ROYAL BK CDA QUEN PFD 424B Filings

Royal Bank of Canada is issuing $750,000 of senior unsecured market-linked notes tied to the worst performer of Amazon.com common stock and Alphabet Class A common stock, maturing on December 20, 2027. Each $1,000 security pays a 7.75% per annum contingent coupon, evaluated quarterly, but only if the lowest performing stock closes at or above 70% of its starting value; missed coupons can be paid later under a memory feature if the condition is later met.

At maturity, investors receive $1,000 per security if the worst-performing stock is at or above 70% of its starting value. Below that level, principal is reduced 1-for-1 beyond a 30% buffer, with up to a 70% loss of face amount. Investors do not participate in any upside of either stock, so total return is limited to received coupons. The initial estimated value is $971.23 per $1,000 security, below the $1,000 offering price, reflecting fees, hedging costs and RBC’s internal funding rate. The notes are not insured, are not bail-inable, may have limited secondary liquidity and are fully subject to RBC’s credit risk.

Royal Bank of Canada is issuing $1,467,000 of Auto-Callable Enhanced Return Barrier Notes linked to NVIDIA common stock, maturing December 20, 2028. The notes are sold at 100% of principal, with underwriting discounts of 2.50% and proceeds to the bank of 97.50%.

The notes may be automatically called on December 21, 2026 if NVIDIA’s share price is at or above the initial level, paying $1,200 per $1,000 (a 20% return), with no further payments. If held to maturity and not called, investors receive enhanced upside at a 150% participation rate when the stock finishes above the initial level, full principal back if the final value is between the initial level and a 60% barrier, and one-for-one downside if it finishes below the barrier.

The initial estimated value is $966.76 per $1,000, below the public offering price, reflecting fees, funding and hedging costs. The notes are unsecured obligations of Royal Bank of Canada, may be illiquid, and carry complex risk and U.S. tax treatment considerations described in detail in the document.

Royal Bank of Canada is offering $11,499,000 of Auto-Callable Fixed Coupon Geared Buffer Notes linked to the worst performer of the Nasdaq-100 Index and the Russell 2000 Index, maturing on June 21, 2027. The Notes pay a fixed coupon of $38.50 per $1,000 in principal every six months (a 7.70% annual rate) as long as they have not been automatically called.

The Notes are automatically called on any semiannual observation date if both indices close at or above their initial values, in which case investors receive $1,000 plus the scheduled coupon and no further payments. At maturity, if the Notes are not called and the worst-performing index is at or above 80% of its initial value, investors receive full principal back plus the final coupon. If the worst-performing index has fallen more than 20%, repayment of principal is reduced using a 1.25 downside multiplier, and investors can lose some or all of their investment.

Proceeds to Royal Bank of Canada are $11,482,806 before hedging costs. The initial estimated value is $989.09 per $1,000, which is lower than the public offering price, reflecting underwriting discounts, referral fees and hedging-related costs.

Royal Bank of Canada is issuing five separate auto-callable contingent coupon barrier notes with memory coupons, each linked to a single stock: Carnival, Micron, NRG Energy, Uber and Block. Each tranche has its own terms and principal amount and performs independently of the others.

The notes pay quarterly contingent coupons only if the related stock closes at or above a preset coupon threshold, with annual coupon rates ranging from 10.00% to 15.75%. Missed coupons can be paid later if conditions are met, thanks to the memory feature. The notes can be automatically called quarterly starting in June 2026 if the stock is at or above its initial value, in which case investors receive principal plus any due coupons and the notes end early.

If the notes are not called, principal repayment at maturity in December 2028 depends on the final stock price relative to a barrier set at 50%–70% of the initial value. If the final value is below the barrier, repayment is reduced one-for-one with the stock’s loss, and investors can lose a substantial portion or all of their principal. The initial estimated values (around $960–$969 per $1,000) are lower than the public offering price, and all payments are subject to RBC’s credit risk.

Royal Bank of Canada is offering redeemable fixed rate notes due December 17, 2030 as part of its Senior Global Medium-Term Notes, Series J program. The notes pay interest at a fixed rate of 4.525% per annum, with semiannual payments on June 17 and December 17 of each year, starting June 17, 2026. Royal Bank of Canada may redeem the notes in whole, but not in part, on quarterly call dates beginning December 17, 2027, paying principal plus the applicable interest payment.

The notes are subject to Canadian bail-in powers, meaning they can be converted into common shares of Royal Bank of Canada or its affiliates or varied or extinguished under the CDIC Act, and holders would then have no further rights except as provided under that regime. RBC Capital Markets, LLC is the underwriter, with a price to the public of 100% of principal and underwriting discounts of up to $5.00 per $1,000 principal amount, and certain investors may pay as low as $995.00 per $1,000 principal amount.

Royal Bank of Canada is offering $750,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the VanEck Semiconductor ETF (SMH) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). Investors buy in at 100% of principal, while the bank receives 99% after underwriting costs, or $742,500 in proceeds.

The Notes can pay a contingent coupon of $46.25 per $1,000 (a rate of 4.625% per quarter, 18.50% per year) on quarterly dates, but only if each ETF stays at or above 75% of its initial value on the relevant observation date. The Notes may be automatically called quarterly if both ETFs are at or above their initial levels, in which case investors receive principal plus the due coupon and no further payments.

