| Pricing Supplement dated September 10, 2024 |
|
Registration Statement No. 333-275898
Filed Pursuant to Rule 424(b)(2) |
Royal
Bank of Canada Capped GEARS
$4,792,490 Securities Linked to the Energy Select Sector SPDR® Fund
due November 14, 2025
The Capped GEARS (the “Securities”) are senior unsecured
debt securities issued by Royal Bank of Canada linked to the performance of the Energy Select Sector SPDR® Fund (the
“Underlying”). If the Underlying Return (as defined below) is positive, we will repay the principal amount at maturity plus
pay a return equal to 3.0 (the “Upside Gearing”) times the Underlying Return, up to the Maximum Gain of 25.00%.
If the Underlying Return is negative, we will pay less than the full principal amount at maturity, if anything, resulting in a loss of
principal amount that is proportionate to the negative Underlying Return, and you will lose up to 100% of the principal amount. Investing
in the Securities involves significant risks. The Securities do not pay dividends or interest. You will lose some or all of your principal
amount if the Underlying Return is negative. The Upside Gearing applies only at maturity. Any payment on the Securities, including any
repayment of principal, is subject to our creditworthiness. If we default on our payment obligations, you may not receive any amounts
owed to you under the Securities and you could lose your entire investment. The Securities will not be listed on any securities exchange.
| q |
Enhanced Growth Potential, Subject to the Maximum Gain — At maturity, if the Underlying Return is positive, we will pay you the principal amount plus a return equal to the Upside Gearing times the Underlying Return, up to the Maximum Gain. |
| q |
Full Downside Market Exposure — If the Underlying Return is negative, we will pay less than the full principal amount at maturity, if anything, resulting in a loss of principal amount that is proportionate to the negative Underlying Return. Accordingly, you may lose some or all of the principal amount of the Securities. Any payment on the Securities, including any repayment of principal, is subject to our creditworthiness. |
| Trade Date |
September 10, 2024 |
| Settlement Date |
September 12, 2024 |
| Final Valuation Date1 |
November 10, 2025 |
| Maturity Date1 |
November 14, 2025 |
| 1 | Subject to postponement. See “General Terms of the Notes—Postponement of a Determination Date” and “General
Terms of the Notes—Postponement of a Payment Date” in the accompanying product supplement. |
| NOTICE TO INVESTORS: THE SECURITIES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS. WE ARE NOT NECESSARILY OBLIGATED TO REPAY THE FULL PRINCIPAL AMOUNT OF THE SECURITIES AT MATURITY, AND THE SECURITIES HAVE THE FULL DOWNSIDE MARKET RISK OF THE UNDERLYING. THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING OUR DEBT OBLIGATIONS. YOU SHOULD NOT PURCHASE THE SECURITIES IF YOU DO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE SECURITIES. |
YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER “KEY
RISKS” BEGINNING ON PAGE 5 OF THIS PRICING SUPPLEMENT AND UNDER “RISK FACTORS” IN THE ACCOMPANYING PROSPECTUS, PROSPECTUS
SUPPLEMENT AND PRODUCT SUPPLEMENT BEFORE PURCHASING ANY SECURITIES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES,
COULD ADVERSELY AFFECT THE MARKET VALUE OF, AND THE RETURN ON, YOUR SECURITIES. YOU COULD LOSE SOME OR ALL OF THE PRINCIPAL AMOUNT OF
YOUR SECURITIES.
We are offering Capped GEARS Linked to the Energy Select Sector SPDR® Fund.
The Securities will be issued in minimum denominations of $10, and integral multiples of $10 in excess thereof, with a minimum investment
of $1,000. The return on the Securities is subject to, and will not exceed, the Maximum Gain. The Initial Underlying Value was determined
and the Maximum Gain was set on the Trade Date.
| Underlying |
Maximum Gain |
Upside Gearing |
Initial Underlying Value* |
CUSIP/ ISIN |
| Energy Select Sector SPDR® Fund (XLE) |
25.00% |
3.0 |
$85.14 |
78016U754 / US78016U7542 |
* The closing value of the Underlying on the Trade Date
See “Additional Information about Royal Bank of Canada and
the Securities” in this pricing supplement. The Securities will have the terms specified in the prospectus dated December 20, 2023,
the prospectus supplement dated December 20, 2023, the underlying supplement no. 1A dated May 16, 2024, the product supplement no. 1A
dated May 16, 2024 and this pricing supplement.
None of the Securities and Exchange Commission (the “SEC”),
any state securities commission or any other regulatory body has approved or disapproved of the Securities or passed upon the adequacy
or accuracy of this pricing supplement. Any representation to the contrary is a criminal offense. The Securities will not constitute
deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or
U.S. governmental agency or instrumentality. The Securities are not bail-inable notes and are not subject to conversion into our common
shares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.
| |
Price to Public |
Fees and Commissions(1) |
Proceeds to Us |
| Offering of the Securities |
Total |
Per Security |
Total |
Per Security |
Total |
Per Security |
| Securities Linked to the Energy Select Sector SPDR® Fund |
$4,792,490 |
$10.00 |
$95,849.80 |
$0.20 |
$4,696,640.20 |
$9.80 |
(1) UBS Financial Services Inc., which we refer to as UBS,
will receive a commission of $0.20 per Security. See “Supplemental Plan of Distribution (Conflicts of Interest)” below.
The initial estimated value of the Securities determined by us as of
the Trade Date, which we refer to as the initial estimated value, is $9.69 per Security and is less than the public offering price of
the Securities. The market value of the Securities at any time will reflect many factors, cannot be predicted with accuracy and may be
less than this amount. We describe the determination of the initial estimated value in more detail below.
| UBS Financial Services Inc. |
RBC Capital Markets, LLC |
| Additional Information about Royal Bank of Canada and the Securities |
You should read this pricing supplement together with the prospectus
dated December 20, 2023, as supplemented by the prospectus supplement dated December 20, 2023, relating to our Senior Global Medium-Term
Notes, Series J, of which the Securities are a part, the underlying supplement no. 1A dated May 16, 2024 and the product supplement no.
