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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Royal Bank of Canada | NYSE:RY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.31 | -0.30% | 104.30 | 105.00 | 104.17 | 104.99 | 103,670 | 15:39:20 |
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-275898
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|||
Pricing Supplement
Dated March 7, 2024
To the Product Prospectus Supplement No. CCBN-1, the Prospectus Supplement and the Prospectus, Each Dated December 20, 2023
|
$300,000
Auto-Callable Contingent Coupon Barrier Notes with
Daily Observation Linked to the Lesser Performing of
Two Exchange Traded Funds, Due March 10, 2027
Royal Bank of Canada |
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Reference Assets
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Initial Prices*
|
Coupon Barriers and Trigger Prices**
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iShares® Russell 2000 ETF (“IWM”)
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$203.73
|
$122.24, which is 60% of its Initial Price
|
SPDR S&P Biotech ETF (“XBI”)
|
$99.46
|
$59.68, which is 60% of its Initial Price
|
Issuer:
|
Royal Bank of Canada
|
Stock Exchange Listing:
|
None
|
|
Trade Date:
|
March 7, 2024
|
Principal Amount:
|
$1,000 per Note
|
|
Issue Date:
|
March 12, 2024
|
Maturity Date:
|
March 10, 2027
|
|
Observation Periods:
|
Quarterly, as set forth below.
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Coupon Payment Dates:
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Quarterly, as set forth below.
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Valuation Date:
|
March 5, 2027
|
Contingent Coupon Rate:
|
10.05% per annum
|
|
Final Price:
|
For each Reference Asset, its closing price on the Valuation Date.
|
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Contingent Coupon
Feature:
|
• If the closing price of each Reference Asset is greater than or equal
to its Coupon Barrier on each scheduled trading day during the applicable quarterly Observation Period, we will pay the Contingent Coupon on the applicable Coupon Payment Date.
• If, on any scheduled trading day during the applicable
Observation Period, the closing price of either Reference Asset is less than its Coupon Barrier, no Contingent Coupon will be paid with respect to that Coupon Payment Date.
You may not receive any Contingent Coupons during the term of the Notes.
|
|||
Payment at Maturity (if
held to maturity):
|
If the Notes are not previously called, the investor will receive at maturity, for each $1,000 in principal amount:
• If the Final Price of the Lesser Performing Reference Asset is greater than or equal to its
Trigger Price, $1,000 plus the Contingent Coupon due at maturity (if payable).
• If the Final Price of the Lesser Performing Reference Asset is less than its Trigger Price,
a cash payment equal to:
$1,000 + ($1,000 x Percentage Change of the Lesser Performing Reference Asset)
In this case, investors will lose some or all of the principal amount and will not receive the Contingent Coupon at maturity.
|
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Lesser Performing
Reference Asset:
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The Reference Asset with the lowest Percentage Change.
|
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Call Feature:
|
If the closing price of each Reference Asset is greater than or equal to its Initial Price starting on March 7, 2025 and on any quarterly Call
Observation Date thereafter, the Notes will be automatically called for 100% of their principal amount, plus the Contingent Coupon applicable to the corresponding Coupon Payment Date (if payable).
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CUSIP:
|
78017FMB6
|
Per Note
|
Total
|
||
Price to public
|
100.00%
|
$300,000
|
|
Underwriting discounts and commissions(1)
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0.00%
|
$0
|
|
Proceeds to Royal Bank of Canada
|
100.00%
|
$300,000
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
General:
|
This pricing supplement relates to an offering of Auto-Callable Contingent Coupon Barrier Notes with Daily Observation (the “Notes”) linked to the
lesser performing of the shares of two exchange traded funds (the “Reference Assets”).
|
Issuer:
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Royal Bank of Canada (the “Bank”)
|
Strike Date:
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March 5, 2024
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Trade Date:
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March 7, 2024
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Issue Date:
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March 12, 2024
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Valuation Date:
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March 5, 2027
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Maturity Date:
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March 10, 2027
|
Denominations:
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Minimum denomination of $1,000, and integral multiples of $1,000 thereafter.
|
Contingent Coupon:
|
We will pay you a Contingent Coupon during the term of the Notes, periodically in arrears on each Coupon Payment Date, under the conditions described below:
• If the closing price of each Reference Asset is greater than or equal to its Coupon Barrier on each scheduled trading day during the applicable Observation Period, we
will pay the Contingent Coupon on the applicable Coupon Payment Date.
