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Royal Bank of Canada (RY) 鈥� $6.489 million Market-Linked, Auto-Callable Fixed-Percentage Buffered Downside Securities tied to the S&P 500庐 Index

The 424(b)(2) pricing supplement details a three-year structured note (Series J Senior Global Medium-Term Notes) issued by Royal Bank of Canada (the 鈥淏ank鈥�). Each $1,000 note, priced on 27 June 2025 and issued 2 July 2025, matures 30 June 2028 unless automatically called earlier. The notes:

Underlying: S&P 500庐 Index (starting value = 6,173.07).
Auto-call: Triggered if the Index closing value on any call date is 鈮� the starting value. Call dates & premiums: 2 Jul 2026 (7.5% = $1,075), 2 Jul 2027 (15% = $1,150), and final calculation day 27 Jun 2028 (22.5% = $1,225).
Downside profile at maturity (if not called): 10% buffer. Investors receive full principal if the Index decline 鈮�10%. Beyond that, losses are 1-for-1 down to a maximum 90% loss.
Coupon/interest: None. Return is limited to call premiums; no participation in upside past 22.5%.
Credit & liquidity: Senior unsecured obligations of RBC; not CDIC/FDIC-insured; not exchange-listed. Initial estimated value: $975.44 (鈮�97.5% of issue price) reflecting agent discounts ($25.45 per note) and hedging costs.
Issue economics: Gross proceeds $6.489 million; agent (Wells Fargo Securities) discount $165,145; net proceeds to RBC $6.324 million. Additional selling concession up to $2 per note via RBC Capital Markets.
Risk highlights: Potential 90% capital loss, reinvestment risk from early call, secondary-market illiquidity, valuation transparency issues, and tax uncertainty (treated as prepaid derivative contracts; Section 871(m) exempt through 2026).

Overall, the supplement is chiefly relevant for prospective purchasers of this specific structured product; at only $6.5 million in face amount, it is immaterial to Royal Bank of Canada鈥檚 broader financial position.

Royal Bank of Canada (RY) 鈥� Titoli a capitale protetto con rendimento fisso legati al mercato per 6,489 milioni di dollari, con meccanismo di richiamo automatico e protezione parziale al ribasso, collegati all'indice S&P 500庐

Il supplemento di prezzo 424(b)(2) descrive una nota strutturata triennale (Serie J Senior Global Medium-Term Notes) emessa da Royal Bank of Canada (la 鈥淏anca鈥�). Ogni nota da $1.000, quotata il 27 giugno 2025 e emessa il 2 luglio 2025, scade il 30 giugno 2028 salvo richiamo anticipato automatico. Le caratteristiche principali sono:

Sottostante: Indice S&P 500庐 (valore iniziale = 6.173,07).
Richiamo automatico: Attivato se il valore di chiusura dell'indice in una data di richiamo 猫鈮� al valore iniziale. Date e premi di richiamo: 2 lug 2026 (7,5% = $1.075), 2 lug 2027 (15% = $1.150), e ultimo giorno di calcolo 27 giu 2028 (22,5% = $1.225).
Profilo di rischio al ribasso a scadenza (se non richiamata): Protezione del 10%. Gli investitori ricevono il capitale pieno se il calo dell'indice 猫鈮�10%. Oltre tale soglia, le perdite sono 1:1 fino a un massimo del 90% di perdita.
Coupon/interessi: Nessuno. Il rendimento 猫 limitato ai premi di richiamo; nessuna partecipazione all鈥檈ventuale rialzo oltre il 22,5%.
Credito e liquidit脿: Obbligazioni senior non garantite di RBC; non assicurate da CDIC/FDIC; non quotate in borsa. Valore stimato iniziale: $975,44 (circa il 97,5% del prezzo di emissione), riflettendo sconti agenti ($25,45 per nota) e costi di copertura.
Economia dell鈥檈missione: Proventi lordi $6,489 milioni; sconto agente (Wells Fargo Securities) $165.145; proventi netti per RBC $6,324 milioni. Concessione di vendita aggiuntiva fino a $2 per nota tramite RBC Capital Markets.
Rischi principali: Possibile perdita del capitale fino al 90%, rischio di reinvestimento in caso di richiamo anticipato, illiquidit脿 sul mercato secondario, problemi di trasparenza nella valutazione, e incertezza fiscale (trattata come contratto derivato prepagato; esenzione Section 871(m) fino al 2026).

