Royal Bank of Canada filed a free writing prospectus (FWP) on November 3, 2026, disclosing terms for Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, with a maturity date of December 5, 2029.

Key Highlights

  • Issuer: Royal Bank of Canada ("RBC"), CUSIP 78018DQG5
  • Underlier: The S&P 500 Market Agility 10 TCA 0.5% Decrement Index (Bloomberg symbol "SPMKTD")
  • Participation Rate: At least 155% of the Underlier Return, to be determined on the Trade Date of November 30, 2026
  • Principal Protection: If the Final Underlier Value is less than or equal to the Initial Underlier Value, investors receive $1,000 per $1,000 principal amount with no additional return
  • Initial Estimated Value: Expected to be between $910.70 and $960.70 per $1,000 principal amount, less than the public offering price
  • Maturity Date: December 5, 2029, with a Valuation Date of November 30, 2029
  • No Interest Payments: The Notes do not pay interest during their term

Terms and Structure of Royal Bank of Canada's 2029 Enhanced Return Notes

According to the filing, Royal Bank of Canada is offering Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index. The Trade Date is set for November 30, 2026, with an Issue Date of December 3, 2026. At maturity on December 5, 2029, the payment structure depends on the performance of the Underlier between the Trade Date and the Valuation Date of November 30, 2029.

The filing discloses that if the Final Underlier Value exceeds the Initial Underlier Value, investors will receive $1,000 plus ($1,000 multiplied by the Underlier Return multiplied by the Participation Rate), where the Participation Rate is at least 155% to be finalized on the Trade Date. If the Final Underlier Value is less than or equal to the Initial Underlier Value, investors receive only the $1,000 principal amount. The filing states that the initial estimated value is expected to be between $910.70 and $960.70 per $1,000 principal amount of Notes, and "will be less than the public offering price of the Notes."

The filing lists numerous risk considerations. Among them, the filing notes that "the Notes Do Not Pay Interest," that payments are subject to RBC's credit risk, and that "There May Not Be an Active Trading Market for the Notes; Sales in the Secondary Market May Result in Significant Losses." The filing also discloses that RBCCM coordinated with the Index Sponsor in the development of the Underlier and its sub-indices, which the filing identifies as a potential conflict of interest. The Underlier is described as having a limited operating history. The filing was made pursuant to Rule 433 under Registration Statement No. 333-275898.

What Was Disclosed

Royal Bank of Canada filed a free writing prospectus outlining the key terms, payment structure, estimated initial value range, and risk considerations for Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, maturing December 5, 2029.