New Issue: RBC prices $1 million barrier enhanced return notes linked to iShares ETF

By William Gullotti

Buffalo, N.Y., March 22 – Royal Bank of Canada priced $1 million of 0% barrier enhanced return notes due May 20, 2025 linked to the iShares Semiconductor ETF, according to a 424B2 filing with the Securities and Exchange Commission.

If the ETF return is positive, the payout at maturity will be par plus 200% of the return, subject to a maximum payout of par plus 27%.

Investors will receive par if the ETF declines by 20% or less and will lose 1% for every 1% that the ETF declines from initial level if it finishes below 80% of initial level.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Barrier enhanced return notes
Underlying fund:	iShares Semiconductor ETF
Amount:	$1 million
Maturity:	May 20, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If the ETF return is positive, par plus 200% of the ETF return, capped at par plus 27%; par if ETF declines by 20% or less; otherwise, 1% loss for every 1% that the ETF declines from initial level
Initial levels:	$218.76
Barrier levels:	$175.01; 80% of initial levels
Pricing date:	March 15
Settlement date:	March 20
Agent:	RBC Capital Markets, LLC
Fees:	2%
Cusip:	78017FM42

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