priced at 100.00% of principal to the public. Underwriting discounts and commissions are 0.91%, so Royal Bank of Canada expects to receive $6,754,965.30 in proceeds.

The bank may redeem the notes early, in whole but not in part, on December 23, 2027 and on any later interest payment date, on 10 business days’ notice, paying principal plus the applicable interest. The notes are bail-inable under Canadian law, meaning they can be converted into common shares or written down if Canadian bail-in powers are exercised, and they are not insured by Canadian or U.S. deposit insurance agencies.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the least performing of Applied Materials, Caterpillar and Eli Lilly common stocks. The Notes are issued in minimum investments of $1,000 and pay a contingent monthly coupon of $16.083 per $1,000 (about 19.30% per year) only when each stock closes at or above 70% of its initial value on the relevant observation date.

The Notes may be automatically called starting around March 30, 2026 if all three stocks are at or above their initial values, in which case investors receive $1,000 plus the coupon and no further payments. If the Notes are not called, at maturity investors get full principal back if the least performing stock is at or above 50% of its initial value; below that level, repayment is reduced in line with that stock’s loss, up to a complete loss of principal.

The initial estimated value is expected to be between $917 and $967 per $1,000, less than the public price, reflecting costs, hedging and RBC’s funding rate. The Notes are unsecured RBC debt, not insured by Canadian or U.S. deposit insurers, and involve significant market, credit and tax risks.

Royal Bank of Canada is issuing $4,460,000 of Airbag Autocallable Yield Notes linked to the common stock of CVS Health Corporation. The Notes pay a fixed monthly coupon based on an 8.00% per annum rate, regardless of CVS’s share performance, but all payments depend on Royal Bank of Canada’s credit.

The Notes can be automatically called quarterly if CVS closes at or above the Initial Underlying Value of $77.79, returning the $1,000 principal per Note plus the applicable coupon. If not called, and CVS at final valuation is at or above the Conversion Price of $66.12 (85% of the initial value), investors receive $1,000 in cash per Note plus the last coupon. If CVS finishes below the Conversion Price, investors receive the coupon and about 15.1240 CVS shares per Note, which may be worth substantially less than principal and could be worthless.

The Notes are senior unsecured debt, not insured by deposit protection schemes and will not be listed on any securities exchange. The public offering price is $1,000 per Note, including a $15 selling commission to UBS, while the initial estimated value is $981.65 per Note, reflecting structuring and hedging costs.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Notes linked to the worst performer of Advanced Micro Devices, Broadcom and Dell Class C shares. The Notes have a total offering size of $1,110,000, sold at 100% of principal, with proceeds to RBC of 96.875% after underwriting discounts.

Investors may receive a monthly contingent coupon of $6.917 per $1,000 (0.6917% per month, 8.30% per year) if on each observation date all three stocks close at or above 75% of their initial values (for example, $160.07 for AMD, $255.27 for Broadcom and $94.82 for Dell). The Notes may be automatically called quarterly if all Underliers are at or above their initial values, in which case investors receive principal plus the coupon due.

If the Notes are never called, at maturity investors receive back $1,000 per Note plus any final coupon if all Underliers are at or above their coupon thresholds, or just $1,000 if any is below. The initial estimated value is $954.69 per $1,000, reflecting hedging, fees and RBC’s funding rate, and the Notes are subject to RBC’s credit and complex U.S. tax treatment.

Royal Bank of Canada is offering S&P 500® Index-linked notes maturing on April 5, 2028, with each note having a $1,000 principal amount and $8,902,000 in aggregate initially. The notes pay no interest and are unsecured senior debt of Royal Bank of Canada.

At maturity, investors receive a cash amount tied to the S&P 500® performance from the initial level of 6,834.50 on December 19, 2025 to the determination date. Upside exposure is 150% of index gains but capped at a maximum settlement amount of $1,266.25 per $1,000, corresponding to a cap level of 117.75% of the initial level. A 15% buffer protects principal if the index decline is limited to 15%, but below 85% of the initial level principal losses increase about 1.1765% for each additional 1% drop, and investors could lose their entire investment.

