ROYAL BK CDA QUEN PFD 424B Filings

Royal Bank of Canada is issuing Auto-Callable Contingent Coupon Barrier Notes linked to the worst performer among Broadcom, Blackstone and CVS Health common stocks. The notes are offered at 100% of principal for a total of $3,580,000, with underwriting discounts of 2.75% and proceeds to RBC of 97.25% (about $3,481,550). The minimum investment is $1,000.

The notes pay a contingent coupon of $43.50 per $1,000 each quarter (17.40% per annum) only if all three underliers are at or above 50% of their initial values on the observation date. They may be automatically called quarterly starting in December 2026 if each underlier is at or above its initial value, in which case investors receive $1,000 plus the coupon and no further payments.

If not called, principal repayment at maturity in December 2028 depends on the least performing underlier. If its final value is at or above 50% of its initial value, investors receive full principal plus any coupon; if it is below this barrier, repayment is reduced one-for-one with the loss, and investors can lose a substantial portion or all of their principal. The initial estimated value is $968.68 per $1,000, below the public offering price.

Royal Bank of Canada is offering senior Notes linked to an equally weighted basket of ten large U.S. equities, with a total offering size of $1,284,000. Investors pay 100.00% of principal, from which 3.961% in underwriting discounts and commissions is taken, leaving 96.039% in proceeds to Royal Bank of Canada. Each $1,000 Note offers 100% participation in any positive Basket return, so if the Final Basket Value exceeds the Initial Basket Value of 100, the payoff is $1,000 plus $1,000 multiplied by the Basket Return. If the Basket is flat or down at maturity in June 2031, investors receive $1,000 per Note, subject to the bank’s credit risk. The initial estimated value is $946.52 per $1,000 Note, reflecting internal funding and hedging costs. The Notes are treated as contingent payment debt instruments for U.S. federal income tax purposes.

Royal Bank of Canada is issuing Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, with a total public offering of $3,432,000. The Notes are priced at 100% of principal, with underwriting discounts and commissions of 2.723%, resulting in proceeds to the bank of $3,338,535. The minimum investment is $1,000.

At maturity on June 22, 2029, investors receive their $1,000 principal plus 105% of any positive index return, or full principal back if the index is flat or down. The initial estimated value is $947.43 per $1,000, below the public price, reflecting fees, hedging and funding costs. The complex underlier uses long/short equity and Treasury futures with a 10% volatility target and multiple ongoing fees and costs that reduce index performance.

Royal Bank of Canada is offering $2,213,000 of Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, maturing December 23, 2030. The notes are priced at 100% of principal, with underwriting discounts and commissions of 2.556%, resulting in proceeds to Royal Bank of Canada of $2,156,440.

At maturity, holders receive $1,000 per note plus 140% of any positive index return; if the index is flat or down, investors receive only their $1,000 principal per note, subject to the bank’s credit risk. The initial estimated value is $930.98 per $1,000, lower than the public offering price due to selling costs, hedging, and the bank’s internal funding rate.

The underlier is a rules-based index that applies a 0.5% annual decrement fee, transaction costs and funding costs, and uses leveraged and short exposures to equity and Treasury futures with a 10% volatility target, all of which can reduce performance. The notes are treated as contingent payment debt instruments for U.S. federal income tax purposes and are not insured by Canadian or U.S. deposit insurance agencies.

Royal Bank of Canada is offering $412,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the Solactive Equal Weight U.S. Semi Conductor Select AR Index. The notes pay a contingent coupon of $9.583 per $1,000 (0.9583% per month, 11.50% per year) only when the index closes at or above 75% of its initial value on the relevant observation date. The notes can be automatically called quarterly if the index is at or above its initial level, in which case investors receive $1,000 per note plus the applicable coupon and no further payments.

At maturity, if the notes are not called and the index is at or above 70% of its initial value, investors receive full principal back (and any due coupon). If the index finishes below 70%, 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 $957.69 per $1,000, below the public offering price, reflecting fees, hedging costs and the issuer’s funding rate. All payments depend on Royal Bank of Canada’s creditworthiness.

Royal Bank of Canada is offering two Capped Enhanced Return Buffer Notes, with $653,000 linked to the Nasdaq-100 Index and $582,000 linked to the Russell 2000 Index. These senior unsecured notes run from a trade date of December 18, 2025 to a maturity date of December 23, 2027 and require a minimum $1,000 investment.

Each note provides 150% participation in any positive index performance, subject to a maximum return of 21.50% for the Nasdaq-100 note and 24% for the Russell 2000 note. A 10% downside buffer means principal is fully repaid if the final index level is at least 90% of its initial value; below that level, investors lose principal in proportion to further losses beyond the 10% buffer.

The initial estimated values of approximately $965.22 and $965.54 per $1,000 are lower than the public offering price, reflecting internal funding, fees and hedging costs. The notes are subject to Royal Bank of Canada’s credit risk, may trade at a substantial discount in any secondary market, and involve complex U.S. federal income tax treatment as prepaid financial contracts with potential Section 871(m) considerations for non-U.S. holders.

Royal Bank of Canada is offering $378,000 of Capped Enhanced Return Buffer Notes linked to the EURO STOXX 50® Index, maturing on December 23, 2027. These notes provide 200% participation in any positive index return, but gains are capped at a 19% maximum return, so the most an investor can receive at maturity is $1,190 per $1,000 of principal.

