New Issue: RBC sells $8.67 million capped gears linked to SPDR S&P Oil & Gas ETF

By Marisa Wong

Morgantown, W.Va., April 6 – Royal Bank of Canada priced $8.67 million of 0% capped gears due May 31, 2018 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the fund finishes above its initial level, the payout at maturity will be par plus 3 times the gain, up to a maximum return of 28.3%.

If the fund return is negative, investors will lose 1% for each 1% decline.

RBC Capital Markets, LLC and UBS Financial Services Inc. are the agents.

Issuer:	Royal Bank of Canada
Issue:	Capped gears
Underlying ETF:	SPDR S&P Oil & Gas Exploration & Production ETF
Amount:	$8,670,500
Maturity:	May 31, 2018
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 3 times any fund gain, capped at 28.3%; full exposure to any losses
Initial price:	$36.29
Pricing date:	March 28
Settlement date:	March 31
Agents:	UBS Financial Services Inc. and RBC Capital Markets, LLC
Fees:	2%
Cusip:	78014E463

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