The initial estimated value is $994.66 per $1,000, less than the original issue price. The notes are not listed, have no early redemption, involve Royal Bank of Canada credit risk, and are not insured by the FDIC or Canada Deposit Insurance Corporation.

Royal Bank of Canada is offering digital notes linked to the common stock of Corning Incorporated, with a total offering of $591,000. The notes are issued at 100% of principal with a minimum investment of $1,000, and no underwriting commission to RBC Capital Markets, though unaffiliated broker-dealers may receive referral fees.

At maturity in December 2028, investors receive for each $1,000 note either $1,235 (a fixed 23.50% "Digital Return") if Corning’s stock is at or above its initial value of $87.86, or $1,000 if it is below that level. The initial estimated value is $986.48 per $1,000, reflecting internal funding and hedging costs.

The notes expose holders to RBC’s credit risk, are not insured deposits or bail‑inable notes, and may trade at a discount with potentially wide bid‑ask spreads. U.S. tax counsel expects them to be treated as contingent payment debt instruments, requiring accrual of interest income over their life, with additional Section 871(m) considerations for non‑U.S. investors.

Royal Bank of Canada is issuing three Capped Enhanced Return Buffer Notes linked separately to the Nasdaq-100, Russell 2000 and S&P 500 indices, maturing on December 23, 2027. Principal amounts are $165,000 for the Nasdaq-100 note, $1,327,000 for the Russell 2000 note and $1,983,000 for the S&P 500 note.

The notes offer a 150% participation rate in index gains, subject to maximum returns of 25% (Nasdaq-100), 28.50% (Russell 2000) and 20.50% (S&P 500). A 10% downside buffer protects principal only if the index decline does not exceed 10%; beyond that, investors lose principal in line with further index losses. Initial estimated values (around $980 per $1,000 note) are below the public offering price, and secondary market liquidity and pricing may be unfavorable.

Tax treatment is uncertain; counsel views the notes as prepaid financial contracts and expects no current U.S. taxable income before disposition, but alternative IRS views or future law changes could be adverse. Non-U.S. holders are expected not to be subject to Section 871(m) dividend equivalent withholding, based on current determinations.

Royal Bank of Canada is issuing $725,000 Auto-Callable Contingent Coupon Buffer Notes linked to the least performing of Microsoft, NVIDIA and Tesla common stock, maturing on December 22, 2028. The notes pay a contingent coupon of $15.542 per $1,000 (1.5542% per month, 18.65% per year) only if on each observation date all three stocks close at or above 60% of their initial values.

The notes can be automatically called quarterly starting about one year after issuance if each underlier is at or above its initial value; in that case, investors receive $1,000 plus the coupon and no further payments. At maturity, if not called, investors receive $1,000 per note if the least performing underlier is at or above 75% of its initial value. Below this 25% buffer, repayment of principal is reduced based on the underlier’s loss, so investors can lose a substantial portion of principal.

The price to the public is 100% of principal, while the initial estimated value is $980.39 per $1,000, reflecting fees and hedging costs. The notes are unsecured obligations of Royal Bank of Canada and are subject to the bank’s credit risk and to complex U.S. tax treatment, including potential withholding for non-U.S. holders.

Royal Bank of Canada is offering auto-callable contingent coupon buffer notes linked to the worst-performing of Alphabet Class C, Meta Class A and Tesla common stock. The notes pay a contingent coupon of $14.417 per $1,000 each month (about 1.4417% monthly, 17.30% per year) only if on the observation date each stock is at or above 60% of its initial value. If on a quarterly call observation date all three stocks are at or above their initial values, the notes are automatically called and repay $1,000 plus the coupon, with no further payments.

