Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-275898
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Pricing Supplement
Dated April 30, 2024
To the Index Supplement No. SOL-1 dated March 6, 2024, and the Product Prospectus Supplement No. CCBN-2, the Prospectus Supplement and the
Prospectus, Each Dated December 20, 2023
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$214,000
Auto-Callable Contingent Coupon Barrier Notes Linked
to the Solactive Equal Weight U.S. Semi Conductor
Select AR Index, Due November 4, 2026
Royal Bank of Canada
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Reference Asset
|
Initial Level
|
Coupon Barrier and Trigger Level*
|
Solactive Equal Weight U.S. Semi Conductor Select AR Index (“SOUSESCA”)
|
21,567.90
|
14,019.14, which is 65% of the Initial Level
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Issuer:
|
Royal Bank of Canada
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Stock Exchange Listing:
|
None
|
Trade Date:
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April 30, 2024
|
Principal Amount:
|
$1,000 per Note
|
Issue Date:
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May 3, 2024
|
Maturity Date:
|
November 4, 2026
|
Coupon Observation Dates:
|
Monthly, as set forth below.
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Coupon Payment Dates:
|
Monthly, as set forth below.
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Valuation Date:
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October 30, 2026
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Contingent Coupon Rate:
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10.00% per annum
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Initial Level:
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The closing level of the Reference Asset on the Trade Date, as set forth above.
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Final Level:
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The closing level of the Reference Asset on the Valuation Date.
|
Contingent Coupon:
|
Unless the Notes are previously called, if the closing level of the Reference Asset is greater than or equal to the Coupon Barrier on the applicable Coupon Observation Date, we will pay the
Contingent Coupon on the applicable 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, we will pay you at maturity, in addition to any Contingent Coupon due on the Maturity Date, an amount in cash based on the Final Level of the Reference
Asset.
• If the Final
Level is greater than or equal to the Trigger Level, $1,000.
• If the Final
Level is less than the Trigger Level, then the investor will receive at maturity, for each $1,000 in principal amount of the Notes, a cash payment equal to:
$1,000 + ($1,000 x Percentage Change)
Investors could lose some or all of the principal amount if the Final Level is less than the Trigger Level.
|
Automatic Call Feature:
|
If the closing level of the Reference Asset is greater than or equal to the Initial Level beginning on October 30, 2024 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 Observation Date. For the avoidance of doubt, if the Notes are called prior to
maturity, we will pay you for each $1,000 in principal amount of the Notes the Contingent Coupon otherwise on the applicable Payment Date and you will not receive any Contingent Coupons after that payment.
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CUSIP:
|
78017FRX3
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Per Note
|
Total
|
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Price to public
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100.00%
|
$214,000.00
|
Underwriting discounts and commissions (1)
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0.00%
|
$0.00
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Proceeds to Royal Bank of Canada
|
100.00%
|
$214,000.00
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
Issuer:
|
Royal Bank of Canada (the “Bank”)
|
Underwriter:
|
RBC Capital Markets, LLC
|
Reference Asset:
|
Solactive Equal Weight U.S. Semi Conductor Select AR Index (Bloomberg L.P. symbol "SOUSESCA Index")
The Reference Asset is designed to measure the performance of the Solactive Equal Weight U.S. Semi Conductor Select GTR Index (the "Underlying Index"), less an adjustment factor of 2.0% per
annum (the "Adjustment Factor"), calculated daily and deducted on each index calculation day. The Underlying Index is an equally-weighted equity index, rebalanced on a quarterly basis, consisting of a fixed set of nine equity securities
from the U.S. stock market and is intended to represent a "semi conductor" investment theme as defined by Solactive AG (the "Index Sponsor"). The Underlying Index is calculated on a gross total return basis, which means that dividends paid
on the constituents of the Underlying Index (the "Underlying Index Constituents") are reinvested in the Underlying Index. Although the Underlying Index is a gross total return index, the Adjustment Factor will counteract some or all of the
positive benefit of dividends paid on the Underlying Index Constituents.
