Royal Bank of Canada filed a free writing prospectus on October 30, 2026, outlining the terms of Market Linked Securities offering leveraged upside participation to a cap and fixed percentage buffered downside, linked to the Nasdaq-100 Index and due November 29, 2028.

Key Highlights

  • Face Amount: $1,000 per security, with denominations in any integral multiple of $1,000.
  • Upside Participation Rate: 200%, with a maximum return of at least 25.60% of the face amount, to be determined on the pricing date of November 24, 2026.
  • Buffer Protection: A 10% buffer amount applies, with a threshold value set at 90% of the starting value; losses below the threshold are on a 1-to-1 basis and can reach up to 90% of face amount.
  • Initial Estimated Value: Expected to be between $914.00 and $964.00 per security, less than the original offering price.
  • Agent Discount: Up to 2.575%, including a selling concession of up to 2.00% for dealers and a distribution expense fee of 0.075% for Wells Fargo Advisors.
  • CUSIP: 78018DP84, with a stated maturity date of November 29, 2028.

Structure and Key Terms of the Nasdaq-100 Linked Securities

According to the term sheet, Royal Bank of Canada is offering Market Linked Securities tied to the Nasdaq-100 Index with a pricing date of November 24, 2026, an issue date of November 30, 2026, and a stated maturity date of November 29, 2028. The calculation agent is RBC Capital Markets, LLC, an affiliate of the issuer. The filing states that the starting value will be the closing value of the Index on the pricing date, and the ending value will be the closing value on the calculation day of November 24, 2028.

The maturity payment structure, as disclosed in the filing, provides three scenarios. If the ending value exceeds the starting value, investors receive $1,000 plus the lesser of the leveraged index return (at a 200% upside participation rate) or the maximum return of at least 25.60%. If the ending value falls at or below the starting value but at or above the threshold value of 90% of the starting value, investors receive $1,000. If the ending value falls below the threshold value, the filing states investors will have "1-to-1 downside exposure to the decrease in the value of the Index in excess of the buffer amount and will lose up to 90% of the face amount of your securities at maturity."

The filing discloses that the securities do not pay interest and that payments are subject to Royal Bank of Canada's credit risk. The initial estimated value is described as "only an estimate, calculated as of the time the terms of the securities are set" and will be less than the original offering price. The filing notes that there may not be an active secondary trading market for the securities, and that U.S. federal income tax consequences of an investment are uncertain. Royal Bank of Canada's registration statement, including product supplement and prospectus, is on file with the SEC under Registration Statement No. 333-275898.

What Was Disclosed

Royal Bank of Canada filed a free writing prospectus disclosing the preliminary terms of principal-at-risk, Nasdaq-100 linked securities due November 29, 2028, with a 200% upside participation rate, a 10% downside buffer, a maximum return of at least 25.60%, and an initial estimated value between $914.00 and $964.00 per security.