1A dated May 16, 2024. This pricing supplement, together with these documents,
contains the terms of the Securities and supersedes all other prior or contemporaneous oral statements as well as any other written materials,
including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact
sheets, brochures or other educational materials of ours.
We have not authorized anyone to provide any information or to make
any representations other than those contained or incorporated by reference in this pricing supplement and the documents listed below.
We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you.
These documents are an offer to sell only the Securities offered hereby, but only under circumstances and in jurisdictions where it is
lawful to do so. The information contained in each such document is current only as of its date.
If the information in this pricing supplement differs from the information
contained in the documents listed below, you should rely on the information in this pricing supplement.
You should carefully consider, among other things, the matters set forth
in “Key Risks” in this pricing supplement and “Risk Factors” in the documents listed below, as the Securities
involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other
advisers before you invest in the Securities.
You may access these documents on the SEC website at www.sec.gov
as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):
Our Central Index Key, or CIK, on the SEC website is 1000275. As used
in this pricing supplement, “Royal Bank of Canada,” the “Bank,” “we,” “our” and “us”
mean only Royal Bank of Canada.
| Selected Purchase Considerations |
The Securities may be appropriate for you if, among other considerations:
| ¨ | You fully understand the risks inherent in an investment in the Securities, including the risk of loss
of your entire initial investment. |
| ¨ | You can tolerate the loss of some or all of the principal amount of the Securities and are willing to
make an investment that has the full downside market risk of the Underlying. |
| ¨ | You believe that the value of the Underlying will appreciate from the Initial Underlying Value to the Final Underlying Value and that
any such appreciation is unlikely to exceed the Maximum Gain. |
| ¨ | You understand and accept that your potential return is limited by the Maximum Gain. |
| ¨ | You are willing to invest in the Securities based on the Maximum Gain set forth on the cover page of
this pricing supplement. |
| ¨ | You do not seek current income from your investment and are willing to forgo the dividends paid on the
Underlying or the component securities held by the Underlying. |
| ¨ | You can tolerate fluctuations in the price of the Securities prior to maturity that may be similar to
or exceed the downside fluctuations in the value of the Underlying. |
| ¨ | You fully understand and accept the risks associated with the Underlying. |
| ¨ | You are willing to hold the Securities to maturity and accept that there may be little or no secondary
market for the Securities. |
| ¨ | You are willing to assume our credit risk for all payments under the Securities, and understand that
if we default on our obligations, you may not receive any amounts due to you, including any repayment of principal. |
The Securities may not be appropriate for you if, among other considerations:
| ¨ | You do not fully understand the risks inherent in an investment in the Securities, including the risk
of loss of your entire initial investment. |
| ¨ | You cannot tolerate the loss of some or all of the principal amount of the Securities, and you are not
willing to make an investment that has the full downside market risk of the Underlying. |
| ¨ | You believe that the value of the Underlying will decline from the Initial Underlying Value to the Final Underlying Value, or you
believe the value of the Underlying will appreciate over the term of the Securities by more than the Maximum Gain. |
| ¨ | You seek an investment that has unlimited return potential without a cap on appreciation. |
| ¨ | You are unwilling to invest in the Securities based on the Maximum Gain set forth on the cover page
of this pricing supplement. |
| ¨ | You seek current income from your investment or prefer to receive the dividends paid on the Underlying
or the component securities held by the Underlying. |
| ¨ | You cannot tolerate fluctuations in the price of the Securities prior to maturity that may be similar
to or exceed the downside fluctuations in the value of the Underlying. |
| ¨ | You do not fully understand or accept the risks associated with the Underlying. |
| ¨ | You are unable or unwilling to hold the Securities to maturity, or you seek an investment for which
there will be an active secondary market. |
| ¨ | You are not willing to assume our credit risk for all payments under the Securities, including any repayment
of principal. |
The considerations identified above are not exhaustive. Whether or
not the Securities are an appropriate investment for you will depend on your individual circumstances, and you should reach an investment
decision only after you and your investment, legal, tax, accounting, and other advisers have carefully considered the appropriateness
of an investment in the Securities in light of your particular circumstances. You should also review carefully the “Key Risks”
in this pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement and product supplement
for risks related to an investment in the Securities. For more information about the Underlying, see “Information about the Underlying”
below.
| Final Terms of the Securities1 |
| Issuer: |
Royal Bank of Canada |
| Principal Amount: |
$10 per Security (subject to minimum investment of 100 Securities) |
| Term: |
Approximately 14 months |
| Underlying: |
Energy Select Sector SPDR® Fund |
| Payment at Maturity: |
If the Underlying
Return is positive, we will pay you at maturity an amount per Security equal to:
$10 + ($10 × the lesser of (i) Upside Gearing
× Underlying Return and (ii) Maximum Gain)
If the Underlying
Return is zero, we will pay you at maturity an amount per Security equal to:
$10
If the Underlying
Return is negative, we will pay you at maturity an amount per Security equal to:
$10 + ($10 × Underlying Return)
In this scenario, you will lose some or all of the principal amount
of the Securities in an amount proportionate to the negative Underlying Return.
|
| Upside Gearing: |
3.0 |
| Maximum Gain: |
25.00% |
| Underlying Return: |
Final Underlying Value – Initial Underlying Value
Initial Underlying Value |
| Initial Underlying Value: |
The closing value of the Underlying on the Trade Date, as specified on the cover of this pricing supplement |
| Final Underlying Value: |
The closing value of the Underlying on the Final Valuation Date |
| Calculation Agent: |
RBC Capital Markets, LLC (“RBCCM”) |
| |
Trade Date: |
|
The Initial Underlying Value was determined and the Maximum Gain was set. |
| |
 |
|
|
| |
Maturity Date: |
|
The Final Underlying Value is observed and the Underlying Return is
determined on the Final Valuation Date.