If not called, and the worst-performing ETF is at or above its 75% barrier at maturity, investors receive full principal plus any due coupon. If the worst-performing ETF finishes below its barrier, repayment is reduced one-for-one with the ETF’s loss, and investors can lose a substantial portion or all of their principal. All payments depend on Royal Bank of Canada’s credit, and the initial estimated value of $971.20 per $1,000 is below the public offering price.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indices. The total offering size is $3,090,000, sold at 100% of principal with no underwriting commission to RBCCM, and an initial estimated value of $986.26 per $1,000 note.

The notes pay a monthly contingent coupon of $8.333 per $1,000 (10% per year) only if, on each observation date, every index is at or above 75% of its initial level. The notes can be automatically called semiannually if all three indices are at or above their initial levels, returning principal plus the applicable coupon.

If not called, at maturity in 2030 investors receive full principal back only if the least-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 principal. Payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is offering Auto-Callable Enhanced Return Dual Directional Barrier Notes linked to the worst performer of Bristol-Myers Squibb common stock and Novo Nordisk ADSs. The notes are priced at 100% of principal, with underwriting discounts of 2.50% and proceeds to RBC of 97.50% per $1,000 note. The initial estimated value is expected to be between $901.91 and $951.91 per $1,000, reflecting dealer compensation and hedging costs.

The notes can be automatically called on January 4, 2027 if each underlier is at or above its initial level, in which case investors receive at least $1,375 per $1,000 (at least 137.50%) and no further payments. If not called, maturity on January 4, 2029 offers 150% upside participation in the least performing underlier and a dual-directional payoff as long as that underlier does not fall below 60% of its initial value. If it breaches this 60% barrier, repayment is fully exposed to downside, and investors can lose a substantial portion or all of their principal.

Royal Bank of Canada is offering Auto-Callable Enhanced Return Dual Directional Barrier Notes linked to the worst performer of General Motors and Tesla stock. The Notes are priced at 100% of principal with a 2.50% underwriting discount and 97.50% of proceeds to the bank, and carry an initial estimated value between $887.59 and $937.59 per $1,000 Note.

If, on the January 4, 2027 call observation date, both stocks are at or above their initial values, the Notes are automatically called and pay at least $1,400 per $1,000 (at least 140% of principal), with no further payments. If not called, at maturity in January 2029 investors get 150% of the positive return of the worst stock, or an “absolute return” on losses up to a 50% drop, but lose principal 1:1 if that stock falls below a barrier set at 50% of its initial value. All payments depend on Royal Bank of Canada’s credit and the Notes carry complex tax and market risks.

Royal Bank of Canada is offering senior unsecured structured notes linked to the S&P 500® Index. The notes do not pay interest and return at maturity depends on index performance from the trade date to a determination date expected 27–30 months later.

For each $1,000 principal amount, investors receive 150% of any positive index return, but gains are capped by a maximum settlement amount expected between $1,231.00 and $1,271.65. A 15% buffer protects principal as long as the final index level is at least 85% of the initial level; below that, losses increase about 1.1765% for each 1% drop under the buffer and investors could lose their entire investment.

The initial estimated value is expected between $965.10 and $995.10 per $1,000 note, reflecting structuring and hedging costs. The notes are not listed, may have limited liquidity, are subject to RBC’s credit risk, and are not insured by the FDIC or Canada Deposit Insurance Corporation.

Royal Bank of Canada is offering Buffer Autocallable GEARS, which are senior unsecured notes linked to an unequally weighted basket of five equity indices: EURO STOXX 50 (40%), Nikkei 225 (25%), FTSE 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%). Each Security has a $10 denomination and a term to about December 29, 2028, unless automatically called earlier.

The notes can be automatically called on January 4, 2027 if the Basket Value is at or above the Initial Basket Value, paying $11.00 per Security (a 10% Call Return). If not called and the Basket Return is positive, holders receive $10 plus the Upside Gearing (between 1.4 and 1.58) times the Basket Return. If the Basket Return is zero or negative but the Final Basket Value is at or above the 90% Downside Threshold, principal is repaid at $10.

If the Basket Return is negative and the Final Basket Value is below the Downside Threshold, repayment is reduced based on losses beyond the 10% Buffer, with up to a 90% loss of principal. The Securities pay no interest or dividends, are subject to RBC’s credit risk, will not be exchange listed, and their initial estimated value is expected to be between $9.18 and $9.68 per $10 Security.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the worst performer of the EURO STOXX® Banks Index and the SPDR® S&P® Oil & Gas Exploration & Production ETF. The notes pay a quarterly contingent coupon of $42.875 per $1,000 (4.2875% per quarter, 17.15% per year) only if on each observation date both underliers are 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 worst underlier is at or above its 75% barrier, investors receive full principal plus any coupon; if it is below the barrier, repayment of principal is reduced one-for-one with the underlier’s loss and can fall to zero.

The price to the public is 100% of principal, with underwriting discounts of 1.00% and proceeds to Royal Bank of Canada of 99.00%. The initial estimated value per $1,000 is expected between $920.00 and $970.00, reflecting internal funding and hedging costs. The notes are unsecured obligations of Royal Bank of Canada and are subject to its credit risk and complex U.S. federal income tax treatment.