• If, on any scheduled trading day during the applicable Observation Period, the closing price of either Reference Asset is less than its Coupon Barrier (a
“Barrier Event”), no Contingent Coupon will be paid with respect to that Coupon Payment Date.
You may not receive a Contingent Coupon for one or more quarterly periods during the term of the Notes.
|
Contingent Coupon Rate:
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10.05% per annum (2.5125% per quarter).
|
Observation Periods, Call
Observation Dates and
Coupon Payment Dates:
|
The Observation Periods, Call Observation Dates and Coupon Payment Dates will occur quarterly, as set forth in the table below. | ||||||
Observation Periods
|
Call Observation Dates
|
Coupon Payment Dates
|
|||||
March 6, 2024 to June 7,
2024
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Non-Callable
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June 12, 2024
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|||||
June 10, 2024 to
September 9, 2024
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Non-Callable
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September 12, 2024
|
|||||
September 10, 2024 to
December 9, 2024
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Non-Callable
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December 12, 2024
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|||||
December 10, 2024 to
March 7, 2025
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March 7, 2025
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March 12, 2025
|
|||||
March 10, 2025 to June
9, 2025
|
June 9, 2025
|
June 12, 2025
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June 10, 2025 to
September 8, 2025
|
September 8, 2025
|
September 11, 2025
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|||||
September 9, 2025 to
December 8, 2025
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December 8, 2025
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December 11, 2025
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|||||
December 9, 2025 to
March 9, 2026
|
March 9, 2026
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March 12, 2026
|
|||||
March 10, 2026 to June
8, 2026
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June 8, 2026
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June 11, 2026
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|||||
June 9, 2026 to
September 8, 2026
|
September 8, 2026
|
September 11, 2026
|
|||||
September 9, 2026 to
December 7, 2026
|
December 7, 2026
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December 10, 2026
|
|||||
December 8, 2026 to
March 5, 2027
|
March 5, 2027 (the
Valuation Date)
|
March 10, 2027 (the
Maturity Date)
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
Record Dates:
|
The record date for each Coupon Payment Date will be one business day prior to that scheduled Coupon Payment Date; provided, however, that any Contingent Coupon payable
at maturity or upon an automatic call will be payable to the person to whom the payment at maturity or call, as the case may be, will be payable.
|
Call Feature:
|
If, starting on March 7, 2025 and on any quarterly Call Observation Date thereafter, the closing price of each Reference Asset
is greater than or equal to its Initial Price, then the Notes will be automatically called.
|
Payment if Called:
|
If the Notes are automatically called, then, on the applicable Call Settlement Date, for each $1,000 in principal amount, you will receive $1,000 plus the Contingent
Coupon (if payable).
|
Call Settlement Date:
|
The Coupon Payment Date immediately following the applicable Call Observation Date.
|
Initial Price:
|
For each Reference Asset, its closing price on the Strike Date, as set forth on the cover page of this document.
|
Final Price:
|
For each Reference Asset, its closing price on the Valuation Date.
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Coupon Barrier and
Trigger Price:
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For each Reference Asset, 60% of its Initial Price, as set forth on the cover page of this document.
|
Payment at Maturity (if not
previously called and held
to maturity):
|
If the Notes are not previously called, the investor will receive at maturity, for each $1,000 in principal amount:
• If the Final Price of the Lesser Performing Reference Asset is greater than or equal to
its Trigger Price, $1,000 plus the Contingent Coupon due at maturity (if payable).
• If the Final Price of the Lesser Performing Reference Asset is less than its Trigger
Price, a cash payment equal to:
$1,000 + ($1,000 x Percentage Change of the Lesser Performing Reference Asset)
In this case, investors will lose some or all of the principal amount and will not receive the Contingent Coupon at maturity.
|
Percentage Change:
|
With respect to each Reference Asset:
Final Price - Initial Price
Initial Price
|
Stock Settlement:
|
Not applicable. Payments on the Notes will be made only in cash.
|
Lesser Performing
Reference Asset:
|
The Reference Asset with the lowest Percentage Change.
|
Market Disruption Events:
|
The occurrence of a market disruption event (or a non-trading day) as to either of the Reference Assets will result in the postponement of a Call
Observation Date or the Valuation Date as to that Reference Asset, as described in the product prospectus supplement, but not to any non-affected Reference Asset. If a market disruption event occurs on any trading day during an
Observation Period other than a Call Observation Date, and on that trading day, the closing price of a Reference Asset is less than its Coupon Barrier, the Calculation Agent will have the discretion to determine whether or not a
Barrier Event has occurred on such date.