The structure includes a 15% downside buffer: if the index ends down by 15% or less, investors receive their full principal back. If the index falls more than 15%, principal is reduced in line with the loss beyond that buffer, and investors could lose a substantial portion of their investment. The initial estimated value is $963.65 per $1,000, below the issue price, reflecting fees, hedging costs and the bank’s funding rate. Payments depend entirely on Royal Bank of Canada’s ability to meet its obligations.

Royal Bank of Canada is offering Capped Enhanced Return Buffer Notes linked to the SPDR® Gold Trust. The Notes are issued at 100.00% of principal for a total of $160,000, with underwriting discounts of 3.375% and proceeds to the bank of $154,600. The initial estimated value is $935.15 per $1,000, below the public offering price.

The Notes have a trade date of December 18, 2025 and mature on December 23, 2030. At maturity, investors get 125% of any positive Underlier return, capped at a Maximum Return of 45%, for a maximum payment of $1,450 per $1,000. A 20% buffer protects against moderate declines, but if the SPDR Gold Trust falls more than 20%, principal is reduced and investors can lose a substantial portion of their investment. Payments depend on Royal Bank of Canada’s credit and the product has complex U.S. tax and liquidity risks.

Royal Bank of Canada is issuing Auto-Callable Enhanced Return Buffer Notes linked to the common stock of NVIDIA Corporation. The notes are part of its senior global medium-term notes program, sold at 100% of principal for a total of $1,460,000, with underwriting discounts of 1.75% and proceeds to the bank of $1,434,450. The initial estimated value is $989.78 per $1,000, reflecting structuring and hedging costs.

The notes have a trade date of December 18, 2025 and mature December 23, 2027, with a call observation date in December 2026. If NVIDIA’s stock is at or above the initial value on the call observation date, the notes are automatically called for $1,205 per $1,000 (120.50%) and terminate. If not called, at maturity investors get enhanced upside with a 125% participation rate on positive returns, full principal repayment if the stock is down but within a 20% buffer, and losses if it falls below the 80% buffer level. All payments depend on Royal Bank of Canada’s credit, and the issuer highlights limited liquidity, potential secondary market discounts and complex U.S. tax treatment.

Royal Bank of Canada is offering $750,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the worst performer of the Technology Select Sector SPDR ETF (XLK) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The notes pay a contingent coupon of $41.25 per $1,000 each quarter (16.50% per annum) only if, on the relevant observation date, both ETFs are at or above 80% of their initial values.

The notes can be automatically called quarterly starting June 17, 2026 if both underliers 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 and, on the final valuation date in December 2028, the worst-performing ETF is at or above 80% of its initial value, investors receive full principal plus any final coupon.

If at maturity the worst performer is below the 80% barrier, repayment of principal is reduced one-for-one with the underlier loss, with potential loss of the entire $1,000. The initial estimated value is $978.80 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 $873,000 of senior unsecured market-linked notes tied to the common stock of Amazon.com, Inc., maturing on June 22, 2027. Each security has a $1,000 face amount and offers a contingent fixed return of 26% ($260 per security) if the ending Amazon stock price on the calculation day is at or above the threshold.

The starting value of Amazon stock is $221.27, and the threshold value is set at 85% of that level, or $188.0795. If the ending value is below the threshold, investors are fully exposed to the stock’s downside from the starting value and can lose more than 15%, up to their entire principal. The initial estimated value is $978.12 per security, below the $1,000 offering price, reflecting agent discounts, hedging costs and Royal Bank of Canada’s internal funding rate.

The notes pay no periodic interest, are not insured by Canadian or U.S. deposit insurance agencies, and all payments depend on Royal Bank of Canada’s creditworthiness. There may be limited or no secondary market, and any resale before maturity could be at a substantial discount to the original price.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes with a memory coupon linked to the common stock of Best Buy Co., Inc. The notes are issued in $1,000 denominations with a minimum investment of $10,000 and are priced at 100% of principal, with 1.00% in underwriting discounts and 99.00% of proceeds to Royal Bank of Canada.

Investors can receive quarterly contingent coupons of $36.90 per $1,000 if Best Buy’s share price is at or above the coupon threshold, set at 65% of the initial value of $71.76, or $46.64. The notes are automatically called if, on any call observation date, the underlier closes at or above the initial value, in which case investors receive principal plus any due coupons.

If the notes are not called and, on the final valuation date, Best Buy’s share price is at or above the barrier level, investors receive full principal plus any due coupons; if it is below the barrier, repayment is reduced in line with the underlier’s loss, potentially down to zero. The initial estimated value is expected between $925.50 and $975.50 per $1,000, and all payments are subject to Royal Bank of Canada’s credit and complex U.S. tax and withholding rules.

Royal Bank of Canada is offering unsecured structured notes linked to the MSCI EAFE® Index, with a term expected to be between 25 and 28 months. Each note has a $1,000 principal amount, pays no interest and is repaid at maturity based on index performance.

