Royal Bank of Canada 424B Filings

Royal Bank of Canada is issuing redeemable fixed rate senior notes under its Global Medium-Term Notes, Series J program. The notes pay a fixed interest rate of 4.76% per annum, with semiannual interest payments on January 23 and July 23 of each year, beginning January 23, 2027 and ending on July 23, 2029, the scheduled maturity date.

The notes are callable at the issuer’s option, in whole but not in part, on the interest payment dates falling on July 23, 2028 and January 23, 2029, upon 10 business days’ prior written notice; if redeemed, investors receive principal plus the applicable interest payment on the call date. They are issued in minimum denominations of $1,000, are subject to Canadian bail-in powers (and can be converted into common shares under the CDIC Act in a bail-in), and all payments are subject to Royal Bank of Canada’s credit risk. RBC Capital Markets, LLC acts as underwriter and may purchase the notes at between $990.00 and $1,000.00 per $1,000 principal amount, with an underwriting discount of up to $10.00 per $1,000.

Royal Bank of Canada is issuing two Fixed Coupon Barrier Notes with an aggregate principal amount of $1,551,000, each linked separately to the common stock of Moderna, Inc. (MRNA) and the Class A common stock of Vertiv Holdings Co (VRT) and paying fixed monthly coupons.

The MRNA-linked notes have a 18.00% annual coupon, $68.28 initial underlier value and a 50% barrier at $34.14, with $447,000 principal. The VRT-linked notes have a 16.00% annual coupon, $304.57 initial underlier value and a 50% barrier at $152.29, with $1,104,000 principal.

At maturity on July 20, 2027, investors receive par plus the final coupon if the final underlier value is at or above the barrier; otherwise repayment is reduced one-for-one with the underlier loss, so investors may lose a substantial portion or all of principal. The initial estimated values of the notes, $965.11 and $964.14 per $1,000, are below the public offering price.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the worst-performing of American Airlines Group Inc. common stock and Alphabet Inc. Class C stock. The notes are issued at 100% of principal, with underwriting discounts of 1.50% and proceeds to RBC of 98.50% of principal.

The notes pay a monthly contingent coupon of $15.208 per $1,000 (1.5208% per month, 18.25% per year) only if on each observation date both underliers are at or above a coupon threshold set at 50% of their initial values. Starting about six months after issuance, the notes are automatically called if both underliers are at or above their initial values, returning $1,000 plus the applicable coupon.

If not called, at maturity in July 2029 investors receive $1,000 per note plus any due coupon if the final value of the least performing underlier is at or above its 50% barrier. If that underlier finishes below its barrier, repayment is reduced one-for-one with its loss, potentially to zero. The initial estimated value is expected between $902.10 and $952.10 per $1,000, lower than the public offering price, and all payments are subject to RBC’s credit risk and complex U.S. tax treatment.

Royal Bank of Canada is issuing $640,000 of Senior Global Medium-Term Notes, Series J, structured as market-linked, auto-callable securities tied to the EURO STOXX 50® Index, with a face amount of $1,000 per security and stated maturity on July 19, 2030. The notes can be automatically called on July 20, 2027 if the index is at or above its starting value of 6,265.58, in which case investors receive principal plus a 15.75% call premium.

If not called, the maturity payment depends on index performance: investors receive leveraged upside at a 150% upside participation rate when the ending index value exceeds the starting value; full principal back if the ending value is between the starting value and the 75% threshold value of 4,699.185; and full downside exposure below the threshold, with potential loss of more than 25% and up to all principal. The securities pay no interest, are unsecured obligations subject to Royal Bank of Canada’s credit risk, and have an initial estimated value of $968.81 per $1,000 security, below the original offering price due to agent discounts, funding rates and hedging costs.

Royal Bank of Canada is offering $4,305,000 of Fixed Coupon Barrier Notes linked to the American depositary shares of Taiwan Semiconductor Manufacturing Company Limited (TSM), maturing July 20, 2027. The notes are issued at 100% of principal, with a 1.00% underwriting discount and 99.00% of proceeds to the bank.

Investors receive a fixed coupon of $58.917 per $5,000 each month (1.1783% per month, 14.14% per annum), regardless of Underlier performance, subject to issuer credit. At maturity, if the final TSM price is at or above the Barrier Value of $251.69 (60% of the $419.48 Initial Underlier Value), investors are repaid the full $5,000 principal per note plus the final coupon. If the final price is below the barrier, repayment is in TSM shares, delivering 11.9195 ADS per $5,000, so investors bear any downside below the barrier and may lose a substantial portion or all of principal.

The initial estimated value is $5,021.52 per $5,000, above par, but secondary market values may be lower and are influenced by market conditions, the issuer’s creditworthiness and hedging costs. The notes are unsecured, unsubordinated RBC obligations, not deposit-insured or bail-inable, and involve complex U.S. tax treatment, including characterization as a put option and deposit and potential withholding considerations for Non-U.S. holders.

Royal Bank of Canada is issuing Auto-Callable Fixed Coupon Barrier Notes, senior unsecured debt linked to the common stock of Snowflake Inc. The notes are offered at 100.00% of principal, for total proceeds of $656,000, with underwriting discounts and commissions of 2.50% (or $16,400), resulting in $639,600 to the issuer before other costs. The initial estimated value is $964.78 per $1,000, below the public offering price.

Each $1,000 note pays a fixed coupon of $32.50 per quarter (13.00% per annum) so long as it has not been automatically called. The notes are auto-callable quarterly starting about six months after the July 15, 2026 trade date if Snowflake’s closing price is at or above the Initial Underlier Value of $271.87; if called, investors receive $1,000 plus the coupon due and no further payments.

If not called, at maturity on July 19, 2029 investors receive $1,000 per note plus the final coupon if the Final Underlier Value is at or above the Barrier Value of $135.94 (50% of the initial level). If the final value is below the barrier, repayment of principal is reduced one-for-one with the underlier loss, so investors can lose a substantial portion or all of principal. All payments depend on Royal Bank of Canada’s creditworthiness. The tax discussion highlights substantial uncertainty, including treatment as a put option and deposit and potential U.S. withholding for non-U.S. holders.