If the Underlying
Return is positive, we will pay you at maturity an amount per Security equal to:
$10 + ($10 × the lesser of (i) Upside Gearing
× Underlying Return and (ii) Maximum Gain)
If the Underlying
Return is zero, we will pay you at maturity an amount per Security equal to:
$10
If the Underlying
Return is negative, we will pay you at maturity an amount per Security equal to:
$10 + ($10 × Underlying Return)
In this scenario, you will lose some or all of the principal
amount of the Securities in an amount proportionate to the negative Underlying Return. |
Investing in the Securities involves significant risks. The Securities
do not pay dividends or interest. You will lose some or all of your principal amount if the Underlying Return is negative. The Upside
Gearing applies only at maturity. Any payment on the Securities, including any repayment of principal, is subject to our creditworthiness.
If we default on our payment obligations, you may not receive any amounts owed to you under the Securities and you could lose your entire
investment.
1 Terms used in this pricing supplement, but not defined
herein, shall have the meanings ascribed to them in the accompanying product supplement.
An investment in the Securities involves significant risks. We urge
you to consult your investment, legal, tax, accounting and other advisers before you invest in the Securities. Some of the risks that
apply to an investment in the Securities are summarized below, but we urge you to read also the “Risk Factors” sections of
the accompanying prospectus, prospectus supplement and product supplement. You should not purchase the Securities unless you understand
and can bear the risks of investing in the Securities.
Risks Relating to the Terms and Structure of the Securities
| ¨ | Your Investment in the Securities May Result in a Loss of Principal
— The Securities differ from ordinary debt securities in that we are not necessarily obligated to repay the full principal amount
of the Securities at maturity. The return on the Securities at maturity is linked to the performance of the Underlying and will depend
on whether, and the extent to which, the Underlying Return is positive or negative. If the Underlying Return is negative, you will be
exposed to the negative Underlying Return, and we will pay you less than your principal amount at maturity, if anything, resulting in
a loss of principal of your Securities that is proportionate to the percentage decline in the Underlying. Accordingly,
you could lose some or all of the principal amount of the Securities. |
| ¨ | Payments on the Securities Are Subject to Our Credit Risk, and Market Perceptions
about Our Creditworthiness May Adversely Affect the Market Value of the Securities — The Securities are our senior unsecured
debt securities, and your receipt of any amounts due on the Securities is dependent upon our ability to pay our obligations as they come
due. If we were to default on our payment obligations, you may not receive any amounts owed to you under the Securities and you could
lose your entire investment. In addition, any negative changes in market perceptions about our creditworthiness may adversely affect the
market value of the Securities. |
| ¨ | Your Maximum Return on the Securities Is Limited by the Maximum Gain
— If the Underlying Return is positive, for each Security, we will pay you at maturity $10 plus an additional return that
will not exceed the Maximum Gain, regardless of the appreciation of the Underlying, which may be significant. Therefore, you will not
benefit from any positive Underlying Return in excess of an amount that, when multiplied by the Upside Gearing, exceeds the Maximum Gain,
and your return on the Securities may be less than the return on a direct investment in the Underlying or its underlying components. |
| ¨ | The Upside Gearing Applies Only If You Hold the Securities to Maturity
— You should be willing to hold your Securities to maturity. The market value of the Securities may fluctuate between the date you
purchase them and the Final Valuation Date. If you are able to sell your Securities prior to maturity in the secondary market, if any,
the price you receive likely will not reflect the full economic value of the Upside Gearing and may represent a loss relative to your
initial investment, even if at that time the value of the Underlying is greater than the Initial Underlying Value. Accordingly, your return
under these circumstances may be lower than the return of the Underlying, as well as the return on the Securities that would be payable
at maturity based on the return of the Underlying. You can receive the full benefit of the Upside Gearing only if you hold your Securities
to maturity. |
| ¨ | The Securities Do Not Pay Interest, and Your Return on the Securities May
Be Lower Than the Return on a Conventional Debt Security of Comparable Maturity — There will be no periodic interest
payments on the Securities as there would be on a conventional fixed-rate or floating-rate debt security having the same maturity. The
return that you will receive on the Securities, 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. |
| ¨ | Any Payment on the Securities Will Be Determined Based on the Closing Values
of the Underlying on the Dates Specified — Any payment on the Securities will be determined based on the closing values
of the Underlying on the dates specified. You will not benefit from any more favorable value of the Underlying determined at any other
time. |
| ¨ | The Securities Will Be Subject to Risks, Including Non-Payment in Full,
under Canadian Bank Resolution Powers — Under Canadian bank resolution powers, the Canada Deposit Insurance Corporation
(“CDIC”) may, in circumstances where we have ceased, or are about to cease, to be viable, assume temporary control or ownership
over us and may be granted broad powers by one or more orders of the Governor in Council (Canada), including the power to sell or dispose
of all or a part of our assets, and the power to carry out or cause us to carry out a transaction or a series of transactions the purpose
of which is to restructure our business. See “Description of Debt Securities—Canadian Bank Resolution Powers” in the
accompanying prospectus for a description of the Canadian bank resolution powers. If the CDIC were to take action under the Canadian bank
resolution powers with respect to us, holders of the Securities could be exposed to losses. |
| ¨ | The U.S. Federal Income Tax Consequences of an Investment in the Securities
Are Uncertain — There is no direct legal authority regarding the proper U.S. federal income tax treatment of the Securities,
and significant aspects of the tax |
treatment of the Securities are uncertain.