At maturity, if not called, investors receive $1,000 per note if the worst-performing stock is at or above 75% of its initial value. Below this 25% buffer, principal is reduced 1-for-1 with further declines, so losses can be substantial, as low as $250 per $1,000 if one stock falls 100%. The initial estimated value is expected to be $900–$950 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 issuing $2,136,000 of Capped Return Dual Directional Buffer Notes linked to the S&P 500® Index, maturing on December 23, 2027. These notes offer 100% participation in index gains up to a maximum upside return of 18%, so the most an investor can receive at maturity if the index rises is $1,180 per $1,000 of principal.

If the index falls but not by more than the 15% buffer, investors gain the same percentage as the decline, up to 15%. If the index drops beyond the buffer, principal is reduced so that losses exceed 15% and can reach a payment as low as $150 per $1,000 if the index falls 100%. The initial estimated value is $980.14 per $1,000, below the public price, reflecting dealer compensation and hedging costs, and all payments depend on RBC’s credit. The notes are treated as prepaid financial contracts for U.S. tax purposes, with complex and potentially changing tax consequences.

Royal Bank of Canada is issuing $832,000 of Capped Enhanced Return Buffer Notes linked to the EURO STOXX 50® Index, maturing on December 23, 2027. These notes offer 300% participation in any positive index return, capped at a Maximum Return of 21%, so the most an investor can receive at maturity is $1,210 per $1,000 principal amount.

The notes include a 15% downside buffer: if the index falls by up to 15%, investors receive their full principal back at maturity. If the index declines by more than 15%, principal is reduced on a one‑for‑one basis beyond that buffer, so investors could lose a substantial portion of their investment. The initial estimated value is $977.49 per $1,000, below the public offering price, and all payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is offering $763,000 of Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, maturing on December 22, 2028. The price to the public is 100% of principal, with proceeds to the bank also at 100%.

For each $1,000 note, investors receive at maturity either $1,000 if the index is flat or down, or $1,000 plus 105% of any positive index return if the final index value exceeds the initial value of 3,867.86. The structure embeds a 0.5% per annum decrement fee and other ongoing costs that reduce index performance, and the initial estimated value is $962.49 per $1,000, below the offering price. Payments depend entirely on Royal Bank of Canada’s credit and the notes are not insured by U.S. or Canadian deposit insurance agencies.

Royal Bank of Canada is issuing $2,920,000 of Redeemable Fixed Rate Notes due December 24, 2037. These senior notes pay fixed interest at 5.00% per annum, with interest paid annually on December 24 starting in 2026. The minimum investment is $1,000, in denominations of $1,000.

The notes are callable at the bank’s option, in whole but not in part, on the interest payment date scheduled for December 24, 2027 and on each interest payment date thereafter, with 10 business days’ prior written notice. At redemption or at maturity (if not redeemed earlier), investors receive the principal plus the applicable interest payment, subject to Royal Bank of Canada’s credit risk.

The price to the public is 100.00%, with underwriting discounts and commissions of 1.41%, resulting in proceeds to Royal Bank of Canada of $2,878,828. The notes are designated as bail-inable, meaning they may be converted into common shares or varied or extinguished under Canadian bail-in powers in a resolution scenario.

Royal Bank of Canada is offering Capped Enhanced Return Buffer Notes linked to the Nasdaq-100 Index®, maturing on July 2, 2027. The Notes are priced at 100% of principal, with underwriting discounts of 1.75% and proceeds to the bank of 98.25% of the principal amount. The initial estimated value is expected to be between $923.90 and $973.90 per $1,000, reflecting fees and hedging costs.

The Notes provide 150% participation in positive index performance, capped at a maximum return of 16.50%, so the most an investor can receive at maturity is $1,165 per $1,000. A 10% downside buffer protects principal if the index falls by up to 10%, but below that level investors lose principal in line with further declines, as shown in the loss examples down to a 90% index drop. Payments depend entirely on Royal Bank of Canada’s credit and the final index level, and the Notes are not insured.

