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$\"\"$		Registration Statement No. 333-275898 \n Filed\nPursuant to Rule 424(b)(2) \n\n


\n Pricing Supplement \n \n Pricing Supplement dated October 13, 2026 to the Prospectus\n dated December 20, 2023, the Prospectus Supplement dated December 20, 2023 and the Product Supplement No. 1B dated July 22, 2025 \n		\n $1,965,000 \n Auto-Callable Contingent Coupon Barrier Notes \n Linked to the Common Stock of Morgan Stanley, \n Due November 18, 2027 \n \n Royal Bank of Canada \n

Royal Bank of Canada is offering Auto-Callable\nContingent Coupon Barrier Notes (the “Notes”) linked to the performance of the common stock of Morgan Stanley (the “Underlier”).

Contingent Coupons — If the Notes\nhave not been automatically called, investors will receive a Contingent Coupon on a monthly Coupon Payment Date at a rate of 10.70% per\nannum if the closing value of the Underlier is greater than or equal to the Coupon Threshold (73% of the Initial Underlier Value) on the\nimmediately preceding Coupon Observation Date. You may not receive any Contingent Coupons during the term of the Notes.

Call Feature — If, on any monthly\nCall Observation Date beginning approximately six months following the Trade Date, the closing value of the Underlier is greater than\nor equal to the Initial Underlier Value, the Notes will be automatically called for 100% of their principal amount plus the Contingent\nCoupon 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 Barrier Value (73% of\nthe Initial Underlier Value), at maturity, investors will receive the principal amount of their Notes plus the Contingent Coupon\notherwise due. If the Notes are not automatically called and the Final Underlier Value is less than the Barrier Value, at maturity, investors\nwill receive shares of the Underlier that will likely be worth significantly less than the principal amount of their Notes and could be\nworth nothing.

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

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

CUSIP: 78018FAG7

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 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%	$1,965,000
Underwriting discounts and commissions⁽¹⁾	\n 1.50%	\n $29,475
Proceeds to Royal Bank of Canada	98.50%	$1,935,525

⁽¹⁾ We or one of our affiliates may\npay varying selling concessions of up to $15.00 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 $985.00 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 $6.50 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 $977.14 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.

\n\n

	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Barrier Notes Linked to the Common Stock of Morgan Stanley

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 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

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 common stock of Morgan Stanley
	Bloomberg Ticker	Initial Underlier Value⁽¹⁾	Coupon Threshold and Barrier Value⁽²⁾	Physical Delivery Amount⁽³⁾
	MS UN	$186.64	$136.25	5.3579
	⁽¹⁾ The closing value of the Underlier on the Trade Date
	⁽²⁾ 73% of the Initial Underlier Value (rounded to two decimal places)
	⁽³⁾ A number of shares of the Underlier equal to $1,000 divided by the Initial Underlier Value (rounded to four decimal places)
Trade Date:	October 13, 2026
Issue Date:	October 16, 2026
Valuation Date:*	November 15, 2027
Maturity Date:*	November 18, 2027
Payment of Contingent Coupons:	\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 \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. \n
Contingent Coupon:	If payable, $8.917 per $1,000 principal amount of Notes (corresponding to a rate of 0.8917% per month or 10.70% 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 otherwise due. No further payments will be made on the Notes. \n

P-2	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Barrier Notes Linked to the Common Stock of Morgan Stanley

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

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 otherwise due: \n \n ·\t If\n the Final Underlier Value is *greater than or equal to* the Barrier Value: $1,000 \n \n ·\t If\n the Final Underlier Value is *less than* the Barrier Value, a number of shares of the Underlier equal to the Physical Delivery\n Amount. Fractional shares will be paid in cash with a value equal to the number of fractional shares times the Final Underlier\n Value. \n \n If the Notes are not automatically called and\n the Final Underlier Value is less than the Barrier Value, you will receive shares of the Underlier that will likely be worth significantly\n less than the principal amount of your Notes and could be worth nothing at maturity. All payments on the Notes are subject to our credit\n risk. \n
Final Underlier Value:	The closing value of the Underlier on the Valuation Date
Coupon Observation Dates:*	Monthly, as set forth in the table below
Coupon Payment Dates:*	Monthly, as set forth in the table below
Call Observation Dates:*	Monthly, beginning approximately six months following the Trade Date, on each Coupon Observation Date (other than the final Coupon Observation Date) from and including the sixth Coupon Observation Date, which is April 13, 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

Coupon Observation Dates*	Coupon Payment Dates*
November 13, 2026	November 18, 2026
December 14, 2026	December 17, 2026
January 13, 2027	January 19, 2027
February 16, 2027	February 19, 2027
March 15, 2027	March 18, 2027
April 13, 2027	April 16, 2027
May 13, 2027	May 18, 2027
June 14, 2027	June 17, 2027
July 13, 2027	July 16, 2027
August 13, 2027	August 18, 2027
September 13, 2027	September 16, 2027
October 13, 2027	October 18, 2027
November 15, 2027 (the Valuation Date)	November 18, 2027 (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 Barrier Notes Linked to the Common Stock of Morgan Stanley

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, and the product supplement no. 1B dated July 22, 2025. This pricing\nsupplement, together with these documents, contains the terms of the Notes and supersedes all other prior or contemporaneous oral statements\nas well as any other written materials, including preliminary or indicative pricing terms, correspondence, trade ideas, structures for\nimplementation, sample structures, fact sheets, brochures or other educational materials of 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

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.

