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$\"\"$

Registration Statement No. 333-275898

Filed Pursuant to Rule 424(b)(2)

\n \n \n \n \n \n \n \n \n \n \n \n \n

Pricing Supplement

\n \n \n

Pricing Supplement dated October 22, 2026 to the Prospectus\ndated December 20, 2023, the Prospectus Supplement dated December 20, 2023, the Underlying Supplement No. 2B dated April 7, 2026 and the\nProduct Supplement No. 1B dated July 22, 2025

\n\n\n

$8,332,000
\nAuto-Callable Contingent Coupon Buffer Notes with Memory Coupon
\nLinked to the Bloomberg US Large Cap VolMax Index,
\nDue October 27, 2031

\n\n\n\n

Royal Bank of Canada

\n\n\n\n\n\n

\n\n

Royal Bank of Canada is offering Auto-Callable\nContingent Coupon Buffer Notes with Memory Coupon (the “Notes”) linked to the performance of the Bloomberg US Large Cap VolMax\nIndex (the “Underlier”).

Contingent Coupons with Memory Feature\n— If the Notes have not been automatically called, investors will receive a Contingent Coupon on a quarterly Coupon Payment Date\nat a rate of 13.00% per annum if the closing value of the Underlier is greater than or equal to the Coupon Threshold (60% of the Initial\nUnderlier Value) on the immediately preceding Coupon Observation Date. A Contingent Coupon that is not payable on a Coupon Payment Date\nmay be paid later, but only if the closing value of the Underlier is greater than or equal to the Coupon Threshold on a later Coupon Observation\nDate. You may not receive any Contingent Coupons during the term of the Notes.

Call Feature — If, on any quarterly\nCall Observation Date beginning approximately one year following the Trade Date, the closing value of the Underlier is greater than or\nequal to the Initial Underlier Value, the Notes will be automatically called for 100% of their principal amount plus the Contingent\nCoupon and any unpaid Contingent Coupons otherwise due. No further payments will be made on the Notes.

Contingent Return of Principal at Maturity\n— If the Notes are not automatically called and the Final Underlier Value is greater than or equal to the Buffer Value (70% of the\nInitial Underlier Value), at maturity, investors will receive the principal amount of their Notes plus the Contingent Coupon and\nany unpaid Contingent Coupons otherwise due. If the Notes are not automatically called and the Final Underlier Value is less than the\nBuffer Value, at maturity, investors will lose 1% of the principal amount of their Notes for each 1% that the Final Underlier Value is\nless than the Initial Underlier Value in excess of the Buffer Percentage of 30% and will receive any Contingent Coupon and any unpaid\nContingent Coupons otherwise due.

Any payments on the Notes are subject to our credit\nrisk.

The Notes will not be listed on any securities\nexchange.

CUSIP: 78018D2G1

Investing in the Notes involves a number of\nrisks. See “Selected Risk Considerations” beginning on page P-7 of this pricing supplement and “Risk Factors”\nin the accompanying prospectus, prospectus supplement, underlying supplement and product supplement.

None of the Securities and Exchange Commission\n(the “SEC”), any state securities commission or any other regulatory body has approved or disapproved of the Notes or passed\nupon the adequacy or accuracy of this pricing supplement. Any representation to the contrary is a criminal offense. The Notes will not\nconstitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian\nor U.S. governmental agency or instrumentality. The Notes are not bail-inable notes and are not subject to conversion into our common\nshares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	\n Per Note	\n Total
Price to public⁽¹⁾	100.00%	$8,332,000
Underwriting discounts and commissions⁽¹⁾	\n 1.00%	\n $83,320
Proceeds to Royal Bank of Canada	99.00%	$8,248,680

⁽¹⁾ We or one of our affiliates may\npay varying selling concessions of up to $10.00 per $1,000 principal amount of Notes in connection with the distribution of the Notes\nto other registered broker-dealers. Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forgo some\nor all of their underwriting discount or selling concessions. The public offering price for investors purchasing the Notes in these accounts\nmay be between $990.00 and $1,000.00 per $1,000 principal amount of Notes. In addition, we or one of our affiliates may pay a broker-dealer\nthat is not affiliated with us a referral fee of up to $10.00 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution\n(Conflicts of Interest)” below.

The initial estimated value of the Notes determined\nby us as of the Trade Date, which we refer to as the initial estimated value, is $974.21 per $1,000 principal amount of Notes and is less\nthan the public offering price of the Notes. The market value of the Notes at any time will reflect many factors, cannot be predicted\nwith accuracy and may be less than this amount. We describe the determination of the initial estimated value in more detail below.

RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Buffer Notes with Memory Coupon Linked to the Bloomberg US Large Cap VolMax Index

KEY TERMS

The information in this “Key Terms”\nsection is qualified by any more detailed information set forth in this pricing supplement and in the accompanying prospectus, prospectus\nsupplement, underlying supplement and product supplement.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Issuer:	Royal Bank of Canada
Underwriter:	RBC Capital Markets, LLC (“RBCCM”)
Minimum Investment:	$1,000 and minimum denominations of $1,000 in excess thereof
Underlier:	The Bloomberg US Large Cap VolMax Index. The Underlier is subject to a notional financing cost, a 6% per annum deduction factor and a transaction cost of 0.01% applied to the daily change in exposure to the Underlying Index (as defined below), in each case, deducted daily.
	Bloomberg Ticker	Initial Underlier \nValue⁽¹⁾	Coupon Threshold⁽²⁾	Buffer Value⁽³⁾
	BMAXUS	18,134.67	10,880.80	12,694.27
	⁽¹⁾ The closing value of the Underlier on the Trade Date
	⁽²⁾ 60% of the Initial Underlier Value (rounded to two decimal places)
	⁽³⁾ 70% of the Initial Underlier Value (rounded to two decimal places)
Trade Date:	October 22, 2026
Issue Date:	October 27, 2026
Valuation Date:*	October 22, 2031
Maturity Date:*	October 27, 2031
Payment of Contingent Coupons with Memory Feature:	\n If the Notes have not been automatically called,\n investors will receive a Contingent Coupon on a Coupon Payment Date if the closing value of the Underlier is *greater than or equal\n to* the Coupon Threshold on the immediately preceding Coupon Observation Date. \n If a Contingent Coupon is not payable on any Coupon\n Payment Date, it will be paid on any later Coupon Payment Date on which a Contingent Coupon is payable, if any, together with the payment\n otherwise due on that later date. For the avoidance of doubt, once a previously unpaid Contingent Coupon has been paid on a later Coupon\n Payment Date, it will not be paid again on a subsequent date. \n No Contingent Coupon will be payable on a Coupon\n Payment Date if the closing value of the Underlier is less than the Coupon Threshold on the immediately preceding Coupon Observation Date.\n Accordingly, you may not receive a Contingent Coupon on one or more Coupon Payment Dates during the term of the Notes.
Contingent Coupon:	If payable, $32.50 per $1,000 principal amount of Notes (corresponding to a rate of 3.25% per quarter or 13.00% per annum)
Call Feature:	If, on any Call Observation Date, the closing value of the Underlier is *greater than or equal to* the Initial Underlier Value, the Notes will be automatically called. Under these circumstances, investors will receive on the Call Settlement Date per $1,000 principal amount of Notes an amount equal to $1,000 plus the Contingent Coupon and any unpaid Contingent Coupons otherwise due. No further payments will be made on the Notes.
Payment at Maturity:	\n If the Notes are not automatically called, investors\n will receive on the Maturity Date per $1,000 principal amount of Notes, in addition to any Contingent Coupon and any unpaid Contingent\n Coupons otherwise due: \n \n · \n If the Final Underlier Value is *greater\n than or equal to* the Buffer Value: $1,000 \n \n · \n If the Final Underlier Value is *less\n than* the Buffer Value, an amount equal to: \n \n $1,000 + [$1,000 × (Underlier Return\n + Buffer Percentage)] \n \n If the Notes are not automatically called and\n the Final Underlier Value is less than the Buffer Value, you will lose some or a substantial portion of your principal amount at maturity.\n All payments on the Notes are subject to our credit risk.