Royal Bank of Canada is issuing Auto-Callable Contingent Coupon Buffer Notes with Memory Coupon linked to the worst-performing of Apple, Amazon and Alphabet Class A common stock. The notes are part of its senior unsecured debt and are not insured by any deposit insurer.

The notes have a minimum investment of $1,000, pay a contingent coupon of $35 per $1,000 (3.50% per quarter, 14.00% per annum) only if on a quarterly observation date each underlier is at or above 75% of its initial value, and missed coupons may be paid later via a memory feature. Beginning about one year after issuance, the notes are auto-callable quarterly if all underliers are at or above their initial values, returning principal plus due coupons.

If not called, at maturity investors receive full principal back only if the least performing underlier is at or above its 75% buffer level. Below that, principal is reduced one-for-one with losses beyond the 25% buffer, so investors can lose a substantial portion of principal. The initial estimated value is $1,002.94 per $1,000, and all payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is issuing market-linked, auto-callable notes due July 19, 2029 with a $1,000 face amount per security, linked to the lowest performing of Apple, Goldman Sachs and Eli Lilly common stocks. The original offering price is $1,000 per security, with an initial estimated value of $974.41, reflecting agent discounts and hedging costs.

The notes pay a contingent coupon of 18.15% per annum, quarterly, only if on each calculation day the lowest performing stock is at or above its coupon threshold (70% of its starting value). They may be automatically called from January 2027 to April 2029 if that stock is at or above its starting value. At maturity, if not called and the lowest performer is below its downside threshold (60% of starting value), investors are fully exposed to downside and can lose more than 40% and up to all principal. The notes are senior unsecured obligations of RBC, not insured or bail-inable, and all payments depend on RBC’s credit.

Royal Bank of Canada is issuing $4,472,000 of Senior Global Medium‑Term Notes, Series J, structured as market-linked, auto-callable securities tied to the lowest performing of Alphabet Class A, JPMorgan Chase, and NVIDIA common stock, maturing July 20, 2028.

Each security has a $1,000 face amount and pays a 12.40% per annum contingent coupon quarterly if the lowest-performing stock on the relevant calculation day is at or above its coupon threshold (50% of its starting value), with a memory feature for previously missed coupons. The notes may be automatically called quarterly from October 2026 through April 2028 if the lowest-performing stock is at or above its starting value, returning face amount plus applicable coupons.

If not called, at maturity investors receive $1,000 per security if the lowest-performing stock is at or above its downside threshold (50% of starting value); otherwise, principal is reduced in proportion to that stock’s decline, with potential loss of most or all of principal. The initial estimated value is $972.59 per security, below the $1,000 offering price, and the unsecured notes are subject to Royal Bank of Canada’s credit risk and limited secondary liquidity.

Royal Bank of Canada is issuing $320,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the least performing of the Russell 2000, S&P 500 and EURO STOXX 50 indices, maturing on July 18, 2030. The notes are senior unsecured debt of Royal Bank of Canada.

Investors receive a quarterly contingent coupon of 2.1875% ($21.875 per $1,000, or 8.75% per annum) only if on the relevant observation date each index is at or above its coupon threshold, set at 70% of its initial value. The notes are auto-callable quarterly beginning July 15, 2027 if each index 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 investors receive $1,000 per $1,000 principal amount if the final value of the least performing index is at or above its barrier (70% of its initial value), plus any due coupon. If the least performing index is below its barrier, repayment is reduced one-for-one with the index loss, and investors can lose up to all principal. The initial estimated value is $951.34 per $1,000, below the public issue price, reflecting dealer compensation and hedging costs, and the product carries complex U.S. tax treatment as a prepaid financial contract.

Royal Bank of Canada is issuing three separate Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon, each linked to a different equity underlier: CrowdStrike Holdings Class A, Alphabet Class A and Workday Class A. Principal amounts are $1,753,000 (CRWD), $1,361,000 (GOOGL) and $1,596,000 (WDAY).

The CRWD and WDAY notes offer a 15.60%15.50% per annum contingent coupon, and the GOOGL note offers 10.25% per annum, payable quarterly if the underlier closes at or above its Coupon Threshold on the observation date, with missed coupons potentially paid later under a memory feature. Notes are auto-callable quarterly from January 15, 2027 if the underlier is at or above its initial value.

If not called, at maturity in July 2029 investors receive full principal only if the final underlier value is at or above the Barrier Value (50% of initial for CRWD and WDAY; 70% for GOOGL). If the final value is below the barrier, repayment is reduced one-for-one with the underlier loss, and investors can lose a substantial portion or all of principal. All payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is issuing four Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon, each linked to a single U.S. stock: Amazon.com (AMZN), Apollo Global Management (APO), Best Buy (BBY) and Boston Scientific (BSX). Total principal across the four tranches is $4,324,000, with individual principal amounts of $2,082,000 (AMZN), $600,000 (APO), $208,000 (BBY) and $1,434,000 (BSX).

The notes pay quarterly contingent coupons if the underlier’s closing value is at or above its coupon threshold, with annualized rates of 10.75% (AMZN), 11.25% (APO), 10.00% (BBY) and 10.50% (BSX). Each note is auto-callable if on a call observation date the underlier closes at or above its initial value, in which case investors receive principal plus the due and unpaid coupons and no further payments.

If not called, at maturity in July 2029 investors receive par only if the final underlier value is at or above its barrier value (70% of initial for AMZN, 60% for APO, 50% for BBY, 55% for BSX). If the final value is below the barrier, repayment is reduced one-for-one with the underlier loss, and investors can lose a substantial portion or all of principal. Initial estimated values per $1,000 ($965.90–$974.09) are below the public offering price, and all payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is issuing $385,000 of Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to the least performing of Alphabet Class C, JPMorgan Chase and Microsoft common stock, under its senior global medium-term note program.

The notes pay a contingent coupon of $12.50 per $1,000 (1.25% per month, 15.00% per annum) only if on a coupon observation date each underlier is at or above its coupon threshold, set at 70% of its initial value. The notes are automatically callable monthly beginning January 15, 2027 if each underlier is at or above its initial value, in which case investors receive $1,000 plus due and unpaid contingent coupons.

