Royal Bank of Canada filed a free writing prospectus on November 4, 2026, disclosing terms of Barrier Digital Notes linked to the Class C common stock of Dell Technologies Inc., with a maturity date of May 23, 2028.

Key Highlights

  • Issuer: Royal Bank of Canada ("RBC"), under Registration Statement No. 333-275898, CUSIP 78018DRA7.
  • Underlier: The Class C common stock of Dell Technologies Inc. (Bloomberg symbol "DELL UN").
  • Digital Return: At least 30%, to be determined on the Trade Date of November 18, 2026, paid if the Final Underlier Value is greater than or equal to the Barrier Value.
  • Barrier Value: 50% of the Initial Underlier Value, set as the closing value of the underlier on the Trade Date.
  • Principal at Risk: If the Final Underlier Value is less than the Barrier Value, investors lose 1% of principal for each 1% the Final Underlier Value is less than the Initial Underlier Value.
  • Initial Estimated Value: Expected to be between $900.00 and $950.00 per $1,000 principal amount of Notes, which will be less than the public offering price.
  • Key Dates: Issue Date November 23, 2026; Valuation Date May 18, 2028; Maturity Date May 23, 2028.

Terms and Structure of RBC's Barrier Digital Notes Linked to Dell Technologies

According to the filing, Royal Bank of Canada is offering Barrier Digital Notes linked to the Class C common stock of Dell Technologies Inc. The notes do not pay interest. At maturity, the payment per $1,000 principal amount depends entirely on the performance of the underlier. If the Final Underlier Value on the Valuation Date of May 18, 2028 is greater than or equal to the Barrier Value (50% of the Initial Underlier Value), investors receive $1,000 plus a Digital Return of at least 30%. The exact Digital Return is to be determined on the Trade Date of November 18, 2026.

The filing discloses that if the Final Underlier Value falls below the Barrier Value, investors receive $1,000 plus the Underlier Return, which is calculated as the Final Underlier Value minus the Initial Underlier Value, divided by the Initial Underlier Value. The filing states that in this scenario, "you will lose a substantial portion or all of your principal amount at maturity." The Initial Underlier Value is the closing value of the Dell Technologies Class C common stock on the Trade Date.

The filing notes that the initial estimated value of the Notes is expected to be between $900.00 and $950.00 per $1,000 principal amount, and that this estimate will be less than the public offering price. The filing identifies multiple risk considerations, including that payments on the Notes are subject to RBC's credit risk, there may not be an active trading market for the Notes, and the U.S. federal income tax consequences of an investment in the Notes are uncertain. The filing urges investors to consult advisers and review the accompanying preliminary pricing supplement before investing.

What Was Disclosed

Royal Bank of Canada filed a free writing prospectus summarizing terms for Barrier Digital Notes linked to Dell Technologies Class C common stock, due May 23, 2028, offering a contingent Digital Return of at least 30% above a 50% barrier, with principal at full risk below that barrier.