Royal Bank of Canada filed a free writing prospectus on October 30, 2026, disclosing the term sheet for Market Linked Securities tied to the lowest performing of AMD and NVIDIA common stock, due December 1, 2027.

Key Highlights

  • Linked securities: The notes are linked to the common stock of Advanced Micro Devices, Inc. and NVIDIA Corporation, with payoff determined by whichever stock performs worse.
  • Contingent fixed return: At least 18.00% of the face amount per security, to be set on the pricing date of November 19, 2026.
  • Threshold value: 60% of each Underlying Stock's starting value; if the lowest performer falls below this level, investors face full downside exposure.
  • Face amount: $1,000 per security, with denominations of $1,000 and any integral multiple thereof.
  • Initial estimated value: Expected to be between $900.00 and $950.00 per security, less than the original offering price.
  • Agent discount: Up to 2.325%, with dealers potentially receiving a selling concession of up to 1.75%, and Wells Fargo Advisors eligible to receive a distribution expense fee of 0.075%.
  • CUSIP: 78018DP68; stated maturity date is December 1, 2027.

Royal Bank of Canada's Structured Note Terms Linked to AMD and NVIDIA

According to the filing, Royal Bank of Canada is offering Market Linked Securities described as "Contingent Fixed Return and Contingent Downside Principal at Risk Securities" under Registration Statement No. 333-275898. The pricing date is set for November 19, 2026, with an issue date of November 24, 2026. The calculation day is November 26, 2027, and the stated maturity date is December 1, 2027. RBC Capital Markets, LLC, an affiliate of the issuer, is named as the calculation agent.

The filing discloses that the maturity payment depends entirely on the "lowest performing Underlying Stock," defined as whichever of AMD or NVIDIA common stock has the lower stock return. If the ending value of that stock is at or above 60% of its starting value, investors receive $1,000 plus at least 18.00% contingent fixed return. If the ending value falls below the threshold value, the filing states investors "will have full downside exposure to the decrease in the value of that Underlying Stock from its starting value, and you will lose more than 40%, and possibly all, of the face amount of your securities at maturity."

The filing notes that the initial estimated value is expected to be between $900.00 and $950.00 per security and "will be less than the original offering price." The securities are distributed through dealers including those using the trade name Wells Fargo Advisors, a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC. The filing also discloses that "payments on the securities are subject to our credit risk," and that "the U.S. Federal Income Tax Consequences of an investment in the securities are uncertain."

What Was Disclosed

Royal Bank of Canada filed a term sheet for structured notes linked to AMD and NVIDIA stock performance, maturing December 1, 2027, with a contingent fixed return of at least 18.00%, a 60% threshold value, and principal at risk if the lowest performing stock falls below that threshold.