Investors receive 160% of any positive index return, subject to a cap level expected to produce a maximum settlement amount between $1,224.96 and $1,264.48 per $1,000. A 15.00% downside buffer means principal is fully repaid if the index is at or above 85.00% of its initial level, but below that the payoff declines about 1.1765% for each 1% drop and can result in a total loss. The initial estimated value is expected to be between $960.60 and $990.60 per $1,000, the notes will not be listed, and all payments depend on Royal Bank of Canada’s creditworthiness.

Royal Bank of Canada is offering $4,961,000 in Auto-Callable Contingent Coupon Barrier Notes with a memory feature linked to the weaker performer of Apple and JPMorgan common stock, maturing June 23, 2027. The notes pay a contingent coupon of $26 per $1,000 (2.60% per quarter, 10.40% per year) only if each stock stays at or above 65% of its initial value on observation dates, with missed coupons potentially paid later if conditions are met. The notes can be automatically called quarterly if both underliers are at or above their initial values, returning principal plus due coupons. If not called and the worst-performing stock finishes below its 65% barrier, investors receive shares of that stock instead of cash, and may lose a large portion or all of their principal.

The price to the public is 100% of principal, with underwriting discounts of 1.50%, resulting in proceeds to Royal Bank of Canada of $4,886,585. The initial estimated value is $978.25 per $1,000, reflecting hedging and funding costs. The supplement highlights market, structure, conflict-of-interest and tax risks, including uncertainty over U.S. federal income tax treatment and possible future changes affecting derivatives.

Royal Bank of Canada is offering $4,625,000 of senior unsecured market-linked notes tied to the lowest performing of Goldman Sachs, Meta Platforms Class A and Exxon Mobil common stock, maturing December 21, 2028. Each $1,000 security pays a 22.00% per annum contingent coupon, due quarterly only if the lowest performing stock on the calculation day is at or above its coupon threshold, set at 70% of its starting value.

The notes are auto-callable from June 2026 to September 2028 if the lowest performer is at or above its starting value, in which case holders receive $1,000 plus the applicable coupon. If not called, principal repayment at maturity depends on the lowest performing stock: investors receive $1,000 only if its ending value is at or above the 70% downside threshold; otherwise repayment is $1,000 multiplied by its performance factor, exposing holders to losses greater than 30% and up to 100%. The initial estimated value is $971.33 per $1,000, and all payments are subject to Royal Bank of Canada’s credit risk and are not insured by any government agency.

Royal Bank of Canada is issuing $23,751,000 of Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to the common stock of NVIDIA Corporation. The notes are priced at 100% of principal, with proceeds to the bank of $23,394,735 after underwriting discounts, and an initial estimated value of $983.66 per $1,000, which is below the public offering price.

The notes pay a contingent coupon of $31.50 per $1,000 each quarter (12.60% per annum) only if NVIDIA’s share price is at or above a coupon threshold of $94.02 on the observation date. They may be automatically called quarterly if the share price is at or above the initial value of $170.94, returning principal plus any due coupons, after which no further payments are made.

If the notes are not called and NVIDIA’s final share price is at or above the 55% barrier level, investors receive full principal back plus any applicable coupons. If the final price is below the barrier, repayment is in NVIDIA shares based on a physical delivery amount of 5.85 shares per $1,000, exposing investors to potentially large losses, including a total loss of principal, and all payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is offering $2,564,000 of senior unsecured Market Linked Securities tied to the common stock of NVIDIA Corporation, maturing on February 22, 2027. Each security has a $1,000 face amount and provides 150% leveraged upside participation, capped at a maximum return of 31.20%, for a maximum maturity payment of $1,312 per security.

The notes include a 15% downside buffer: if NVIDIA’s ending value is at or above 85% of the $170.94 starting value, investors receive at least their $1,000 principal; below that threshold, losses increase 1-for-1 and can reach up to 85% of principal. The securities pay no interest and are subject to Royal Bank of Canada’s credit risk.

The initial estimated value is $973.14 per security, below the $1,000 original offering price, reflecting internal funding rates, agent discounts and hedging costs. The notes are not listed, and any secondary market is expected to be limited, with potential significant discounts to the purchase price.

Royal Bank of Canada is offering Airbag Autocallable Yield Notes linked to the common stock of CVS Health Corporation. Each $1,000 Note pays a fixed monthly coupon at an annual rate of 8.00%, regardless of CVS share performance. The Notes are automatically called on quarterly observation dates if CVS closes at or above the Initial Underlying Value of $77.79, returning principal plus the applicable coupon.

If the Notes are not called and CVS’s final value on December 21, 2026 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 the final value is below the Conversion Price, investors receive the coupon and approximately 15.1240 CVS shares per Note instead of principal, which may be worth substantially less and could be worth zero. UBS receives a selling commission of $15 per Note, and Royal Bank of Canada’s initial estimated value is between $930 and $980 per $1,000 Note, reflecting fees and hedging costs. All payments depend on Royal Bank of Canada’s credit and the Notes will not be listed on an exchange.

Royal Bank of Canada is offering unsecured structured notes linked to the S&P 500® Index that do not pay interest and expose investors to potential loss of principal. At maturity, each $1,000 note pays a cash amount based on index performance from the trade date to a determination date expected 26–29 months later. If the final index level is at or above 85% of the initial level, investors receive a fixed "threshold settlement amount," expected to be between $1,159.50 and $1,187.60 per $1,000, capping upside even if the index rises significantly.