|
Calculation Agent:
|
RBC Capital Markets, LLC (“RBCCM”)
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U.S. Tax Treatment:
|
By purchasing a Note, each holder agrees (in the absence of a change in law, an administrative determination or a judicial ruling to the contrary)
to treat the Note as a callable pre-paid cash-settled contingent income-bearing derivative contract linked to the Reference Assets for U.S. federal income tax purposes. However, the U.S. federal income tax consequences of your
investment in the Notes are uncertain and the Internal Revenue Service could assert that the Notes should be taxed in a manner that is different from that described in the preceding sentence. Please see the section below,
“Supplemental Discussion of U.S. Federal Income Tax Consequences,” and the discussion (including the opinion of Ashurst LLP, our special U.S. tax counsel) in the product prospectus supplement dated December 20, 2023 under
“Supplemental Discussion of U.S. Federal Income Tax Consequences,” which apply to the Notes.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
Secondary Market:
|
RBCCM (or one of its affiliates), though not obligated to do so, may maintain a secondary market in the Notes after the issue date. The amount that
you may receive upon sale of your Notes prior to maturity may be less than the principal amount.
|
Listing:
|
The Notes will not be listed on any securities exchange.
|
Clearance and Settlement:
|
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as described under “Ownership and Book-Entry
Issuance” in the prospectus dated December 20, 2023).
|
Terms Incorporated in the
Master Note:
|
All of the terms appearing in this section and the terms appearing under the caption “General Terms of the Notes” in the product prospectus supplement, as modified by this
pricing supplement.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
Hypothetical Initial Price (for each Reference Asset):
|
$100.00*
|
|
Hypothetical Trigger Price (for each Reference Asset):
|
60% of each hypothetical Initial Price
|
|
Principal Amount:
|
$1,000 per Note
|
Hypothetical Final Price of the Lesser
Performing Reference Asset
|
Payment at Maturity as
Percentage of Principal Amount
|
Cash Payment Amount per
$1,000 in Principal Amount
|
$130.00
|
100.00%
|
$1,000.00
|
$120.00
|
100.00%
|
$1,000.00
|
$110.00
|
100.00%
|
$1,000.00
|
$100.00
|
100.00%
|
$1,000.00
|
$90.00
|
100.00%
|
$1,000.00
|
$80.00
|
100.00%
|
$1,000.00
|
$70.00
|
100.00%
|
$1,000.00
|
$60.00
|
100.00%
|
$1,000.00
|
$59.99
|
59.99%
|
$599.90
|
$50.00
|
50.00%
|
$500.00
|
$40.00
|
40.00%
|
$400.00
|
$30.00
|
30.00%
|
$300.00
|
$20.00
|
20.00%
|
$200.00
|
$10.00
|
10.00%
|
$100.00
|
$0.00
|
0.00%
|
$0.00
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
• |
You May Receive Less than the Principal Amount at Maturity — Investors in the Notes could lose all or a substantial portion of their principal amount if there is a
decline in the price of the Lesser Performing Reference Asset between the Strike Date and the Valuation Date. If the Final Price of the Lesser Performing Reference Asset is less than its Trigger Price, the amount of cash that you
receive at maturity will represent a loss of your principal that is proportionate to the decline in the closing price of the Lesser Performing Reference Asset from the Strike Date to the Valuation Date. Any Contingent Coupons received
on the Notes on or prior to the Maturity Date may not be sufficient to compensate for any such loss.
|
• |
You Will Not Receive Any Contingent Coupon for Any Observation Period Where the Closing Price of Either Reference Asset is Less Than Its Coupon Barrier on One or More
Scheduled Trading Days During That Observation Period — We will pay you the Contingent Coupon for the applicable Observation Period only if the closing price of each Reference Asset is greater than or equal to its Coupon
Barrier on each scheduled trading day during that Observation Period. If the closing price of either Reference Asset is below its Coupon Barrier on at least one scheduled trading day
during the applicable Observation Period, you will not receive any Contingent Coupon for that Observation Period.
|
• |
The Notes Are Subject to an Automatic Call — If on any quarterly Call Observation Date, beginning in March 2025, the closing price of each Reference Asset is greater
than or equal to its Initial Price, then the Notes will be automatically called. If the Notes are automatically called, then, on the applicable Coupon Payment Date, for each $1,000 in principal amount, you will receive $1,000 plus the
Contingent Coupon due on the applicable Coupon Payment Date (if payable). You will not receive any Contingent Coupons after that payment. You may be unable to reinvest your proceeds from the automatic call in an investment with a
return that is as high as the return on the Notes would have been if they had not been called.