If not called, at maturity on July 19, 2029 investors receive $1,000 per note if the least performing underlier finishes at or above its barrier value of 60% of its initial level, plus any due coupons. If the least performing underlier is below its barrier, repayment is reduced one-for-one with its decline, so investors can lose a substantial portion or all of principal. The price to the public is 100.00% of principal, with a 3.00% underwriting discount and an initial estimated value of $960.73 per $1,000, reflecting structuring and hedging costs.

Royal Bank of Canada is issuing $11,125,000 of Fixed Coupon Geared Buffer Notes linked to the least performing of the Russell 2000 Index and the S&P 500 Index, priced at 100% of principal, with all proceeds to the bank and no underwriting commissions to RBC Capital Markets, LLC.

The notes pay a fixed coupon of $6.417 per $1,000 each month, corresponding to 7.70% per annum, from August 2026 until maturity on January 20, 2028. The initial estimated value is $996.33 per $1,000, below the public offering price, reflecting funding and hedging costs.

At maturity, investors receive full principal only if the Final Value of the Least Performing Underlier is at or above 80% of its Initial Value (the 20% Buffer Percentage). If it falls below this level, principal is reduced using a 1.25 Downside Multiplier, as illustrated by a -50% underlier return yielding $625 per $1,000, plus any final coupon. Investors may lose some or all principal and are exposed 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 linked to the Class A common stock of Meta Platforms, Inc. The notes are priced at 100% of principal, with a 1.75% underwriting discount, so Royal Bank of Canada receives 98.25% of the principal amount.

The notes pay a contingent coupon of at least $28.50 per $1,000 each quarter (at least 2.85% per quarter, 11.40% per year) only when Meta’s closing price is at or above 50% of its initial level. On quarterly observation dates, if Meta closes at or above its initial level, the notes are automatically called and pay $1,000 plus the coupon. If not called and Meta’s final level is at or above the 50% barrier, investors receive $1,000 plus any due coupon; if it is below the barrier, investors receive Meta shares worth less than principal, with losses mirroring the decline and potentially reaching 100%. The initial estimated value is expected between $925 and $975 per $1,000, below the public price, reflecting dealer compensation, funding and hedging costs, and all payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is issuing $2,509,000 of Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to the common stock of Morgan Stanley, maturing on January 20, 2028. The notes pay a contingent coupon of $26.40 per $1,000 (2.64% per quarter, 10.56% per annum) on quarterly payment dates only if, on the prior observation date, the underlier’s closing value is at least the coupon threshold of $136.60, which is 60% of the initial underlier value of $227.67. Missed coupons have a memory feature and can be paid later if the test is met.

The notes are automatically called on any quarterly call observation date if the underlier is at or above its initial value, paying $1,000 plus the current and any unpaid coupons, with no further payments. If not called, and the final underlier value is at least the 60% barrier, holders receive $1,000 per note plus any due coupons. If the final value is below the barrier, holders receive shares of Morgan Stanley equal to the physical delivery amount of 4.3923 shares per $1,000 (with cash for fractions) and no coupons, exposing them to losses up to the full principal. The initial estimated value is $978.78 per $1,000, below the public offering price, and the notes are unsecured, unsubordinated obligations of Royal Bank of Canada, not insured or bail-inable. U.S. tax treatment is based on a prepaid financial contract analysis and remains subject to uncertainty.

Royal Bank of Canada is offering Capped Enhanced Return Barrier Notes linked to the State Street SPDR S&P 500 ETF Trust. The notes are issued at 100% of principal, with a 2% underwriting discount and 98% of principal as proceeds to Royal Bank of Canada. Minimum investment is $1,000, with trade, issue and maturity dates of July 17, 2026, July 22, 2026 and September 22, 2027, respectively.

At maturity, investors receive $1,000 plus upside based on 200% of the Underlier return, capped at a Maximum Return of at least 14%. Principal is protected only if the Final Underlier Value is at or above the Barrier Value of 90% of the Initial Underlier Value; below this level, losses mirror the Underlier, up to total loss. The initial estimated value is expected between $924.00 and $974.00 per $1,000. The notes are unsecured obligations subject to Royal Bank of Canada’s credit risk, are not insured, may trade at a substantial discount, and have complex U.S. tax treatment, including potential “constructive ownership” and Section 871(m) considerations.

Royal Bank of Canada is offering S&P 500® Index-linked senior unsecured notes that provide leveraged equity exposure with a capped upside and partial downside protection. The notes pay no interest.

For each $1,000 note, investors receive 140% of any positive S&P 500® return, capped at a maximum settlement amount expected between $1,262.22 and $1,308.42. If the index finishes between 87.50% and 100% of its initial level, principal is returned. Below the 87.50% buffer level, losses increase by about 1.1429% of principal for every 1% drop beyond the buffer, and investors could lose their entire investment. The initial estimated value is expected between $965.00 and $995.00 per $1,000, the notes are not listed, and all payments are subject to Royal Bank of Canada’s credit risk and uncertain tax treatment.

Royal Bank of Canada is issuing senior unsecured, principal-at‑risk notes linked to the S&P 500 Index. The notes mature in about 26–29 months, pay no interest, are not bail‑inable, and are not insured by U.S. or Canadian deposit insurers.

At maturity, each $1,000 note pays a fixed threshold settlement amount, expected between $1,167.30 and $1,196.80, if the S&P 500 final level is at least 85.00% of its initial level. Upside is capped at this amount; investors do not participate in further index gains.

If the index finishes below 85.00% of its initial level, investors lose principal, at about 1.1765% of principal for every 1% the index closes below the threshold, down to a possible total loss. The initial estimated value is expected between $965.00 and $995.00 per $1,000, below the 100% issue price, and the notes will not be listed, so secondary‑market liquidity and pricing may be limited.

Royal Bank of Canada is offering $2,681,000 aggregate principal amount of senior unsecured notes linked to the MSCI EAFE Index under its structured note program. Each note has $1,000 principal, a trade date of July 14, 2026 and matures July 14, 2028.

The notes pay no interest. If the final index level on the July 12, 2028 determination date is at or above 87.50% of the initial level of 3,131.79, investors receive a fixed $1,180.60 per $1,000 note, an 18.06% capped return. If the final level is below the threshold, the payoff falls linearly and investors lose about 1.1429% of principal for each 1% the index is below the threshold, down to total loss.