Royal Bank of Canada is offering $9,387,000 of Redeemable Fixed Rate Notes due December 16, 2030. The notes pay a fixed interest rate of 4.25% per annum, with interest paid semiannually on June 16 and December 16, starting June 16, 2026.

The notes may be redeemed at the bank’s option in whole, but not in part, on June 16, 2027 and on each later interest payment date, at the principal amount plus the applicable interest payment. The price to the public is 100.00%, with underwriting discounts of 0.69%, resulting in proceeds to Royal Bank of Canada of $9,322,229.70.

The notes are unsecured obligations subject to the bank’s credit risk, are not insured by Canadian or U.S. deposit insurance agencies, and are designated as bail-inable, meaning they may be converted into common shares under Canadian resolution powers.

Royal Bank of Canada is offering Capped Return Dual Directional Buffer Notes linked to the S&P 500® Index, maturing on March 19, 2027. The Notes provide 100% participation in index gains up to an 11.25% maximum upside return, so the most you can receive at maturity is $1,112.50 per $1,000 of principal. If the index ends between its starting level and 12% below it, you receive a positive return equal to the absolute index move, up to 12%.

If the S&P 500® falls by more than 12% at maturity, your repayment is reduced one-for-one beyond the 12% buffer and you can lose a substantial portion of principal. The Notes are unsecured debt of Royal Bank of Canada, are not insured or bail‑inable, and all payments depend on its credit. The public price is 100% of principal, with underwriting discounts of 0.75% and proceeds to the issuer of 99.25%, while the initial estimated value is expected to be $935–$985 per $1,000, lower than the purchase price.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the least performing of two SPDR exchange-traded funds: the S&P Regional Banking ETF (KRE) and the S&P Oil & Gas Exploration & Production ETF (XOP). The notes have a minimum investment of $1,000 and pay a contingent coupon of $42.50 per $1,000 principal (4.25% per quarter, 17.00% per year) on quarterly dates if, on the prior observation date, the closing value of each ETF is at or above 80% of its initial value, which also serves as both the coupon threshold and barrier level. The notes are automatically called on quarterly call observation dates starting June 12, 2026 if each ETF is at or above its initial value, in which case holders receive $1,000 plus the applicable coupon.

If the notes are not called, on December 15, 2028 investors receive $1,000 per note plus any due coupon if the final value of the least performing ETF is at or above 80% of its initial value. If it is below that barrier, repayment of principal is reduced in line with the ETF’s percentage loss, up to a complete loss of principal. The price to the public is 100.00% of principal, with a 1.00% underwriting discount and 99.00% of proceeds to Royal Bank of Canada. The initial estimated value is expected to be between $900.00 and $950.00 per $1,000, reflecting funding, hedging and distribution costs. All payments depend on Royal Bank of Canada’s credit and the notes are not insured or bail-inable.

Royal Bank of Canada is offering redeeemable fixed rate senior notes due December 31, 2040, as part of its Senior Global Medium-Term Notes, Series J. The Notes pay interest at a fixed rate of 5.25% per annum, with payments made annually on December 31, beginning December 31, 2026. The minimum investment is $1,000, in denominations of $1,000.

Royal Bank of Canada may, at its option, redeem the Notes in whole (but not in part) on the interest payment date scheduled for December 31, 2028 and on each interest payment date thereafter, upon 10 business days’ prior written notice. If the Notes are held to maturity and not redeemed, investors are scheduled to receive the principal amount plus the final interest payment on December 31, 2040, subject to the issuer’s credit risk.

The Notes are designated as bail-inable notes, meaning they may be converted into common shares of Royal Bank of Canada or its affiliates, or varied or extinguished, under Canadian bail-in powers. RBC Capital Markets, LLC is the underwriter and may purchase the Notes at prices between $975.00 and $1,000.00 per $1,000 principal amount, and may pay selling concessions to selected broker-dealers.

Royal Bank of Canada is offering Performance Leveraged Upside Securities linked to the S&P 500 Index, maturing on December 10, 2027. Each note has a $1,000 stated principal amount and provides 200% leveraged exposure to positive index performance, but gains are capped by a maximum payment of $1,252.60 per note, or 125.26% of principal.

If the S&P 500 final value is above the initial level of 6,901.00, investors receive principal plus twice the index gain up to the cap. If the index is flat, they receive back exactly $1,000. If the index finishes below the initial level, the notes lose value one-for-one with the index decline, with no downside protection and the possibility of a total loss of principal.

The notes pay no interest, are unsecured senior debt of Royal Bank of Canada, and all payments depend on the bank’s credit. The aggregate principal amount is $5,000,000, the initial estimated value is $984.44 per note, and the securities will not be listed on any exchange.

Royal Bank of Canada is issuing $42,253,000 of Auto-Callable Geared Buffer Notes linked to the S&P 500 Index. The notes can be automatically redeemed on quarterly observation dates starting in December 2026 if the index closes at or above a call level set at 90% of the initial index value, paying fixed call amounts that range from $1,077.50 to $1,387.50 per $1,000 of principal depending on when they are called.

