Royal Bank of Canada filed a free writing prospectus on October 29, 2026, disclosing terms for Buffered Performance Leveraged Upside Securities linked to the EURO STOXX 50 Index, with a stated maturity date of June 5, 2029, listed on NYSE:RY.

Key Highlights

  • Stated principal amount: $1,000 per Buffered PLUS, with a pricing date of November 13, 2026, and an original issue date of November 18, 2026.
  • Maximum payment at maturity: $1,385.20 per Buffered PLUS (138.52% of stated principal amount), with a leverage factor of 200% applied to positive underlier returns.
  • Minimum payment at maturity: $150.00 per Buffered PLUS (15% of stated principal amount), meaning investors can lose up to 85% of their principal.
  • Buffer amount: 15%, meaning the buffer value is set at 85% of the initial underlier value on the pricing date.
  • Initial estimated value: Expected to be between $912.00 and $962.00 per Buffered PLUS, which the filing states will be less than the public offering price.
  • Underlier: The EURO STOXX 50 Index (Bloomberg symbol: "SX5E"), with final value determined at the closing on the valuation date of May 31, 2029.
  • CUSIP / ISIN: 78018DPH4 / US78018DPH43, filed under Registration Statement No. 333-275898 pursuant to Rule 433.

Structure and Payout Terms for the EURO STOXX 50 Buffered PLUS

According to the filing, Royal Bank of Canada is offering Buffered Performance Leveraged Upside Securities linked to the EURO STOXX 50 Index, a broad European equity benchmark. The securities are structured notes issued by Royal Bank of Canada in its capacity as the issuer, and all payments are subject to Royal Bank of Canada's credit risk. The notes do not pay periodic interest and are classified as principal-at-risk securities.

The filing describes a three-scenario payout structure at maturity. If the final underlier value exceeds the initial underlier value, investors receive the lesser of a leveraged return (calculated using a 200% leverage factor) or the maximum payment of $1,385.20. If the final underlier value falls at or below the initial underlier value but remains at or above 85% of that value (the buffer value), investors receive $1,000, recovering their stated principal. If the final underlier value falls below the buffer value, investors absorb losses beyond the 15% buffer, with the minimum payment floored at $150.00 per Buffered PLUS, as the filing states.

The filing also discloses that the initial estimated value, determined by Royal Bank of Canada as of the pricing date, is expected to be between $912.00 and $962.00 per Buffered PLUS. The filing notes this figure "will be less than the public offering price" and describes how that value is determined in the accompanying preliminary pricing supplement. The calculation agent for the securities is identified as RBCCM, and the filing acknowledges that RBCCM's role "may create conflicts of interest."

What Was Disclosed

Royal Bank of Canada filed a free writing prospectus under Rule 433 summarizing the terms of Buffered PLUS securities linked to the EURO STOXX 50 Index, due June 5, 2029, with a 200% leverage factor, a 15% buffer, and a maximum payout of $1,385.20 per $1,000 principal amount.