Royal Bank of Canada filed a free writing prospectus on November 5, 2026, disclosing terms for Capped Return Notes linked to the least performing of the Russell 2000 Index and the S&P 500 Index, with a maturity date of November 28, 2031.

Key Highlights

  • Issuer: Royal Bank of Canada ("RBC"), filing under Registration Statement No. 333-275898 pursuant to Rule 433.
  • Underliers: The Russell 2000 Index (Bloomberg symbol "RTY") and the S&P 500 Index (Bloomberg symbol "SPX"), with payoff determined by the least performing of the two.
  • Maximum Return: At least 61.50%, to be determined on the Trade Date of November 24, 2026, with a 100% Participation Rate.
  • Principal Protection: If the Least Performing Underlier's Final Value is less than or equal to its Initial Value, investors receive only the $1,000 principal amount per Note, with no additional return.
  • Initial Estimated Value: Expected to be between $890.00 and $940.00 per $1,000 principal amount, which will be less than the public offering price.
  • Key Dates: Trade Date November 24, 2026; Issue Date November 30, 2026; Valuation Date November 24, 2031; Maturity Date November 28, 2031.
  • CUSIP: 78018DRJ8; the Notes do not pay interest.

Terms and Structure of RBC's Least-Performing-Underlier Notes

According to the filing, Royal Bank of Canada is offering Capped Return Notes linked to the least performing of two equity index underliers: the Russell 2000 Index and the S&P 500 Index. The payment at maturity per $1,000 principal amount is determined solely by whichever index posts the lower return over the five-year term. If that index finishes above its initial closing value on the Trade Date, investors receive $1,000 plus a return equal to the lesser of the Underlier Return (at a 100% Participation Rate) and the Maximum Return of at least 61.50%. The Maximum Return is to be set on the Trade Date of November 24, 2026.

The filing states that if the Least Performing Underlier's Final Underlier Value is less than or equal to its Initial Underlier Value on the Valuation Date of November 24, 2031, investors receive only their principal of $1,000 with no additional return. The Notes carry no interest payments, and the filing discloses that the initial estimated value is expected to be between $890.00 and $940.00 per $1,000 principal amount, noting it "will be less than the public offering price of the Notes."

The filing enumerates several risk considerations, including that any payment is determined solely by the Least Performing Underlier "even if the other Underlier performs better," that there may not be an active trading market for the Notes, and that "payments on the Notes are subject to our credit risk." The filing also highlights that the Notes are subject to small-capitalization companies risk with respect to the RTY Index, and that the roles of RBC and its affiliate RBCCM as calculation agent "may create conflicts of interest."

What Was Disclosed

Royal Bank of Canada filed a free writing prospectus disclosing the preliminary terms of Capped Return Notes due November 28, 2031, linked to the Russell 2000 and S&P 500 indexes, with a capped upside of at least 61.50% and principal return if the least performing index declines.