In sintesi, il supplemento 猫 rilevante principalmente per potenziali acquirenti di questo specifico prodotto strutturato; con un ammontare nominale di soli 6,5 milioni di dollari, 猫 irrilevante per la posizione finanziaria complessiva di Royal Bank of Canada.

Royal Bank of Canada (RY) 鈥� Valores con protecci贸n parcial y rendimiento fijo ligados al mercado por $6.489 millones, con mecanismo de llamada autom谩tica, vinculados al 铆ndice S&P 500庐

El suplemento de precios 424(b)(2) detalla una nota estructurada a tres a帽os (Serie J Senior Global Medium-Term Notes) emitida por Royal Bank of Canada (el 鈥淏anco鈥�). Cada nota de $1,000, valorada el 27 de junio de 2025 y emitida el 2 de julio de 2025, vence el 30 de junio de 2028 salvo que se llame autom谩ticamente antes. Las caracter铆sticas son:

Subyacente: 脥ndice S&P 500庐 (valor inicial = 6,173.07).
Llamada autom谩tica: Se activa si el valor de cierre del 铆ndice en cualquier fecha de llamada es 鈮� al valor inicial. Fechas y primas de llamada: 2 jul 2026 (7.5% = $1,075), 2 jul 2027 (15% = $1,150), y d铆a final de c谩lculo 27 jun 2028 (22.5% = $1,225).
Perfil a la baja al vencimiento (si no es llamada): Amortiguador del 10%. Los inversores reciben el principal completo si la ca铆da del 铆ndice es 鈮�10%. M谩s all谩 de eso, las p茅rdidas son 1 a 1 hasta una p茅rdida m谩xima del 90%.
Cupones/intereses: Ninguno. El retorno est谩 limitado a las primas de llamada; no hay participaci贸n en ganancias m谩s all谩 del 22.5%.
Cr茅dito y liquidez: Obligaciones senior no garantizadas de RBC; no aseguradas por CDIC/FDIC; no cotizadas en bolsa. Valor estimado inicial: $975.44 (鈮�97.5% del precio de emisi贸n) reflejando descuentos del agente ($25.45 por nota) y costos de cobertura.
Econom铆a de la emisi贸n: Ingresos brutos $6.489 millones; descuento agente (Wells Fargo Securities) $165,145; ingresos netos para RBC $6.324 millones. Concesi贸n adicional de venta hasta $2 por nota v铆a RBC Capital Markets.
Riesgos principales: P茅rdida potencial de capital del 90%, riesgo de reinversi贸n por llamada anticipada, iliquidez en mercado secundario, problemas de transparencia en valoraci贸n, y incertidumbre fiscal (tratado como contrato derivado prepagado; exento bajo Secci贸n 871(m) hasta 2026).

En resumen, el suplemento es principalmente relevante para compradores potenciales de este producto estructurado espec铆fico; con un monto nominal de solo $6.5 millones, es irrelevante para la posici贸n financiera global de Royal Bank of Canada.

搿滌棿氡呿伂鞓る笇旌愲倶雼�(RY) 鈥� S&P 500庐歆€靾� 鞐半彊, 鞛愲彊旖� 臧€電�, 瓿犾爼牍勳湪頃橂澖氤错樃歃濌秾 6,489毵� 雼煬攴滊

424(b)(2) 臧€瓴� 氤挫订靹滊姅搿滌棿氡呿伂鞓る笇旌愲倶雼�(鈥滌潃頄夆€�)臧€ 氚滍枆頃橂姅 3雲� 毵岅赴甑“頇� 雲疙姼(鞁滊Μ歃� J 靹犾瀯旮€搿滊矊欷戧赴毂勱秾)毳� 靸侅劯頌� 靹る獏頃╇媹雼�. 臧� $1,000 雲疙姼電� 2025雲� 6鞗� 27鞚� 臧€瓴╈澊毂呾爼霅橁碃 2025雲� 7鞗� 2鞚� 氚滍枆霅橂┌, 鞛愲彊旖滌澊鞐嗢溂氅� 2028雲� 6鞗� 30鞚� 毵岅赴鞛呺媹雼�. 欤检殧雮挫毄鞚€ 雼れ潓瓿� 臧欖姷雼堧嫟:

旮办磮鞛愳偘: S&P 500庐歆€靾� (鞁滌瀾臧� = 6,173.07).
鞛愲彊旖�: 旖� 雮犾鞐� 歆€靾� 膦呹皜臧€ 鞁滌瀾臧� 鞚挫儊鞚� 瓴届毎氚滊彊. 旖� 雮犾 氚� 頂勲Μ氙胳梽: 2026雲� 7鞗� 2鞚� (7.5% = $1,075), 2027雲� 7鞗� 2鞚� (15% = $1,150), 斓滌 靷办爼鞚� 2028雲� 6鞗� 27鞚� (22.5% = $1,225).
毵岅赴鞁� 頃橂澖毽姢韥� 頂勲頃�(旖� 氙鸽皽霃� 鞁�): 10% 氩勴嵓鞝滉车. 歆€靾� 頃橂澖鞚� 10% 鞚错晿鞚措┐ 鞗愱笀鞝勳暋歆€旮�. 攴� 鞚挫儊頃橂澖鞁� 1雽€1 牍勳湪搿� 靻愳嫟, 斓滊寑 90% 靻愳嫟旯岇 臧€電�.
炜犿彴/鞚挫瀽: 鞐嗢潓. 靾橃澋鞚€ 旖� 頂勲Μ氙胳梽鞙茧 鞝滍暅霅橂┌, 22.5% 齑堦臣靸侅姽攵勳棎雽€頃� 彀胳棳鞐嗢潓.
鞁犾毄氚� 鞙犽彊靹�: RBC鞚� 靹犾瀯氍措嫶氤� 毂勲; CDIC/FDIC 氤错棙氙胳爜鞖�; 瓯半灅靻� 靸侅灔鞎勲嫎. 齑堦赴於旍爼臧€旃�: $975.44 (氚滍枆臧€鞚� 鞎� 97.5%)搿�, 雽€毽澑頃犾澑($25.45/雲疙姼) 氚� 項れ 牍勳毄氚橃榿.
氚滍枆瓴届牅靹�: 齑� 靾橃澋 $6,489,000; 雽€毽澑頃犾澑(Wells Fargo Securities) $165,145; RBC 靾滌垬鞚� $6,324,000. RBC Capital Markets毳� 韱淀暅於旉皜韺愲Г 靾橃垬耄� 斓滊寑 $2/雲疙姼.
欤检殧鞙勴棙: 斓滊寑 90% 鞛愲掣靻愳嫟臧€電レ劚, 臁瓣赴旖� 鞁� 鞛埇鞛� 鞙勴棙, 2彀� 鞁滌灔鞙犽彊靹� 攵€臁�, 臧€旃� 韽夑皜韴獏靹� 氍胳牅, 靹戈笀攵堩檿鞁れ劚(靹犽秷韺岇儩靸來拡瓿勳暯鞙茧 旆笁; 2026雲勱箤歆€ 靹轨厴 871(m) 氅挫牅).

鞝勲皹鞝侅溂搿� 鞚� 氤挫订靹滊姅頃措嫻甑“頇� 靸來拡鞚� 鞛犾灛鞝� 甑Г鞛愳棎瓴� 欤茧 甏€霠悩氅�, 鞎‰┐臧€ 6,489毵� 雼煬鞐� 攵堦臣頃� 搿滌棿氡呿伂鞓る笇旌愲倶雼れ潣鞝勳泊鞛 靸來儨鞐愲姅韥� 鞓來枼鞚� 氙胳箻歆€ 鞎婌姷雼堧嫟.

Royal Bank of Canada (RY) 鈥� Titres 脿 capital prot茅g茅, 脿 pourcentage fixe, li茅s au march茅 pour 6,489 millions de dollars, avec rappel automatique, index茅s sur le S&P 500庐

Le suppl茅ment de tarification 424(b)(2) d茅taille une note structur茅e de trois ans (S茅rie J Senior Global Medium-Term Notes) 茅mise par la Royal Bank of Canada (la 芦 Banque 禄). Chaque note de 1 000 $US, cot茅e le 27 juin 2025 et 茅mise le 2 juillet 2025, arrive 脿茅ch茅ance le 30 juin 2028 sauf si elle est rappel茅e automatiquement plus t么t. Les caract茅ristiques sont :