Please see the section below, "Information About the Reference Asset," for additional information.
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Trade Date:
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April 30, 2024
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Issue Date:
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May 3, 2024
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Valuation Date:
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October 30, 2026
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Maturity Date:
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November 4, 2026
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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, on the applicable
Coupon Observation Date, the closing level of the Reference Asset is greater than or equal to the Coupon Barrier, we will pay the Contingent Coupon applicable to that Coupon
Observation Date.
• If, on the applicable
Coupon Observation Date, the closing level of the Reference Asset is less than the Coupon Barrier, we will not pay you the Contingent Coupon applicable to that Coupon
Observation Date.
You may not receive a Contingent Coupon for one or more monthly periods during the term of the Notes.
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Contingent Coupon
Rate:
|
10.00% per annum (approximately 0.8333% per month).
|
Coupon Observation
Dates, Coupon
Payment Dates andCall Observation
Dates:
|
The Coupon Observation Dates and Coupon Payment Dates will occur monthly, and the Call Observation Dates will occur quarterly, as set forth in the table below:
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Observation Dates
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Coupon Payment Dates
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May 30, 2024
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June 4, 2024
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June 28, 2024
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July 3, 2024
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July 30, 2024
|
August 2, 2024
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August 30, 2024
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September 5, 2024
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September 30, 2024
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October 3, 2024
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October 30, 2024(1)
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November 4, 2024(2)
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November 29, 2024
|
December 4, 2024
|
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December 30, 2024
|
January 3, 2025
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
January 30, 2025(1)
|
February 4, 2025(2)
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February 28, 2025
|
March 5, 2025
|
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March 31, 2025
|
April 3, 2025
|
|||
April 30, 2025(1)
|
May 5, 2025(2)
|
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May 30, 2025
|
June 4, 2025
|
|||
June 30, 2025
|
July 3, 2025
|
|||
July 30, 2025(1)
|
August 4, 2025(2)
|
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August 29, 2025
|
September 4, 2025
|
|||
September 30, 2025
|
October 3, 2025
|
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October 30, 2025(1)
|
November 4, 2025(2)
|
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November 28, 2025
|
December 3, 2025
|
|||
December 30, 2025
|
January 5, 2026
|
|||
January 30, 2026(1)
|
February 4, 2026(2)
|
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February 27, 2026
|
March 4, 2026
|
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March 30, 2026
|
April 2, 2026
|
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April 30, 2026(1)
|
May 5, 2026(2)
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May 29, 2026
|
June 3, 2026
|
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June 30, 2026
|
July 6, 2026
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July 30, 2026(1)
|
August 4, 2026(2)
|
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August 31, 2026
|
September 3, 2026
|
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September 30, 2026
|
October 5, 2026
|
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October 30, 2026
(the Valuation Date)
|
November 4, 2026
(the Maturity Date)
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(1) This Coupon Observation Date is also a Call Observation Date.
(2) This Payment Date is also a Call Payment Date.
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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 a
call will be payable to the person to whom the payment at maturity or upon the call, as the case may be, will be payable.
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Automatic Call
Feature:
|
If, beginning on October 30, 2024 and on any quarterly Call Observation Date thereafter, the closing level of the Reference Asset is greater than or equal to the Initial Level, then the
Notes will be automatically called.
|
Call Settlement
Dates:
|
If the Notes are called on any quarterly Call Observation Date on or after October 30, 2024, the Call Settlement Date will be the Coupon Payment Date corresponding to that Call Observation
Date.
|
Payment if Called:
|
If the Notes are automatically called, then, on the applicable Coupon Payment Date, for each $1,000 in principal amount of the Notes, you will receive $1,000 plus the Contingent Coupon
otherwise due on that Coupon Payment Date.
|
Initial Level:
|
The closing level of the Reference Asset on the Trade Date, as set forth on the cover page of this document.
|
Final Level:
|
The closing level of the Reference Asset on the Valuation Date.
|
Call Level:
|
100% of the Initial Level.
|
Coupon Barrier and
Trigger Level:
|
65% of the Initial Level, 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, we will pay you at maturity an amount in cash based on the Final Level.