P-2	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Buffer Notes with Memory Coupon Linked to the Bloomberg US Large Cap VolMax Index

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Buffer Percentage:	30%
Underlier Return:	\n The Underlier Return, expressed as a percentage,\n is calculated using the following formula: \n \n Final Underlier Value – Initial Underlier\n Value \n Initial Underlier Value
Final Underlier Value:	The closing value of the Underlier on the Valuation Date
Coupon Observation Dates:*	Quarterly, as set forth in the table below
Coupon Payment Dates:*	Quarterly, as set forth in the table below
Call Observation Dates:*	Quarterly, beginning approximately one year following the Trade Date, on each Coupon Observation Date (other than the final Coupon Observation Date) from and including the fourth Coupon Observation Date, which is October 22, 2027
Call Settlement Date:*	If the Notes are automatically called on any Call Observation Date, the Coupon Payment Date immediately following that Call Observation Date
Calculation Agent:	RBCCM

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Coupon Observation Dates*	Coupon Payment Dates*
January 22, 2027	January 27, 2027
April 22, 2027	April 27, 2027
July 22, 2027	July 27, 2027
October 22, 2027	October 27, 2027
January 24, 2028	January 27, 2028
April 24, 2028	April 27, 2028
July 24, 2028	July 27, 2028
October 23, 2028	October 26, 2028
January 22, 2029	January 25, 2029
April 23, 2029	April 26, 2029
July 23, 2029	July 26, 2029
October 22, 2029	October 25, 2029
January 22, 2030	January 25, 2030
April 22, 2030	April 25, 2030
July 22, 2030	July 25, 2030
October 22, 2030	October 25, 2030
January 22, 2031	January 27, 2031
April 22, 2031	April 25, 2031
July 22, 2031	July 25, 2031
October 22, 2031 (the Valuation Date)	October 27, 2031 (the Maturity Date)

* Subject to postponement. See “General Terms of the Notes—Postponement\nof a Determination Date” and “General Terms of the Notes—Postponement of a Payment Date” in the accompanying product\nsupplement.

P-3	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Buffer Notes with Memory Coupon Linked to the Bloomberg US Large Cap VolMax Index

ADDITIONAL TERMS OF YOUR NOTES

You should read this pricing supplement together\nwith the prospectus dated December 20, 2023, as supplemented by the prospectus supplement dated December 20, 2023, relating to our Senior\nGlobal Medium-Term Notes, Series J, of which the Notes are a part, the underlying supplement no. 2B dated April 7, 2026 and the product\nsupplement no. 1B dated July 22, 2025. This pricing supplement, together with these documents, contains the terms of the Notes and supersedes\nall other prior or contemporaneous oral statements as well as any other written materials, including preliminary or indicative pricing\nterms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials\nof ours.

We have not authorized anyone to provide any information\nor to make any representations other than those contained or incorporated by reference in this pricing supplement and the documents listed\nbelow. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give\nyou. These documents are an offer to sell only the Notes offered hereby, but only under circumstances and in jurisdictions where it is\nlawful to do so. The information contained in each such document is current only as of its date.

If the information in this pricing supplement differs\nfrom the information contained in the documents listed below, you should rely on the information in this pricing supplement.

You should carefully consider, among other things,\nthe matters set forth in “Selected Risk Considerations” in this pricing supplement and “Risk Factors” in the documents\nlisted below, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal,\ntax, accounting and other advisers before you invest in the Notes.

You may access these documents on the SEC website\nat 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

Underlying Supplement No. 2B dated April 7, 2026:

https://www.sec.gov/Archives/edgar/data/1000275/000095010326005424/dp244952_424b2-us2b.htm

Product Supplement No. 1B dated July 22, 2025:

https://www.sec.gov/Archives/edgar/data/1000275/000095010325009131/dp231901_424b2-opsn1b.htm

Our Central Index Key, or CIK, on the SEC website\nis 1000275. As used in this pricing supplement, “Royal Bank of Canada,” the “Bank,” “we,” “our”\nand “us” mean only Royal Bank of Canada.

Supplemental Terms of the Notes

The provisions relating to Material Index Amendment\nEvents set forth under “General Terms of the Notes—Material Index Amendment Events” in the accompanying product supplement\nare applicable to the Notes.

P-4	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Buffer Notes with Memory Coupon Linked to the Bloomberg US Large Cap VolMax Index

HYPOTHETICAL RETURNS

The table and examples set forth below illustrate\nhypothetical payments at maturity for hypothetical performance of the Underlier, based on the Coupon Threshold of 60% of the Initial Underlier\nValue, the Buffer Value of 70% of the Initial Underlier Value, the Contingent Coupon of $32.50 per $1,000 principal amount of Notes and\nthe Buffer Percentage of 30%. The table and examples below also assume that the Notes are not automatically called and do not account\nfor any Contingent Coupons that may be paid prior to maturity. The table and examples are only for illustrative purposes and may not\nshow the actual return applicable to investors.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Hypothetical Underlier \nReturn	Payment at Maturity per \n$1,000 Principal Amount \nof Notes*	Payment at Maturity as \nPercentage of Principal \nAmount*
50.00%	$1,032.50	103.250%
40.00%	$1,032.50	103.250%
30.00%	$1,032.50	103.250%
20.00%	$1,032.50	103.250%
10.00%	$1,032.50	103.250%
5.00%	$1,032.50	103.250%
0.00%	$1,032.50	103.250%
-5.00%	$1,032.50	103.250%
-10.00%	$1,032.50	103.250%
-20.00%	$1,032.50	103.250%
-30.00%	$1,032.50	103.250%
-35.00%	$982.50	98.250%
-40.00%	$932.50	93.250%
-40.01%	$899.90	89.990%
-50.00%	$800.00	80.000%
-60.00%	$700.00	70.000%
-70.00%	$600.00	60.000%
-80.00%	$500.00	50.000%
-90.00%	$400.00	40.000%
-100.00%	$300.00	30.000%

* Including any final Contingent Coupon\notherwise due, but excluding any unpaid Contingent Coupons, if payable

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Example 1 —	The value of the Underlier increases from the Initial Underlier Value to the Final Underlier Value by 30%.
	Underlier Return:	30%
	Payment at Maturity:	\n $1,000 + Contingent Coupon otherwise due +\nany unpaid Contingent Coupons otherwise due \n = $1,000 + $32.50 + any unpaid Contingent\nCoupons otherwise due \n = $1,032.50 + any unpaid Contingent Coupons\notherwise due
	\n In this example, the payment at maturity is $1,032.50\n per $1,000 principal amount of Notes plus any unpaid Contingent Coupons otherwise due. \n \n Because the Final Underlier Value is greater than\n the Coupon Threshold and Buffer Value, investors receive a full return of the principal amount of their Notes plus the Contingent\n Coupon and any unpaid Contingent Coupons otherwise due. This example illustrates that investors do not participate in any appreciation\n of the Underlier, which may be significant.