|
• |
The Notes Are Linked to the Lesser Performing Reference Asset, Even if the Other Reference Asset Performs Better — If either of the Reference Assets has a Final
Price that is less than its Trigger Price, your return on the Notes will be linked to the lesser performing of the Reference Assets. Even if the Final Price of the other Reference Asset has increased compared to its Initial Price, or
has experienced a decrease that is less than that of the Lesser Performing Reference Asset, your return will only be determined by reference to the performance of the Lesser Performing Reference Asset, regardless of the performance of
the other Reference Asset.
|
• |
Your Payment on the Notes Will Be Determined by Reference to Each Reference Asset Individually, Not to a Basket, and the Payment at Maturity Will Be Based on the Performance
of the Lesser Performing Reference Asset — The Payment at Maturity will be determined only by reference to the performance of the Lesser Performing Reference Asset, regardless of the performance of the other Reference Asset.
The Notes are not linked to a weighted basket, in which the risk may be mitigated and diversified among each of the basket components. For example, in the case of notes linked to a weighted basket, the return would depend on the
weighted aggregate performance of the basket components reflected as the basket return. As a result, the depreciation of one basket component could be mitigated by the appreciation of the other basket component, as scaled by the
weighting of the basket components. However, in the case of the Notes, the individual performance of each of the Reference Assets would not be combined, and the depreciation of one Reference Asset would not
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
• |
The Call Feature and the Contingent Coupon Feature Limit Your Potential Return — The return potential of the Notes is limited to the pre-specified Contingent Coupon
Rate, regardless of the appreciation of the Lesser Performing Reference Asset. In addition, the total return on the Notes will vary based on the number of Observation Periods for which the Contingent Coupon becomes payable prior to
maturity or an automatic call. Further, if the Notes are called due to the Call Feature, you will not receive any Contingent Coupons or any other payment after the applicable Coupon Payment Date. Since the Notes could be called as
early as March 2025, the total return on the Notes could be limited. If the Notes are not called, you may be subject to the full downside performance of the Lesser Performing Reference Asset even though your potential return is
limited to the Contingent Coupon Rate. As a result, the return on an investment in the Notes could be less than the return on a direct investment in the Reference Assets.
|
• |
Your Return on the Notes May Be Lower than the Return on a Conventional Debt Security of Comparable Maturity — The return that you will receive on the Notes, which
could be negative, may be less than the return you could earn on other investments. Even if your return is positive, your return may be less than the return you would earn if you purchased one of our conventional senior interest
bearing debt securities.
|
• |
Payments on the Notes Are Subject to Our Credit Risk, and Changes in Our Credit Ratings Are Expected to Affect the Market Value of the Notes — The Notes are our
senior unsecured debt securities. As a result, your receipt of any Contingent Coupons, if payable, and the amount due on any applicable payment date is dependent upon our ability to repay our obligations on the applicable payment
dates. This will be the case even if the prices of the Reference Assets increase after the Trade Date. No assurance can be given as to what our financial condition will be at any time during the term of the Notes.
|
• |
There May Not Be an Active Trading Market for the Notes-Sales in the Secondary Market May Result in Significant Losses — There may be little or no secondary market
for the Notes. The Notes will not be listed on any securities exchange. RBCCM and our other affiliates may make a market for the Notes; however, they are not required to do so. RBCCM or any of our other affiliates may stop any
market-making activities at any time. Even if a secondary market for the Notes develops, it may not provide significant liquidity or trade at prices advantageous to you. We expect that transaction costs in any secondary market would
be high. As a result, the difference between bid and ask prices for your Notes in any secondary market could be substantial.