The notes are not listed, have no early redemption, and are subject to Royal Bank of Canada credit risk, equity-market volatility and foreign currency fluctuations embedded in the MSCI EAFE Index. The initial estimated value is $989.74 per $1,000 note, below the 100% issue price, and secondary-market prices may be lower.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the least performing of the Russell 2000, S&P 500 and EURO STOXX 50 indexes. The notes are issued at 100% of principal, with a 2% underwriting discount and 98% of proceeds to the bank.

Investors receive a quarterly contingent coupon of at least $28.375 per $1,000 (2.8375% per quarter, 11.35% per annum) only if all three indexes are at or above 75% of their initial values on the observation date; the same level is the barrier for principal at maturity. If the notes are not called and the worst index finishes below this barrier, repayment is reduced one-for-one with the index loss, potentially to zero. The notes are unsecured, not deposit-insured or bail-inable, and their initial estimated value is expected between $923.50 and $973.50 per $1,000, below the public offering price.

Royal Bank of Canada is issuing senior unsecured Trigger Autocallable Contingent Yield Notes linked to the least performing of the Nasdaq-100 Index and the Russell 2000 Index, maturing on or about July 22, 2031. Each Note has a principal amount of $10, with a minimum investment of $1,000.

Investors may receive quarterly Contingent Coupons at an indicative rate of 11.70%–12.20% per annum if on each observation date both indices close at or above a Coupon Barrier set at 70% of their Initial Underlying Value. The Notes are automatically called on any quarterly call date (starting six months after the trade date) if both indices are at or above their initial level, paying $10 plus the due coupon and then terminating.

If the Notes are not called, and at final valuation the least performing index is at or above its Downside Threshold (also 70% of its initial level), investors receive $10 plus the last coupon. If it is below that threshold, repayment is reduced on a 1-for-1 basis with the negative index return, down to zero, meaning up to 100% loss of principal. All payments depend on Royal Bank of Canada’s credit and the Notes will not be listed on any exchange.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of Amazon.com, Inc., maturing on July 20, 2028, under its Senior Global Medium-Term Notes, Series J program. Each Note has a $1,000 principal amount and is sold at 100% of principal, with an underwriting discount of 1.75% and proceeds to the issuer of 98.25% of principal.

The Notes pay a contingent quarterly coupon of at least $26.50 per $1,000 (at least 2.65% per quarter, 10.60% per year) only when Amazon’s closing share price on the relevant observation date is at or above a Coupon Threshold set at 60% of the Initial Underlier Value. If on any call observation date Amazon’s price is at or above its initial level, the Notes are automatically called, returning $1,000 plus the applicable coupon and then terminating.

If not called, at maturity investors receive $1,000 plus any coupon if Amazon’s final value is at or above the 60% barrier; otherwise they receive a Physical Delivery Amount of Amazon shares equal to $1,000 divided by the initial share price, exposing them to potentially large losses, up to a total loss. The initial estimated value is expected between $925.00 and $975.00 per $1,000, below the public offering price, and all payments are subject to Royal Bank of Canada’s credit risk. For U.S. tax purposes, counsel views the Notes as prepaid financial contracts with associated coupons, though the treatment is uncertain and could change.

Royal Bank of Canada is issuing $600,000 of Barrier Digital Notes linked to the common stock of Broadcom Inc. The notes are priced at 100% of principal in minimum investments of $1,000, with RBC Capital Markets, LLC acting as agent and receiving no underwriting commission.

The notes trade on a July 14, 2026 trade date, are issued on July 17, 2026, valued on August 16, 2027 and mature on August 19, 2027. For each $1,000, if the final Broadcom share value is at or above the Barrier Value of $194.56 (50% of the $389.11 initial value), investors receive $1,154, a fixed Digital Return of 15.40%, even if the stock is below its initial level. If the final value is below the barrier, repayment is $1,000 plus the full Underlier Return, so losses mirror Broadcom’s decline and can reach 100% of principal. All payments depend on Royal Bank of Canada’s credit, and the notes are not insured deposits or bail-inable.

The initial estimated value is $995.83 per $1,000, below the public offering price, reflecting the bank’s funding rate and hedging costs. U.S. tax counsel views the notes as prepaid financial contracts that are open transactions, and believes Section 871(m) dividend-equivalent withholding should not apply to Non-U.S. Holders, although the IRS could disagree.

Royal Bank of Canada is issuing auto-callable contingent coupon barrier notes linked to the EURO STOXX Banks Index, the Energy Select Sector SPDR ETF and the Technology Select Sector SPDR ETF. Investors pay 100% of principal, while the bank receives 96.375% after a 3.625% underwriting discount.

The notes pay a contingent coupon of $12.917 per $1,000 (1.2917% monthly, 15.50% annually) only if on each observation date all three underliers close at or above 70% of their initial value. Beginning in July 2027, the notes are automatically called if all underliers are at or above their initial levels, paying principal plus the applicable coupon.

If not called, at maturity in July 2031 investors receive full principal only if the least performing underlier finishes at or above 60% of its initial value. Below this barrier, repayment falls one-for-one with that underlier’s loss, down to zero, and all payments remain subject to Royal Bank of Canada’s credit risk. The initial estimated value ranges from $896.40 to $946.40 per $1,000, below the public offering price.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of Amazon.com, Inc. Each Note is priced at 100% of principal, with 1.50% underwriting discounts and commissions and 98.50% of proceeds to the issuer. The Notes are unsecured senior debt obligations, are not insured by any deposit insurance agency and are not bail-inable.

The Trade Date is July 29, 2026, with an Issue Date of August 3, 2026 and a scheduled Maturity Date of February 3, 2028, unless the Notes are automatically called. Investors may receive a monthly Contingent Coupon of $8.417 per $1,000 principal (0.8417% per month, 10.10% per annum) only if Amazon’s closing value on the relevant observation date is at or above a Coupon Threshold set at 63% of its Initial Underlier Value. Beginning with the sixth observation date, if Amazon closes at or above its initial level on a Call Observation Date, the Notes are automatically redeemed at $1,000 plus the applicable coupon, with no further payments.