If the notes are not called, holders receive $1,000 at maturity in December 2030 so long as the S&P 500 has not fallen below 85% of its initial level; below this buffer, principal is reduced using a downside multiplier of approximately 1.17647, which can lead to a substantial or total loss of principal. The initial estimated value is $999.52 per $1,000, the notes pay no coupons, are unsecured obligations of Royal Bank of Canada, are not deposit-insured or bail-inable, and involve complex market, tax and issuer credit risks.

Royal Bank of Canada is offering $1,035,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of Apple Inc., maturing on December 16, 2027. The notes pay a contingent coupon of $23.50 per $1,000 (2.35% per quarter, 9.40% per year) only if Apple’s share price on each observation date is at or above a coupon threshold set at 75% of the initial value of $278.03. The notes can be automatically called quarterly starting June 11, 2026 if Apple’s closing value is at or above the initial value, in which case investors receive $1,000 plus the applicable coupon and no further payments. If not called and Apple’s final value is at or above the 75% barrier, investors receive $1,000 per note (plus any due coupon); if it is below the barrier, they receive Apple shares worth less than the principal, potentially down to zero. The initial estimated value is $978.07 per $1,000, below the public offering price due to fees, funding and hedging costs.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to the Class A common stock of Meta Platforms, Inc. The total offering size is $4,365,000, with proceeds to the bank of $4,299,525 after underwriting discounts. The notes have a minimum investment of $5,000 and reference Meta’s initial value of $652.71 per share, with both the coupon threshold and barrier set at 63.40% of that level, or $413.82. The contingent coupon is $137.50 per $5,000 (2.75% quarterly, 11.00% per annum) when the underlier closes at or above the threshold.

The notes may be automatically called quarterly if Meta’s closing value is at or above the initial level, in which case investors receive principal plus due and unpaid coupons. If not called and Meta finishes at or above the barrier, investors receive principal back plus any due coupons; if it finishes below, they receive about 7.66 shares of Meta per $5,000, exposing them to potentially large losses, up to total loss. The initial estimated value is $4,916.94 per $5,000, below the public price, and all payments are subject to RBC’s credit. The notes involve complex and uncertain U.S. tax treatment and are not insured deposits or bail-inable notes.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the VanEck Semiconductor ETF (SMH) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The notes pay a contingent coupon of $46.25 per $1,000 (4.625% quarterly, 18.50% per annum) only when, on a quarterly observation date, both ETFs close at or above 75% of their initial values.

The notes can be automatically called each quarter 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 not called, at maturity in December 2028 investors receive $1,000 per note only if the least-performing ETF is at or above its 75% barrier; otherwise repayment is reduced one-for-one with its loss, and principal can be fully lost.

The price to the public is 100% of principal, with 1% in underwriting discounts and proceeds of 99% to the bank. The initial estimated value is expected between $910 and $960 per $1,000, reflecting dealer compensation and hedging costs. The notes carry significant market, credit, liquidity and tax risks, and are not insured or bail-inable.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes tied to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indices. Each $1,000 note can pay a monthly contingent coupon of $7.583 (9.10% per year) if on the observation date all three indices are at or above 70% of their initial levels. Starting in June 2026, the notes are automatically called if all indices are at or above their initial values, returning $1,000 plus the coupon, with no further payments.

If the notes are not called, on the December 22, 2028 maturity date investors receive $1,000 per note if the worst index is at or above 60% of its initial level, but may miss the final coupon if it is below the 70% coupon threshold. If the worst index finishes below 60%, principal is reduced one-for-one with that index’s loss, up to a complete loss. The initial estimated value is expected to be between $922 and $972 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 auto-callable contingent coupon barrier notes linked to the least-performing of Apple, Amazon and Meta stock, in a total offering of $1,086,000 (price to public 100.00%, proceeds to the bank 99.25%). The minimum investment is $1,000 and the notes run from a trade date of December 10, 2025 to a scheduled maturity on December 14, 2028, unless called earlier.

The notes pay a contingent coupon of $10.50 per $1,000 (1.05% monthly, 12.60% per year) only if, on each monthly observation date, every underlier is at or above its coupon threshold, set at 50% of its initial value. The notes are automatically called on certain quarterly dates if all underliers are at or above their initial values, paying back principal plus that period’s coupon.

At maturity, if not called and the worst-performing stock is at or above its 50% barrier, investors receive full principal plus any coupon due. If the worst-performing stock is below its barrier, repayment is reduced one-for-one with that stock’s loss, and investors can lose a substantial portion or all of their principal. The initial estimated value is $990 per $1,000 note, below the public offering price, 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 barrier notes with a memory coupon linked to the worst performer of Amazon, Procter & Gamble, and Walmart stock. The notes pay a monthly contingent coupon of at least $7.292 per $1,000 (at least 8.75% per year) only if on the prior observation date all three stocks are at or above 50% of their initial levels. Missed coupons can be paid later if conditions are met.

The notes can be automatically called quarterly if all underliers are at or above their initial values, returning $1,000 per note plus due coupons, with no further payments. If held to the December 2030 maturity and the worst stock is at or above its 50% barrier, investors receive full principal back plus any due coupon; if it is below the barrier, repayment is reduced one-for-one with the loss in that stock, up to a total loss of principal. The initial estimated value is expected to be $900–$950 per $1,000, below the public offering price, and payments depend on RBC’s credit and complex tax treatment.