P-5	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Buffer Notes with Memory Coupon Linked to the Bloomberg US Large Cap VolMax Index

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Example 2 —	The value of the Underlier decreases from the Initial Underlier Value to the Final Underlier Value by 10% (i.e., the Final Underlier Value is below the Initial Underlier Value but above the Coupon Threshold and Buffer Value).
	Underlier Return:	-10%
	Payment at Maturity:	\n $1,000 + Contingent Coupon otherwise due +\nany unpaid Contingent Coupons otherwise due \n = $1,000 + $32.50 + any unpaid Contingent\nCoupons otherwise due \n = $1,032.50 + any unpaid Contingent Coupons\notherwise due
	\n In this example, the payment at maturity is $1,032.50\n per $1,000 principal amount of Notes plus any unpaid Contingent Coupons otherwise due. \n \n Because the Final Underlier Value is greater than\n the Coupon Threshold and Buffer Value, investors receive a full return of the principal amount of their Notes plus the Contingent\n Coupon and any unpaid Contingent Coupons otherwise due. \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Example 3 —	The value of the Underlier decreases from the Initial Underlier Value to the Final Underlier Value by 35% (i.e., the Final Underlier Value is below the Buffer Value but above the Coupon Threshold).
	Underlier Return:	-35%
	Payment at Maturity:	\n $1,000 + [$1,000 × (-35% + 30%)] + Contingent\nCoupon otherwise due + any unpaid Contingent Coupons otherwise due \n = $1,000 – $50 + $32.50 + any unpaid\nContingent Coupons otherwise due \n = $982.50 + any unpaid Contingent Coupons\notherwise due
	\n In this example, the payment at maturity is $982.50\n per $1,000 principal amount of Notes plus any unpaid Contingent Coupons otherwise due. \n \n Because the Final Underlier Value is less than\n the Buffer Value but greater than the Coupon Threshold, investors receive the Contingent Coupon and any unpaid Contingent Coupons otherwise\n due but do not receive a full return of the principal amount of their Notes. \n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Example 4 —	The value of the Underlier decreases from the Initial Underlier Value to the Final Underlier Value by 50% (i.e., the Final Underlier Value is below the Coupon Threshold and Buffer Value).
	Underlier Return:	-50%
	Payment at Maturity:	$1,000 + [$1,000 × (-50% + 30%)] = $1,000 – $200 = $800
	\n In this example, the payment at maturity is $800\n per $1,000 principal amount of Notes, representing a loss of 20% of the principal amount. \n \n Because the Final Underlier Value is less than\n the Buffer Value, investors do not receive a full return of the principal amount of their Notes. In addition, because the Final Underlier\n Value is less than the Coupon Threshold, investors do not receive a Contingent Coupon or any unpaid Contingent Coupons at maturity. \n

Investors in the Notes could lose some or\na substantial portion of the principal amount of their Notes at maturity. The table and examples above assume that the Notes are not automatically\ncalled. However, if the Notes are automatically called, investors will not receive any further payments after the Call Settlement Date.

P-6	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Buffer Notes with Memory Coupon Linked to the Bloomberg US Large Cap VolMax Index

SELECTED RISK CONSIDERATIONS

An investment in the Notes involves significant\nrisks. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes. Some of the risks\nthat apply to an investment in the Notes are summarized below, but we urge you to read also the “Risk Factors” sections of\nthe accompanying prospectus, prospectus supplement, underlying supplement and product supplement. You should not purchase the Notes unless\nyou understand and can bear the risks of investing in the Notes.

Risks Relating to the Terms and Structure of\nthe Notes

You May Lose a Substantial Portion of the Principal\nAmount at Maturity — If the Notes are not automatically called and the Final Underlier Value is less than the Buffer Value,\nyou will lose 1% of the principal amount of your Notes for each 1% that the Final Underlier Value is less than the Initial Underlier Value\nin excess of the Buffer Percentage. You could lose some or a substantial portion of your principal amount at maturity.

You May Not Receive Any Contingent Coupons\n— We will not necessarily pay any Contingent Coupons on the Notes. If the closing value of the Underlier is less than the Coupon\nThreshold on a Coupon Observation Date, we will not pay you the Contingent Coupon applicable to that Coupon Observation Date on the corresponding\nCoupon Payment Date. If the closing value of the Underlier is less than the Coupon Threshold on each of the Coupon Observation Dates,\nwe will not pay you any Contingent Coupons during the term of, and you will not receive a positive return on, your Notes. Generally, this\nnon-payment of the Contingent Coupon coincides with a greater risk of principal loss on your Notes. Notwithstanding the memory feature\ndescribed above, there can be no assurance that any unpaid Contingent Coupon will become payable during the term of the Notes. Even if\nyour return is positive, your return may be less than the return you would earn if you purchased one of our conventional senior interest-bearing\ndebt securities.

You Will Not Participate in Any Appreciation\nof the Underlier, and Any Potential Return on the Notes Is Limited — The return on the Notes is limited to the Contingent Coupons,\nif any, that may be payable on the Notes, regardless of any appreciation of the Underlier, which may be significant. As a result, the\nreturn on an investment in the Notes could be less than the return on a direct investment in the Underlier.

The Notes Are Subject to an Automatic Call\n— If, on any Call Observation Date, the closing value of the Underlier is greater than or equal to the Initial Underlier Value,\nthe Notes will be automatically called, and you will not receive any further payments on the Notes. Because the Notes could be called\nas early as approximately one year after the Issue Date, the total return on the Notes could be minimal. You may be unable to reinvest\nyour proceeds from the automatic call in an investment with a return that is as high as the return on the Notes would have been if they\nhad not been called.

Payments on the Notes Are Subject to Our Credit\nRisk, and Market Perceptions about Our Creditworthiness May Adversely Affect the Market Value of the Notes — The Notes are our\nsenior unsecured debt securities, and your receipt of any amounts due on the Notes is dependent upon our ability to pay our obligations\nas they come due. If we were to default on our payment obligations, you may not receive any amounts owed to you under the Notes and you\ncould lose your entire investment. In addition, any negative changes in market perceptions about our creditworthiness may adversely affect\nthe market value of the Notes.