• If the Final Level is
greater than or equal to the Trigger Level, you will receive, for each $1,000 in principal amount of the Notes, a cash payment equal to $1,000, plus the Contingent Coupon
otherwise payable on the Maturity Date
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
• If the Final Level is less than the Trigger Level, you will receive, for each $1,000 in principal amount of the Notes, a cash payment equal to:
$1,000 + ($1,000 x Percentage Change)
In this case, the amount in cash that you receive, if any, will be less than your principal amount of the Notes, resulting in a loss of your principal investment that is proportionate to the
decline in the Reference Asset from the Trade Date to the Valuation Date. Investors in the Notes could lose some or all of the principal amount if the Final Level is less than the Trigger Level.
|
|
Percentage Change:
|
Final Level – Initial Level
Initial Level
|
Calculation Agent:
|
RBC Capital Markets, LLC (“RBCCM”)
|
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 Asset 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.
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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 &
Settlement:
|
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as described under “Ownership and Book-Entry Issuance” in the prospectus).
|
Terms Incorporated
in the Master Note:
|
All of the terms appearing on the cover page and above the item captioned “Secondary Market” 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
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
Hypothetical Initial Level:
|
100.00*
|
|
Hypothetical Coupon Barrier and Trigger Level:
|
65% of the hypothetical Initial Level
|
|
Contingent Coupon Rate:
|
10.00% per annum (or approximately 0.8333% per month)
|
|
Contingent Coupon Amount:
|
Approximately $8.333 per month
|
|
Coupon Observation Dates:
|
Monthly
|
|
Principal Amount:
|
$1,000 per Note
|
Hypothetical Final Level
|
Payment at Maturity as
Percentage of Principal
Amount
|
Cash Payment Amount per
$1,000 in Principal Amount
|
140.00
|
100.8333%*
|
$1,008.333*
|
130.00
|
100.8333%*
|
$1,008.333*
|
120.00
|
100.8333%*
|
$1,008.333*
|
110.00
|
100.8333%*
|
$1,008.333*
|
100.00
|
100.8333%*
|
$1,008.333*
|
90.00
|
100.8333%*
|
$1,008.333*
|
80.00
|
100.8333%*
|
$1,008.333*
|
70.00
|
100.8333%*
|
$1,008.333*
|
65.00
|
100.8333%*
|
$1,008.333*
|
64.99
|
64.99%
|
$649.90
|
60.00
|
60.00%
|
$600.00
|
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
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
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 level of the Reference Asset between the Trade Date and the Valuation Date. If the Notes are not automatically called and the Final Level is less than the Trigger Level, 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 level of the Reference Asset from the Trade Date to the Valuation Date. Any Contingent Coupons received on the Notes prior to the Maturity Date may not be
sufficient to compensate for any such loss.
|
• |
The Notes Are Subject to an Automatic Call — If, on any Call Observation Date beginning in October 2024, the closing level of the Reference Asset is greater than or equal
to the Initial Level, 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 of the Notes, you will receive $1,000 plus the
Contingent Coupon otherwise due on the applicable Coupon Payment Date. 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.
|
• |
You May Not Receive Any Contingent Coupons — We will not necessarily make any coupon payments on the Notes. If the closing level of the Reference Asset on a Coupon
Observation Date is less than the Coupon Barrier, we will not pay you the Contingent Coupon applicable to that Coupon Observation Date. If the closing level of the Reference Asset is less than the Coupon Barrier on each of the Coupon
Observation Dates and on the Valuation Date, we will not pay you any Contingent Coupons during the term of, and you will not receive a positive return on your Notes. Generally, this non-payment of the Contingent Coupon may coincide with a
period of greater risk of principal loss on your Notes. Accordingly, if we do not pay the Contingent Coupon on the Maturity Date, you will also incur a loss of principal, because the Final Level will be less than the Trigger Level.