Royal Bank of Canada is offering Contingent Coupon Barrier Notes linked to the least performing of the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index. These senior unsecured notes pay a contingent coupon of $36.25 per $1,000 (3.625% semiannually, 7.25% per year) only if, on each observation date, all three indices are at or above 70% of their initial values.

The notes run from a trade date of December 30, 2025 to maturity on January 3, 2031. At maturity, if the worst-performing index is at or above its 70% barrier, investors receive full principal plus any final coupon. If the least performing index is below its barrier, repayment is reduced one-for-one with that index’s decline, and principal losses can reach 100%.

The initial estimated value is expected between $914.91 and $964.91 per $1,000, below the price to the public, reflecting structuring and hedging costs. The notes are subject to Royal Bank of Canada’s credit risk, are not insured by any deposit insurance agency, and involve complex U.S. tax treatment with potential withholding implications for non-U.S. holders.

Royal Bank of Canada is offering S&P 500®-linked Capped Return Notes that return principal at maturity and provide equity-linked upside subject to a cap. For each $1,000 note, investors receive 100% of any positive S&P 500 return, limited by a Maximum Return of 34%, for a maximum payment of $1,340. If the index is flat or negative on the valuation date, investors receive $1,000, so they forgo dividends and any gains above the cap in exchange for downside protection at maturity.

The notes are unsecured debt of Royal Bank of Canada and all payments depend on its credit. The initial estimated value is expected to be between $927.26 and $977.26 per $1,000, reflecting structuring and hedging costs. The product is expected to be treated as a contingent payment debt instrument for U.S. tax purposes, requiring investors to accrue taxable interest over the life of the notes.

Royal Bank of Canada is offering exchangeable notes linked to the common stock of Uber Technologies, Inc., maturing in December 2028. The notes have a minimum investment of $1,000 and are issued at 100% of principal, with no underwriting commission to RBC Capital Markets. The initial estimated value per $1,000 note is expected to be between $940.00 and $990.00, reflecting structuring and hedging costs.

The notes reference an initial Uber share value of $90.4726 and a threshold value of $134.26, which is 148.40% of the initial value. At maturity, investors receive at least $1,000 in cash per note, or at the issuer’s option Uber shares, with additional return only if Uber’s final share value exceeds the threshold. The product embeds detailed anti-dilution and dividend adjustment mechanics and is intended to be treated as a contingent payment debt instrument for U.S. tax purposes.

Royal Bank of Canada is offering Capped Leveraged Index Return Notes linked to the SPDR EURO STOXX 50 ETF (ticker FEZ), with a principal amount of $10 per unit and a term of about 14 months, maturing in February 2027. The initial estimated value on the pricing date is expected to range between $9.25 and $9.75 per unit, which is below the public offering price of $10, reflecting RBC’s internal funding rate, an underwriting discount of $0.175 per unit and a hedging-related charge of $0.05 per unit.

The notes offer a 200% participation rate in positive ETF performance, subject to a Capped Value of $11.40 to $11.80 per unit, implying a maximum return of 14% to 18%. If the ETF’s Ending Value is at or above the Starting Value (with a 100% Threshold Value), investors receive at least their principal, but if it falls below the Starting Value, investors lose some or all of their principal. The notes pay no interest or dividends, are unsecured senior debt subject to RBC credit risk, are not bail-inable, and will not be listed on any exchange, with any secondary market making by affiliated dealers on a discretionary basis.

Royal Bank of Canada is offering Auto-Callable Enhanced Return Buffer Notes linked to the KraneShares CSI China Internet ETF (KWEB), maturing on December 21, 2027. The notes may be automatically called on December 22, 2026 if KWEB’s closing value is at or above its initial value, paying $1,157.50 per $1,000 note (a 15.75% total return) on December 28, 2026.

If the notes are not called, at maturity investors receive enhanced upside with a 150% participation rate in any positive return of KWEB. A 15% downside buffer protects principal as long as the ETF’s decline from the initial level does not exceed 15%. If KWEB falls more than 15%, principal is reduced based on the loss beyond the buffer, and investors could lose a substantial portion of their investment. The notes are unsecured debt of Royal Bank of Canada, subject to its credit risk, and their initial estimated value ($929–$979 per $1,000 note) will be less than the public offering price due to fees, hedging costs and the bank’s funding rate.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the Russell 2000 Index and the EURO STOXX 50 Index, in $1,000 minimum investments. The notes pay a contingent coupon of $20.00 per $1,000 (2.00% per quarter, 8.00% per year) only if, on each observation date, both indices close at or above 70% of their initial values. Starting with the fourth observation date in December 2026, the notes are automatically called if both indices are at or above their initial levels, paying $1,000 plus any coupon then due.

If the notes are not called, at maturity in December 2029 investors receive $1,000 per note only if the least-performing index is at or above 70% of its initial level; otherwise, principal is reduced in proportion to that index’s loss and can fall to zero, meaning a substantial or total loss is possible. The notes are priced at 100% of principal, with a 2.35% underwriting discount and 97.65% of proceeds to Royal Bank of Canada, and their initial estimated value is expected to be $900–$950 per $1,000, below the public offering price. All payments depend on Royal Bank of Canada’s credit, and U.S. tax counsel currently expects prepaid financial contract treatment with coupons taxed as ordinary income, though this treatment is not certain.