|
• |
The Initial Estimated Value of the Notes Is Less than the Price to the Public — The initial estimated value that is set forth
on the cover page of this pricing supplement does not represent a minimum price at which we, RBCCM or any of our affiliates would be willing to purchase the Notes in any secondary market (if any exists) at any time. If you attempt to
sell the Notes prior to maturity, their market value may be lower than the price you paid for them and the initial estimated value. This is due to, among other things, changes in the prices of the Reference Assets, the borrowing rate
we pay to issue securities of this kind, and the inclusion in the price to the public of the estimated costs relating to our hedging of the Notes. These factors, together with various credit, market and economic factors over the term
of the Notes, are expected to reduce the price at which you may be able to sell the Notes in any secondary market and will affect the value of the Notes in complex and unpredictable ways. Assuming no change in market conditions or any
other relevant factors, the price, if any, at which you may be able to sell your Notes prior to maturity may be less than your original purchase price, as any such sale price would not be expected to include our hedging costs relating
to the Notes. In addition to bid-ask spreads, the value of the Notes determined by RBCCM for any secondary market price is expected to be based on the secondary rate rather than the internal funding rate used to price the Notes and
determine the initial estimated value. As a result, the secondary price will be less than if the internal funding rate was used. The Notes are not designed to be short-term trading instruments. Accordingly, you should be able and
willing to hold your Notes to maturity.
|
• | The Initial Estimated Value of the Notes that Is Set Forth on the Cover Page of this Pricing Supplement Is an Estimate Only, Calculated as of the Time the Terms of the Notes Were Set — The initial estimated value of the Notes is based on the value of our obligation to make the payments on the Notes, together with the mid-market value of the derivative embedded in the terms of the Notes. See “Structuring the Notes” below. Our |
|
|
Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
• |
Our Business Activities May Create Conflicts of Interest — We and our affiliates expect to engage in trading activities related to the Reference Assets or to the
securities represented by the Reference Assets that are not for the account of holders of the Notes or on their behalf. These trading activities may present a conflict between the holders’ interests in the Notes and the interests we
and our affiliates will have in their proprietary accounts, in facilitating transactions, including options and other derivatives transactions, for their customers and in accounts under their management. These trading activities, if
they influence the share prices of the Reference Assets, could be adverse to the interests of the holders of the Notes. We and one or more of our affiliates may, at present or in the future, engage in business with the securities
represented by the Reference Assets, including making loans to or providing advisory services. These services could include investment banking and merger and acquisition advisory services. These activities may present a conflict
between our or one or more of our affiliates’ obligations and your interests as a holder of the Notes. Moreover, we, and our affiliates may have published, and in the future expect to publish, research reports with respect to the
Reference Assets or the securities represented by the Reference Assets. This research is modified from time to time without notice and may express opinions or provide recommendations that are inconsistent with purchasing or holding
the Notes. Any of these activities by us or one or more of our affiliates may affect the share price or share prices, as applicable, of the Reference Assets, and therefore, the market value of the Notes.
|
• |
Owning the Notes Is Not the Same as Owning Shares of the Reference Assets or the Securities Represented by the Reference Assets — The return on your Notes is
unlikely to reflect the return you would realize if you actually owned shares of the Reference Assets or the securities represented by the Reference Assets. For instance, you will not receive or be entitled to receive any dividend
payments or other distributions on those securities during the term of your Notes. As an owner of the Notes, you will not have voting rights or any other rights that holders of those securities may have. Furthermore, the Reference
Assets may appreciate substantially during the term of the Notes, while your potential return will be limited to the applicable Contingent Coupon payments.
|
• |
An Investment in Notes Linked to IWM Is Subject to Risks Associated with an Investment in Stocks with a Small Market Capitalization— The IWM holds stocks issued by
companies with relatively small market capitalizations. These companies often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization companies. As a result, the share price of the IWM
may be more volatile than that of a market measure that does not track solely small-capitalization stocks. Stock prices of small-capitalization companies are also often more vulnerable than those of large-capitalization companies to
adverse business and economic developments, and the stocks of small-capitalization companies may be thinly traded, and be less attractive to many investors if they do not pay dividends. In addition, small capitalization companies are
often less well-established and less stable financially than large-capitalization companies and may depend on a small number of key personnel, making them more vulnerable to loss of those individuals. Small capitalization companies
tend to have lower revenues, less diverse product lines, smaller shares of their target markets, fewer financial resources and fewer competitive strengths than large-capitalization companies. These companies may also be more
susceptible to adverse developments related to their products or services.
|
• |
The Securities Included in the Underlying Index of the XBI Are Concentrated in One Sector — All of the securities included in the underlying index of the XBI are
issued by companies in the biotechnology industry. As a result, the securities that will determine the performance of the XBI and the level of its underlying index, which the XBI seeks to replicate, are concentrated in one sector.
Although an investment in the Notes will not give holders any
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
• |
You Must Rely on Your Own Evaluation of the Merits of an Investment Linked to the Reference Assets — In the ordinary course of their business, our affiliates may
have expressed views on expected movements in the Reference Assets or the equity securities that they represent, and may do so in the future. These views or reports may be communicated to our clients and clients of our affiliates.