If the Notes are not called and Amazon’s Final Underlier Value is at or above the 63% Barrier Value on the valuation date, investors receive $1,000 per Note plus any coupon due. If the Final Underlier Value is below the barrier, investors receive a fixed Physical Delivery Amount of Amazon shares, so their payoff declines in line with the stock and they could lose a substantial portion or all of principal; the illustrative table shows a 50% decline leading to a $500 payment per $1,000 and no final coupon. The initial estimated value is expected to be $920.00–$970.00 per $1,000, below the public price because of the issuer’s funding rate, fees and hedging costs, and the U.S. federal income tax treatment, including for Non-U.S. Holders, is described as uncertain.

Royal Bank of Canada is offering $1,594,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the least performing of the Dow Jones Industrial Average, the Energy Select Sector SPDR ETF and the Utilities Select Sector SPDR ETF. The notes pay a contingent monthly coupon of $7.083 per $1,000 (equivalent to 8.50% per annum) only when the closing value of each underlier is at or above 70% of its initial value on the relevant observation date and the notes have not been called.

The notes can be automatically called quarterly beginning approximately one year after issuance if each underlier is at or above its initial value, in which case investors receive $1,000 per note plus the applicable coupon, with no further payments. If the notes remain outstanding to maturity and the least performing underlier is at or above 65% of its initial value, investors receive $1,000 per note (plus any coupon then due). If it is below 65%, repayment becomes $1,000 + $1,000 × the return of that underlier, so losses track the full downside of the worst underlier and principal may be lost in full.

The public offering price is 100.00% of principal, including a 3.625% underwriting discount; proceeds to Royal Bank of Canada are 96.375%. The initial estimated value is $963.05 per $1,000, below the issue price. All payments depend on Royal Bank of Canada’s credit, and these notes are not insured by Canadian or U.S. deposit insurance agencies and are not bail-inable.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Buffer Notes with Memory Coupon linked to the least performing of Apple Inc., Amazon.com, Inc. and Alphabet Inc. Class A common stock. The notes are issued in minimum $1,000 denominations at 100.00% of principal, with an underwriting discount of 0.60% and proceeds to the bank of 99.40% before hedging costs.

On each quarterly observation date, if every underlier closes at or above 75% of its initial value, investors receive a contingent coupon of $35.00 per $1,000 (3.50% per quarter, 14.00% per annum), with a memory feature that can pay previously missed coupons when conditions are later met. From the fourth observation date, if all underliers are at or above their initial values, the notes are automatically called at $1,000 plus due coupons, and then terminate.

If the notes are not called and at maturity the least performing underlier is at or above 75% of its initial value, principal is fully repaid; otherwise repayment is reduced beyond the 25% buffer, so investors can lose a substantial portion of principal. The initial estimated value is expected between $942.00 and $992.00 per $1,000, below the public offering price, reflecting dealer discounts, hedging and the issuer’s funding rate. The notes are senior unsecured obligations of Royal Bank of Canada, not insured deposits, and their U.S. tax treatment as prepaid financial contracts with associated coupons involves uncertainty.

Royal Bank of Canada is offering senior unsecured S&P 500® Index-linked notes due April 12, 2028. Each note has a $1,000 principal amount, with an initial aggregate issuance of $4,399,000. The notes pay no interest and are not listed on any exchange or insured by FDIC or CDIC.

The payoff at maturity depends on S&P 500 performance from the July 13, 2026 trade date to the April 10, 2028 determination date. Investors receive 130% of any positive index return, capped at a maximum settlement amount of $1,244.40 per $1,000 (124.440% of principal). Principal is protected only down to a buffer level of 87.50% of the initial index level of 7,515.34; below that, losses increase at about 1.1429% of principal for each 1% decline beyond the buffer, and the entire investment can be lost. The initial estimated value is $994.86 per $1,000, reflecting issuer funding and hedging costs, and secondary market liquidity may be limited. All payments are subject to Royal Bank of Canada’s credit risk.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes, unsecured debt linked to the least performing of the Russell 2000 Index and the EURO STOXX 50 Index. The Notes pay a contingent coupon of 2.3125% per quarter (9.25% per annum), or $23.125 per $1,000, only if on each Coupon Observation Date both indices are at or above their respective Coupon Thresholds, set at 70% of their Initial Underlier Values.

The Notes are automatically called on a quarterly Call Observation Date (starting January 25, 2027) if both indices are at or above their Initial Underlier Values, in which case holders receive $1,000 plus the applicable coupon and no further payments. If not called, at maturity on July 29, 2030 investors receive $1,000 per $1,000 principal plus any due coupon if the Least Performing Underlier is at or above its 70% Barrier Value; otherwise, repayment is $1,000 plus $1,000 × Underlier Return of the Least Performing Underlier, exposing holders to a substantial or total loss of principal.

The public offering price is 100% of principal, with an underwriting discount of 2.35% and proceeds to Royal Bank of Canada of 97.65% of principal. The initial estimated value is expected to be between $908.50 and $958.50 per $1,000, lower than the public price due to funding and hedging costs. All payments are subject to Royal Bank of Canada’s credit risk, and the U.S. federal tax treatment relies on treating the Notes as prepaid financial contracts with associated coupons, a position that carries uncertainty.

Royal Bank of Canada is issuing Geared Buffer Digital Notes, senior debt linked to an equally weighted basket of seven stocks (ADI, ASML, AVGO, KLAC, NVDA, TSM and TXN). The notes are sold at 100% of principal; placement agents receive a 1.00% ($10 per $1,000) fee, so the bank’s proceeds are 99%. The minimum investment is $10,000, and the initial estimated value is expected to be between $920.00 and $970.00 per $1,000, below the public offering price.

At maturity, for each $1,000 note, if the Final Basket Value is at or above the Buffer Value of 80 (80% of the Initial Basket Value), investors receive $1,198.50, reflecting the fixed 19.85% Digital Return, regardless of how much the basket has risen. If the Final Basket Value is below 80, the payoff becomes $1,000 + [$1,000 × (Basket Return + 20%) × 1.25], so losses beyond the 20% buffer are multiplied by the Downside Multiplier and can reach a total loss of principal.