Royal Bank of Canada is offering auto-callable contingent coupon notes linked to the least performing of three stocks: Advanced Micro Devices, Broadcom and Dell Technologies Class C. The notes have a minimum investment of $1,000 and mature on December 24, 2030.

Investors may receive a contingent coupon of $6.917 per $1,000 in principal (0.6917% per month, 8.30% per year) for each month that all three underliers close at or above 75% of their initial value on the relevant observation date. The notes can be automatically called quarterly if all underliers are at or above their initial value, in which case investors receive $1,000 plus the applicable coupon. If not called, the examples show full principal repayment at maturity, with the final coupon depending on whether the least performing underlier is above its coupon threshold.

The public offering price is 100% of principal, with underwriting discounts of 3.125% and proceeds to RBC of 96.875%. The initial estimated value is expected to be between $885 and $935 per $1,000, reflecting hedging costs, fees and RBC’s internal funding rate. Payments depend on RBC’s credit; the notes are unsecured, not insured by deposit insurers and are not subject to Canadian bail-in conversion.

Royal Bank of Canada is issuing $503,000 of Barrier Digital Notes due January 7, 2027, linked to the least performing of Apple, Meta and NVIDIA stock.

The notes pay $1,202.50 per $1,000 principal amount (a 20.25% digital return) at maturity if the final value of the worst underlier is at or above 60% of its initial level. If that stock finishes below its 60% barrier, repayment becomes fully exposed to its decline, and investors can lose a substantial portion or all of their principal.

The minimum investment is $1,000, and Royal Bank of Canada expects net proceeds of $501,893.40 after a 0.22% underwriting discount. The initial estimated value is $996.50 per $1,000, below the public offering price, reflecting fees and hedging costs. All payments depend on the bank’s credit, and the notes involve complex market, valuation and U.S. tax considerations described in the supplement.

Royal Bank of Canada is offering senior Redeemable Fixed Rate Notes that pay fixed interest of 5.00% per annum and are scheduled to mature on December 24, 2037. Interest is paid annually on December 24, starting in 2026, based on a 30/360 day count convention.

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 annual interest payment date thereafter, with 10 business days’ prior written notice. If called, investors receive principal plus the applicable interest payment on the call date, and no further payments.

The minimum investment is $1,000, and RBC Capital Markets, LLC will purchase the notes at prices between $975.00 and $1,000.00 per $1,000 principal amount, retaining up to $25.00 per $1,000 as underwriting discount. The notes are subject to Royal Bank of Canada’s credit risk and are designated as bail-inable notes under Canadian law, meaning they can be converted into common shares or written down if Canadian bail-in powers are exercised.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the least-performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. The Notes pay a contingent monthly coupon of $8.333 per $1,000 (about 10% per year) only if, on the observation date, each index is at or above 75% of its initial level.

The Notes can be automatically called on designated semiannual dates if each index is at or above its initial level, in which case investors receive $1,000 per Note plus the coupon, and the product terminates early. If not called, at maturity in September 2030 investors receive full principal back only if the worst-performing index finishes at or above a 65% barrier. Below that barrier, repayment is reduced in line with the index loss, and principal can be lost in full.

The price to the public is 100% of principal, with underwriting discounts of 1% and proceeds to Royal Bank of Canada of 99%. The initial estimated value is expected to be $932.50–$982.50 per $1,000, reflecting dealer compensation, funding and hedging costs. Payments depend on Royal Bank of Canada’s credit and carry complex U.S. tax and withholding considerations.

Royal Bank of Canada is offering unsecured Auto-Callable Enhanced Return Buffer Notes linked to the common stock of NVIDIA Corporation, maturing on December 23, 2027.

The notes may be automatically called on December 24, 2026 if NVIDIA’s closing value is at or above its initial level, paying $1,205 per $1,000 principal (120.50%) with no further payments. If the notes are not called, at maturity investors get boosted upside with a 125% participation rate on any positive NVIDIA return and a 20% downside buffer that protects principal as long as the stock does not fall more than 20% from its initial level.

If NVIDIA’s final value is below the 80% buffer level, principal is reduced and losses can be substantial. The public price is 100% of principal, with underwriting discounts of 1.75% and proceeds to Royal Bank of Canada of 98.25%. The initial estimated value per $1,000 is expected between $931.50 and $981.50, and all payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is offering Capped Enhanced Return Notes linked to the S&P 500 Index, maturing on December 23, 2027. Each $1,000 note pays back principal at maturity and offers 110% of the index’s positive return, but gains are capped at a Maximum Return of 9.262%, or a maximum payment of $1,092.62 per $1,000. If the index is flat or down at maturity, investors receive only their $1,000 principal, with no upside beyond the cap.

The notes are issued at 100% of principal, with underwriting discounts of 1.25% and proceeds to Royal Bank of Canada of 98.75%. The bank’s initial estimated value is expected to be between $925.29 and $975.29 per $1,000 note, reflecting internal funding and hedging costs. The product is unsecured debt subject to Royal Bank of Canada’s credit risk and may trade at values below the issue price in any secondary market.