Sous-jacent : Indice S&P 500庐 (valeur de d茅part = 6 173,07).
Rappel automatique : D茅clench茅 si la valeur de cl么ture de l鈥檌ndice 脿 une date de rappel est 鈮� 脿 la valeur de d茅part. Dates et primes de rappel : 2 juil. 2026 (7,5 % = 1 075 $), 2 juil. 2027 (15 % = 1 150 $), et dernier jour de calcul 27 juin 2028 (22,5 % = 1 225 $).
Profil de baisse 脿 l鈥櫭ヽh茅ance (si non rappel茅e) : Protection 脿 hauteur de 10 %. Les investisseurs r茅cup猫rent le capital int茅gral si la baisse de l鈥檌ndice est 鈮� 10 %. Au-del脿, les pertes sont au prorata 1 pour 1 jusqu鈥櫭� une perte maximale de 90 %.
Coupon/int茅r锚ts : Aucun. Le rendement est limit茅 aux primes de rappel ; pas de participation 脿 la hausse au-del脿 de 22,5 %.
Cr茅dit et liquidit茅 : Obligations senior non garanties de RBC ; non assur茅es par la CDIC/FDIC ; non cot茅es en bourse. Valeur estim茅e initiale : 975,44 $ (鈮� 97,5 % du prix d鈥櫭﹎ission) refl茅tant les d茅cotes des agents (25,45 $ par note) et les co没ts de couverture.
脡conomie de l鈥櫭﹎ission : Produit brut de 6,489 millions de dollars ; d茅cote agent (Wells Fargo Securities) de 165 145 $ ; produit net pour RBC de 6,324 millions de dollars. Commission de vente suppl茅mentaire jusqu鈥櫭� 2 $ par note via RBC Capital Markets.
Points cl茅s de risque : Perte de capital potentielle jusqu鈥櫭� 90 %, risque de r茅investissement en cas de rappel anticip茅, illiquidit茅 sur le march茅 secondaire, probl猫mes de transparence d鈥櫭﹙aluation, et incertitude fiscale (trait茅 comme contrat d茅riv茅 pr茅pay茅 ; exemption Section 871(m) jusqu鈥檈n 2026).

Dans l鈥檈nsemble, ce suppl茅ment concerne principalement les acheteurs potentiels de ce produit structur茅 sp茅cifique ; avec un montant nominal de seulement 6,5 millions de dollars, il est sans incidence significative sur la situation financi猫re globale de la Royal Bank of Canada.

Royal Bank of Canada (RY) 鈥� 6,489 Millionen USD marktgebundene, automatisch k眉ndbare, festverzinsliche Wertpapiere mit Puffer gegen Kursverluste, gekoppelt an den S&P 500庐 Index

Das 424(b)(2) Pricing Supplement beschreibt eine dreij盲hrige strukturierte Note (Serie J Senior Global Medium-Term Notes), ausgegeben von der Royal Bank of Canada (die 鈥濨ank鈥�). Jede Note im Wert von 1.000 USD, bewertet am 27. Juni 2025 und ausgegeben am 2. Juli 2025, l盲uft am 30. Juni 2028 ab, sofern sie nicht vorher automatisch zur眉ckgerufen wird. Die Merkmale sind:

Basiswert: S&P 500庐 Index (Startwert = 6.173,07).
Automatische R眉ckzahlung: Wird ausgel枚st, wenn der Schlusskurs des Index an einem R眉ckzahlungstag 鈮� Startwert ist. R眉ckzahlungstermine & Pr盲mien: 2. Juli 2026 (7,5 % = 1.075 USD), 2. Juli 2027 (15 % = 1.150 USD) und letzter Berechnungstag 27. Juni 2028 (22,5 % = 1.225 USD).
Abw盲rtsprofil bei F盲lligkeit (falls nicht zur眉ckgerufen): 10 % Puffer. Anleger erhalten den vollen Nennwert, wenn der Indexr眉ckgang 鈮� 10 % betr盲gt. Dar眉ber hinaus erfolgt ein 1:1 Verlust bis zu maximal 90 % Verlust.
Kupon/Zinsen: Keine. Die Rendite ist auf die R眉ckzahlungspr盲mien begrenzt; keine Beteiligung an Kurssteigerungen 眉ber 22,5 % hinaus.
Kredit & Liquidit盲t: Senior unbesicherte Verbindlichkeiten von RBC; keine CDIC/FDIC-Versicherung; nicht b枚rsennotiert. Gesch盲tzter Anfangswert: 975,44 USD (鈮�97,5 % des Ausgabepreises), unter Ber眉cksichtigung von Agentenrabatten (25,45 USD pro Note) und Absicherungskosten.
贰尘颈蝉蝉颈辞苍蝉别谤濒枚蝉别: Bruttoerl枚s 6,489 Mio. USD; Agentenrabatt (Wells Fargo Securities) 165.145 USD; Nettoerl枚s f眉r RBC 6,324 Mio. USD. Zus盲tzliche Verkaufsprovision bis zu 2 USD pro Note 眉ber RBC Capital Markets.
Risikohighlights: Potenzieller Kapitalverlust von 90 %, Reinvestitionsrisiko bei vorzeitiger R眉ckzahlung, Illiquidit盲t am Sekund盲rmarkt, Bewertungs-Transparenzprobleme und steuerliche Unsicherheit (Behandlung als vorausbezahlte Derivate; Section 871(m) bis 2026 ausgenommen).