Moreover, the Securities may be subject to the “constructive ownership” regime, in which case certain adverse tax consequences
may apply upon your disposition of a Security. You should review carefully the section entitled “What Are the Tax Consequences of
the Securities?—United States Federal Income Tax Considerations” herein, in combination with the section entitled “United
States Federal Income Tax Considerations” in the accompanying product supplement, and consult your tax adviser regarding the U.S.
federal income tax consequences of an investment in the Securities.
Risks Relating to the Initial Estimated Value of the Securities
and the Secondary Market for the Securities
| ¨ | There May Not Be an Active Trading Market for the Securities; Sales in
the Secondary Market May Result in Significant Losses — There may be little or no secondary market for the Securities.
The Securities will not be listed on any securities exchange. RBCCM and our other affiliates intend to make a market for the Securities;
however, they are not required to do so and, if they choose to do so, may stop any market-making activities at any time. Because other
dealers are not likely to make a secondary market for the Securities, the price at which you may be able to trade your Securities is likely
to depend on the price, if any, at which RBCCM or any of our other affiliates is willing to buy the Securities. Even if a secondary market
for the Securities develops, it may not provide enough liquidity to allow you to easily trade or sell the Securities. We expect that transaction
costs in any secondary market would be high. As a result, the difference between bid and ask prices for your Securities in any secondary
market could be substantial. If you sell your Securities before maturity, you may have to do so at a substantial discount from the price
that you paid for them, and as a result, you may suffer significant losses. The Securities are not designed to be short-term trading instruments.
Accordingly, you should be able and willing to hold your Securities to maturity. |
| ¨ | The Initial Estimated Value of the Securities Is Less Than the Public Offering
Price — The initial estimated value of the Securities is less than the public offering price of the Securities and does
not represent a minimum price at which we, RBCCM or any of our other affiliates would be willing to purchase the Securities in any secondary
market (if any exists) at any time. If you attempt to sell the Securities 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 value of the Underlying, the
internal funding rate we pay to issue securities of this kind (which is lower than the rate at which we borrow funds by issuing conventional
fixed rate debt) and the inclusion in the public offering price of the underwriting discount, our estimated profit and the estimated costs
relating to our hedging of the Securities. These factors, together with various credit, market and economic factors over the term of the
Securities, are expected to reduce the price at which you may be able to sell the Securities in any secondary market and will affect the
value of the Securities 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 Securities prior to maturity may be less than your original purchase price, as any
such sale price would not be expected to include the underwriting discount, our estimated profit or the hedging costs relating to the
Securities. In addition, any price at which you may sell the Securities is likely to reflect customary bid-ask spreads for similar trades.
In addition to bid-ask spreads, the value of the Securities determined for any secondary market price is expected to be based on a secondary
market rate rather than the internal funding rate used to price the Securities and determine the initial estimated value. As a result,
the secondary market price will be less than if the internal funding rate were used. |
| ¨ | The Initial Estimated Value of the Securities Is Only an Estimate, Calculated
as of the Trade Date — The initial estimated value of the Securities is based on the value of our obligation to make
the payments on the Securities, together with the mid-market value of the derivative embedded in the terms of the Securities. See “Structuring
the Securities” below. Our estimate is based on a variety of assumptions, including our internal funding rate (which represents
a discount from our credit spreads), expectations as to dividends, interest rates and volatility and the expected term of the Securities.
These assumptions are based on certain forecasts about future events, which may prove to be incorrect. Other entities may value the Securities
or similar securities at a price that is significantly different than we do. |
The value of the Securities at any time
after the Trade Date will vary based on many factors, including changes in market conditions, and cannot be predicted with accuracy. As
a result, the actual value you would receive if you sold the Securities in any secondary market, if any, should be expected to differ
materially from the initial estimated value of the Securities.
| ¨ | The Terms of the Securities at Issuance and Their Market Value Prior to
Maturity Are Influenced by Many Unpredictable Factors — Many economic and market factors influence the terms of the Securities
at issuance and affect their value prior to maturity. These factors are similar in some ways to those that could affect the value of a
combination of instruments that might be used to replicate the payments on the Securities, including a combination of a bond with one
or more options or other derivative instruments. For the market value of the Securities, we expect that, generally, the value of the Underlying
on any day will affect the value of the Securities more than any other single factor. However, you should not expect the value of the
Securities in the secondary market to vary in proportion to changes in the value of the |
Underlying. The value of the Securities
will be affected by a number of other factors that may either offset or magnify each other, including:
| ¨ | the value of the Underlying; |
| ¨ | the actual and expected volatility of the Underlying; |
| ¨ | the time remaining to maturity of the Securities; |
| ¨ | the dividend rates on the Underlying or the component securities held by the Underlying; |
| ¨ | interest and yield rates in the market generally, as well as in the markets of the Underlying or the component securities held by
the Underlying; |
| ¨ | a variety of economic, financial, political, regulatory or judicial events; and |
| ¨ | our creditworthiness, including actual or anticipated downgrades in our credit ratings. |
Some or all of these factors influence
the terms of the Securities at issuance and affect the price you will receive if you choose to sell the Securities prior to maturity.
The impact of any of the factors set forth above may enhance or offset some or all of any change resulting from another factor or factors.
