Royal Bank of Canada filed a 424B2 pricing supplement on August 4, 2026, disclosing the terms of $2,907,000 in Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of NVIDIA Corporation, with a maturity date of August 3, 2028.

Key Highlights

  • Total offering size: $2,907,000 in notes sold at 100% of principal, with proceeds to Royal Bank of Canada of $2,853,220.50 after underwriting discounts of 1.85%.
  • Contingent coupon rate: 11.00% per annum ($27.50 per $1,000 per quarter), payable only if NVIDIA's closing price is at or above the Coupon Threshold of $100.38 on each quarterly observation date.
  • Auto-call trigger: Beginning February 1, 2027, the notes are automatically called at 100% of principal plus the applicable coupon if NVIDIA closes at or above the Initial Underlier Value of $200.75 on any quarterly Call Observation Date.
  • Barrier value: $100.38, equal to 50% of the Initial Underlier Value; if NVIDIA closes below this level at maturity, investors lose 1% of principal for each 1% the Final Underlier Value is below the Initial Underlier Value.
  • Initial estimated value: $978.19 per $1,000 principal amount, which the filing states "is less than the public offering price of the Notes."
  • CUSIP: 78017UY95; notes will not be listed on any securities exchange.
  • Trade Date / Issue Date / Maturity Date: July 31, 2026 / August 5, 2026 / August 3, 2028.

Structure and Risk Profile of Royal Bank of Canada's NVIDIA Barrier Notes

According to the pricing supplement, Royal Bank of Canada (NYSE: RY) is issuing the notes as part of its Senior Global Medium-Term Notes, Series J program. The underwriter is RBC Capital Markets, LLC. The notes are linked solely to the common stock of NVIDIA Corporation (Bloomberg ticker: NVDA UW), with an Initial Underlier Value of $200.75, which was the closing price of NVIDIA on the Trade Date of July 31, 2026.

The filing describes a quarterly coupon structure: investors receive $27.50 per $1,000 principal amount on each Coupon Payment Date, but only if NVIDIA's closing price on the immediately preceding Coupon Observation Date equals or exceeds the Coupon Threshold of $100.38. The filing states explicitly that "you may not receive any Contingent Coupons during the term of the Notes." The first Coupon Observation Date is November 2, 2026, and observation dates run quarterly through the Valuation Date of July 31, 2028. The auto-call feature activates beginning on February 1, 2027, the second Coupon Observation Date, and on each subsequent quarterly date through the penultimate observation date.

At maturity, if the notes have not been called and NVIDIA's Final Underlier Value is below $100.38, investors receive $1,000 plus the product of $1,000 and the Underlier Return, which would be negative. The filing states that under this scenario investors "will lose a substantial portion or all of your principal amount at maturity." All payments are subject to Royal Bank of Canada's credit risk. The filing also discloses that selling concessions to broker-dealers may include a sales commission of up to $17.50 per $1,000 and a structuring fee of up to $1.00 per $1,000.

What Was Disclosed

Royal Bank of Canada disclosed the full pricing terms of $2,907,000 in structured notes tied to NVIDIA common stock, including coupon conditions, auto-call triggers, a 50% principal barrier, fee breakdowns, and an initial estimated value of $978.19 per $1,000 note.