Royal Bank of Canada is offering $3,000,000 of Trigger Autocallable Contingent Yield Notes linked to the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes pay a 9.45% per annum contingent coupon, made quarterly only if each index closes at or above 70% of its initial level on the relevant observation date. The notes can be automatically called each quarter from March 2026 onward if all three indices are at or above their initial values, in which case holders receive $10 per note plus the coupon and the product terminates early.

If the notes are not called, and at maturity in December 2028 the worst-performing index is at or above 70% of its initial level, investors receive $10 per note plus the final coupon. If the worst index finishes below that threshold, repayment is reduced in line with its loss, up to a full loss of principal. The notes are unsecured, not insured, not listed on an exchange, and all payments depend on Royal Bank of Canada’s creditworthiness.

Royal Bank of Canada is offering buffer digital notes linked to the S&P 500 Index. These notes are senior unsecured debt with a minimum investment of $1,000 and are issued at 100% of principal, with underwriting discounts of 0.25% and proceeds to the bank of 99.75%. The initial estimated value per $1,000 is expected to be between $942.50 and $992.50, reflecting dealer compensation, hedging costs and the bank’s internal funding rate.

The notes offer a fixed digital return of 17.15% at maturity if the S&P 500’s final level is at or above a 90% buffer level. If the index falls more than the 10% buffer, investors lose principal in line with the index decline beyond that buffer, up to a substantial loss. Payments depend entirely on Royal Bank of Canada’s credit. The material also highlights limited secondary market liquidity, potentially wide bid/ask spreads, and complex U.S. tax treatment, including reliance on a prepaid financial contract characterization that the IRS could challenge.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the worst performer among Apple, Amazon and Meta Class A shares. The notes pay a contingent coupon of $10.50 per $1,000 each month (an annual rate of 12.60%) only if on the observation date all three stocks are at or above 50% of their initial level. The notes can be automatically called quarterly if each stock is at or above its initial level, in which case investors receive $1,000 plus the coupon and the notes terminate early.

If the notes are not called and the worst-performing stock finishes at or above 50% of its initial level on the final valuation date, investors receive full principal back plus the final coupon. If the worst performer ends below 50%, repayment of principal is reduced one-for-one with the stock’s loss, up to total loss of principal. The initial estimated value per $1,000 is expected to be between $914 and $964, below the public offering price, reflecting structuring and hedging costs, and all payments depend on RBC’s credit.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of Apple Inc. The Notes have a minimum investment of $1,000 and pay a contingent coupon of $23.50 per $1,000 each quarter, equal to 2.35% per quarter or 9.40% per annum, but only when Apple’s closing value on the relevant observation date is at or above a coupon threshold set at 75% of the initial value.

The Notes can be automatically called on quarterly call observation dates if Apple’s value is at or above its initial level, in which case investors receive their $1,000 principal plus the contingent coupon and no further payments. If the Notes are not called and, at maturity in December 2027, Apple’s value is at or above the 75% barrier, investors get full principal back plus any due coupon.

If at maturity Apple’s value is below the 75% barrier, investors receive shares of Apple equal to a physical delivery amount instead of cash principal, which can lead to substantial loss of principal. The initial estimated value is expected to be between $923 and $973 per $1,000, below the public offering price, reflecting fees, structuring and hedging costs. All payments depend on Royal Bank of Canada’s credit and involve complex risk and tax considerations.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes with a memory coupon linked to the Class A common stock of Meta Platforms, Inc., maturing on June 16, 2027. These notes are senior unsecured debt of the bank and are not insured by any Canadian or U.S. deposit insurance agency.

The notes pay a contingent coupon of $137.50 per $5,000 in principal (2.75% per quarter, 11.00% per year) only if Meta’s share price on each observation date is at or above a coupon threshold set at 63.40% of the initial share value

If the notes are not called and Meta’s final value is below the barrier, investors receive Meta shares equal to the physical delivery amount instead of full cash principal, exposing them to potentially large losses up to a full loss of principal. The initial estimated value per $5,000 of notes is expected to be between $4,647.75 and $4,897.75, below the public offering price, reflecting dealer compensation and hedging costs.

Royal Bank of Canada is offering 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 pay a contingent coupon of $20 per $1,000 each quarter (a rate of 2.00% per quarter, or 8.00% per year) only if, on the observation date, each index is at or above 70% of its initial level. The notes may be automatically called quarterly, beginning June 4, 2026, if all three indexes 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 valuation date, the worst-performing index is at or above 70% of its initial level, investors receive $1,000 plus any coupon. If it is below 70%, repayment of principal is reduced one-for-one with the index loss, potentially to zero, and no coupon is paid. The price to the public is 100% of principal, with underwriting discounts of 2.35%, and the initial estimated value is expected between $900 and $950 per $1,000. The product involves complex risks and uncertain U.S. tax treatment, and all payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is offering market-linked, principal-at-risk notes tied to the worst-performing of Amazon.com common stock and Alphabet Class A common stock, maturing on December 20, 2027. Each security has a $1,000 face amount and pays quarterly contingent coupons at a rate set on the pricing date of at least 7.75% per annum, but only if on each calculation day the lower of the two stocks is at or above 70% of its starting value. Missed coupons can be paid later if the condition is met, due to a “memory” feature.