P-4	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Barrier Notes Linked to the Common Stock of Morgan Stanley

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 and Barrier Value of 73%\nof the Initial Underlier Value and the Contingent Coupon of $8.917 per $1,000 principal amount of Notes. For purposes of the table and\nexamples below, the “Underlier Return” represents the percent change in the value of the Underlier from the Initial Underlier\nValue to the Final Underlier Value. The table and examples below also assume that the Notes are not automatically called and do not\naccount for any Contingent Coupons that may be paid prior to maturity. The table and examples are only for illustrative purposes and\nmay not show 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 Return	Value of Payment at Maturity per $1,000 Principal Amount of Notes*	Value of Payment at Maturity as Percentage of Principal Amount*
50.00%	$1,008.917	100.8917%
40.00%	$1,008.917	100.8917%
30.00%	$1,008.917	100.8917%
20.00%	$1,008.917	100.8917%
10.00%	$1,008.917	100.8917%
5.00%	$1,008.917	100.8917%
0.00%	$1,008.917	100.8917%
-5.00%	$1,008.917	100.8917%
-10.00%	$1,008.917	100.8917%
-20.00%	$1,008.917	100.8917%
-27.00%	$1,008.917	100.8917%
-27.01%	$729.900	72.9900%
-30.00%	$700.000	70.0000%
-40.00%	$600.000	60.0000%
-50.00%	$500.000	50.0000%
-60.00%	$400.000	40.0000%
-70.00%	$300.000	30.0000%
-80.00%	$200.000	20.0000%
-90.00%	$100.000	10.0000%
-100.00%	$0.000	0.0000%

* Including any Contingent Coupon otherwise\ndue. For purposes of the table above, the value of any shares received is calculated as the Physical Delivery Amount times the\nFinal Underlier Value. The actual value of any shares received may be less than the amounts shown above.

\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:	$1,000 + Contingent Coupon otherwise due = $1,000 + $8.917 = $1,008.917
	\n In this example, the payment at maturity is $1,008.917\n per $1,000 principal amount of Notes. \n \n Because the Final Underlier Value is greater than\n the Coupon Threshold and Barrier Value, investors receive a full return of the principal amount of their Notes plus the Contingent\n Coupon otherwise due. \n

P-5	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Barrier Notes Linked to the Common Stock of Morgan Stanley

\n \n \n \n

This example illustrates that investors do not participate in any appreciation of the Underlier, which may be significant.

\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 Barrier Value).
	Underlier Return:	-10%
	Payment at Maturity:	$1,000 + Contingent Coupon otherwise due = $1,000 + $8.917 = $1,008.917
	\n In this example, the payment at maturity is $1,008.917\n per $1,000 principal amount of Notes. \n \n Because the Final Underlier Value is greater than\n the Coupon Threshold and Barrier Value, investors receive a full return of the principal amount of their Notes plus the Contingent\n Coupon 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 50% (i.e., the Final Underlier Value is below the Coupon Threshold and Barrier Value).
	Underlier Return:	-50%
	Payment at Maturity:	Shares of the Underlier with a value of $500
	\n In this example, the payment at maturity consists\n of shares of the Underlier with a value, calculated as of the Valuation Date based on the Final Underlier Value, of $500 per $1,000 principal\n amount of Notes, representing a loss of 50% of the principal amount. \n \n Because the Final Underlier Value is less than\n the Barrier Value, investors receive shares of the Underlier worth significantly less than the principal amount of their Notes. Fractional\n shares will be paid in cash. In addition, because the Final Underlier Value is less than the Coupon Threshold, investors do not receive\n a Contingent Coupon at maturity. \n

Investors in the Notes could lose a substantial\nportion or all 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 Barrier Notes Linked to the Common Stock of Morgan Stanley

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 and product supplement. You should not purchase the Notes unless you understand and\ncan bear the risks of investing in the Notes.

Risks Relating to the Terms and Structure of\nthe Notes

You May Lose a Portion or All of the Principal\nAmount at Maturity — If the Notes are not automatically called and the Final Underlier Value is less than the Barrier Value,\nyou will receive shares of the Underlier that will likely be worth significantly less than the principal amount of your Notes and could\nbe worth nothing.