Insgesamt ist das Supplement vor allem f眉r potenzielle K盲ufer dieses spezifischen strukturierten Produkts relevant; mit nur 6,5 Millionen USD Nominalbetrag ist es f眉r die Gesamtfinanzlage der Royal Bank of Canada unerheblich.

Insights

TL;DR Three-year auto-call note offers capped 7.5鈥�22.5% upside, 10% buffer, up to 90% downside; small issuance, routine for RBC.

Product economics & appeal: The 7.5% simple annual call premium is competitive relative to prevailing short-dated yields but sacrifices any additional S&P 500 upside. A 10% buffer is moderate; historical drawdowns of the S&P 500 suggest >10% declines occur frequently, so true downside protection is limited. The initial estimated value at 97.544% indicates a 2.456-point structuring cost before secondary-market spreads, in line with peer offerings.

Risk assessment: Investors face concentrated exposure to RBC credit, secondary-market illiquidity, and potential 90% capital loss. The call feature creates significant reinvestment risk if equity markets rally early. From the Bank鈥檚 standpoint, issuing short-dated structured notes provides inexpensive funding, with embedded derivatives largely hedged.

Materiality: At $6.5 million face value, the issuance is immaterial to RBC鈥檚 balance sheet and earnings. Impact on common shareholders is therefore negligible. For note buyers, suitability hinges on appetite for capped returns versus direct index or fixed-income alternatives.

TL;DR Niche retail product: modest callable premium, limited buffer, sizeable downside; neutral overall for RY equity.

This security may fit income-seeking investors expecting flat-to-slightly-up equity markets over the next 12鈥�36 months. Capped returns mean underperformance versus SPX if gains exceed 7.5% annually 鈥� historically a common outcome. The 10% soft floor provides only token protection against typical bear-market moves. Credit quality of RBC (AA-/Aa2) is strong, lowering default risk, yet investors must weigh concentration risk versus diversified equity or investment-grade bond exposure.

Given the small size, I view the issuance as routine treasury activity, with negligible impact on RBC funding costs or share valuation.

Sottostante: Indice S&P 500庐 (valore iniziale = 6.173,07).
Richiamo automatico: Attivato se il valore di chiusura dell'indice in una data di richiamo 猫鈮� al valore iniziale. Date e premi di richiamo: 2 lug 2026 (7,5% = $1.075), 2 lug 2027 (15% = $1.150), e ultimo giorno di calcolo 27 giu 2028 (22,5% = $1.225).
Profilo di rischio al ribasso a scadenza (se non richiamata): Protezione del 10%. Gli investitori ricevono il capitale pieno se il calo dell'indice 猫鈮�10%. Oltre tale soglia, le perdite sono 1:1 fino a un massimo del 90% di perdita.
Coupon/interessi: Nessuno. Il rendimento 猫 limitato ai premi di richiamo; nessuna partecipazione all鈥檈ventuale rialzo oltre il 22,5%.
Credito e liquidit脿: Obbligazioni senior non garantite di RBC; non assicurate da CDIC/FDIC; non quotate in borsa. Valore stimato iniziale: $975,44 (circa il 97,5% del prezzo di emissione), riflettendo sconti agenti ($25,45 per nota) e costi di copertura.
Economia dell鈥檈missione: Proventi lordi $6,489 milioni; sconto agente (Wells Fargo Securities) $165.145; proventi netti per RBC $6,324 milioni. Concessione di vendita aggiuntiva fino a $2 per nota tramite RBC Capital Markets.
Rischi principali: Possibile perdita del capitale fino al 90%, rischio di reinvestimento in caso di richiamo anticipato, illiquidit脿 sul mercato secondario, problemi di trasparenza nella valutazione, e incertezza fiscale (trattata come contratto derivato prepagato; esenzione Section 871(m) fino al 2026).