If the final index level is below 85% of the initial level, repayment is reduced so that holders lose about 1.1765% of principal for every 1% the final level falls below the threshold, up to a total loss. The initial estimated value is expected between $965.50 and $995.50 per $1,000, less than the issue price, reflecting internal funding and hedging costs. The notes are senior unsecured obligations of Royal Bank of Canada, are not insured by any deposit insurance corporation, will not be listed on an exchange, and may have limited or no secondary market liquidity.

Royal Bank of Canada is offering $7,198,000 of Capped Return Buffer Notes linked to the SPDR® Gold Trust. These $1,000-denomination notes provide 100% participation in the Underlier’s gains up to a Maximum Return of 28.75%, so the most an investor can receive at maturity is $1,287.50 per $1,000 note.

The notes include a 25% downside buffer: if the SPDR® Gold Trust falls by up to 25% from the Initial Underlier Value of $399.29, investors receive back their full principal at maturity. If the decline exceeds 25%, principal is reduced in line with losses beyond the buffer, and investors could lose a substantial portion of their investment. The initial estimated value is $982.06 per $1,000 note, below the public offering price, and secondary market prices may be lower. All payments depend on Royal Bank of Canada’s credit and come with complex tax and liquidity considerations.

Royal Bank of Canada is offering fixed coupon barrier notes linked to the common stock of Micron Technology, Inc. Investors receive monthly fixed coupons between 11.50% and 12.50% per year on a $1,000 minimum investment.

At maturity, investors get back $1,000 per note if Micron’s closing value on the valuation date is at or above a barrier set at 50% of its initial value. If Micron’s value falls below this barrier, repayment is reduced in line with the stock’s percentage loss, and investors can lose a substantial portion or all of their principal.

The notes are unsecured debt of Royal Bank of Canada, so all payments depend on the bank’s credit. The initial estimated value is expected to be between $919.50 and $969.50 per $1,000 note, which is lower than the public offering price because of internal funding rates, selling commissions, referral fees and hedging costs.

Royal Bank of Canada is offering Capped Enhanced Return Barrier Notes linked to the S&P 500 Index. The Notes are issued at 100% of principal, with underwriting discounts of 2.00% and proceeds to Royal Bank of Canada of 98.00% per $1,000. The initial estimated value is expected to be between $922.50 and $972.50 per $1,000, which is less than the public offering price.

The Notes offer a 200% participation rate in positive S&P 500 returns, capped by a Maximum Return of at least 10.50%, so the maximum payment at maturity will be at least $1,105 per $1,000. If, at maturity, the index is at or above 85% of its initial level, investors receive at least their full principal. If the index closes below this 85% barrier, repayment is reduced one-for-one with the index loss, and investors could lose a substantial portion or all of their principal. All payments are subject to Royal Bank of Canada’s credit risk.

Royal Bank of Canada is issuing $20,000,000 of Redeemable Fixed Rate Notes due December 17, 2030. The notes pay fixed interest of 4.525% per annum, with interest paid on June 17 and December 17 of each year, starting June 17, 2026, in minimum denominations of $1,000.

The notes are issued at 100% of principal, with underwriting discounts of 0.15%, resulting in estimated proceeds to Royal Bank of Canada of $19,970,000. They are callable at the bank’s option in whole, but not in part, on quarterly call dates beginning December 17, 2027. The notes are unsecured bail-inable obligations of Royal Bank of Canada, are subject to the bank’s credit risk and Canadian bail-in powers, and are not insured by Canadian or U.S. deposit insurance agencies.

Royal Bank of Canada is offering $5,525,000 of Auto-Callable Contingent Coupon Buffer Notes linked to the common stock of UnitedHealth Group Incorporated. These Notes pay a contingent monthly coupon of $5.833 per $1,000 (7.00% per year) only when the stock closes at or above 75% of the initial price of $334.20, set at $250.65. The Notes can be automatically called starting about six months after issuance if the stock is at or above the initial level, in which case holders receive $1,000 per Note plus the applicable coupon and no further payments.

If the Notes are not called and the final stock value is at or above the 75% buffer, investors receive their full principal back plus any due coupon. If the final value falls below the buffer, repayment is in UnitedHealth shares (or cash equivalent) based on a formula that exposes investors to losses beyond 25% of principal. The initial estimated value of $980.57 per $1,000 is below the public offering price, reflecting fees and hedging costs, and all payments depend on Royal Bank of Canada’s creditworthiness.

Royal Bank of Canada is offering Trigger Jump Securities linked to the common stock of NVIDIA Corporation, with an aggregate principal amount of $14,413,000 and a stated principal of $1,000 per security, maturing on July 6, 2027. These senior unsecured notes do not pay interest and expose investors to loss of principal.

If the final NVIDIA share value on the valuation date is at or above the initial value of $177.72, investors receive $1,373.50 per security, reflecting a fixed upside payment of $373.50 (a 37.35% gain). If the final value is below the initial value but at or above the trigger value of $115.52 (65% of the initial value), investors receive only the $1,000 principal. If the final value falls below the trigger, repayment is reduced one-for-one with the underlier loss, and investors can lose their entire investment.

The securities are not listed on any exchange, carry Royal Bank of Canada’s credit risk, and have an initial estimated value of $976.91 per security, which is lower than the public offering price due to commissions, hedging costs and the bank’s internal funding rate.