Risks Relating to Conflicts of Interest and Our Trading Activities
| ¨ | Our, Our Affiliates’ and UBS’s Business and Trading Activities
May Create Conflicts of Interest — You should make your own independent investigation of the merits of investing in the
Securities. Our, our affiliates’ and UBS’s economic interests are potentially adverse to your interests as an investor in
the Securities due to our, our affiliates’ and UBS’s business and trading activities, and we, our affiliates and UBS have
no obligation to consider your interests in taking any actions that might affect the value of the Securities. Trading by us, UBS and our
respective affiliates may adversely affect the value of the Underlying and the market value of the Securities. See “Risk Factors—Risks
Relating to Conflicts of Interest” in the accompanying product supplement. |
| ¨ | RBCCM’s Role as Calculation Agent May Create Conflicts of Interest
— As Calculation Agent, our affiliate, RBCCM, will determine any values of the Underlying and make any other determinations necessary
to calculate any payments on the Securities. In making these determinations, the Calculation Agent may be required to make discretionary
judgments, including those described under “— Risks Relating to the Underlying” below. In making these discretionary
judgments, the economic interests of the Calculation Agent are potentially adverse to your interests as an investor in the Securities,
and any of these determinations may adversely affect any payments on the Securities. The Calculation Agent will have no obligation to
consider your interests as an investor in the Securities in making any determinations with respect to the Securities. |
Risks Relating to the Underlying
| ¨ | You Will Not Have Any Rights to the Underlying or Its Component Securities
— As an investor in the Securities, you will not have voting rights or rights to receive dividends or other distributions or any
other rights with respect to the Underlying or its component securities. |
| ¨ | The Underlying and the Underlying Index Are Different —
The performance of the Underlying will not exactly replicate the performance of the Underlying Index. The Underlying is subject to management
risk, which is the risk that the investment strategy for the Underlying, the implementation of which is subject to a number of constraints,
may not produce the intended results. The Underlying’s investment adviser may have the right to use a portion of the Underlying’s
assets to invest in securities or other assets or instruments, including derivatives, that are not included in the Underlying Index. In
addition, unlike the Underlying Index, the Underlying will reflect transaction costs and fees that will reduce its performance relative
to the Underlying Index. |
The performance of the Underlying may diverge
significantly from the performance of the Underlying Index due to differences in trading hours between the Underlying and the securities
composing the Underlying Index or other circumstances. During periods of market volatility, the component securities held by the Underlying
may be unavailable in the secondary market, market participants may be unable to calculate accurately the intraday net asset value per
share of the Underlying and the liquidity of the Underlying may be adversely affected. This kind of market volatility may also disrupt
the ability of market participants to create and redeem shares in the Underlying. Further, market volatility may adversely affect, sometimes
materially, the prices at which market participants are willing to buy and sell shares of the Underlying. As a result, under these circumstances,
the market value of the Underlying may vary substantially from the net asset value per share of the Underlying.
| ¨ | The Equity Securities Composing the Underlying Are Concentrated in the
Energy Sector — All or substantially all of the equity securities composing the Underlying are issued by companies whose
primary line of business is directly associated with the energy sector. As a result, the value of the Securities may be subject to greater
volatility and be more adversely affected by a single economic, political or regulatory occurrence affecting this sector than a different
investment linked to securities of a more broadly diversified group of issuers. Issuers in energy-related industries can be significantly
affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have
significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may
need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and
gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates,
government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims. |
| ¨ | Adjustments to the Underlying or to the Underlying Index Could Adversely
Affect the Value of the Securities — The investment adviser of the Underlying may add, delete or substitute the component
securities held by the Underlying or make changes to its investment strategy, and the sponsor of the Underlying Index may add, delete,
substitute or adjust the securities composing the Underlying Index, may make other methodological changes to the Underlying Index that
could affect its performance or may discontinue or suspend calculation and publication of the Underlying Index. Any of these actions could
adversely affect the value of the Underlying and, consequently, the value of the Securities. |
| ¨ | Any Payment on the Securities May Be Postponed and Adversely Affected by
the Occurrence of a Market Disruption Event — The timing and amount of any payment on the Securities is subject to adjustment
upon the occurrence of a market disruption event affecting the Underlying. If a market disruption event persists for a sustained period,
the Calculation Agent may make a discretionary determination of the closing value of the Underlying. See “General Terms of the Notes—Reference
Stocks and Funds—Market Disruption Events,” “General Terms of the Notes—Postponement of a Determination Date”
and “General Terms of the Notes—Postponement of a Payment Date” in the accompanying product supplement. |
| ¨ | Anti-dilution Protection Is Limited, and the Calculation Agent Has Discretion
to Make Anti-dilution Adjustments — The Calculation Agent may in its sole discretion make adjustments affecting any amounts
payable on the Securities upon the occurrence of certain events with respect to the Underlying that the Calculation Agent determines have
a diluting or concentrative effect on the theoretical value of the Underlying. However, the Calculation Agent might not make adjustments
in response to all such events that could affect the Underlying. The occurrence of any such event and any adjustment made by the Calculation
Agent (or a determination by the Calculation Agent not to make any adjustment) may adversely affect the market price of, and any amounts
payable on, the Securities. See “General Terms of the Notes—Reference Stocks and Funds—Anti-dilution Adjustments”
in the accompanying product supplement. |
| ¨ | Reorganization or Other Events Could Adversely Affect the Value of the
Securities or Result in the Securities Being Accelerated — If the Underlying is delisted or terminated, the Calculation
Agent may select a successor Fund. In addition, upon the occurrence of certain reorganization or other events affecting the Underlying,
the Calculation Agent may make adjustments that result in payments on the Securities being based on the performance of (i) cash, securities
of another issuer and/or other property distributed to holders of the Underlying upon the occurrence of that event or (ii) in the case
of a reorganization event in which only cash is distributed to holders of the Underlying, a substitute security, if the Calculation Agent
elects to select one. Any of these actions could adversely affect the value of the Underlying and, consequently, the value of the Securities.