Subyacente: 脥ndice S&P 500庐 (valor inicial = 6,173.07).
Llamada autom谩tica: Se activa si el valor de cierre del 铆ndice en cualquier fecha de llamada es 鈮� al valor inicial. Fechas y primas de llamada: 2 jul 2026 (7.5% = $1,075), 2 jul 2027 (15% = $1,150), y d铆a final de c谩lculo 27 jun 2028 (22.5% = $1,225).
Perfil a la baja al vencimiento (si no es llamada): Amortiguador del 10%. Los inversores reciben el principal completo si la ca铆da del 铆ndice es 鈮�10%. M谩s all谩 de eso, las p茅rdidas son 1 a 1 hasta una p茅rdida m谩xima del 90%.
Cupones/intereses: Ninguno. El retorno est谩 limitado a las primas de llamada; no hay participaci贸n en ganancias m谩s all谩 del 22.5%.
Cr茅dito y liquidez: Obligaciones senior no garantizadas de RBC; no aseguradas por CDIC/FDIC; no cotizadas en bolsa. Valor estimado inicial: $975.44 (鈮�97.5% del precio de emisi贸n) reflejando descuentos del agente ($25.45 por nota) y costos de cobertura.
Econom铆a de la emisi贸n: Ingresos brutos $6.489 millones; descuento agente (Wells Fargo Securities) $165,145; ingresos netos para RBC $6.324 millones. Concesi贸n adicional de venta hasta $2 por nota v铆a RBC Capital Markets.
Riesgos principales: P茅rdida potencial de capital del 90%, riesgo de reinversi贸n por llamada anticipada, iliquidez en mercado secundario, problemas de transparencia en valoraci贸n, y incertidumbre fiscal (tratado como contrato derivado prepagado; exento bajo Secci贸n 871(m) hasta 2026).

搿滌棿氡呿伂鞓る笇旌愲倶雼�(RY) 鈥� S&P 500庐歆€靾� 鞐半彊, 鞛愲彊旖� 臧€電�, 瓿犾爼牍勳湪頃橂澖氤错樃歃濌秾 6,489毵� 雼煬攴滊

旮办磮鞛愳偘: S&P 500庐歆€靾� (鞁滌瀾臧� = 6,173.07).
鞛愲彊旖�: 旖� 雮犾鞐� 歆€靾� 膦呹皜臧€ 鞁滌瀾臧� 鞚挫儊鞚� 瓴届毎氚滊彊. 旖� 雮犾 氚� 頂勲Μ氙胳梽: 2026雲� 7鞗� 2鞚� (7.5% = $1,075), 2027雲� 7鞗� 2鞚� (15% = $1,150), 斓滌 靷办爼鞚� 2028雲� 6鞗� 27鞚� (22.5% = $1,225).
毵岅赴鞁� 頃橂澖毽姢韥� 頂勲頃�(旖� 氙鸽皽霃� 鞁�): 10% 氩勴嵓鞝滉车. 歆€靾� 頃橂澖鞚� 10% 鞚错晿鞚措┐ 鞗愱笀鞝勳暋歆€旮�. 攴� 鞚挫儊頃橂澖鞁� 1雽€1 牍勳湪搿� 靻愳嫟, 斓滊寑 90% 靻愳嫟旯岇 臧€電�.
炜犿彴/鞚挫瀽: 鞐嗢潓. 靾橃澋鞚€ 旖� 頂勲Μ氙胳梽鞙茧 鞝滍暅霅橂┌, 22.5% 齑堦臣靸侅姽攵勳棎雽€頃� 彀胳棳鞐嗢潓.
鞁犾毄氚� 鞙犽彊靹�: RBC鞚� 靹犾瀯氍措嫶氤� 毂勲; CDIC/FDIC 氤错棙氙胳爜鞖�; 瓯半灅靻� 靸侅灔鞎勲嫎. 齑堦赴於旍爼臧€旃�: $975.44 (氚滍枆臧€鞚� 鞎� 97.5%)搿�, 雽€毽澑頃犾澑($25.45/雲疙姼) 氚� 項れ 牍勳毄氚橃榿.
氚滍枆瓴届牅靹�: 齑� 靾橃澋 $6,489,000; 雽€毽澑頃犾澑(Wells Fargo Securities) $165,145; RBC 靾滌垬鞚� $6,324,000. RBC Capital Markets毳� 韱淀暅於旉皜韺愲Г 靾橃垬耄� 斓滊寑 $2/雲疙姼.
欤检殧鞙勴棙: 斓滊寑 90% 鞛愲掣靻愳嫟臧€電レ劚, 臁瓣赴旖� 鞁� 鞛埇鞛� 鞙勴棙, 2彀� 鞁滌灔鞙犽彊靹� 攵€臁�, 臧€旃� 韽夑皜韴獏靹� 氍胳牅, 靹戈笀攵堩檿鞁れ劚(靹犽秷韺岇儩靸來拡瓿勳暯鞙茧 旆笁; 2026雲勱箤歆€ 靹轨厴 871(m) 氅挫牅).