Royal Bank of Canada is issuing structured notes linked to the MSCI EAFE® Index with an aggregate principal amount of $4,030,000. The notes pay no interest and mature on November 19, 2027. For each $1,000 note, if the index’s final level is at least 87.50% of the initial level of 2,854.21, investors receive a fixed $1,143, a 14.3% gain.

If the final index level is below 87.50% of the initial level, the payoff declines linearly, with about 1.1429% of principal lost for every 1% the index falls below the threshold, down to a total loss if the index goes to zero. The initial estimated value is $994.49 per $1,000 note, below the issue price, and the notes will not be listed on any exchange, may trade at a discount, and are subject to Royal Bank of Canada’s credit risk.

Royal Bank of Canada is offering $475,000 of Capped Return Dual Directional Buffer Notes linked to the S&P 500® Index. These Notes are senior unsecured debt, priced at 100% of principal with proceeds to the bank of 99.25% after underwriting discounts, and an initial estimated value of $986.45 per $1,000, which is below the public offering price.

The Notes run from a trade date of December 16, 2025 to maturity on March 19, 2027 and provide 100% participation in index moves, subject to an 11.25% maximum upside and a 12% downside buffer. Investors gain if the index rises, and also for moderate declines down to 88% of the initial level, but lose principal if the index falls below the buffer. All payments depend on RBC’s credit, and investors face market, valuation, tax and structural risks, including potential loss of a substantial portion of principal.

Royal Bank of Canada is issuing $777,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of Morgan Stanley, maturing on January 22, 2027. The Notes pay a contingent coupon of $9.083 per $1,000 (0.9083% per month, 10.90% per year) only when the stock closes at or above a coupon threshold set at 77% of the initial stock price of $176.51, or $135.91.

The Notes may be automatically called starting June 2026 if the stock closes at or above its initial value, in which case holders receive $1,000 per note plus the coupon due, with no further payments. If not called and the final stock value is at or above the barrier, holders receive full principal back plus any final coupon. If the final value is below the barrier, holders receive shares of Morgan Stanley stock worth less than principal, with losses matching the stock decline and the possibility of a total loss.

The price to the public is at par, with underwriting discounts and commissions of 1.50%, so proceeds to Royal Bank of Canada are 98.50%, or $765,345. The initial estimated value is $979.27 per $1,000, reflecting internal funding and hedging costs. The Notes carry complex U.S. tax treatment and are subject to Royal Bank of Canada’s credit risk.

Royal Bank of Canada is issuing Auto-Callable Enhanced Return Buffer Notes linked to the KraneShares CSI China Internet ETF, offering investors leveraged upside exposure with partial downside protection.

The Notes are priced at 100% of principal with total offering size of $625,000, underwriting discounts of 1.75% and proceeds to the bank of $614,062.50. They have a trade date of December 16, 2025 and mature in December 2027, unless automatically called in December 2026.

If the ETF is at or above its initial value on the call observation date, the Notes are automatically redeemed at 115.75% of principal. Otherwise, at maturity investors get 150% participation in any positive ETF return, full principal back if losses are within a 15% buffer, and reduced principal if losses exceed that buffer. Payments depend entirely on Royal Bank of Canada’s credit and complex U.S. tax rules may apply.

Royal Bank of Canada is offering Capped Enhanced Return Buffer Notes linked to the MSCI EAFE® Index, maturing on June 28, 2027. The notes are unsecured senior debt and are not insured or bail-inable. They are priced at 100% of principal with a minimum investment of $1,000, and RBC Capital Markets, LLC will not receive a sales commission.

At maturity, investors receive enhanced upside if the index rises: a 150% participation rate on positive index returns, capped at a Maximum Return of 20.75%, so the maximum payment is $1,207.50 per $1,000 of notes. There is a 10% downside buffer: if the index ends between 90% and 100% of its initial level, principal is returned. Below 90%, losses match index declines beyond the buffer, so investors can lose a substantial portion of principal.

The initial estimated value is expected to be between $943.50 and $993.50 per $1,000, reflecting hedging and funding costs. The notes are intended to be held to maturity, and secondary market prices may be significantly below the issue price.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the worst performer of the State Street Technology Select Sector SPDR ETF (XLK) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The notes pay a contingent coupon of $41.25 per $1,000 each quarter (4.125% per quarter, 16.50% per year) only if on the relevant observation date both ETFs close at or above 80% of their initial values.

Beginning around six months after issuance, the notes are automatically called if both underliers are at or above their initial values on a call observation date, returning the $1,000 principal plus the applicable coupon, with no further payments. If the notes are not called and at maturity the worst-performing ETF is at or above its 80% barrier, investors receive $1,000 plus any coupon. If it is below the barrier, repayment is reduced one-for-one with the underlier loss, and investors can lose most or all of their principal.

The initial estimated value is expected between $910 and $960 per $1,000, below the public offering price, and secondary market values may be lower. Payments depend on RBC’s credit and the notes are not insured by U.S. or Canadian deposit insurance agencies.

Royal Bank of Canada is offering redeemable fixed rate notes that pay interest at 4.10% per annum and are scheduled to mature on December 29, 2028, with annual interest payments each December 31 beginning in 2026. The notes can be redeemed at the bank’s option in whole, but not in part, on the interest payment dates scheduled for December 31, 2026 and December 31, 2027, at which point investors would receive principal plus the applicable interest payment and no further payments.