Alternatively, the Calculation Agent may accelerate the Maturity Date for a payment determined by the Calculation Agent. Any amount payable
upon acceleration could be significantly less than any amount that would be due on the Securities if they were not accelerated. However,
if the Calculation Agent elects not to accelerate the Securities, the value of, and any amount payable on, the Securities could be adversely
affected, perhaps significantly. See “General Terms of the Notes—Reference Stocks and Funds—Anti-dilution Adjustments—Reorganization
Events” and “General Terms of the Notes—Reference Stocks and Funds—Discontinuation of, or Adjustments to, a Fund”
in the accompanying product supplement. |
| Hypothetical Examples and Return Table at Maturity |
Hypothetical terms only. Actual terms may vary.
See the cover page for actual offering terms.
The table and hypothetical examples below illustrate the payment at
maturity per Security for a hypothetical range of Underlying Returns based on a hypothetical Initial Underlying Value of $100.00,the Upside
Gearing of 3.0 and the Maximum Gain of 25.00%. The table and examples set forth below are only for illustrative purposes and may not show
the actual return applicable to a purchaser of the Securities. The actual payment at maturity will be determined based on the Final Underlying
Value on the Final Valuation Date. You should consider carefully whether the Securities are appropriate for your investment goals. The
numbers appearing in the table below have been rounded for ease of analysis.
| Hypothetical Final Underlying Value |
Hypothetical Underlying Return |
Hypothetical Payment at Maturity ($) |
Hypothetical Total Return on Securities1 |
| $200.00 |
100.00% |
$12.50 |
25.00% |
| $175.00 |
75.00% |
$12.50 |
25.00% |
| $150.00 |
50.00% |
$12.50 |
25.00% |
| $140.00 |
40.00% |
$12.50 |
25.00% |
| $130.00 |
30.00% |
$12.50 |
25.00% |
| $120.00 |
20.00% |
$12.50 |
25.00% |
| $110.00 |
10.00% |
$12.50 |
25.00% |
| $108.34 |
8.34% |
$12.50 |
25.00% |
| $105.00 |
5.00% |
$11.50 |
15.00% |
| $102.00 |
2.00% |
$10.60 |
6.00% |
| $101.00 |
1.00% |
$10.30 |
3.00% |
| $100.00 |
0.00% |
$10.00 |
0.00% |
| $95.00 |
-5.00% |
$9.50 |
-5.00% |
| $90.00 |
-10.00% |
$9.00 |
-10.00% |
| $80.00 |
-20.00% |
$8.00 |
-20.00% |
| $70.00 |
-30.00% |
$7.00 |
-30.00% |
| $60.00 |
-40.00% |
$6.00 |
-40.00% |
| $50.00 |
-50.00% |
$5.00 |
-50.00% |
| $25.00 |
-75.00% |
$2.50 |
-75.00% |
| $0.00 |
-100.00% |
$0.00 |
-100.00% |
1 The “total return” is the number,
expressed as a percentage, that results from comparing the payment at maturity per Security to the principal amount of $10 per Security.
Example 1 — The value of the Underlying increases from
the Initial Underlying Value to the Final Underlying Value by 2%. Because the Underlying Return is positive, we will pay you an amount
based upon the lesser of the Upside Gearing times the Underlying Return and the Maximum Gain. Since the Upside Gearing times
the Underlying Return of 2% is less than the Maximum Gain, we will pay you at maturity a cash payment of $10.60 per Security (a return
of 6%), calculated as follows:
$10 + ($10 × 3.0 × 2%) = $10 + $0.60
= $10.60
Example 2 — The value of the Underlying increases from
the Initial Underlying Value to the Final Underlying Value by 20%. Because the Underlying Return is positive, we will pay you an amount
based upon the lesser of the Upside Gearing times the Underlying Return and the Maximum Gain. Since the Upside Gearing times
the Underlying Return of 20% is greater than the Maximum Gain, we will pay you at maturity a cash payment of $12.50 per Security (a return
of 25%), calculated as follows:
$10 + ($10 × 25.00%) = $10 + $2.50 = $12.50
Example 3
— The value of the Underlying decreases from the Initial Underlying Value to the Final Underlying Value by 50%. Because
the Underlying Return is -50%, which is negative, we will pay you at maturity a cash payment of $5.00 per Security (a 50% loss on the
principal amount), calculated as follows:
$10 + ($10 × -50%) = $10 + -$5 = $5.00
| What Are the Tax Consequences of the Securities? |
United States Federal Income Tax Considerations
You should review carefully the section in the accompanying product
supplement entitled “United States Federal Income Tax Considerations.” The following discussion, when read in combination
with that section, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income
tax consequences of owning and disposing of the Securities.
Generally, this discussion assumes that you purchased the Securities
for cash in the original issuance at the stated issue price and does not address other circumstances specific to you, including consequences
that may arise due to any other investments relating to the Underlying. You should consult your tax adviser regarding the effect any such
circumstances may have on the U.S. federal income tax consequences of your ownership of a Security.
In the opinion of our counsel, it is reasonable to treat the Securities
for U.S. federal income tax purposes as prepaid financial contracts that are “open transactions,” as described in the section
entitled “United States Federal Income Tax Considerations—Tax Consequences to U.S. Holders—Notes Treated as Prepaid
Financial Contracts that are Open Transactions” in the accompanying product supplement. There is uncertainty regarding this treatment,
and the Internal Revenue Service (the “IRS”) or a court might not agree with it. A different tax treatment could be adverse
to you. Generally, if this treatment is respected, subject to the potential application of the “constructive ownership” regime
discussed below, (i) you should not recognize taxable income or loss prior to the taxable disposition of your Securities (including upon
maturity or an earlier redemption, if applicable) and (ii) the gain or loss on your Securities should be treated as short-term capital
gain or loss unless you have held the Securities for more than one year, in which case your gain or loss should be treated as long-term
capital gain or loss.