Royal Bank of Canada (RY) 鈥� Titres 脿 capital prot茅g茅, 脿 pourcentage fixe, li茅s au march茅 pour 6,489 millions de dollars, avec rappel automatique, index茅s sur le S&P 500庐

Sous-jacent : Indice S&P 500庐 (valeur de d茅part = 6 173,07).
Rappel automatique : D茅clench茅 si la valeur de cl么ture de l鈥檌ndice 脿 une date de rappel est 鈮� 脿 la valeur de d茅part. Dates et primes de rappel : 2 juil. 2026 (7,5 % = 1 075 $), 2 juil. 2027 (15 % = 1 150 $), et dernier jour de calcul 27 juin 2028 (22,5 % = 1 225 $).
Profil de baisse 脿 l鈥櫭ヽh茅ance (si non rappel茅e) : Protection 脿 hauteur de 10 %. Les investisseurs r茅cup猫rent le capital int茅gral si la baisse de l鈥檌ndice est 鈮� 10 %. Au-del脿, les pertes sont au prorata 1 pour 1 jusqu鈥櫭� une perte maximale de 90 %.
Coupon/int茅r锚ts : Aucun. Le rendement est limit茅 aux primes de rappel ; pas de participation 脿 la hausse au-del脿 de 22,5 %.
Cr茅dit et liquidit茅 : Obligations senior non garanties de RBC ; non assur茅es par la CDIC/FDIC ; non cot茅es en bourse. Valeur estim茅e initiale : 975,44 $ (鈮� 97,5 % du prix d鈥櫭﹎ission) refl茅tant les d茅cotes des agents (25,45 $ par note) et les co没ts de couverture.
脡conomie de l鈥櫭﹎ission : Produit brut de 6,489 millions de dollars ; d茅cote agent (Wells Fargo Securities) de 165 145 $ ; produit net pour RBC de 6,324 millions de dollars. Commission de vente suppl茅mentaire jusqu鈥櫭� 2 $ par note via RBC Capital Markets.
Points cl茅s de risque : Perte de capital potentielle jusqu鈥櫭� 90 %, risque de r茅investissement en cas de rappel anticip茅, illiquidit茅 sur le march茅 secondaire, probl猫mes de transparence d鈥櫭﹙aluation, et incertitude fiscale (trait茅 comme contrat d茅riv茅 pr茅pay茅 ; exemption Section 871(m) jusqu鈥檈n 2026).

Royal Bank of Canada (RY) 鈥� 6,489 Millionen USD marktgebundene, automatisch k眉ndbare, festverzinsliche Wertpapiere mit Puffer gegen Kursverluste, gekoppelt an den S&P 500庐 Index