The notes are issued in minimum denominations of $1,000, and RBC Capital Markets, LLC will purchase them at prices between $987.50 and $1,000 per $1,000 principal amount, reflecting possible selling concessions to other dealers. The notes are subject to Royal Bank of Canada’s credit risk and are explicitly identified as bail-inable notes, meaning they may be converted into common shares or written down under Canadian bail-in powers in a resolution scenario, after which holders would have no further rights except those provided under that regime.

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 notes pay a contingent coupon of $26.25 per $1,000 each quarter (an annual rate of 10.50%) only if on each observation date all three underliers are at or above 75% of their initial values.

The notes can be automatically called quarterly starting June 23, 2026 if each underlier is at or above its initial value, in which case investors receive $1,000 plus the coupon and no further payments. If not called, at maturity in December 2028 investors receive full principal only if the worst underlier stays at or above 60% of its initial value; below that level, repayment is reduced one-for-one with the loss in that underlier, and principal losses can reach 100%. The initial estimated value is expected to be $900–$950 per $1,000, below the public offering price.

Royal Bank of Canada is offering $750,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the least performing of the EURO STOXX Banks Index and the SPDR S&P Oil & Gas Exploration & Production ETF. The Notes pay a contingent coupon of $42.875 per $1,000 (4.2875% quarterly, 17.15% per year) only if, on each observation date, both underliers stay at or above 75% of their initial values. The Notes can be automatically called quarterly starting June 2026 if both underliers are at or above their initial levels, in which case investors receive $1,000 plus the coupon and no further payments.

If the Notes are not called and, at maturity in December 2028, the least performing underlier is below the 75% barrier, repayment of principal is reduced one-for-one with that decline, and investors can lose some or all of their investment. The price to the public is 100% of principal, with 1% underwriting discounts and 99% proceeds to Royal Bank of Canada. The initial estimated value is $955.22 per $1,000, and all payments are subject to Royal Bank of Canada’s credit risk and complex U.S. tax treatment.

Royal Bank of Canada is offering auto-callable contingent coupon buffer notes linked to the least-performing of Barrick Mining, Blackstone and Alphabet Class A shares. The notes are offered at 100% of principal for a total of $670,000, with proceeds to the bank of 97.25% before hedging costs and profits. Investors can buy in minimums of $1,000.

The notes pay a contingent coupon of $13.667 per $1,000 (1.3667% monthly, 16.40% per annum) only if on each observation date all three underliers are at or above 70% of their initial values. Starting about six months after trade, the notes are automatically called if all underliers are at or above their initial values, returning $1,000 plus the coupon, with no further payments.

At maturity, if not called and the worst underlier is at or above 75% of its initial value, investors receive $1,000 plus any due coupon. If it is below 75%, principal is reduced one-for-one beyond the 25% buffer, so losses can be substantial. The initial estimated value is $959.72 per $1,000, below the public price. Payments depend on RBC’s credit and the notes are not insured or bail-inable. Tax counsel views the notes as prepaid financial contracts with ordinary income coupons, but this treatment is uncertain.

Royal Bank of Canada is offering Capped Enhanced Return Buffer Notes linked to the S&P 500® Index, maturing on June 25, 2027. The notes provide 150% leveraged upside to positive index performance, but gains are capped at a maximum return of 17.90%, or a maximum payment of $1,179 per $1,000 in principal.

The notes include a 10% downside buffer: if the index is down but by 10% or less at maturity, investors receive their full principal. If the index falls by more than 10%, repayment is reduced so that investors lose one-for-one beyond the buffer, and could lose a substantial portion of principal. The initial estimated value is expected to be between $954.90 and $994.90 per $1,000, reflecting hedging and funding costs, and secondary market values may be lower.

The notes are unsecured debt of Royal Bank of Canada, subject to the bank’s credit risk and are not insured by Canadian or U.S. deposit insurance agencies. RBC Capital Markets, LLC will act as underwriter without receiving a sales commission, and U.S. tax treatment is expected to follow the prepaid financial contract approach, with important uncertainties and potential future tax changes highlighted for both U.S. and non-U.S. investors.

Royal Bank of Canada is issuing $3,329,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of Netflix, Inc., maturing on January 22, 2027. The notes pay a contingent coupon of $9.292 per $1,000 (about 0.9292% monthly, 11.15% per year) for any observation date on which Netflix’s closing price is at or above the coupon threshold of $66.20, which is 70% of the initial value of $94.57.

The notes are automatically called if, on any monthly call observation date starting June 16, 2026, Netflix closes at or above the initial value, in which case investors receive $1,000 plus the coupon and no further payments. If the notes are not called and Netflix finishes at or above the barrier, investors get back $1,000 plus any coupon; if it finishes below the barrier, they receive 10.57 shares of Netflix per $1,000 (plus cash for fractions), exposing them to potentially large losses.

The price to the public is 100% of principal, with 1.50% in underwriting discounts and proceeds to Royal Bank of Canada of 98.50%. The initial estimated value is $964.93 per $1,000, reflecting internal funding, fees and hedging costs. The notes are unsecured obligations subject to Royal Bank of Canada’s credit risk and involve complex tax and market risks summarized in the risk and tax discussions.

