Royal Bank of Canada filed a free writing prospectus disclosing the terms of Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to Amazon.com common stock, with a stated maturity date of November 21, 2029.

Key Highlights

  • Issuer and underlier: Royal Bank of Canada is the issuer; the notes are linked to the common stock of Amazon.com, Inc. (Bloomberg symbol "AMZN UW"), with CUSIP 78018DQR1.
  • Contingent coupon rate: If payable, at least $25.00 per $1,000 principal amount per quarter, corresponding to a rate of at least 2.50% per quarter or at least 10.00% per annum, to be determined on the Trade Date of November 16, 2026.
  • Coupon threshold and barrier value: Both are set at 70% of the Initial Underlier Value.
  • Auto-call feature: The notes may be automatically called at 100% of principal plus any due coupons on quarterly Call Observation Dates beginning approximately six months after the Trade Date, if the underlier's closing value is at or above the Initial Underlier Value.
  • Principal risk at maturity: If not called and the Final Underlier Value is below the Barrier Value, investors lose 1% of principal for each 1% the Final Underlier Value is below the Initial Underlier Value.
  • Initial estimated value: Expected to be between $909.52 and $959.52 per $1,000 principal amount, which the filing states "will be less than the public offering price of the Notes."
  • Key dates: Trade Date November 16, 2026; Issue Date November 19, 2026; Valuation Date November 16, 2029; Maturity Date November 21, 2029.

Royal Bank of Canada's Amazon-Linked Structured Notes: Terms and Risk Profile

According to the filing, Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of Amazon.com, Inc. The notes carry a memory coupon feature: if a quarterly contingent coupon is not paid because the underlier's closing value falls below the Coupon Threshold on a given Coupon Observation Date, that unpaid coupon may be carried forward and paid on a later Coupon Payment Date on which the coupon condition is met. The filing notes that investors "may not receive any Contingent Coupons during the term of the Notes."

The filing discloses that automatic call is possible on any quarterly Call Observation Date beginning approximately six months after the November 16, 2026 Trade Date. If called, investors receive $1,000 per $1,000 principal plus any due contingent coupons. If the notes are not called and the Final Underlier Value on November 16, 2029 is at or above the Barrier Value (70% of the Initial Underlier Value), investors receive their full principal plus any due coupons. If the Final Underlier Value is below the Barrier Value, the filing states that investors will receive an amount equal to $1,000 plus ($1,000 multiplied by the Underlier Return), and that investors "will lose a substantial portion or all of your principal amount at maturity."

The filing lists several risk considerations, including that the initial estimated value of between $909.52 and $959.52 per $1,000 principal amount will be less than the public offering price, that there may not be an active secondary market, and that payments are subject to RBC's credit risk. The notes were filed under Registration Statement No. 333-275898 pursuant to Rule 433.

What Was Disclosed

Royal Bank of Canada filed a free writing prospectus detailing the key terms, payment mechanics, risk considerations, and estimated value range for structured notes linked to Amazon.com common stock, due November 21, 2029, with a trade date of November 16, 2026.