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. If the closing\nvalue of the Underlier is less than the Coupon Threshold on each of the Coupon Observation Dates, we will not pay you any Contingent Coupons\nduring the term of, and you will not receive a positive return on, your Notes. Generally, this non-payment of the Contingent Coupon coincides\nwith a greater risk of principal loss on your Notes. Even if your return is positive, your return may be less than the return you would\nearn if you purchased one of our conventional senior interest-bearing debt 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 six months 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 Barrier Notes Linked to the Common Stock of Morgan Stanley

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 Barrier Notes Linked to the Common Stock of Morgan Stanley

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.

Risks Relating to the Underlier

You Will Not Have Any Rights to the Underlier\n— As an investor in the Notes, you will not have voting rights or rights to receive dividends or other distributions or any other\nrights with respect to the Underlier.

Any Payment on the Notes May Be Postponed and\nAdversely Affected by the Occurrence of a Market Disruption Event — The timing and amount of any payment on the Notes is subject\nto adjustment upon the occurrence of a market disruption event affecting the Underlier. If a market disruption event persists for a sustained\nperiod, the Calculation Agent may make a discretionary determination of the closing value of the Underlier. See “General Terms of\nthe Notes—Reference Stocks and Funds—Market Disruption Events,” “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.

Anti-dilution Protection Is Limited, and the\nCalculation Agent Has Discretion to Make Anti-dilution Adjustments — The Calculation Agent may in its sole discretion make adjustments\naffecting any amounts payable on the Notes upon the occurrence of certain corporate events (such as stock splits or extraordinary or special\ndividends) that the Calculation Agent determines have a diluting or concentrative effect on the theoretical value of the Underlier. However,\nthe Calculation Agent might not make adjustments in response to all such events that could affect the Underlier. The occurrence of any\nsuch event and any adjustment made by the Calculation Agent (or a determination by the Calculation Agent not to make any adjustment) may\nadversely affect the market price of, and any amounts payable on, the Notes. See “General Terms of the Notes—Reference Stocks\nand Funds—Anti-dilution Adjustments” in the accompanying product supplement.

Reorganization or Other Events Could Adversely\nAffect the Value of the Notes or Result in the Notes Being Accelerated — Upon the occurrence of certain reorganization or other\nevents affecting the Underlier, the Calculation Agent may make adjustments that result in payments on the Notes being based on the performance\nof (i) cash, securities of another issuer and/or other property distributed to holders of the Underlier upon the occurrence of that event\nor (ii) in the case of a reorganization event in which only cash is distributed to holders of the Underlier, a substitute security, if\nthe Calculation Agent elects to select one. Any of these actions could adversely affect the value of the Underlier and, consequently,\nthe value of the Notes. Alternatively, the Calculation Agent may accelerate the Maturity Date for a payment determined by the Calculation\nAgent. Any amount payable upon acceleration could be significantly less than any amount that would be due on the Notes if they were not\naccelerated. However, if the Calculation Agent elects not to accelerate the Notes, the value of, and any amount payable on, the Notes\ncould be adversely affected, perhaps significantly. See “General Terms of the Notes—Reference Stocks and Funds—Anti-dilution\nAdjustments—Reorganization Events” in the accompanying product supplement.

P-9	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Barrier Notes Linked to the Common Stock of Morgan Stanley

INFORMATION REGARDING THE UNDERLIER

The Underlier is registered under the Securities\nExchange Act of 1934, as amended (the “Exchange Act”). Companies with securities registered under the Exchange Act are required\nto file financial and other information specified by the SEC periodically. Information provided to or filed with the SEC by the issuer\nof the Underlier can be located on a website maintained by the SEC at https://www.sec.gov by reference to that issuer’s SEC file\nnumber provided below. Information from outside sources is not incorporated by reference in, and should not be considered part of, this\npricing supplement. We have not independently verified the accuracy or completeness of the information contained in outside sources.

According to publicly available information, Morgan\nStanley is a financial services firm that advises, and originates, trades, manages and distributes capital for governments, institutions\nand individuals.

The issuer of the Underlier’s SEC file number\nis 001-11758. The Underlier is listed on the New York Stock Exchange under the ticker symbol “MS.”

Historical Information

The following graph sets forth historical closing\nvalues of the Underlier for the period from January 1, 2016 to October 13, 2026. The red line represents the Coupon Threshold and Barrier\nValue. We obtained the information in the graph from Bloomberg Financial Markets, without independent investigation. We cannot give\nyou assurance that the performance of the Underlier will result in the return of all of your initial investment.

Common Stock of Morgan Stanley

$\"\"$

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE\nRESULTS.

P-10	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Barrier Notes Linked to the Common Stock of Morgan Stanley

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-11	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Barrier Notes Linked to the Common Stock of Morgan Stanley

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 three 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-12	RBC Capital Markets, LLC


	Auto-Callable Contingent Coupon Barrier Notes Linked to the Common Stock of Morgan Stanley

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-13	RBC Capital Markets, LLC

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