Royal Bank of Canada is offering market-linked, principal-at-risk notes tied to the worse of ASML Holding and Eli Lilly stock, maturing December 29, 2028. Each note has a $1,000 face amount and original offering price, with dealer discounts of $23.25 and proceeds of $976.75 to the bank. The initial estimated value is expected between $914 and $964 per security, lower than the issue price because of fees, internal funding rates and hedging costs.

The notes pay quarterly contingent coupons at a rate of at least 17.65% per year, but only if the lower-performing stock on each calculation day is at or above 70% of its starting value. Missed coupons can be paid later if the condition is met. From June 2026, the notes are automatically called if the lower-performing stock is at or above its starting value, paying back $1,000 plus due coupons.

If not called, at maturity investors receive $1,000 only if the lower-performing stock is at or above its 70% downside threshold; otherwise repayment falls in proportion to that stock’s decline, with losses beyond 30% and up to total principal. The notes are unsecured RBC debt with no deposit insurance, limited liquidity, and complex, uncertain tax treatment.

Royal Bank of Canada is offering 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 quarterly contingent coupon of at least $23.125 per $1,000 (at least 9.25% per year) only when Alphabet’s share price is at or above a threshold set at 60% of the initial share value on the relevant observation dates.

The notes may be automatically called each quarter if Alphabet’s share price is at or above its initial level, in which case investors receive $1,000 per note plus the due coupon and no further payments. If the notes are not called and Alphabet’s final share value is at or above the 60% barrier, investors receive $1,000 per note plus any coupon; if it finishes below the barrier, repayment is reduced one-for-one with Alphabet’s decline, and investors can lose a substantial portion or all of their principal. The issue price is 100% of principal, with 2% underwriting, and the initial estimated value is expected between $920 and $970 per $1,000, reflecting fees and hedging costs. The notes carry Royal Bank of Canada credit risk and involve complex U.S. tax treatment.

Royal Bank of Canada is issuing $3,877,000 of Fixed Coupon Barrier Notes linked to the common stock of Tesla, Inc. These Notes pay a fixed coupon of $9.167 per $1,000 each month, equal to 11.00% per annum, and are scheduled to mature on December 18, 2026.

The Notes use an initial Tesla share value of $475.31 and a barrier set at 50% of that level, or $237.66. At maturity, investors receive $1,000 per Note plus the final coupon if Tesla’s closing value is at or above the barrier; if it is below, repayment is reduced in line with the negative Underlier Return, and investors can lose a substantial portion or all of their principal.

The initial estimated value is $984.84 per $1,000, below the public price, reflecting underwriting discounts, funding and hedging costs. All payments depend on Royal Bank of Canada’s credit, and the U.S. tax treatment is complex and uncertain, including different components for interest and option premium and potential withholding issues for Non-U.S. Holders.

Royal Bank of Canada is offering $750,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the worst performer of the SPDR S&P Regional Banking ETF (KRE) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The notes pay a contingent coupon of $42.50 per $1,000 (4.25% per quarter, 17.00% per year) only if on each observation date both ETFs are at or above 80% of their initial values.

The notes can be automatically called quarterly starting June 2026 if both underliers are at or above their initial values, returning $1,000 plus the coupon, with no further payments. If held to December 2028 and not called, principal is fully repaid only if the worst ETF ends at or above its 80% barrier; otherwise repayment is reduced one-for-one with the loss in that ETF, potentially to zero. The initial estimated value is $984.95 per $1,000, below the public price, and all payments depend on RBC’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 different stock: Cloudflare, Netflix, PayPal, UnitedHealth, and Valero Energy. The notes pay a quarterly contingent coupon only if the linked stock stays at or above a preset threshold; unpaid coupons can be “remembered” and paid later if conditions are met. Indicative contingent coupon rates range from 10.25% to 14.25% per annum, with a minimum investment of $1,000.

The notes can be automatically called quarterly starting June 25, 2026 if the stock is at or above its initial level, returning principal plus due coupons. If not called, principal is protected only if the final stock value stays at or above a barrier level (50%–70% of the initial value, depending on the stock). Below the barrier, repayment is reduced one-for-one with the stock loss, and investors can lose most or all of their principal. The initial estimated value per $1,000 note is disclosed as a range (for example, $900–$956) and is less than the public offering price, reflecting fees, hedging costs, and RBC’s funding rate. The notes are unsecured RBC debt, not insured deposits, and involve complex U.S. tax treatment with potential withholding for non-U.S. holders.

Royal Bank of Canada is offering $4,000,000 of Buffer Digital Notes linked to the S&P 500® Index, maturing December 20, 2027. The notes pay a fixed 17.15% digital return at maturity per $1,000 if the index closes on the valuation date at or above 90% of its initial level, so gains are capped at that return.

If the S&P 500 falls more than the 10% buffer, principal is reduced in line with index losses beyond that level, so a 50% decline would cut the payout to $600 per $1,000. The minimum investment is $1,000. Royal Bank of Canada expects proceeds of $3,990,000 after a 0.25% underwriting discount, and its initial estimated value is $993.56 per $1,000, below the $1,000 issue price due to fees and hedging costs. All payments depend on Royal Bank of Canada’s credit, and the U.S. tax discussion treats the notes as prepaid financial contracts that are open transactions, subject to possible future tax law changes.

