Royal Bank of Canada filed a free writing prospectus on November 5, 2026, disclosing terms for Capped Return Notes linked to the VanEck Gold Miners ETF, with a maturity date of November 29, 2029.

Key Highlights

  • Issuer: Royal Bank of Canada (CUSIP 78018DRK5) is the issuer of the Notes, according to the filing.
  • Underlier: The Notes are linked to the VanEck Gold Miners ETF (Bloomberg symbol "GDX UP"), as stated in the filing.
  • Maximum Return: The filing discloses a Maximum Return of at least 39%, to be determined on the Trade Date of November 24, 2026.
  • Principal Protection: If the Final Underlier Value is less than or equal to the Initial Underlier Value at maturity, investors receive only the $1,000 principal amount per Note, with no additional return.
  • Initial Estimated Value: The filing states the initial estimated value is expected to be between $905.00 and $955.00 per $1,000 principal amount, and will be less than the public offering price.
  • No Interest Payments: The Notes do not pay interest, according to the filing.
  • Maturity Date: The Notes are scheduled to mature on November 29, 2029, with a Valuation Date of November 26, 2029.

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

According to the filing, Royal Bank of Canada is offering Capped Return Notes linked to the VanEck Gold Miners ETF, with a Trade Date of November 24, 2026, an Issue Date of November 30, 2026, and a Maturity Date of November 29, 2029. The Participation Rate is 100%, subject to the Maximum Return of at least 39%, which will be set on the Trade Date. The filing notes that the Underlier Return is calculated as the difference between the Final Underlier Value and the Initial Underlier Value, divided by the Initial Underlier Value.

The filing describes the payment structure at maturity as follows: if the Final Underlier Value exceeds the Initial Underlier Value, investors receive $1,000 plus $1,000 multiplied by the lesser of (a) the Underlier Return times the Participation Rate and (b) the Maximum Return. If the Final Underlier Value is less than or equal to the Initial Underlier Value, investors receive only $1,000 per Note. The filing emphasizes that investors' potential return at maturity is limited and that the Notes do not pay interest.

The filing lists several risk considerations, including that payments on the Notes are subject to Royal Bank of Canada's credit risk, there may not be an active trading market for the Notes, the initial estimated value will be less than the public offering price, and that equity securities composing the Underlier "are concentrated in the Gold and Silver Mining Industries." The filing also notes risks relating to non-U.S. securities markets, emerging markets, and currency exchange. The filing was made pursuant to Rule 433, under Registration Statement No. 333-275898.

What Was Disclosed

Royal Bank of Canada filed a free writing prospectus disclosing key terms for Capped Return Notes linked to the VanEck Gold Miners ETF (GDX UP), including a Maximum Return of at least 39%, a maturity date of November 29, 2029, and an initial estimated value between $905.00 and $955.00 per $1,000 principal amount.