Royal Bank of Canada filed a free writing prospectus (FWP) disclosing the terms of Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, with a maturity date of May 30, 2030, filed pursuant to Rule 433 under Registration Statement No. 333-275898.

Key Highlights

  • Issuer: Royal Bank of Canada ("RBC"), with CUSIP 78018DQH3.
  • Participation Rate: At least 150% of the Underlier Return, 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, investors receive only $1,000 per $1,000 principal amount, with no additional return.
  • Maturity Date: May 30, 2030, with a Valuation Date of May 24, 2030.
  • Initial Estimated Value: Expected to be between $891.30 and $941.30 per $1,000 principal amount, less than the public offering price.
  • Underlier: The S&P 500 Market Agility 10 TCA 0.5% Decrement Index (Bloomberg symbol "SPMKTD").
  • No Interest Payments: The Notes do not pay interest during their term.

Royal Bank of Canada's Structured Note Terms and Key Risk Disclosures

According to the filing, Royal Bank of Canada is offering Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index. The Trade Date is November 24, 2026, and the Issue Date is November 30, 2026. At maturity, the filing discloses that investors will receive, per $1,000 principal amount, either $1,000 plus ($1,000 multiplied by the Underlier Return multiplied by the Participation Rate) if the Final Underlier Value exceeds the Initial Underlier Value, or simply $1,000 if it does not. The Participation Rate is stated as at least 150%, with the exact rate to be set on the Trade Date.

The filing notes that the initial estimated value of the Notes is expected to be between $891.30 and $941.30 per $1,000 principal amount as of the Trade Date, and "will be less than the public offering price of the Notes." The Underlier is calculated based on the performance of the S&P 500 Market Agility TCA Index, which itself comprises an Equity Component and a Fixed Income Component, each subject to various deductions including transaction costs and funding costs that, according to the filing, "will adversely affect the performance of the Underlier."

The filing identifies numerous risk considerations. Among them, the filing states that payments on the Notes are subject to RBC's credit risk, that there may not be an active trading market for the Notes, and that the Underlier has "a limited operating history and may perform in unanticipated ways." The filing also discloses that RBCCM's role as Calculation Agent and its coordination with the Index Sponsor in developing the Underlier may create conflicts of interest. The filing further warns that investors may be required to recognize taxable income on the Notes prior to maturity.

What Was Disclosed

Royal Bank of Canada disclosed the preliminary terms of structured Enhanced Return Notes due May 30, 2030, linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, with a participation rate of at least 150% and an initial estimated value between $891.30 and $941.30 per $1,000 principal amount.