Royal Bank of Canada is offering $11,306,000 of senior unsecured notes linked to the S&P 500 Index. The notes pay no interest and mature on January 5, 2028. For each $1,000 principal amount, investors receive a fixed threshold settlement amount of $1,168.50 if the final S&P 500 level on the January 3, 2028 determination date is at least 85.00% of the initial level of 6,816.51.

If the index finishes below this threshold, repayment is reduced by about 1.1765% of principal for every 1% the index falls below the threshold, and investors can lose their entire investment. The initial estimated value is $996.15 per $1,000, less than the issue price, and the notes will not be listed, so liquidity may be limited. Payments depend on RBC’s creditworthiness, and investors do not receive dividends or any rights in S&P 500 stocks.

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 are priced at 100% of principal, with underwriting discounts of 2.50%, so proceeds to RBC are 97.50% of the issue price. The initial estimated value is expected to be between $893.00 and $943.00 per $1,000 Note, below the public offering price.

The Notes pay a quarterly contingent coupon of at least $20.625 per $1,000 (at least 8.25% per year) only if on each observation date all three indices are at or above 70% of their initial values. Starting about one year after the trade date, the Notes are automatically called if all indices are at or above their initial levels, returning principal plus any due coupon.

If not called, at maturity in December 2029 holders receive full principal back only if the least-performing index is at or above the 70% barrier. If it is below, repayment is reduced one-for-one with that index’s loss, and investors can lose a substantial portion or all of their principal.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes maturing on December 21, 2028, linked to the least performing of Broadcom, Blackstone and CVS common stocks. The notes pay a contingent coupon of $43.50 per $1,000 each quarter (about 17.40% per year) only if, on the relevant observation date, each underlier is at or above a coupon threshold set at 50% of its initial value. The notes can be automatically called quarterly starting in December 2026 if all underliers 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, investors get $1,000 back at maturity only if the least performing underlier is at or above its 50% barrier. If it is below that barrier, repayment is reduced one-for-one with the underlier’s loss, and investors can lose a substantial portion or all of their principal. The price to the public is 100% of principal, with proceeds to Royal Bank of Canada of 97.25% after underwriting. The initial estimated value is expected to be between $919 and $969 per $1,000, reflecting fees and hedging costs.

Royal Bank of Canada is offering $22,315,000 of Redeemable Fixed Rate Notes due December 18, 2028. The Notes pay fixed interest of 4.05% per annum, with interest paid annually on December 18, starting in 2026.

The Notes are callable at the bank’s option, in whole but not in part, on the interest payment dates scheduled for December 18, 2026 and December 18, 2027. If called, investors receive principal plus the applicable interest payment on the call date. The public price is 100.00% of principal, with underwriting discounts and commissions of 0.49%, so proceeds to Royal Bank of Canada are $22,205,656.50.

The minimum investment is $1,000, in denominations of $1,000. The Notes are unsecured, subject to Royal Bank of Canada’s credit risk, are bail-inable under Canadian law, and are not insured by Canadian or U.S. deposit insurance agencies. U.S. tax counsel views the Notes as debt instruments issued without original issue discount for U.S. federal income tax purposes.

Royal Bank of Canada is offering five auto-callable contingent coupon barrier notes with memory coupons, each linked to a single stock: Alcoa, Advanced Micro Devices, Axon Enterprise, Constellation Energy and Dell Technologies Class C. The notes pay a quarterly contingent coupon only if the underlier stays at or above a coupon threshold, with indicative annual rates ranging from 10.50% to 13.25%. Automatic call can occur quarterly once the underlier closes at or above its initial value, in which case investors receive principal plus due coupons and no further payments.

If the notes are not called and the final underlier value falls below a barrier level of 50%–55% of the initial value, repayment of principal is reduced in line with the underlier loss, and investors can lose most or all of their investment. The initial estimated value per $1,000 is expected to be below the 100% price to the public, reflecting dealer compensation and hedging costs, and the notes carry complex U.S. tax and secondary market risks.

Royal Bank of Canada is issuing four Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon, each linked to a single U.S. stock: Albemarle (ALB), Broadcom (AVGO), Estée Lauder (EL) and Alphabet (GOOGL). Principal amounts are $2,025,000 for the ALB notes, $2,959,000 for AVGO, $1,032,000 for EL and $4,723,000 for GOOGL. Annual contingent coupon rates are 14.25% for ALB, 10.75% for AVGO, 10.50% for EL and 10.25% for GOOGL, payable quarterly only if the stock stays at or above a set coupon threshold on observation dates.

The notes can be called early each quarter starting June 15, 2026 if the underlier closes at or above its initial value, in which case investors receive $1,000 per note plus due coupons. If the notes are not called, maturity is December 20, 2028. At maturity, if the final stock value is at or above the barrier level (50%, 50%, 60% and 65% of initial value for ALB, AVGO, EL and GOOGL, respectively), investors receive full principal; if it is below, repayment is reduced in line with the stock loss, and investors can lose a substantial portion or all of principal. The initial estimated values (around $970–$982 per $1,000) are below the public offering price, and all payments depend on RBC’s credit. Tax treatment is complex and may change.