The notes are not deposits or insured obligations and are not bail-inable. Market value may be materially below the issue price due to discounts, hedging and funding costs and may be affected by Royal Bank of Canada’s credit. RBCCM and J.P. Morgan entities act as placement agents and RBCCM is Calculation Agent, creating potential conflicts. For U.S. tax purposes, counsel believes it is reasonable to treat the notes as prepaid financial contracts that are open transactions, but this characterization is uncertain; future IRS or legislative action and the possible application of Section 871(m) to Non-U.S. Holders could affect tax outcomes.

Royal Bank of Canada is offering senior unsecured market-linked notes with a $1,000 face amount per security, auto-callable and linked to Bank of America, Lowe’s and Microsoft common stocks. The initial estimated value is expected between $901.50 and $951.50, below the offering price.

The notes pay a quarterly contingent coupon at a rate of at least 15.25% per annum only if the lowest-performing stock on each calculation day is at or above 60% of its starting value. From January 2027 to April 2029, the notes are automatically called if that stock is at or above its starting value.

If not called, investors receive $1,000 at maturity on August 2, 2029 only if the lowest-performing stock is at or above its 60% downside threshold; otherwise principal is reduced in full proportion to that stock’s loss and can fall to zero. Investors do not participate in any stock upside, face Royal Bank of Canada credit risk, limited liquidity and complex U.S. and non-U.S. tax treatment, including possible 30% withholding on coupons for some non-U.S. holders.

Royal Bank of Canada is issuing senior unsecured Trigger Autocallable GEARS linked to the common stock of Apple Inc., in $10 denominations with a minimum investment of $1,000 and a term of approximately 3 years. The notes may be automatically called on July 23, 2027 if Apple’s closing value is at or above the Initial Underlying Value, in which case investors receive $10 plus a fixed Call Return of 13.80% and no further payments.

If not called and the Underlying Return is positive, the maturity payment equals $10 plus Upside Gearing of 1.3–1.5 times the Underlying Return. If the Underlying Return is zero or negative but the Final Underlying Value is at or above the Downside Threshold of 75% of the Initial Underlying Value, principal is repaid. If the Final Underlying Value is below the Downside Threshold, repayment is reduced one-for-one with the negative Underlying Return, up to a total loss of principal. The Securities pay no coupons or dividends, and all payments depend on Royal Bank of Canada’s credit. The initial estimated value is expected to be $9.24–$9.74 per $10 note, reflecting a $0.25 per Security selling commission and issuer funding and hedging costs.

Royal Bank of Canada is issuing Fixed Coupon Geared Buffer Notes linked to the least performing of the Russell 2000 Index and the S&P 500 Index. The notes pay a fixed coupon of $6.417 per $1,000 of principal each month, equal to 0.6417% monthly or 7.70% per annum, from August 2026 through January 2028.

At maturity on January 20, 2028, investors receive $1,000 per note plus the final coupon if the worst‑performing index is at or above 80% of its initial level. If it is below this 20% buffer, the payment is calculated as $1,000 + [$1,000 × (index return + 20%) × 1.25], so declines beyond the buffer are magnified and up to all principal can be lost.

The minimum investment is $1,000. Initial index levels are 2,953.166 for the Russell 2000 and 7,515.34 for the S&P 500, with buffer values of 2,362.533 and 6,012.27 respectively. The initial estimated value is expected between $942.00 and $992.00 per $1,000, and all payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is issuing $750,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the least performing of the VanEck Semiconductor ETF (SMH) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP), maturing July 12, 2029.

The notes pay a contingent coupon of $40.00 per $1,000 (16.00% per annum) on quarterly dates only if each ETF closes at or above 50% of its initial value; missed coupons are not made up. The notes are automatically called, returning $1,000 plus that quarter’s coupon, if on any call observation date both underliers are at or above their initial values.

If the notes are not called, principal is fully repaid at maturity only if the least performing ETF is at or above its 50% barrier; otherwise repayment is reduced in proportion to that ETF’s loss, potentially to $0. The initial estimated value is $984.82 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 $1,156,000 of senior unsecured market-linked securities with a $1,000 face amount, auto-callable and linked to the lowest of the Nasdaq-100, Russell 2000 and S&P 500 indices.

The notes pay a 10.20% per annum contingent coupon, calculated monthly, only when the lowest-performing index on a calculation day is at or above 75% of its starting value; coupons can be skipped for many months or for the entire term. From January 2027 through December 2027, the notes are automatically called if the lowest-performing index is at or above its starting value, returning principal plus the final coupon.

If not called, holders receive $1,000 at maturity only if the lowest-performing index on the final calculation day is at or above its 75% downside threshold. Below that level, repayment falls in proportion to the index decline, with potential loss of the entire principal. The initial estimated value is $972.27 per security, below the $1,000 offering price, reflecting internal funding, selling concessions and hedging costs; secondary-market values are expected to be lower. All payments depend on Royal Bank of Canada’s credit, and the securities are not insured or bail-inable.

Royal Bank of Canada is issuing $11,719,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of NVIDIA Corporation, due August 13, 2027. The notes are priced at 100% of principal, with proceeds to the issuer of 98.50% after underwriting discounts.

Investors may receive a monthly contingent coupon of $9.792 per $1,000 (0.9792% per month, 11.75% per year) if on the relevant observation date NVIDIA’s share price is at or above the coupon threshold and barrier of $126.58, which is 60% of the initial value of $210.96. The notes are automatically called if, on specified observation dates beginning in January 2027, NVIDIA’s share price is at least the initial value, in which case holders receive $1,000 plus the applicable coupon and no further payments.

If the notes are not called and, on the valuation date, NVIDIA’s share price is at or above the barrier, investors receive $1,000 per note plus any coupon. If it is below the barrier, investors receive 4.7402 NVIDIA shares per $1,000 principal amount (plus cash for fractional shares), which could be worth significantly less than principal and may result in a substantial or total loss. All payments are subject to Royal Bank of Canada’s credit risk. The initial estimated value is $978.79 per $1,000, below the public offering price.