Any Payment on the Notes Will Be Determined\nBased on the Closing Values of the Underlier on the Dates Specified — Any payment on the Notes will be determined based on the\nclosing values of the Underlier on the dates specified. You will not benefit from any more favorable value of the Underlier determined\nat any other time.

The U.S. Federal Income Tax Consequences of\nan Investment in the Notes Are Uncertain — There is no direct legal authority regarding the proper U.S. federal income tax treatment\nof the Notes, and significant aspects of the tax treatment of the Notes are uncertain. Moreover, non-U.S. investors should note that persons\nhaving withholding responsibility in respect of the Notes may withhold on any coupon paid to a non-U.S. investor, generally at a rate\nof 30%. We will not pay any additional amounts in respect of such withholding. You should review carefully the section entitled “United\nStates Federal Income Tax Considerations” herein, in combination with the section entitled “United States Federal Income Tax\nConsiderations” in the accompanying product supplement, and consult your tax adviser regarding the U.S. federal income tax consequences\nof an investment in the Notes.

P-7	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Buffer Notes with Memory Coupon Linked to the Bloomberg US Large Cap VolMax Index

Risks Relating to the Initial Estimated Value\nof the Notes and the Secondary Market for the Notes

There May Not Be an Active Trading Market for\nthe Notes; Sales in the Secondary Market May Result in Significant Losses — There may be little or no secondary market for the\nNotes. The Notes will not be listed on any securities exchange. RBCCM and our other affiliates may make a market for the Notes; however,\nthey are not required to do so and, if they choose to do so, may stop any market-making activities at any time. Because other dealers\nare not likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes is likely to depend on\nthe price, if any, at which RBCCM or any of our other affiliates is willing to buy the Notes. Even if a secondary market for the Notes\ndevelops, it may not provide enough liquidity to allow you to easily trade or sell the Notes. We expect that transaction costs in any\nsecondary market would be high. As a result, the difference between bid and ask prices for your Notes in any secondary market could be\nsubstantial. If you sell your Notes before maturity, you may have to do so at a substantial discount from the price that you paid for\nthem, and as a result, you may suffer significant losses. The Notes are not designed to be short-term trading instruments. Accordingly,\nyou should be able and willing to hold your Notes to maturity.

The Initial Estimated Value of the Notes Is\nLess Than the Public Offering Price — The initial estimated value of the Notes is less than the public offering price of the\nNotes and does not represent a minimum price at which we, RBCCM or any of our other affiliates would be willing to purchase the Notes\nin any secondary market (if any exists) at any time. If you attempt to sell the Notes prior to maturity, their market value may be lower\nthan the price you paid for them and the initial estimated value. This is due to, among other things, changes in the value of the Underlier,\nthe internal funding rate we pay to issue securities of this kind (which is lower than the rate at which we borrow funds by issuing conventional\nfixed rate debt) and the inclusion in the public offering price of the underwriting discount, the referral fee, our estimated profit and\nthe estimated costs relating to our hedging of the Notes. These factors, together with various credit, market and economic factors over\nthe term of the Notes, are expected to reduce the price at which you may be able to sell the Notes in any secondary market and will affect\nthe value of the Notes in complex and unpredictable ways. Assuming no change in market conditions or any other relevant factors, the price,\nif any, at which you may be able to sell your Notes prior to maturity may be less than your original purchase price, as any such sale\nprice would not be expected to include the underwriting discount, the referral fee, our estimated profit or the hedging costs relating\nto the Notes. In addition, any price at which you may sell the Notes is likely to reflect customary bid-ask spreads for similar trades.\nIn addition to bid-ask spreads, the value of the Notes determined for any secondary market price is expected to be based on a secondary\nmarket rate rather than the internal funding rate used to price the Notes and determine the initial estimated value. As a result, the\nsecondary market price will be less than if the internal funding rate were used.

The Initial Estimated Value of the Notes Is\nOnly an Estimate, Calculated as of the Trade Date — The initial estimated value of the Notes is based on the value of our obligation\nto make the payments on the Notes, together with the mid-market value of the derivative embedded in the terms of the Notes. See “Structuring\nthe Notes” below. Our estimate is based on a variety of assumptions, including our internal funding rate (which represents a discount\nfrom our credit spreads), expectations as to dividends, interest rates and volatility and the expected term of the Notes. These assumptions\nare based on certain forecasts about future events, which may prove to be incorrect. Other entities may value the Notes or similar securities\nat a price that is significantly different than we do.

The value of the Notes at any time after\nthe Trade Date will vary based on many factors, including changes in market conditions, and cannot be predicted with accuracy. As a result,\nthe actual value you would receive if you sold the Notes in any secondary market, if any, should be expected to differ materially from\nthe initial estimated value of the Notes.

Risks Relating to Conflicts of Interest and\nOur Trading Activities

Our and Our Affiliates’ Business and\nTrading Activities May Create Conflicts of Interest — You should make your own independent investigation of the merits of investing\nin the Notes. Our and our affiliates’ economic interests are potentially adverse to your interests as an investor in the Notes due\nto our and our affiliates’ business and trading activities, and we and our affiliates have no obligation to consider your interests\nin taking any actions that might affect the value of the Notes. Trading by us and our affiliates may adversely affect the value of the\nUnderlier and the market value of the Notes. See “Risk Factors—Risks Relating to Conflicts of Interest” in the accompanying\nproduct supplement.

P-8	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Buffer Notes with Memory Coupon Linked to the Bloomberg US Large Cap VolMax Index

RBCCM’s Role as Calculation Agent May\nCreate Conflicts of Interest — As Calculation Agent, our affiliate, RBCCM, will determine any values of the Underlier and make\nany other determinations necessary to calculate any payments on the Notes. In making these determinations, the Calculation Agent may be\nrequired to make discretionary judgments, including those described under “—Risks Relating to the Underlier” below.\nIn making these discretionary judgments, the economic interests of the Calculation Agent are potentially adverse to your interests as\nan investor in the Notes, and any of these determinations may adversely affect any payments on the Notes. The Calculation Agent will have\nno obligation to consider your interests as an investor in the Notes in making any determinations with respect to the Notes.

RBCCM Coordinated with the Index Sponsor in\nthe Development of the Underlier — Our affiliate, RBCCM, coordinated with Bloomberg Index Services Limited (the “Index\nSponsor”) in the development of the Underlier. RBCCM had no obligation to consider your interests as an investor in the Notes in\nconnection with that role. The inclusion of the securities in the Underlying Index is not an investment recommendation by us or RBCCM\nof those securities or indicative of any view that we or RBCCM have regarding those securities.

Risks Relating to the Underlier

You Will Not Have\nAny Rights to the Securities Included in the Underlying Index — As an investor in the Notes, you will not have voting rights\nor any other rights with respect\nto the securities included in the Underlying Index.