Basiswert: S&P 500庐 Index (Startwert = 6.173,07).
Automatische R眉ckzahlung: Wird ausgel枚st, wenn der Schlusskurs des Index an einem R眉ckzahlungstag 鈮� Startwert ist. R眉ckzahlungstermine & Pr盲mien: 2. Juli 2026 (7,5 % = 1.075 USD), 2. Juli 2027 (15 % = 1.150 USD) und letzter Berechnungstag 27. Juni 2028 (22,5 % = 1.225 USD).
Abw盲rtsprofil bei F盲lligkeit (falls nicht zur眉ckgerufen): 10 % Puffer. Anleger erhalten den vollen Nennwert, wenn der Indexr眉ckgang 鈮� 10 % betr盲gt. Dar眉ber hinaus erfolgt ein 1:1 Verlust bis zu maximal 90 % Verlust.
Kupon/Zinsen: Keine. Die Rendite ist auf die R眉ckzahlungspr盲mien begrenzt; keine Beteiligung an Kurssteigerungen 眉ber 22,5 % hinaus.
Kredit & Liquidit盲t: Senior unbesicherte Verbindlichkeiten von RBC; keine CDIC/FDIC-Versicherung; nicht b枚rsennotiert. Gesch盲tzter Anfangswert: 975,44 USD (鈮�97,5 % des Ausgabepreises), unter Ber眉cksichtigung von Agentenrabatten (25,45 USD pro Note) und Absicherungskosten.
贰尘颈蝉蝉颈辞苍蝉别谤濒枚蝉别: Bruttoerl枚s 6,489 Mio. USD; Agentenrabatt (Wells Fargo Securities) 165.145 USD; Nettoerl枚s f眉r RBC 6,324 Mio. USD. Zus盲tzliche Verkaufsprovision bis zu 2 USD pro Note 眉ber RBC Capital Markets.
Risikohighlights: Potenzieller Kapitalverlust von 90 %, Reinvestitionsrisiko bei vorzeitiger R眉ckzahlung, Illiquidit盲t am Sekund盲rmarkt, Bewertungs-Transparenzprobleme und steuerliche Unsicherheit (Behandlung als vorausbezahlte Derivate; Section 871(m) bis 2026 ausgenommen).

07/01/2025 - 01:18 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Catlett Janet Anne

(Last)

(First)

(Middle)

3556 LAKE SHORE ROAD

P.O. BOX 2028

(Street)

BUFFALO

14219-0228

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
GIBRALTAR INDUSTRIES, INC. [ ROCK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	VP, CHRO

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								13,953	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Unit (2018 MSPP Match)⁽¹⁾	⁽²⁾	06/30/2025		A		67.13⁽³⁾		⁽²⁾	⁽²⁾	Common Stock	67.13	$0	1,913.69	D
Restricted Stock Unit (2018 MSPP)⁽⁴⁾	⁽⁵⁾							⁽⁵⁾	⁽⁵⁾	Common Stock	866.44		866.44	D

Explanation of Responses:

1. Represents matching restricted stock units allocated to the Reporting Person with respect to the Reporting Person's deferral of a portion of their annual base salary and annual cash incentive compensation pursuant to the Company's 2018 Management Stock Purchase Plan.

2. Restricted stock units are forfeited if Reporting Person's service as an officer of the Company is terminated prior to the fifth (5th) anniversary of the Reporting Person's vesting commencement date. If service as an officer continues beyond the fifth (5th) anniversary of the Reporting Person's vesting commencement date, restricted stock units are payable solely in cash in one lump sum payment or in five (5) or ten (10) consecutive, substantially equal annual installments, whichever distribution form is elected by the Reporting Person, beginning six (6) months following termination of service. Each restricted stock unit is converted to cash in an amount equal to the fair market value of one share of the Company's common stock, as defined in the Company's 2018 Management Stock Purchase Plan, on the date of termination of the Reporting Person's service as an officer of the Company.

3. Represents matching restricted stock units allocated to the Reporting Person with respect to the Reporting Person's deferral of a portion of their annual base salary pursuant to the Company's 2018 Management Stock Purchase Plan.

4. Represents restricted stock units allocated to the Reporting Person with respect to the Reporting Person's deferral of a portion of their annual cash incentive compensation pursuant to the Company's 2018 Management Stock Purchase Plan.

5. Restricted stock units are payable solely in cash in one lump sum payment or in five (5) or ten (10) consecutive, substantially equal annual installments, whichever distribution form is elected by the Reporting Person, beginning six (6) months following termination of service. Each restricted stock unit is converted to cash in an amount equal to the fair market value of one share of the Company's common stock, as defined in the Company's 2018 Management Stock Purchase Plan, on the date of termination of the Reporting Person's service as an officer of the Company.

	/s/ Jeffrey J. Watorek, Attorney-in-Fact for Janet A. Catlett	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source:

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