At maturity, investors receive $1,000 per security only if the worst-performing stock is at or above 70% of its starting value; otherwise, they are exposed 1‑for‑1 to further declines below that level, with potential loss of up to 70% of principal and no upside participation in either stock. The notes pay no dividends, are unsecured obligations of Royal Bank of Canada subject to its credit risk, are not listed on an exchange, and have an initial estimated value between $901.50 and $951.50 per $1,000 security, below the original offering price.

Royal Bank of Canada is issuing $500,000 of Fixed Coupon Geared Buffer Notes linked to the common stock of NVIDIA Corporation, maturing on June 4, 2026. The notes have a minimum investment of $1,000 and pay a fixed coupon of $60.50 per $1,000 (6.05% at maturity, 12.10% per annum).

At maturity, investors receive $1,000 per $1,000 of notes plus the coupon if NVIDIA’s share price on the valuation date is at or above the buffer level of 80% of the initial value ($179.92). If NVIDIA’s price falls below the buffer value of $143.94, investors receive shares of NVIDIA equal to the physical delivery amount of 6.95 shares per $1,000, which may be worth less than principal and could be worth zero.

The notes are senior unsecured debt of Royal Bank of Canada, with an initial estimated value of $990.48 per $1,000, below the public offering price. They are not insured by U.S. or Canadian deposit insurers, involve complex U.S. tax treatment, and may trade at a substantial discount in any secondary market.

Royal Bank of Canada is offering auto-callable enhanced return dual directional barrier notes linked to the worst performer of Amazon.com and Target stock. The notes are issued in $1,000 minimum denominations and pay 100% of principal at issue, with underwriting discounts of 2.50% and an initial estimated value between $892.50 and $942.50 per $1,000, which is lower than the public offering price.

If on the call observation date in December 2026 both stocks are at or above their initial values, the notes are automatically redeemed for at least $1,300 per $1,000, ending the investment early. If not called, the December 2028 maturity payout depends on the worst-performing stock: 200% participation on gains, an "absolute return" feature if the loss is within a 40% barrier, and full downside exposure if that stock falls more than 40%, which can result in losing most or all principal. Payments depend on RBC’s credit, and the document highlights market, pricing, conflict of interest and tax risks.

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 notes are sold at 100% of principal with a 1% underwriting discount, so proceeds to the bank are 99% of the issue price. The minimum investment is $1,000 in $1,000 increments. If on December 28, 2026 the index is at or above its initial level, the notes are automatically called and pay $1,100 per $1,000, a 10% return, with no further payments. If not called, at maturity in December 2030 investors receive 160% of any index gain, full principal back for index losses up to 10%, and lose principal for larger declines. The initial estimated value is expected to be between $900 and $950 per $1,000, reflecting dealer compensation, hedging and funding costs.

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 $9.458 per $1,000 each month, equivalent to 11.35% per annum, but only when the index closes at or above a coupon threshold set at 60% of the initial index value on the relevant observation date. Missed coupons can be paid later if conditions are met, using a "memory" feature.

The Notes can be automatically called quarterly if the index is at or above its initial level, returning $1,000 per Note plus any due coupons, after which no further payments are made. If the Notes run to maturity and the final index value is at least 50% of the initial value (the barrier), investors receive full principal back; below the barrier, repayment is reduced one-for-one with the index loss, up to total loss of principal.

The initial estimated value is expected between $885 and $935 per $1,000, below the public price, reflecting dealer compensation and hedging costs. The Underlier itself uses leverage of at least 100% and up to 500%, deducts a notional financing cost, a 6% per annum factor, and transaction costs daily, which can significantly drag performance and increase risk.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the common stock of Netflix, Inc., maturing on January 22, 2027. The notes pay a monthly contingent coupon of $9.292 per $1,000 (0.9292% per month, 11.15% per year) only if Netflix’s closing price on the prior observation date is at or above a coupon threshold set at 70% of the initial share price.

Beginning with the June 16, 2026 observation date, the notes will be automatically called if Netflix closes at or above its initial value, returning the $1,000 principal plus the coupon, with no further payments. If the notes are not called and Netflix ends at or above the 70% barrier on the valuation date, investors receive full principal back plus any coupon.

If Netflix’s final value is below the 70% barrier, investors receive a fixed number of Netflix shares instead of cash, which could be worth far less than principal and potentially zero. The initial estimated value is expected between $919.50 and $969.50 per $1,000, below the public offering price, and all payments depend on Royal Bank of Canada’s credit. The notes are not insured or bail-inable.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of Morgan Stanley. The Notes pay a contingent monthly coupon of $9.083 per $1,000 principal (about 10.90% per year) only when the stock closes at or above a coupon threshold set at 77% of the initial stock value.

The Notes can be automatically called beginning about six months after trade if the stock is at or above its initial value on a call observation date; in that case, investors receive $1,000 plus the coupon and no further payments. If the Notes are not called and, at maturity in January 2027, the stock is at or above the 77% barrier, investors receive full principal plus any coupon due. If the stock finishes below the barrier, investors receive Morgan Stanley shares worth less than their principal, potentially up to a 100% loss.

The price to the public is 100% of principal, with underwriting discounts of 1.50% and an initial estimated value expected between $920.67 and $970.67 per $1,000, reflecting fees, hedging costs and RBC’s lower internal funding rate. The Notes are unsecured RBC debt, not insured deposits, and involve complex market, credit and tax risks.