Royal Bank of Canada is offering Capped Enhanced Return Buffer Notes linked to the S&P 500 Index, designed to provide leveraged upside with limited downside protection. The notes offer 150% participation in positive index returns, capped at a Maximum Return of 13%, so the maximum payment at maturity is $1,130 per $1,000 of principal. A 10% buffer protects against moderate losses, but if the index falls more than 10%, investors lose principal in line with the decline beyond that buffer.

The notes are priced at 100% of principal, with underwriting discounts of 1.75% and estimated initial values between $924.38 and $974.38 per $1,000, reflecting structuring and hedging costs. Key dates include a Trade Date of December 29, 2025, Issue Date of December 31, 2025, and Maturity Date of July 2, 2027. Payments depend entirely on S&P 500 performance and Royal Bank of Canada’s credit; the notes are unsecured, not insured, and may trade at a significant discount before maturity.

Royal Bank of Canada is issuing Capped Enhanced Return Buffer Notes linked to the S&P 500® Index with a total public offering price of $2,242,000. The Notes offer 125% participation in any positive Index return, but gains are capped at a Maximum Return of 18%, so the most an investor can receive at maturity is $1,180 per $1,000 of principal. A 10% buffer protects against moderate Index declines: if the S&P 500 falls by up to 10%, investors receive their full principal back at maturity. If the Index falls more than 10%, principal is reduced in line with losses beyond that buffer, and investors could lose a substantial portion of their investment.

The initial estimated value is $965.59 per $1,000, less than the offering price, reflecting fees and hedging costs. The Notes are unsecured senior debt of Royal Bank of Canada, subject to the Bank’s credit risk, and are not insured by any government agency. U.S. tax counsel views them as prepaid financial contracts, but notes that the tax treatment is uncertain and could change.

Royal Bank of Canada is issuing $1,148,000 of Auto-Callable Enhanced Return Dual Directional Barrier Notes linked to the weaker performer of Amazon.com and Target common stock, maturing in December 2028. The notes are sold at 100% of principal, with underwriting discounts and commissions of 2.50%, resulting in proceeds to the bank of $1,119,300.

If, on December 24, 2026, both stocks are at or above their initial levels, the notes are automatically called for $1,300 per $1,000 (a 30% return). Otherwise, at maturity investors receive leveraged upside at a 200% participation rate, dual-directional gains for moderate declines down to a 60% barrier, and significant principal loss if the worst stock finishes below its barrier. The initial estimated value is $961.84 per $1,000, and all payments depend on RBC’s credit. The notes carry complex risk and uncertain U.S. tax treatment.

Royal Bank of Canada is issuing $772,000 of auto-callable contingent coupon barrier notes linked to the Russell 2000 Index and the EURO STOXX 50 Index, maturing in December 2029. The notes pay a contingent coupon of $20 per $1,000 (2.00% per quarter, 8.00% per year) only when both indices are at or above 70% of their initial values on the relevant observation dates. They may be automatically called quarterly starting in December 2026 if both indices are at or above their initial levels, returning $1,000 per note plus the coupon. If not called and the weaker index finishes below its 70% barrier, principal is reduced one-for-one with the index loss, and investors could lose most or all of their investment.

Royal Bank of Canada is offering Capped Leveraged Index Return Notes linked to the SPDR EURO STOXX 50 ETF with an aggregate public offering price of $3,917,680 at $10 per unit. These senior unsecured notes, due February 26, 2027, provide a 200% leveraged upside to the ETF if its ending level exceeds the starting value of $64.29, but gains are capped at a maximum payment of $11.462 per unit, a 14.62% return.