The Value of the Underlier\nWill Reflect a Notional Financing Cost, a 6% per Annum Deduction Factor and a Transaction Cost, in Each Case, Deducted Daily —\nThe Underlier is subject to a notional financing cost, a 6% per annum deduction factor and a transaction cost of 0.01% applied to the\nchange in exposure to the Underlying Index, in each case, deducted daily. As a result of the daily\ndeductions, the value of the Underlier will trail the value of a hypothetical identically constituted\nnotional portfolio from which no such deductions are made, assuming that the notional financing cost remains positive.

The\nnotional financing cost is intended to approximate the cost of maintaining a position in the Underlying Index using borrowed funds\nat a rate of interest currently equal to SOFR plus a spread of 0.50% per annum. The actual\ncost of maintaining a position in the Underlying Index at any time may be less than the notional\nfinancing cost. SOFR has fluctuated significantly over time. For example, on December 31, 2021, SOFR was 0.05%, and on December 29, 2023,\nSOFR was 5.38%. SOFR in the future could be higher, perhaps significantly higher, than it has been in the past. Any increase in SOFR will\nincrease the adverse effect of the notional financing cost on the performance of the Underlier.

The\nUnderlier rebalances on a daily basis, and therefore the transaction cost will be deducted\nfrom the value of the Underlier on a daily basis. The Underlier may incur additional transaction\ncost compared with an identical index that rebalances less frequently.

The daily deductions will place a significant\ndrag on the performance of the Underlier, assuming that the notional financing cost remains positive, potentially offsetting positive\nreturns on the Underlier’s investment strategy, exacerbating negative returns of its investment strategy and causing the value of\nthe Underlier to decline steadily if the return of its investment strategy is relatively flat. The Underlier will not appreciate unless\nthe return of its investment strategy is sufficient to offset the negative effects of the daily deductions, and then only to the extent\nthat the return of its investment strategy is greater than the deducted amounts. As a result of the daily deductions, the value of the\nUnderlier may decline even if the return of its investment strategy is positive.

The following table provides the negative\nimpact of the transaction cost on the performance of the Underlier based on hypothetical back-tested and historical performance from October\n1, 2003 to September 23, 2026. Following that period, the transaction cost will depend on market conditions and the actual negative impact\nfollowing that period may be greater, perhaps significantly greater, than the values set forth below.

\n \n \n \n \n \n \n

Average Per Annum \nTransaction Cost	Maximum Transaction Cost \nOver Any Annual Period
0.34%	0.81%

P-9	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Buffer Notes with Memory Coupon Linked to the Bloomberg US Large Cap VolMax Index

The Underlier May\nNot Be Successful or Outperform Any Alternative Strategy That Might Be Employed in Respect of the Underlying Index — No assurance\ncan be given that the investment strategy on which the Underlier is based will be successful or that the Underlier will outperform any\nalternative strategy that might be employed with respect to the Underlying Index.

The Underlier May\nNot Approximate Its Target Volatility — No assurance can be given that the Underlier will maintain an annualized realized volatility\nthat approximates its target volatility of 40%. Each day, the exposure of the Underlier to the performance of the Underlying Index on\nthe following day is set equal to (a) the 40% target volatility divided by (b) the realized volatility of the Underlying Index,\nsubject to a maximum exposure of 500% and a minimum exposure of 100%. On each day, the realized volatility of the Underlying Index used\nto determine the exposure of the Underlier to the Underlying Index on the following day is equal to the lower of the short-term (20-day)\nrealized volatility of the Underlying Index and the long-term (60-day) realized volatility of the Underlying Index. However, there is\nno guarantee that the methodology used by the Underlier to determine the realized volatility of the Underlying Index will be representative\nof the realized volatility that the Underlying Index will experience. Realized volatility is backward looking, and there is no guarantee\nthat trends exhibited by historical realized volatility will continue in the future. In addition, the volatility of the Underlying Index\non any day may change quickly and unexpectedly, but it may take time for the realized volatility referenced by the Underlier to fully\nreflect those changes and for the exposure of the Underlier to be adjusted accordingly. In particular, since the Underlier references\nthe lower of the short-term and the long-term realized volatility of the Underlying Index, if the short-term realized volatility of the\nUnderlying Index increases suddenly, the Underlier’s exposure to the Underlying Index may not be reduced unless and until the long-term\nrealized volatility of the Underlying Index also increases. Furthermore, the maximum exposure and minimum exposure may limit the ability\nof the Underlier to approximate its target volatility. Because the minimum exposure is 100%, the exposure of the Underlier to the Underlying\nIndex will not be reduced when the realized volatility of the Underlying Index exceeds 40%. As a result of the foregoing, the actual annualized\nrealized volatility of the Underlier may be greater than or less than the target volatility, which may adversely affect the value of the\nUnderlier and the value of the Notes.

The Underlier Is Subject\nto Risks Associated with the Use of Significant Leverage — On each day, the Underlier will employ leverage to increase the exposure\nof the Underlier to the Underlying Index if the realized volatility of the Underlying Index is below 40%, subject to a maximum exposure\nof 500%. Under normal market conditions in the past, the Underlying Index has tended to exhibit a realized volatility below 40%. Accordingly,\nthe Underlier has generally employed leverage in the past, except during periods of elevated volatility. When leverage is employed, any\nmovements in the values of the Underlying Index will result in greater changes in the value of the Underlier than if leverage were not\nused. In particular, the use of leverage will magnify any negative performance of the Underlying Index, which, in turn, would negatively\naffect the performance of the Underlier. The use of leverage will cause the volatility of the Underlier to be greater, perhaps significantly\ngreater, than the volatility of the Underlying Index. The exposure of the Underlier to the Underlying Index may be relatively high during\nperiods of negative performance of the Underlying Index and/or relatively low during periods of positive performance of the Underlying\nIndex, which would adversely affect the performance of the Underlier, perhaps significantly. In addition, the notional financing cost\ndeducted daily will be magnified by any leverage provided by the Underlier.

The average exposure of the Underlier\nto the Underlying Index is 340% based on hypothetical back-tested and historical performance from October 1, 2003 to September 23, 2026.\nFollowing that period, the amount of leverage employed by the Underlier will depend on market conditions and may differ, perhaps significantly,\nfrom the value set forth above.

The Underlier May\nBe Adversely Affected by a “Volatility Drag” Effect — The Underlier is expected to be subject to a “volatility\ndrag” effect due to the daily resetting leveraged exposure to the Underlying Index. The drag effect is likely to occur when the\nvalue of the Underlying Index moves in one direction one day and the other direction the next. Resetting the exposure of the Underlier\nafter an increase but in advance of a decline in the Underlying Index would cause the Underlier to have increased exposure to that decline,\nand resetting the exposure following a decline but in advance of an increase in the Underlying Index would cause the Underlier to have\ndecreased exposure to that increase. The more this fact pattern repeats, the lower the performance of the Underlier will be relative to\nthe performance of the Underlying Index. As a consequence of this drag effect, if the value of the Underlying Index falls but later returns\nto its original value, the Underlier may not fully recover from the loss at the same time. Under these circumstances, the Underlying Index\nmay need to appreciate, perhaps significantly, above its original value in order for the Underlier to fully

P-10	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Buffer Notes with Memory Coupon Linked to the Bloomberg US Large Cap VolMax Index

recover\nfrom the loss. Because the Underlier rebalances on a daily basis, the Underlier may be subject to a greater drag effect compared with\nan identical index that rebalances less frequently.