|
• |
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 Reference Asset. In addition, the total return on the Notes will vary based on the number of Coupon Observation Dates on 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 in respect of any Coupon Observation Dates after the applicable Coupon Payment Date. Since the Notes could be
called as early as October 2024, the return on the Notes could be limited. If the Notes are not called, you may be subject to the full downside performance of the 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 securities included in the Reference Asset.
|
• |
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 relevant payment date is dependent upon our ability to repay our obligations on the applicable payment dates. This will be
the case even if the level of
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
• |
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 asked 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 level of the Reference Asset, the borrowing rate we pay to issue securities of this kind, and the
inclusion in the price to the public of the referral fee and 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 the referral fee or 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 estimate is based on a variety of assumptions, including our credit spreads, expectations as to dividends, interest rates and volatility, and the expected term of the Notes. These assumptions are based on certain
forecasts about future events, which may prove to be incorrect. Other entities may value the Notes or similar securities at a price that is significantly different than we do.
|
• |
Our Business Activities May Create Conflicts of Interest — We and our affiliates expect to engage in trading activities related to the Reference Asset 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 level of the Reference Asset, 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 companies included in the Reference Asset,
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
• |
We May Issue Research that Is Inconsistent with an Investment in the Notes — We or our affiliates may issue research reports on securities that are, or may become,
components of the Reference Asset. We may also publish research from time to time on financial markets and other matters that may influence the level of the Reference Asset or the value of the Notes, or express opinions or provide
recommendations that may be inconsistent with purchasing or holding the Notes or with the investment view implicit in the Notes or the Reference Asset. You should make your own independent investigation of the merits of investing in the
Notes and the Reference Asset.
|
• |
The Reference Asset Has a Limited Operating History and May Perform in Unanticipated Ways — The Reference Asset was launched on November 16, 2023 (the "Launch Date"). As a
result, the Reference Asset has a very limited operating history. Because the Reference Asset is of recent origin and limited actual historical performance data exists with respect to it, your investment in the Notes may involve a greater
risk than investing in securities linked to an index with a more established record of performance.
|
• |
The Reference Asset Is Subject to an Adjustment Factor That Will Adversely Affect the Reference Asset Performance — The Reference Asset includes an adjustment factor of
2.0% per annum (the "Adjustment Factor"), calculated daily and deducted on each index calculation day. The level of the Reference Asset tracks the performance of the Solactive Equal Weight U.S. Semi Conductor Select GTR Index (the
"Underlying Index"), which is an equal weighted index, calculated on a gross total return basis, comprised of a fixed set of nine equity securities from the U.S. stock market (the "Underlying Index Constituents"), as set forth in "The
Reference Asset" below. Because no fee is deducted from the Underlying Index, the Reference Asset will underperform the Underlying Index in all cases and the level of the Reference Asset may decline even if the level of the Underlying Index
increases.
|
• |
Any Potential Benefit From the Gross Total Return Feature of the Underlying Index Will Be Reduced by the Adjustment Factor Applied to the Reference Asset — The Reference Asset is comprised exclusively of the Underlying Index. Although the Underlying Index is a gross total return index, which means that dividends paid on the
Underlying Index Constituents are reinvested in the Underlying Index, the Adjustment Factor will reduce any positive benefit from dividends paid on the Underlying Index Constituents. This fee will accrue daily and will be deducted on each
index calculation day, regardless of whether any dividends are paid on the Underlying Index Constituents.
|
• |
Dividends and Distributions of the Underlying Index Constituents May Vary When Compared to Historical Levels — The Reference Asset tracks the gross total return performance
of the Underlying Index less the Adjustment Factor. The level of the Reference Asset may be affected by the ability of issuers of the Underlying Index Constituents to declare and pay dividends or make distributions in respect of their
equity securities. Historical levels of dividends and distributions paid in respect of the Underlying Index Constituents are not indicative of future payments, which payments are uncertain and depend upon various factors, including, without
limitation, the financial position, earnings ratio and cash requirements of the applicable issuer and the state of financial markets in general. It is not possible to predict if dividends or distributions paid in respect of the Underlying
Index Constituents will increase, decrease or remain the same over the term of the Notes.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
• |
The Underlying Index Constituents Are Not Expected to Change During the Term of the Notes, and Are Limited in Number — Unlike the constituents of many equity indices, the
Underlying Index Constituents are not expected to change over the term of the Notes, unless certain types of reorganization events occur, such as if an Underlying Index Constituent is merged into another company. Accordingly, you should
only invest in the Notes if you are willing to make an investment linked to the current Underlying Index Constituents, as set forth in "The Reference Asset" below.