Royal Bank of Canada is issuing $2,205,000 of Geared Buffer Digital Notes linked to the common stock of Tesla, Inc., maturing on July 28, 2027. The notes are priced at 100% of principal, with a 1% underwriting discount, so net proceeds to Royal Bank of Canada are 99% of the offering amount. The initial estimated value is $988.33 per $1,000, below the public price, reflecting internal funding and hedging costs.

The notes promise a fixed 15.28% Digital Return at maturity per $1,000 if Tesla’s final stock value is at or above the Buffer Value of $285.43, which is 70% of the $407.76 initial level. If the final value falls below the Buffer Value, principal is reduced using a Downside Multiplier of approximately 1.42857, with losses up to 100% of invested principal. The notes are unsecured senior debt of Royal Bank of Canada, are not insured or bail-inable, and all payments depend on the issuer’s credit. U.S. tax counsel views them as prepaid financial contracts, but this treatment is uncertain, and non-U.S. investors are generally not expected to be subject to Section 871(m) withholding.

Royal Bank of Canada is offering unsecured Barrier Digital Notes linked to the common stock of Broadcom Inc. The notes have a Trade Date of July 14, 2026, an Issue Date of July 17, 2026, a Valuation Date of August 16, 2027 and a Maturity Date of August 19, 2027, in minimum denominations of $1,000.

For each $1,000 note, if the Final Underlier Value on the Valuation Date is greater than or equal to the Barrier Value, set at 50% of the Initial Underlier Value, the holder receives $1,154 (principal plus a fixed 15.40% Digital Return), regardless of how much Broadcom stock has risen or whether it has declined but stayed at or above the barrier. If the Final Underlier Value is below the barrier, the payment equals $1,000 plus $1,000 times the Underlier Return, so losses track Broadcom’s decline and can reach 100% of principal.

The notes are senior unsecured obligations of Royal Bank of Canada, are not insured by Canadian or U.S. deposit insurance schemes, and are not bail-inable. They are not designed for short-term trading, and secondary market prices may be materially below the purchase price. The issuer’s initial estimated value is expected to range between $943.00 and $993.00 per $1,000 note, reflecting internal funding and hedging costs. For U.S. federal income tax purposes, counsel views it as reasonable to treat the notes as prepaid financial contracts that are “open transactions,” but this treatment is uncertain and could change. For Non-U.S. holders, the issuer currently expects Section 871(m) dividend-equivalent withholding not to apply under existing rules.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the common stock of Amazon.com, Inc., in minimum denominations of $1,000. The notes pay a contingent coupon of $9.50 per $1,000 (0.95% per month, 11.40% per annum) for each monthly observation date on which Amazon’s closing share price is at or above a Coupon Threshold set at 68% of the Initial Underlier Value. Beginning about six months after issuance, the notes are automatically called if Amazon’s closing value is at or above its initial level, returning $1,000 plus the applicable coupon, with no further payments.

If the notes are not called, maturity on September 1, 2027 depends on Amazon’s final share price. Investors receive $1,000 per note if the final value is at or above the 68% Barrier Value; otherwise they receive a “Physical Delivery Amount” of Amazon shares equal to $1,000 divided by the initial share price, which may be worth substantially less than principal and could be zero. All payments are subject to Royal Bank of Canada’s credit risk. The initial estimated value is expected between $924.00 and $974.00 per $1,000 note, below the public offering price because of dealer compensation, funding and hedging costs, and any secondary market value may be lower. The product also entails conflicts of interest and uncertain U.S. tax treatment, including potential withholding considerations for non-U.S. holders.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to the common stock of Incorporated (ticker QCOM), maturing on July 20, 2029. Each note has a $1,000 principal amount and is issued at 100.00% of principal.

Investors may receive a $43.75 contingent coupon per $1,000 note each quarter (4.375% per quarter, 17.50% per annum) if, on the relevant observation date, the Underlier closes at or above the Coupon Threshold, set at 50% of the Initial Underlier Value. Missed coupons “memory” and can be paid on later dates when the condition is met. Beginning with the July 19, 2027 observation, the notes are automatically called if the Underlier is at or above its Initial Underlier Value, paying $1,000 plus any due and unpaid coupons.

If not called, at maturity investors receive $1,000 plus any applicable coupons if the Final Underlier Value is at or above the Barrier Value (also 50% of the Initial Underlier Value. If it is below, investors receive shares equal to the Physical Delivery Amount, which may be worth substantially less than principal, with no final coupon. Underwriting discounts are 2.35% (proceeds to RBC 97.65%), and the initial estimated value is expected between $914.00 and $964.00 per $1,000 note. Payments depend on RBC’s credit; the notes are not insured and are not bail-inable.

Royal Bank of Canada is issuing $4,572,000 in Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to the least performing of Boeing and JPMorgan Chase common stock, part of its Senior Global Medium-Term Notes, Series J. The notes pay a contingent quarterly coupon of $22.50 per $1,000 (2.25% per quarter, 9.00% per year) only if on the prior observation date each underlier is at or above its coupon threshold, set at 50% of its initial value.

The notes may be automatically called quarterly if both underliers are at or above their initial values, returning $1,000 plus any due coupons per note. If not called, at maturity investors receive $1,000 per note if the least performing underlier finishes at or above its 50% barrier; otherwise repayment is reduced one-for-one with the underlier’s loss, potentially to zero. Initial underlier values are $223.11 for Boeing and $335.47 for JPMorgan, with barriers at $111.56 and $167.74. The price to the public is 100% of principal, with a 2.00% underwriting discount and $4,480,560 in proceeds to the bank. The initial estimated value is $976.67 per $1,000, reflecting structuring and hedging costs, and all payments are unsecured obligations subject to RBC’s credit and complex U.S. tax considerations.

Royal Bank of Canada is offering unsecured structured notes linked to the S&P 500 Index, maturing on September 15, 2027. Each note has a $1,000 principal amount, with $7,737,000 issued in aggregate, and pays no interest.

The payoff depends on index performance from the July 9, 2026 trade date to the September 13, 2027 determination date. Investors receive 130% of any index gain, capped at a maximum settlement amount of $1,168.35 per $1,000, corresponding to a cap level of 112.95% of the initial index level of 7,543.64. Principal is fully returned only if the final index level is at or above the 90% buffer level; below that, losses increase about 1.1111% for each 1% drop beyond the buffer, up to total loss of principal. The initial estimated value is $995.63 per $1,000, below the issue price, and the notes are not listed, are not insured, and are subject to Royal Bank of Canada’s credit risk.