Even if the treatment of the Securities as prepaid financial contracts
is respected, purchasing a Security could be treated as entering into a “constructive ownership transaction” within the meaning
of Section 1260 of the Internal Revenue Code (“Section 1260”). In that case, all or a portion of any long-term capital gain
you would otherwise recognize upon the taxable disposition of the Security would be recharacterized as ordinary income to the extent such
gain exceeded the “net underlying long-term capital gain” as defined in Section 1260. Any long-term capital gain recharacterized
as ordinary income would be treated as accruing at a constant rate over the period you held the Security, and you would be subject to
a notional interest charge in respect of the deemed tax liability on the income treated as accruing in prior tax years. Due to the lack
of direct legal authority, our counsel is unable to opine as to whether or how Section 1260 applies to the Securities.
We do not plan to request a ruling from the IRS regarding the treatment
of the Securities. An alternative characterization of the Securities could materially and adversely affect the tax consequences of ownership
and disposition of the Securities, including the timing and character of income recognized. In addition, the U.S. Treasury Department
and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of “prepaid forward contracts”
and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance.
Furthermore, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury
regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences
of an investment in the Securities, possibly with retroactive effect.
Non-U.S.
Holders. As discussed under “United States Federal Income Tax Considerations—Tax Consequences to Non-U.S. Holders—Dividend
Equivalents under Section 871(m) of the Code” in the accompanying product supplement, Section 871(m) of the Internal Revenue Code
and Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding tax on dividend equivalents
paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include
U.S. equities. The Treasury regulations, as modified by an IRS notice, exempt financial instruments issued prior to January 1, 2027 that
do not have a “delta” of one. Based on certain determinations made by us, our counsel is of the opinion that Section 871(m)
should not apply to the Securities with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree
with this determination.
We will not be required to pay any additional amounts with respect to
U.S. federal withholding taxes.
You should consult your tax adviser regarding the U.S. federal income
tax consequences of an investment in the Securities, including possible alternative treatments and the potential application of the “constructive
ownership” regime, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.
Canadian Federal Income Tax Consequences
For a discussion of the material Canadian federal income tax consequences
relating to an investment in the Securities, please see the section entitled “Supplemental Discussion of Canadian Tax Consequences”
in the accompanying product supplement, which you should carefully review prior to investing in the Securities.
| Information about the Underlying |
According to publicly available information, the Underlying is an exchange-traded
fund of the Select Sector Trust, a registered investment company, that seeks to provide investment
results that, before expenses, correspond generally to the price and yield performance of the Energy Select Sector Index (the “Underlying
Index”). The Underlying Index is a capped modified market capitalization-based index that measures the performance of the GICS®
energy sector, which currently includes companies in the following industries: oil, gas and consumable fuels; and energy equipment and
services. For more information about the Underlying, see “Exchange-Traded Funds—The Select Sector SPDR® Funds”
in the accompanying underlying supplement.
Historical Information
The following graph sets forth historical closing values of the Underlying
for the period from January 1, 2014 through September 10, 2024, reflecting the Initial Underlying Value of $85.14, the closing value on
September 10, 2024. We obtained the information in the graph from Bloomberg Financial Markets, without independent investigation. The
historical performance of the Underlying should not be taken as an indication of its future performance. We cannot give you assurance
that the performance of the Underlying will result in the return of any of your initial investment.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE
RESULTS.
| Supplemental Plan of Distribution (Conflicts of Interest) |
We have agreed to indemnify UBS and RBCCM against liabilities under
the Securities Act of 1933, as amended, or to contribute payments that UBS and RBCCM may be required to make relating to these liabilities
as described in the prospectus supplement and the prospectus. We have agreed that UBS may sell all or a part of the Securities that it
will purchase from us to investors or to its affiliates at the price to public listed on the cover page of this pricing supplement.
UBS may allow a concession not in excess of the underwriting discount
set forth on the cover page of this pricing supplement to its affiliates for distribution of the Securities.
We or our affiliates may enter into swap agreements or related hedge
transactions with one of our other affiliates or unaffiliated counterparties in connection with the sale of the Securities and RBCCM and/or
an affiliate may earn additional income as a result of payments pursuant to the swap or related hedge transactions. See “Use of
Proceeds and Hedging” in the accompanying product supplement.
The value of the Securities shown on your account statement may be based
on RBCCM’s estimate of the value of the Securities if RBCCM or another of our affiliates were to make a market in the Securities
(which it is not obligated to do). That estimate will be based on the price that RBCCM may pay for the Securities in light of then-prevailing
market conditions, our creditworthiness and transaction costs. For a period of approximately eight months after the Settlement Date, the
value of the Securities that may be shown on your account statement may be higher than RBCCM’s estimated value of the Securities
at that time. This is because the estimated value of the Securities will not include the underwriting discount or our hedging costs and
profits; however, the value of the Securities shown on your account statement during that period may initially be a higher amount, reflecting
the addition of the underwriting discount and our estimated costs and profits from hedging the Securities. This excess is expected to
decrease over time until the end of this period. After this period, if RBCCM repurchases your Securities, it expects to do so at prices
that reflect their estimated value. This period may be reduced at RBCCM’s discretion based on a variety of factors, including but
not limited to, the amount of the Securities that we repurchase and our negotiated arrangements from time to time with UBS.
RBCCM or another of its affiliates or agents may use this pricing supplement
in the initial sale of the Securities. In addition, RBCCM or another of our affiliates may use this pricing supplement in a market-making
transaction in the Securities after their initial sale. Unless we or our agent informs the purchaser otherwise in the confirmation of
sale, this pricing supplement is being used in a market-making transaction.
