Royal Bank of Canada (NYSE: RY) filed a Form 424B2 pricing supplement dated July 31, 2026, disclosing the terms of $170,000 in Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, maturing August 3, 2029.

Key Highlights

  • Total offering size: $170,000 in Enhanced Return Notes at a public offering price of 100.00% per note.
  • Participation rate: Investors receive 120% of the Underlier Return if the Final Underlier Value exceeds the Initial Underlier Value at maturity.
  • Principal protection: If the Final Underlier Value is less than or equal to the Initial Underlier Value, investors receive only the $1,000 principal amount per note, with no additional return.
  • Initial estimated value: The issuer determined an initial estimated value of $953.11 per $1,000 principal amount as of the Trade Date, which is less than the public offering price.
  • No interest payments: The Notes do not pay interest and will not be listed on any securities exchange.
  • Key dates: Trade Date is July 31, 2026; Issue Date is August 5, 2026; Valuation Date is July 31, 2029; Maturity Date is August 3, 2029.
  • Referral fee: A broker-dealer not affiliated with Royal Bank of Canada may receive a referral fee of up to $12.50 per $1,000 principal amount of Notes.

Terms and Structure of Royal Bank of Canada's 2029 Index-Linked Notes

According to the pricing supplement filed under Registration Statement No. 333-275898, Royal Bank of Canada is offering Enhanced Return Notes (CUSIP: 78017UK58) linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index. The filing states that the Initial Underlier Value was 3,784.09, representing the closing value of the Underlier on the Trade Date of July 31, 2026. RBC Capital Markets, LLC is acting as underwriter and calculation agent, and the filing discloses that RBCCM will not receive a commission in connection with sales of the Notes.

The filing describes the payment structure as follows: if the Final Underlier Value on the Valuation Date of July 31, 2029 is greater than the Initial Underlier Value, investors receive $1,000 plus $1,000 multiplied by the Underlier Return multiplied by the 120% Participation Rate. If the Final Underlier Value is less than or equal to the Initial Underlier Value, investors receive only $1,000 per note. The Notes do not pay interest, and the filing notes that "any payments on the Notes are subject to our credit risk."

The filing discloses that the Underlier is subject to a daily deduction of a decrement fee of 0.5% per annum, as well as funding and transaction costs deducted from its sub-indices, which the filing states "will adversely affect their performance." The issuer-determined initial estimated value of $953.11 per $1,000 principal amount is explicitly described in the filing as less than the public offering price. The filing also specifies that the Notes are not deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation, or any other governmental agency, and are not bail-inable notes.

What Was Disclosed

Royal Bank of Canada disclosed the pricing terms for $170,000 in structured Enhanced Return Notes due August 3, 2029, including a 120% upside participation rate, full principal return if the index declines, a $953.11 per $1,000 initial estimated value, and credit risk exposure to the issuer.