Royal Bank of Canada (RBMCF) details initial equity basket levels for new notes
Rhea-AI Filing Summary
Royal Bank of Canada provides additional terms for structured notes linked to a basket of U.S.-listed equities by setting the Initial Basket Underlier Value for each stock. The basket includes companies such as Boston Scientific, Chubb, Crown Castle, CDW, Coherent, DoorDash, First Citizens BancShares, Public Storage, Shake Shack and others, with each underlier assigned a specific starting price level used to calculate future note performance.
The notes are part of Royal Bank of Canada’s Senior Global Medium-Term Notes, Series J, will not be listed on any securities exchange, and are not insured by Canadian or U.S. deposit insurance agencies. Investors are directed to review the related prospectus, supplements and risk factor sections for detailed risk considerations before investing.
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FAQ
What does this Royal Bank of Canada (RBMCF) supplement disclose about the notes?
This document sets the Initial Basket Underlier Value for each stock in the equity basket underlying certain Royal Bank of Canada notes, and confirms that these notes are part of the bank’s Senior Global Medium-Term Notes, Series J program.
Which equity underliers are included in the Royal Bank of Canada basket notes?
The basket includes the common stock or common shares of Boston Scientific, Chubb, Crown Castle, CDW, Coherent, DoorDash, Expand Energy, First Citizens BancShares, Globe Life, Intercontinental Exchange, Jack Henry & Associates, Karman Holdings, Mohawk Industries, nCino, NRG Energy, Public Storage, Construction Partners and Shake Shack, each with a specified Initial Basket Underlier Value.
Are the Royal Bank of Canada basket notes listed on an exchange?
No. The notes will not be listed on any securities exchange, so investors should be prepared to hold them or rely on any secondary market that dealers may choose to make.
Are the Royal Bank of Canada notes insured or guaranteed by government agencies?
No. The notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation, or any other Canadian or U.S. governmental agency or instrumentality.
What risks does Royal Bank of Canada highlight for these basket notes?
The bank states that investing in the notes involves risks not associated with conventional debt securities and directs investors to “Selected Risk Considerations” in the pricing supplement and “Risk Factors” in the prospectus, prospectus supplement and product supplement.
Where can investors find the full offering documents for the Royal Bank of Canada basket notes?
Investors can access the prospectus, prospectus supplement, product supplement, and pricing supplement via specific links on the SEC website, using Royal Bank of Canada’s CIK 1000275 as referenced in the document.
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Registration Statement No. 333-275898 Filed Pursuant to Rule 424(b)(3) | |
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Pricing Supplement Amendment
Amendment No. 1 dated December 23, 2025 to Pricing Supplement dated December 19, 2025 to the Prospectus dated December 20, 2023, the Prospectus Supplement dated December 20, 2023 and the Product Supplement No. 1B dated July 22, 2025 |
Return Notes with Variable Coupons
Royal Bank of Canada | |
This document supplements the accompanying pricing supplement (CUSIP: 78015QUW9). The Initial Basket Underlier Value for each Basket Underlier has been determined in the manner set forth in the accompanying pricing supplement and is set forth in the table below:
| Basket Underlier | Bloomberg Ticker | Initial Basket Underlier Value |
| The common stock of Boston Scientific Corporation | BSX UN | $96.04 |
| The common shares of Chubb Limited | CB UN | $311.62 |
| The common stock of Crown Castle Inc. | CCI UN | $86.65 |
| The common stock of CDW Corporation | CDW UW | $139.43 |
| The common stock of Coherent Corp. | COHR UN | $189.56 |
| The Class A common stock of DoorDash, Inc. | DASH UW | $233.95 |
| The common stock of Expand Energy Corporation | EXE UW | $109.25 |
| The Class A common stock of First Citizens BancShares, Inc. | FCNCA UW | $2,156.71 |
| The common stock of Globe Life Inc. | GL UN | $141.51 |
| The common stock of Intercontinental Exchange, Inc. | ICE UN | $161.23 |
| The common stock of Jack Henry & Associates, Inc. | JKHY UW | $185.05 |
| The common stock of Karman Holdings Inc. | KRMN UN | $76.83 |
| The common stock of Mohawk Industries, Inc. | MHK UN | $108.46 |
| The common stock of nCino, Inc. | NCNO UW | $25.84 |
| The common stock of NRG Energy, Inc. | NRG UN | $157.09 |
| The common shares of Public Storage | PSA UN | $260.00 |
| The Class A common stock of Construction Partners, Inc. | ROAD UW | $111.06 |
| The Class A common stock of Shake Shack Inc. | SHAK UN | $84.73 |
Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-8 of the accompanying pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement and product supplement.
The Notes will not be listed on any securities exchange. None of the Securities and Exchange Commission (the “SEC”), any state securities commission or any other regulatory body has approved or disapproved of the Notes or passed upon the adequacy or accuracy of this document. Any representation to the contrary is a criminal offense. The Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or U.S. governmental agency or instrumentality.
RBC Capital Markets, LLC
Return Notes with Variable Coupons Linked to a Basket of Raymond James Analysts’ Best Picks® for 2026 | ||
ADDITIONAL TERMS OF YOUR NOTES
You should read this document together with the prospectus dated December 20, 2023, as supplemented by the prospectus supplement dated December 20, 2023, relating to our Senior Global Medium-Term Notes, Series J, of which the Notes are a part, the product supplement no. 1B dated July 22, 2025 and the accompanying pricing supplement referred to below. This document, together with these documents, contains the terms of the Notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials, including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours.
We have not authorized anyone to provide any information or to make any representations other than those contained or incorporated by reference in this document and the documents listed below. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. These documents are an offer to sell only the Notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in each such document is current only as of its date.
If the information in this document differs from the information contained in the documents listed below, you should rely on the information in this document.
You should carefully consider, among other things, the matters set forth in “Selected Risk Considerations” in the accompanying pricing supplement and “Risk Factors” in the documents listed below, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes.
You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):
| · | Prospectus dated December 20, 2023: |
https://www.sec.gov/Archives/edgar/data/1000275/000119312523299520/d645671d424b3.htm
| · | Prospectus Supplement dated December 20, 2023: |
https://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm
| · | Product Supplement No. 1B dated July 22, 2025: |
https://www.sec.gov/Archives/edgar/data/1000275/000095010325009131/dp231901_424b2-opsn1b.htm
| · | Pricing Supplement dated December 19, 2025: |
https://www.sec.gov/Archives/edgar/data/1000275/000095010325016490/dp239084_424b2-rjeln165dlo.htm
Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this document, “Royal Bank of Canada,” the “Bank,” “we,” “our” and “us” mean only Royal Bank of Canada. Capitalized terms used in this document without definition are as defined in the accompanying pricing supplement.
| P-2 | RBC Capital Markets, LLC |