For additional information about the settlement cycle of the Securities,
see “Plan of Distribution” in the accompanying prospectus. For additional information as to the relationship between us and
RBCCM, see the section “Plan of Distribution—Conflicts of Interest” in the accompanying prospectus.
| Structuring the Securities |
The Securities are our debt securities. As is the case for all of our
debt securities, including our structured notes, the economic terms of the Securities reflect our actual or perceived creditworthiness.
In addition, because structured notes result in increased operational, funding and liability management costs to us, we typically borrow
the funds under structured notes at a rate that is lower than the rate that we might pay for a conventional fixed or floating rate debt
security of comparable maturity. The lower internal funding rate, the underwriting discount and the hedging-related costs relating to
the Securities reduce the economic terms of the Securities to you and result in the initial estimated value for the Securities being less
than their public offering price. Unlike the initial estimated value, any value of the Securities determined for purposes of a secondary
market transaction may be based on a secondary market rate, which may result in a lower value for the Securities than if our initial internal
funding rate were used.
In order to satisfy our payment obligations under the Securities, we
may choose to enter into certain hedging arrangements (which may include call options, put options or other derivatives) with RBCCM and/or
one of our other subsidiaries. The terms of these hedging arrangements take into account a number of factors, including our creditworthiness,
interest rate movements, volatility and the tenor of the Securities. The economic terms of the Securities and the initial estimated value
depend in part on the terms of these hedging arrangements.
See “Key Risks—Risks Relating to the Initial Estimated Value
of the Securities and the Secondary Market for the Securities—The Initial Estimated Value of the Securities Is Less Than the Public
Offering Price” above.
| Validity of the Securities |
In the opinion of Norton Rose Fulbright Canada LLP, as Canadian counsel
to the Bank, the issue and sale of the Securities has been duly authorized by all necessary corporate action of the Bank in conformity
with the indenture, and when the Securities have been duly executed, authenticated and issued in accordance with the indenture and delivered
against payment therefor, the Securities will be validly issued and, to the extent validity of the Securities is a matter governed by
the laws of the Province of Ontario or Québec, or the federal laws of Canada applicable therein, will be valid obligations of the
Bank, subject to the following limitations: (i) the enforceability of the indenture may be limited by the Canada Deposit Insurance Corporation
Act (Canada), the Winding-up and Restructuring Act (Canada) and bankruptcy, insolvency, reorganization, receivership, moratorium, arrangement
or winding-up laws or other similar laws of general application affecting the enforcement of creditors’ rights generally; (ii) the
enforceability of the indenture is subject to general equitable principles, including the principle that the availability of equitable
remedies, such as specific performance and injunction, may only be granted at the discretion of a court of competent jurisdiction; (iii)
under applicable limitations statutes generally, including that the enforceability of the indenture will be subject to the limitations
contained in the Limitations Act, 2002 (Ontario), and such counsel expresses no opinion as to whether a court may find any provision of
the indenture to be unenforceable as an attempt to vary or exclude a limitation period under such applicable limitations statutes; (iv)
rights to indemnity and contribution under the Securities or the indenture which may be limited by applicable law; and (v) courts in Canada
are precluded from giving a judgment in any currency other than the lawful money of Canada and such judgment may be based on a rate of
exchange in existence on a day other than the day of payment, as prescribed by the Currency Act (Canada). This opinion is given as of
the date hereof and is limited to the laws of the Provinces of Ontario and Québec and the federal laws of Canada applicable therein.
In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture
and the genuineness of signatures and to such counsel’s reliance on the Bank and other sources as to certain factual matters, all
as stated in the opinion letter of such counsel dated December 20, 2023, which has been filed as Exhibit 5.3 to the Bank’s Form
6-K filed with the SEC dated December 20, 2023.
In the opinion of Davis Polk & Wardwell LLP, as special United States
products counsel to the Bank, when the Securities offered by this pricing supplement have been issued by the Bank pursuant to the indenture,
the trustee has made, in accordance with the indenture, the appropriate notation to the master note evidencing such Securities (the “master
note”), and such Securities have been delivered against payment as contemplated herein, such Securities will be valid and binding
obligations of the Bank, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting
creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation,
concepts of good faith, fair dealing and the lack of bad faith) and possible judicial or regulatory actions or applications giving effect
to governmental actions or foreign laws affecting creditors’ rights, provided that such counsel expresses no opinion as to
(i) the enforceability of any waiver of rights under any usury or stay law or (ii) the effect of fraudulent conveyance, fraudulent transfer
or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date hereof and is limited
to the laws of the State of New York. Insofar as the foregoing opinion involves matters governed by the laws of the Provinces of Ontario
and Québec and the federal laws of Canada, you have received, and we understand that you are relying upon, the opinion of Norton
Rose Fulbright Canada LLP, Canadian counsel for the Bank, set forth above. In addition, this opinion is subject to customary assumptions
about the trustee’s authorization, execution and delivery of the indenture and the authentication of the master note and the validity,
binding nature and enforceability of the indenture with respect to the trustee, all as stated in the opinion of Davis Polk & Wardwell
LLP dated May 16, 2024, which has been filed as an exhibit to the Bank’s Form 6-K filed with the SEC on May 16, 2024.
424B2
EX-FILING FEES
0001000275
333-275898
0001000275
2024-09-11
2024-09-11
iso4217:USD
xbrli:pure
xbrli:shares
Ex-Filing Fees
CALCULATION OF FILING FEE TABLES
F-3
ROYAL BANK OF CANADA
Narrative Disclosure
The maximum aggregate offering price of the securities to which the prospectus relates is $4,792,490. The
prospectus is a final prospectus for the related offering(s).
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