The Underlier Has\na Limited Operating History and May Perform in Unanticipated Ways — The Underlier was established recently and therefore has\na limited operating history. Because the Underlier is of recent origin and limited actual historical performance data exists with respect\nto it, your investment in the Notes may involve a greater risk than investing in securities linked to an index with a more established\nrecord of performance.

Hypothetical Back-Tested\nData Relating to the Underlier Do Not Represent Actual Historical Data and Are Subject to Inherent Limitations — Hypothetical\nback-tested performance measures of the Underlier are purely theoretical and do not represent the actual historical performance of the\nUnderlier and have not been verified by an independent third party. Hypothetical back-tested performance measures have inherent limitations.\nHypothetical back-tested performance is derived by means of the retroactive application of a back-tested model that has been designed\nwith the benefit of hindsight. Alternative modeling techniques might produce significantly different results and may prove to be more\nappropriate. Past performance, and especially hypothetical back-tested performance, is not indicative of future results. This type of\ninformation has inherent limitations, and you should carefully consider these limitations before placing reliance on such information.

The Notes Are Subject\nto Risks Relating to Non-U.S. Securities — Because some of the equity securities composing the Underlying Index are issued by\nnon-U.S. issuers, an investment in the Notes involves risks associated with the home countries of those issuers. The prices of securities\nof non-U.S. companies may be affected by political, economic, financial and social factors in those countries, or global regions, including\nchanges in government, economic and fiscal policies and currency exchange laws.

We May Accelerate\nthe Notes If a Change-in-Law Event Occurs — Upon the occurrence of legal or regulatory changes that may, among other things,\nprohibit or otherwise materially restrict persons from holding the Notes or the Underlier, or engaging in transactions in them, the Calculation\nAgent may determine that a change-in-law event has occurred and accelerate the Maturity Date for a payment determined by the Calculation\nAgent in its sole discretion. Any amount payable upon acceleration could be significantly less than any amount that would be due on the\nNotes if they were not accelerated. However, if the Calculation Agent elects not to accelerate the Notes, the value of, and any amount\npayable on, the Notes could be adversely affected, perhaps significantly, by the occurrence of such legal or regulatory changes. See “General\nTerms of the Notes—Change-in-Law Events” in the accompanying product supplement.

Any Payment on the\nNotes May Be Postponed and Adversely Affected by the Occurrence of a Market Disruption Event — The timing and amount of any\npayment on the Notes is subject to adjustment upon the occurrence of a market disruption event affecting the Underlier. If a market disruption\nevent persists for a sustained period, the Calculation Agent may make a determination of the closing value of the Underlier. See “General\nTerms of the Notes—Indices—Market Disruption Events for an Equity Index,” “General Terms of the Notes—Postponement\nof a Determination Date” and “General Terms of the Notes—Postponement of a Payment Date” in the accompanying product\nsupplement.

Adjustments to the\nUnderlier or the Underlying Index Could Adversely Affect Any Payments on the Notes and Result in the Notes Being Accelerated —\nThe sponsor of the Underlying Index may add, delete, substitute or adjust the securities composing the Underlying Index or make other\nmethodological changes to the Underlying Index that could affect its performance and the performance of the Underlier. The Calculation\nAgent will calculate the value to be used as the closing value of the Underlier in the event of certain material changes in, or modifications\nto, the Underlier. In addition, the sponsor of the Underlier may also discontinue or suspend calculation or publication of the Underlier\nat any time. Under these circumstances, the Calculation Agent may select a successor index that the Calculation Agent determines to be\ncomparable to the Underlier or, if no successor index is available, the Calculation Agent will determine the value to be used as the closing\nvalue of the Underlier. Any of these actions could adversely affect the value of the Underlier and, consequently, the value of the Notes.\nSee “General Terms of the Notes—Indices—Discontinuation of, or Adjustments to, an Index” in the accompanying product\nsupplement.

In addition, if a modification to the\nUnderlier or the Underlying Index constitutes a Material Index Amendment Event, the Calculation Agent may accelerate\nthe Maturity Date for a payment determined by the Calculation Agent. Any amount

P-11	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Buffer Notes with Memory Coupon Linked to the Bloomberg US Large Cap VolMax Index

payable upon acceleration could be significantly\nless than any amount that would be due on the Notes if they were not accelerated. However, if the Calculation Agent elects not to accelerate\nthe Notes, the value of, and any amount payable on, the Notes could be adversely affected, perhaps significantly. See “General Terms\nof the Notes—Material Index Amendment Events” in the accompanying product supplement.

P-12	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Buffer Notes with Memory Coupon Linked to the Bloomberg US Large Cap VolMax Index

INFORMATION REGARDING THE UNDERLIER

The Underlier was developed by the Index Sponsor,\nin coordination with RBCCM, and is calculated, maintained and published by the Index Sponsor. The Underlier was established on December\n9, 2024.

The Underlier attempts to provide variable exposure\nto the Bloomberg 500 Total Return Index (the “Underlying Index”), while targeting a volatility level of 40% (the “target\nvolatility”), with a maximum exposure to the Underlying Index of 500% and a minimum exposure to the Underlying Index of 100%. The\nUnderlying Index is a free-float market capitalization-weighted benchmark of the 500 most highly capitalized U.S.-listed companies, with\ngross dividends reinvested. For more information about the Underlying Index, see “Background on the Bloomberg 500 Total Return Index\nand the Bloomberg US 2000 Total Return Index” in the accompanying underlying supplement.

The Underlier is subject to a notional financing\ncost, a 6% per annum deduction factor and a transaction cost of 0.01% applied to the daily change in exposure to the Underlying Index,\nin each case, deducted daily. The notional financing cost is intended to approximate the cost of maintaining a position in the Underlying\nIndex using borrowed funds at a rate of interest currently equal to SOFR plus a spread of 0.50% per annum. SOFR, the Secured Overnight\nFinancing Rate, is intended to be a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. The Underlier\nis an “excess return” index and not a “total return” index because, as part of the calculation of the level of\nthe Underlier, the performance of the Underlying Index is reduced by the notional financing cost.

Each day, the exposure of the Underlier to the\nperformance of the Underlying Index on the following day is set equal to (a) the 40% target volatility divided by (b) the realized\nvolatility of the Underlying Index, subject to a maximum exposure of 500% and a minimum exposure of 100%. For example, if the realized\nvolatility of the Underlying Index is equal to 20%, the exposure of the Underlier to the Underlying Index will equal 200% (or 40% / 20%)\nand if the realized volatility of the Underlying Index is equal to 50%, the exposure of the Underlier to the Underlying Index will equal\n100% (because 40% / 50% is less than 100%). The Underlier’s exposure to the Underlying Index will be greater than 100% when the\nrealized volatility of the Underlying Index is less than 40%, and the Underlier’s exposure to the Underlying Index will be equal\nto 100% when the realized volatility of the Underlying Index is greater than or equal to 40%. In general, the Underlier’s target\nvolatility feature is expected to result in the volatility of the Underlier being more stable over time than if no target volatility feature\nwere employed. No assurance can be provided that the volatility of the Underlier will be stable at any time.

