加拿大皇家银行美股招股说明书(2026-06-02版)

Maturity of approximately 14 months 3-to-1 upside exposure to increases in the Invesco S&P 500®Equal Weight ETF (the “Market Measure”), subject toa capped return of [9.50% to 13.50%] 1-to-1 downside exposure to decreases in the Market Measure, with 100% of your principal at risk All payments occur at maturity and are subject to the credit risk of Royal Bank of Canada. No periodic interest payments In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.05 perunit. See “Structuring the Notes.” Limited secondary market liquidity, with no exchange listing The notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes arenot insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation, or anyother governmental agency of Canada or the United States. The notes are being issued by Royal Bank of Canada (“RBC”). There are important differences between the notesand a conventional debt security, including different investment risks and certain additional costs. See “RiskFactors” beginning on page TS-6 of this term sheet and beginning on page PS-7 of product supplement EQUITYARN-1. The initial estimated value of the notes as of the pricing date is expected to be between $9.18 and $9.68 per unit,which is less than the public offering price listed below.See “Summary” on the following page, “Risk Factors”beginning on page TS-6 of this term sheet and “Structuring the Notes” below for additional information. The actual value ofyour notes at any time will reflect many factors and cannot be predicted with accuracy. None of the Securities and Exchange Commission (the “SEC”), any state securities commission, or any other regulatorybody has approved or disapproved of these securities or determined if this Note Prospectus (as defined below) is truthfulor complete. Any representation to the contrary is a criminal offense. (1) For any purchase of 300,000 units or more in a single transaction by an individual investor or in combinedtransactions with the investor’s household in this offering, the public offering price and the underwriting discountwill be $9.950 per unit and $0.125 per unit, respectively. See “Supplement to the Plan of Distribution” below. The notes: BofA SecuritiesJune, 2026 Summary The Accelerated Return Notes®Linked to the Invesco S&P 500®Equal Weight ETF, due August, 2027 (the “notes”) areour senior unsecured debt securities. The notes are not insured by the Canada Deposit Insurance Corporation or the U.S.Federal Deposit Insurance Corporation or secured by collateral.The notes will rank equally with all of our otherunsecured and unsubordinated debt. Any payments due on the notes, including any repayment of principal, willbe subject to the credit risk of RBC. The notes are not bail-inable notes (as defined in the prospectus supplement). The notes provide you a leveraged return,subject to a cap, if the Ending Value of the Market Measure, which is the Invesco S&P 500®Equal Weight ETF (the“Market Measure”), is greater than the Starting Value. If the Ending Value is equal to the Starting Value, you will receivethe principal amount of your notes. If the Ending Value is less than the Starting Value, you will lose all or a portion of theprincipal amount of your notes. Any payments on the notes will be calculated based on the $10 principal amount per unitand will depend on the performance of the Market Measure, subject to our credit risk. See “Terms of the Notes” below. The economic terms of the notes (including the Capped Value) are based on our internal funding rate, which is the rate wepay to borrow funds through the issuance of market-linked notes, and the economic terms of certain related hedgingarrangements. Our internal funding rate is typically lower than the rate we would pay when we issue conventional fixed orfloating rate debt securities. This difference in funding rate, as well as the underwriting discount and the hedging-relatedcharge described below, reduce the economic terms of the notes to you and the price at which you may be able to sell thenotes in any secondary market. Due to these factors, the public offering price you pay to purchase the notes will begreater than the initial estimated value of the notes. On the cover page of this term sheet, we have provided the initial estimated value range for the notes. This initialestimated value range was determined based on our and our affiliates’ pricing models, which take into consideration ourinternal funding rate and the market prices for the hedging arrangements related to the notes. The initial estimated valueof the notes calculated on the pricing date will be set forth in the final term sheet made available to investors in the notes.For more information about the initial estimated value and the structuring of the notes, see “Structuring the Notes” below. Redemption AmountDetermination Terms of