If the ETF finishes at or above the starting value, investors receive at least their $10 principal; if it finishes below, principal is lost on a 1:1 basis down to zero. The Threshold Value equals 100% of the Starting Value, so there is no downside buffer. The notes are subject to RBC’s credit risk, are not insured by CDIC or FDIC, and will not be listed on any exchange.

The initial estimated value is $9.70 per unit, below the $10 public price, reflecting RBC’s lower internal funding rate, a $0.175 per-unit underwriting discount and a $0.05 hedging-related charge. Investors are also exposed to Eurozone equity and foreign currency risks and should consider complex U.S. and Canadian tax consequences.

Royal Bank of Canada is offering $1,088,000 of Capped Enhanced Return Notes linked to the S&P 500 Index, maturing on December 23, 2027. These notes provide 110% participation in any positive index performance, but gains are capped at a Maximum Return of 9.262%, so the most an investor can receive at maturity is $1,092.62 per $1,000 of principal.

If the index is flat or down at maturity, investors receive only their $1,000 principal per note, with no additional return, and all payments depend on the bank’s credit. The public offering price is 100% of principal, but the initial estimated value is $977.41 per $1,000, reflecting fees and hedging costs, and Royal Bank of Canada expects to receive $1,074,400 in proceeds after a 1.25% underwriting discount. The notes are unsecured, not insured by deposit insurance agencies, and may be difficult to sell before maturity at a favorable price.

Royal Bank of Canada is offering $1,500,000 of auto-callable contingent coupon barrier notes linked to the Class A common stock of Alphabet Inc., maturing on December 21, 2028. The notes pay a contingent coupon of $23.125 per $1,000 (9.25% per year) on quarterly dates only if Alphabet’s share price is at or above a coupon threshold set at 60% of the initial value.

The notes can be automatically called on quarterly observation dates if Alphabet’s closing value is at least its initial value of $302.46, in which case investors receive $1,000 per note plus the applicable coupon and no further payments. If the notes are not called, principal repayment at maturity depends on Alphabet’s final value: investors receive full principal if it is at or above the 60% barrier level of $181.48, but if it is below that barrier they are exposed one-for-one to the stock’s loss and could lose their entire investment.

The price to the public is 100% of principal, with 2.00% underwriting discounts, so proceeds to Royal Bank of Canada are 98%, or $1,470,000. The bank’s initial estimated value is $970.20 per $1,000 note, reflecting internal funding and hedging costs, and secondary market values may be lower. Payments depend on Royal Bank of Canada’s credit and involve complex tax considerations for both U.S. and non-U.S. investors.

Royal Bank of Canada is issuing Capped Return Dual Directional Buffer Notes linked to the S&P 500 Index with a total offering of $2,164,000. The notes are due on December 23, 2027 and are sold at 100% of principal, with underwriting discounts and commissions of 2.151%, resulting in proceeds to the bank of $2,117,450.

The notes offer 100% participation in S&P 500 gains up to a maximum upside return of 18.50%, or $1,185 per $1,000 at maturity. They include a 10% downside buffer: modest declines down to 90% of the initial index level produce positive “dual directional” returns, but if the index falls more than 10%, principal is reduced so investors can lose a substantial portion of their investment. The initial estimated value is $966.44 per $1,000, below the public offering price, and all payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is issuing $2,725,000 Dual Directional Buffer Digital Notes linked to the S&P 500® Index, maturing on January 22, 2027. The notes are sold at 100% of principal, with all proceeds to the bank, while the initial estimated value is $994.05 per $1,000, reflecting fees and hedging costs.

At maturity, if the index level is at or above 92.60% of its initial value, investors receive a fixed 7.40% return. If the index falls but stays between 86% and 92.60% of the initial value, investors earn the absolute value of the index loss, capped at 14%. Below 86% of the initial value, principal is reduced so losses exceed any gain, and investors can lose a substantial portion of principal. Payments depend on the bank’s credit, the notes are not insured, and tax treatment is described as prepaid financial contracts with noted IRS uncertainty.