The notional financing cost, the 6% per annum deduction\nfactor and the transaction cost will offset appreciation of the Underlying Index, heighten depreciation of the Underlying Index and generally\nact as drags on the performance of the Underlier. The Underlier will trail the performance of an identical index without those deductions.

Certain features of the Underlier, including the\ndeductions described above, are designed to reduce the cost to us and our affiliates of hedging transactions that we intend to enter into\nin connection with the Notes as compared to an otherwise comparable index without these features. The reduced cost of hedging may make\nit possible for certain terms of the Notes to be more favorable to you than would otherwise be the case. However, there can be no assurance\nthat these more favorable terms will offset the negative effects of these features on the performance of the Underlier, and your return\non the Notes may ultimately be less favorable than it would have been without these more favorable terms but with an index that does not\ncontain these deductions.

The Underlier is subject to risks associated\nwith the use of significant leverage. The notional financing cost deducted daily will be magnified by any leverage provided by the Underlier.

No assurance can be given that the investment\nstrategy used to construct the Underlier will achieve its intended results or that the Underlier will be successful or will outperform\nany alternative index or strategy that might reference the Underlying Index.

For more information about the Underlier, see “The\nBloomberg VolMax Index Series” in the accompanying underlying supplement.

P-13	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Buffer Notes with Memory Coupon Linked to the Bloomberg US Large Cap VolMax Index

Hypothetical Back-Tested and Historical Information

The following graph sets forth hypothetical back-tested\nand historical closing values of the Underlier for the period from January 1, 2016 to October 22, 2026. The Underlier was launched on\nDecember 9, 2024. Accordingly, all closing values for periods prior to the launch date are based on hypothetical back-tested information,\nutilizing the same methodology as is currently in place for the Underlier. The hypothetical back-tested performance of the Underlier is\nbased on criteria that have been applied retroactively with the benefit of hindsight; these criteria cannot account for all financial\nrisk that may affect the actual performance of the Underlier in the future. The future performance of the Underlier may vary significantly\nfrom the hypothetical back-tested and historical performance illustrated in the graph below.

The red line represents the Coupon Threshold and\nthe green line represents the Buffer Value. We obtained the information in the graph from Bloomberg Financial Markets, without independent\ninvestigation. We cannot give you assurance that the performance of the Underlier will result in the return of all of your initial\ninvestment.

Bloomberg US Large Cap VolMax Index

$\"\"$

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE\nRESULTS.

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	Auto-Callable Contingent Coupon Buffer Notes with Memory Coupon Linked to the Bloomberg US Large Cap VolMax Index

UNITED STATES FEDERAL INCOME\nTAX CONSIDERATIONS

You should review carefully the section in the\naccompanying product supplement entitled “United States Federal Income Tax Considerations.” The following discussion, when\nread in combination with that section, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material\nU.S. federal income tax consequences of owning and disposing of the Notes.

Generally, this discussion assumes that you purchased\nthe Notes for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including\nconsequences that may arise due to any other investments relating to the Underlier. You should consult your tax adviser regarding the\neffect any such circumstances may have on the U.S. federal income tax consequences of your ownership of a Note.

In the opinion of our counsel, it is reasonable\nto treat the Notes for U.S. federal income tax purposes as prepaid financial contracts with associated coupons, and any coupons as ordinary\nincome, as described in the section entitled “United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Notes\nTreated as Prepaid Financial Contracts with Associated Coupons” in the accompanying product supplement. There is uncertainty regarding\nthis treatment, and the Internal Revenue Service (the “IRS”) or a court might not agree with it. A different tax treatment\ncould be adverse to you.

We do not plan to request a ruling from the IRS\nregarding the treatment of the Notes. An alternative characterization of the Notes could materially and adversely affect the tax consequences\nof ownership and disposition of the Notes, including the timing and character of income recognized. In addition, the U.S. Treasury Department\nand the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of “prepaid forward contracts”\nand similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance.\nFurthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury\nregulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences\nof an investment in the Notes, possibly with retroactive effect.

Non-U.S. Holders. The U.S. federal income\ntax treatment of the coupons is unclear. To the extent that we have withholding responsibility in respect of the Notes, we would expect\ngenerally to treat the coupons as subject to U.S. withholding tax. Moreover, you should expect that, if the applicable withholding agent\ndetermines that withholding tax should apply, it will be at a rate of 30% (or lower treaty rate). In order to claim an exemption from,\nor a reduction in, the 30% withholding under an applicable treaty, you may need to comply with certification requirements to establish\nthat you are not a U.S. person and are eligible for such an exemption or reduction under an applicable tax treaty. You should consult\nyour tax adviser regarding the tax treatment of the coupons.

As discussed under “United States Federal\nIncome Tax Considerations—Tax Consequences to Non-U.S. Holders—Dividend Equivalents under Section 871(m) of the Code”\nin the accompanying product supplement, Section 871(m) of the Internal Revenue Code and Treasury regulations promulgated thereunder (“Section\n871(m)”) generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to\ncertain financial instruments linked to U.S. equities or indices that include U.S. equities. The Treasury regulations, as modified by\nan IRS notice, exempt financial instruments issued prior to January 1, 2029 that do not have a “delta” of one. Based on certain\ndeterminations made by us, our counsel is of the opinion that Section 871(m) should not apply to the Notes with regard to Non-U.S. Holders.\nOur determination is not binding on the IRS, and the IRS may disagree with this determination.

We will not be required to pay any additional amounts\nwith respect to U.S. federal withholding taxes.

You should consult your tax adviser regarding the\nU.S. federal income tax consequences of an investment in the Notes, including possible alternative treatments, as well as tax consequences\narising under the laws of any state, local or non-U.S. taxing jurisdiction.

P-15	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Buffer Notes with Memory Coupon Linked to the Bloomberg US Large Cap VolMax Index

SUPPLEMENTAL PLAN OF DISTRIBUTION\n(CONFLICTS OF INTEREST)

The Notes are offered initially to investors at\na purchase price equal to par, except with respect to certain accounts as indicated on the cover page of this pricing supplement. We or\none of our affiliates may pay the underwriting discount and may pay a broker-dealer that is not affiliated with us a referral fee, in\neach case as set forth on the cover page of this pricing supplement.