|
• |
There Is No Guarantee That the Index Methodology Will Be Successful — The Underlying Index is comprised of equity securities exclusively selected by Solactive A.G. (the
"Index Sponsor") based on a specific investment theme. There is no guarantee that the Index Sponsor will successfully select companies that will benefit from the investment theme chosen by the Index Sponsor or that the Reference Asset will
outperform any other indices or strategies that attempt to achieve a similar goal using other criteria. The Reference Asset may outperform or underperform some or all of the securities of its targeted theme. Accordingly, the investment
strategy represented by the Reference Asset may not be successful, and your investment in the Notes may not earn a positive return or you may suffer a loss.
|
• |
An Investment in the Notes Is Subject to Risks Associated with a Specific Economic Industry — The equity securities comprising the Underlying Index are issued by companies
engaged in a specific industry of the economy. Because the Reference Asset is linked to the performance of the Underlying Index, an investment in the Notes is subject to the risks associated with a specific economic industry. As a result,
an investment in the Notes may be more risky than a security linked to a more diversified set of securities.
|
• |
Even Though the Reference Asset and the Underlying Index Include "U.S." In Their Respective Names, an Investment in Notes Is Subject to Risks Relating to Non-U.S. Securities
Markets.— Because one security included in the Reference Asset is an American depositary share whose underlying shares were issued by a non-U.S. issuer and traded outside of the U.S., an investment in the Notes linked to the
Solactive Equal Weight U.S. Semi Conductor Select AR Index involves particular risks. For example, the relevant non-U.S. securities markets may be more volatile than the U.S. securities markets, and market developments may affect these
markets differently from the U.S. or other securities markets.
|
• |
Owning the Notes Is Not the Same as Owning the Underlying Index Constituents — The return on your Notes is unlikely to reflect the return you would realize if you actually
owned the Underlying Index Constituents. As an owner of the Notes, you will not have voting rights or any other rights that holders of the Underlying Index Constituents may have. Furthermore, the Underlying Index Constituents, and thereby
the Reference Asset, may appreciate substantially during the term of the Notes, while your potential return will be limited to the applicable Contingent Coupon payments.
|
• |
The Payments on the Notes Are Subject to Market Disruption Events and Adjustments — The payment at maturity, and on each Coupon Observation Date, Call Observation Date and
on 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 accompanying product prospectus supplement.
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Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
Security Issuer
|
Security Type
|
Symbol
|
Exchange
|
Target
Weighting |
|||||
Advanced Micro Devices, Inc.
|
common stock
|
AMD
|
Nasdaq
|
11.11%
|
|||||
Applied Materials, Inc.
|
common stock
|
AMAT
|
Nasdaq
|
11.11%
|
|||||
Broadcom Inc.
|
common stock
|
AVGO
|
Nasdaq
|
11.11%
|
|||||
Intel Corporation
|
common stock
|
INTC
|
Nasdaq
|
11.11%
|
|||||
Micron Technology, Inc.
|
common stock
|
MU
|
Nasdaq
|
11.11%
|
|||||
NVIDIA Corporation
|
common stock
|
NVDA
|
Nasdaq
|
11.11%
|
|||||
QUALCOMM Incorporated
|
common stock
|
QCOM
|
Nasdaq
|
11.11%
|
|||||
Taiwan Semiconductor Manufacturing Company Limited
|
American depositary shares
|
TSM
|
NYSE
|
11.11%
|
|||||
Texas Instruments Incorporated
|
common stock
|
TXN
|
Nasdaq
|
11.11%
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|