However, these views are subject to change from time to time. Moreover, other professionals who transact business in markets relating to any Reference Asset may at any time have significantly different views from those of our
affiliates. For these reasons, you are encouraged to derive information concerning the Reference Assets from multiple sources, and you should not rely solely on views expressed by our affiliates.
|
• |
An Investment in the Notes Is Subject to Management Risk — The Reference Assets are not managed according to traditional methods of ‘‘active’’ investment management,
which involve the buying and selling of securities based on economic, financial and market analysis and investment judgment. Instead, each Reference Asset, utilizing a ‘‘passive’’ or indexing investment approach, attempts to
approximate the investment performance of its underlying index by investing in a portfolio of securities that generally replicate its underlying index. Therefore, unless a specific security is removed from its underlying index, the
Reference Asset generally would not sell a security because the security’s issuer was in financial trouble. In addition, each Reference Asset is subject to the risk that the investment strategy of its investment advisor may not
produce the intended results.
|
• |
The Reference Assets and their Underlying Indices Are Different — The performance of each Reference Asset may not exactly replicate the performance of its respective
underlying index, because these Reference Assets will reflect transaction costs and fees that are not included in the calculation of its underlying index. It is also possible that the performance of these Reference Assets may not
fully replicate or may in certain circumstances diverge significantly from the performance of their underlying indices due to the temporary unavailability of certain securities in the secondary market, the performance of any
derivative instruments contained in the Reference Assets, or due to other circumstances. These Reference Assets may use a variety of instruments, including futures contracts, options, swap agreements and other instruments, in seeking
performance that corresponds to their underlying indices and in managing cash flows.
|
• |
We and Our Affiliates Do Not Have Any Affiliation with the Investment Advisor of Any Reference Asset or the Sponsor of Any Underlying Index and Are Not Responsible for Their
Public Disclosure of Information — We and our affiliates are not affiliated with the investment advisor of any Reference Asset or the sponsor of any underlying index in any way and have
no ability to control or predict their actions, including any errors in or discontinuance of disclosure regarding their methods or policies relating to the Reference Assets or the underlying indices. The investment advisors of the
Reference Assets and the sponsors of the underlying indices are not involved in the offering of the Notes in any way and have no obligation to consider your interests as an owner of the Notes in taking any actions relating to the
Reference Assets or the underlying indices that might affect the value of the Notes. Neither we nor any of our affiliates has independently verified the adequacy or accuracy of the information about the investment advisors, the
sponsors, the Reference Assets or the underlying indices contained in any public disclosure of information. You, as an investor in the Notes, should make your own investigation into the Reference Assets.
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Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
• |
The Policies of the Investment Advisors of the Reference Assets or the Sponsors of the Underlying Indices Could Affect the Amount Payable on the Notes and Their Market Value
— The policies of the investment advisors concerning the management of the Reference Assets or the sponsors concerning the calculation of the underlying indices, additions, deletions or substitutions of the securities held
by the Reference Assets could affect the market price of shares of the Reference Assets and, therefore, the amounts payable on the Notes and the market value of the Notes. The amounts payable on the Notes and their market value could
also be affected if the investment advisors or the sponsors change these policies, for example, by changing the manner in which an investment advisor manages the Reference Assets, or if a sponsor changes the manner in which it
calculates an underlying index, or if a Reference Asset’s investment advisor discontinues or suspends maintenance of a Reference Asset, in which case it may become difficult to determine the market value of the Notes. Neither the
investment advisors of the Reference Assets nor the sponsors of the underlying indices have any connection to the offering of the Notes, and the investment advisors and the sponsors have no obligations to you as an investor in the
Notes in making their decisions regarding its Reference Asset or the underlying indices, as applicable.
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The Payments on the Notes Are Subject to Postponement due to Market Disruption Events and Adjustments — The payment at maturity, each Call Observation Date and the
Valuation Date are subject to adjustment as described in the product prospectus supplement. For a description of what constitutes a market disruption event as well as the consequences of that market disruption event, see “General
Terms of the Notes—Market Disruption Events” in the product prospectus supplement.
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Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
•
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have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the
float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity
ratio (as defined above) greater than or equal to 150%; and
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•
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are U.S. based companies.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
with Daily Observation Linked to the Lesser
Performing of Two Exchange Traded Funds
Royal Bank of Canada |
1 Year Royal Bank of Canada Chart |
1 Month Royal Bank of Canada Chart |
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