Royal Bank of Canada is offering senior unsecured structured notes linked to the MSCI EAFE® Index, issued in $1,000 denominations, in U.S. dollars. The notes do not pay interest, are not listed, and are not redeemable prior to maturity.

At maturity (expected 23–26 months after the trade date), each $1,000 note pays a cash amount based on index performance. If the final index level is at least the threshold level of 87.50% of the initial level, investors receive a fixed threshold settlement amount, expected between $1,153.60 and $1,180.60 per $1,000, capping upside regardless of further index gains. If the final level is below the threshold, principal is exposed to losses, falling about 1.1429% of principal for every 1% the final level is below the threshold; investors may lose their entire investment.

The initial estimated value is expected between $958.80 and $988.80 per $1,000, below the issue price, reflecting internal funding and hedging costs. Payments depend on RBC’s credit; the notes are not insured by the FDIC or CDIC and are not bail-inable. The product also entails risks from non-U.S. equity and currency markets, limited liquidity, complex tax treatment, and potential conflicts of interest with RBC Capital Markets, LLC as calculation agent and market maker.

Royal Bank of Canada is issuing Auto-Callable Contingent Coupon Buffer Notes linked to the Bloomberg US Large Cap VolMax Index. The notes pay a contingent coupon of $35.00 per $1,000 (3.50% per quarter, 14.00% per year) only if, on the relevant observation date, the index is at or above a coupon threshold equal to 70% of the initial index value. The notes can be automatically called quarterly if the index is at or above its initial value, in which case investors receive $1,000 plus the coupon and no further payments.

If not called, at maturity investors receive $1,000 per note if the final index value is at or above a buffer level of 85% of the initial value. If the final index value is below the buffer, repayment is reduced according to $1,000 + [$1,000 × (Underlier Return + 15%)], so investors can lose a substantial portion of principal. The initial estimated value is expected to be $891.50–$941.50 per $1,000, below the public offering price, reflecting underwriting discounts, referral fees and hedging costs. The underlier is an “excess return” volatility-target index with daily leverage, a 6% per annum deduction factor, a SOFR-based notional financing cost and transaction costs, all of which drag on index performance. All payments are subject to Royal Bank of Canada’s credit risk and involve complex tax and structural risks.

Royal Bank of Canada is offering market-linked, auto-callable structured notes linked to the common stock of NVIDIA Corporation, with a face amount of $1,000 per security. These senior unsecured debt securities are issued under RBC’s Medium-Term Notes, Series J program and are subject to RBC’s credit risk.

The notes may be automatically called on July 21, 2027 if NVIDIA’s closing value is at or above the starting value, paying $1,000 plus a call premium of at least 23.35% (at least $233.50) and ending the investment. If not called, at the July 19, 2029 maturity the payment per note depends on NVIDIA’s performance: 150% leveraged participation in positive returns; full principal back if the ending value is between the starting value and a 65% threshold; and 1:1 downside below the threshold, with losses that can exceed 35% of principal and reach 100%.

The notes pay no periodic interest, have limited liquidity, and their initial estimated value on the pricing date is expected to be $920–$970 per $1,000, below the original offering price due to internal funding, hedging costs and agent discounts. U.S. tax counsel expects treatment as prepaid derivative contracts, and the issuer notes uncertainty in U.S. tax and Section 871(m) outcomes.

Royal Bank of Canada is offering Auto-Callable Fixed Coupon Barrier Notes linked to the least-performing of Intuit Inc. and NRG Energy common stock, in minimum denominations of $1,000. The Notes pay a fixed coupon of $11.208 per $1,000 monthly, equal to 1.1208% per month or 13.45% per annum, so long as they remain outstanding. They may be automatically called if on any monthly Call Observation Date both underliers close at or above 95% of their initial values, in which case investors receive $1,000 plus the coupon and no further payments. If not called, at maturity in July 2029 investors receive principal back (plus coupon) if the least-performing underlier is at or above its Barrier Value of 50% of its initial value; otherwise they receive shares of that worst underlier equal to $1,000 divided by its initial value, exposing them to potentially large losses of principal. The public offering price is 100% of principal, with underwriting discounts of 2.50% and proceeds to RBC of 97.50%. The initial estimated value is expected between $914.50 and $964.50 per $1,000, reflecting hedging and distribution costs, and all payments are subject to RBC’s credit risk and complex U.S. tax treatment.

Royal Bank of Canada is issuing Auto-Callable Fixed Coupon Barrier Notes linked to the worst performer of Carnival Corporation and ServiceNow, Inc. common stocks. Each Note has a $1,000 principal amount, pays a fixed coupon of $11.375 per month (13.65% per year), and is offered at 100% of principal, with underwriter compensation of 2.50%, resulting in 97.50% of proceeds to the issuer.

The Notes may be automatically called monthly starting around January 2027 if both underliers are at or above 95% of their initial values, in which case investors receive $1,000 plus the coupon and no further payments. If held to maturity in July 2029 and not called, principal is fully repaid only if the least performing underlier is at or above 50% of its initial value. If that underlier is below 50%, investors receive shares of the worst-performing stock instead of cash, likely worth substantially less than principal and potentially zero, plus the final coupon. The initial estimated value is expected between $912.50 and $962.50 per $1,000, and all payments are subject to Royal Bank of Canada’s credit risk.

Royal Bank of Canada is issuing $625,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the least performing of the Russell 2000, S&P 500 and EURO STOXX 50. The Trade Date is July 8, 2026, Issue Date July 13, 2026 and Maturity Date July 12, 2029. Coupons are contingent quarterly at $20.00 per $1,000 (2.00% per quarter; 8.00% per annum) and the notes are auto-callable if, on a Call Observation Date, each Underlier is at or above its Initial Underlier Value. At maturity investors receive principal if the Least Performing Underlier is at or above its Barrier (60.50% of its Initial Underlier Value); otherwise repayment equals $1,000 plus the Least Performing Underlier return, which can result in substantial principal loss.