New Issue: RBC sells $3.63 million Accelerated Return Notes on iShares Silver Trust

By William Gullotti

Buffalo, N.Y., June 9 – Royal Bank of Canada priced $3.63 million of 0% Accelerated Return Notes due July 29, 2022 linked to the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus triple any ETF gain, capped at par plus 37.86%. Investors will be exposed to any ETF decline.

BofA Securities, Inc. is the agent.

Issuer:	Royal Bank of Canada
Issue:	Accelerated Return Notes
Underlying ETF:	iShares Silver Trust
Amount:	$3,628,700
Maturity:	July 29, 2022
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 300% of any ETF gain, capped at par plus 37.86%; otherwise, exposure to any ETF decline
Initial value:	$25.16
Final value:	Average of ETF’s closing prices on five trading days ending July 26, 2022
Pricing date:	May 13
Settlement date:	May 20
Underwriter:	BofA Securities, Inc.
Fees:	1.75%
Cusip:	89117F604

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