The value of the Notes shown on your account statement\nmay be based on RBCCM’s estimate of the value of the Notes if RBCCM or another of our affiliates were to make a market in the Notes\n(which it is not obligated to do). That estimate will be based on the price that RBCCM may pay for the Notes in light of then-prevailing\nmarket conditions, our creditworthiness and transaction costs. For a period of approximately nine months after the Issue Date, the value\nof the Notes that may be shown on your account statement may be higher than RBCCM’s estimated value of the Notes at that time. This\nis because the estimated value of the Notes will not include the underwriting discount, the referral fee or our hedging costs and profits;\nhowever, the value of the Notes shown on your account statement during that period may initially be a higher amount, reflecting the addition\nof the underwriting discount, the referral fee and our estimated costs and profits from hedging the Notes. This excess is expected to\ndecrease over time until the end of this period. After this period, if RBCCM repurchases your Notes, it expects to do so at prices that\nreflect their estimated value.

RBCCM or another of its affiliates or agents may\nuse this pricing supplement in the initial sale of the Notes. In addition, RBCCM or another of our affiliates may use this pricing supplement\nin a market-making transaction in the Notes after their initial sale. Unless we or our agent informs the purchaser otherwise in\nthe confirmation of sale, this pricing supplement is being used in a market-making transaction.

For additional information about the settlement\ncycle of the Notes, see “Plan of Distribution” in the accompanying prospectus. For additional information as to the relationship\nbetween us and RBCCM, see the section “Plan of Distribution—Conflicts of Interest” in the accompanying prospectus.

STRUCTURING THE NOTES

The Notes are our debt securities. As is the case\nfor all of our debt securities, including our structured notes, the economic terms of the Notes reflect our actual or perceived creditworthiness.\nIn addition, because structured notes result in increased operational, funding and liability management costs to us, we typically borrow\nthe funds under structured notes at a rate that is lower than the rate that we might pay for a conventional fixed or floating rate debt\nsecurity of comparable maturity. The lower internal funding rate, the underwriting discount, the referral fee and the hedging-related\ncosts relating to the Notes reduce the economic terms of the Notes to you and result in the initial estimated value for the Notes being\nless than their public offering price. Unlike the initial estimated value, any value of the Notes determined for purposes of a secondary\nmarket transaction may be based on a secondary market rate, which may result in a lower value for the Notes than if our initial internal\nfunding rate were used.

In order to satisfy our payment obligations under\nthe Notes, we may choose to enter into certain hedging arrangements (which may include call options, put options or other derivatives)\nwith RBCCM and/or one of our other subsidiaries. The terms of these hedging arrangements take into account a number of factors, including\nour creditworthiness, interest rate movements, volatility and the tenor of the Notes. The economic terms of the Notes and the initial\nestimated value depend in part on the terms of these hedging arrangements.

See “Selected Risk Considerations—Risks\nRelating to the Initial Estimated Value of the Notes and the Secondary Market for the Notes—The Initial Estimated Value of the Notes\nIs Less Than the Public Offering Price” above.

VALIDITY OF THE NOTES

In the opinion of Norton Rose Fulbright Canada\nLLP, as Canadian counsel to the Bank, the issue and sale of the Notes has been duly authorized by all necessary corporate action of the\nBank in conformity with the indenture, and when the Notes have been duly executed, authenticated and issued in accordance with the indenture\nand delivered against payment therefor, the Notes will be validly issued and, to the extent validity of the Notes is a matter governed\nby the laws of the

P-16	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Buffer Notes with Memory Coupon Linked to the Bloomberg US Large Cap VolMax Index

Province of Ontario or Québec, or the federal\nlaws of Canada applicable therein, will be valid obligations of the Bank, subject to the following limitations: (i) the enforceability\nof the indenture may be limited by the Canada Deposit Insurance Corporation Act (Canada), the Winding-up and Restructuring Act (Canada)\nand bankruptcy, insolvency, reorganization, receivership, moratorium, arrangement or winding-up laws or other similar laws of general\napplication affecting the enforcement of creditors’ rights generally; (ii) the enforceability of the indenture is subject to general\nequitable principles, including the principle that the availability of equitable remedies, such as specific performance and injunction,\nmay only be granted at the discretion of a court of competent jurisdiction; (iii) under applicable limitations statutes generally, including\nthat the enforceability of the indenture will be subject to the limitations contained in the Limitations Act, 2002 (Ontario), and such\ncounsel expresses no opinion as to whether a court may find any provision of the indenture to be unenforceable as an attempt to vary or\nexclude a limitation period under such applicable limitations statutes; (iv) rights to indemnity and contribution under the Notes or the\nindenture which may be limited by applicable law; and (v) courts in Canada are precluded from giving a judgment in any currency other\nthan the lawful money of Canada and such judgment may be based on a rate of exchange in existence on a day other than the day of payment,\nas prescribed by the Currency Act (Canada). This opinion is given as of the date hereof and is limited to the laws of the Provinces of\nOntario and Québec and the federal laws of Canada applicable therein. In addition, this opinion is subject to customary assumptions\nabout the trustee’s authorization, execution and delivery of the indenture and the genuineness of signatures and to such counsel’s\nreliance on the Bank and other sources as to certain factual matters, all as stated in the opinion letter of such counsel dated December\n20, 2023, which has been filed as Exhibit 5.3 to the Bank’s Form 6-K filed with the SEC dated December 20, 2023. References to the\n“indenture” in this paragraph mean the Indenture as defined in the opinion of Norton Rose Fulbright Canada LLP dated December\n20, 2023, as further amended and supplemented by the sixth supplemental indenture dated as of July 23, 2024.

In the opinion of Davis Polk & Wardwell LLP,\nas special United States products counsel to the Bank, when the Notes offered by this pricing supplement have been issued by the Bank\npursuant to the indenture, the trustee has made, in accordance with the indenture, the appropriate notation to the master note evidencing\nsuch Notes (the “master note”), and such Notes have been delivered against payment as contemplated herein, such Notes will\nbe valid and binding obligations of the Bank, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency\nand similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability\n(including, without limitation, concepts of good faith, fair dealing and the lack of bad faith) and possible judicial or regulatory actions\nor applications giving effect to governmental actions or foreign laws affecting creditors’ rights, provided that such counsel\nexpresses no opinion as to (i) the enforceability of any waiver of rights under any usury or stay law or (ii) the effect of fraudulent\nconveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of\nthe date hereof and is limited to the laws of the State of New York. Insofar as the foregoing opinion involves matters governed by the\nlaws of the Provinces of Ontario and Québec and the federal laws of Canada, you have received, and we understand that you are relying\nupon, the opinion of Norton Rose Fulbright Canada LLP, Canadian counsel for the Bank, set forth above. In addition, this opinion is subject\nto customary assumptions about the trustee’s authorization, execution and delivery of the indenture and the authentication of the\nmaster note and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the opinion\nof Davis Polk & Wardwell LLP dated May 16, 2024, which has been filed as an exhibit to the Bank’s Form 6-K filed with the SEC\non May 16, 2024. References to the “indenture” in this paragraph mean the Indenture as defined in the opinion of Davis Polk\n& Wardwell LLP dated May 16, 2024, as further amended and supplemented by the sixth supplemental indenture dated as of July 23, 2024.

P-17	RBC Capital Markets, LLC

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