Bond Royal Bank of Canada 0% ( US78014J1328 ) in USD

Issuer Royal Bank of Canada
Market price 100 %  ⇌ 
Country  Canada
ISIN code  US78014J1328 ( in USD )
Interest rate 0%
Maturity 01/07/2022 - Bond has expired



Prospectus brochure of the bond Royal Bank of Canada US78014J1328 in USD 0%, expired


Minimal amount 1 000 USD
Total amount 1 657 000 USD
Cusip 78014J132
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Detailed description The Royal Bank of Canada (RBC) is a Canadian multinational financial services company offering personal and commercial banking, wealth management, insurance, and investment banking services globally.

The Bond issued by Royal Bank of Canada ( Canada ) , in USD, with the ISIN code US78014J1328, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 01/07/2022







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424B2 1 form424b2.htm MSELN388 XOP 78014J132
June 2019
MSELN-388-C
Registration Statement No. 333-227001
PRICING SUPPLEMENT
Dated June 28, 201
9
Filed Pursuant to Rule 424(b)(2
)
STRUCTURED INVESTMENTS
Opportunities in U.S. Equities
$1,656,500 Jump Securities Based on the Performance of the SPDR® S&P® Oil & Gas Exploration &
Production ETF due July 1, 2022
Principal at Risk Securities
The Jump Securities, which we refer to as the securities, offer the opportunity for investors to earn a return based on the performance of the SPDR®
S&P® Oil & Gas Exploration & Production ETF. Unlike ordinary debt securities, the securities do not pay interest and do not guarantee the return of any of
the principal at maturity. Instead, at maturity, you wil receive a positive return on the securities equal to 55.25% if the share price on the valuation date is
greater than or equal to the initial share price. If the share price on the valuation date is less than the initial share price, you wil receive a cash payment
that is less than the stated principal amount by an amount that is proportionate to the percentage decrease in the final share price from the initial share
price. This amount may be significantly less than the stated principal amount of the securities, and could be zero. The securities are for investors who
seek an equity fund-based return and who are wil ing to risk their principal and forgo current income and return above the fixed upside payment in
exchange for the upside payment feature that applies to a limited range of the performance of the underlying shares. The securities are senior notes
issued as part of Royal Bank of Canada's Global Medium-Term Notes, Series H program. Any payments on the securities are subject to the credit risk of
Royal Bank of Canada.
SUMMARY TERMS
Issuer:
Royal Bank of Canada
Agent:
RBC Capital Markets, LLC ("RBCCM")
Aggregate principal amount:
$1,656,500
Stated principal amount:
$10 per security
Issue price:
$10 per security
Pricing date:
June 28, 2019
Issue date:
July 3, 2019
Maturity date:
July 1, 2022
Underlying shares:
The shares of the SPDR® S&P® Oil & Gas Exploration & Production ETF (Bloomberg symbol: XOP) (the "Fund")
Payment at maturity
· If the final share price is greater than or equal to the initial share price:
(per security):
$10 + upside payment
· If the final share price is less than the initial share price:
$10 × share performance factor
This amount wil be less than the stated principal amount of $10 and could be zero. There is no
minimum payment at maturity.
Upside payment:
$5.525 per security (55.25% of the stated principal amount)
Accordingly, even if the final share price is significantly greater than the initial share price, your payment at
maturity wil not exceed $15.525 per security.
Initial share price:
$27.25, which was the closing price of one underlying share on the pricing date
Final share price:
The closing price of one underlying share on the valuation date times the adjustment factor on that date
Valuation date:
June 28, 2022, subject to postponement for non-trading days or certain market disruption events
Share performance factor:
final share price / initial share price
Adjustment factor:
1.0, subject to adjustment in the event of certain events affecting the underlying shares, see "Additional Terms of
the Securities--Adjustment factor" below.
CU
C S
U I
S P
I
P / ISIN:
78014J132 / US78014J1328
Listing:
The securities wil not be listed on any securities exchange.
Commissions and issue price:
Price to public
Agent's commissions
Proceeds to issuer

Per security
$10.00
$0.25(1)



$0.05(2)
$9.70

Total
$1,656,500
$41,412.50
$1,606,805
$8,282.50
(1)
RBCCM, acting as agent for Royal Bank of Canada, wil receive a fee of $0.30 per $10 stated principal amount and wil pay to Morgan Stanley
Wealth Management ("MSWM") a fixed sales commission of $0.25 for each security that MSWM sel s. See "Supplemental Information Regarding
Plan of Distribution; Conflicts of Interest."
(2)
Of the amount per $10 stated principal amount received by RBCCM, acting as agent for Royal Bank of Canada, RBCCM wil pay MSWM a
structuring fee of $0.05 for each security.
The initial estimated value of the securities as of the pricing date was $9.7481 per $10.00 security, which is less than the price to public. 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.
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An investment in the securities involves certain risks. See "Risk Factors" beginning on page 5 of this document, page S-1 of the accompanying
prospectus supplement and page 1 of the accompanying prospectus.
You should read this document together with the related prospectus supplement and prospectus,
each of which can be accessed via the hyperlinks below, before you decide to invest.
Prospectus Supplement dated September 7, 2018
Prospectus dated September 7, 2018
None of the Securities and Exchange Commission, 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 document. 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. government agency or instrumentality. The securities are not subject to conversion into our common shares under subsection 39.2(2.3) of the
Canada Deposit Insurance Corporation Act.
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Jump Securities Based on the Performance of the SPDR® S&P® Oil & Gas Exploration & Production ETF due July 1, 2022
Principal at Risk Securities
Investment Summary
The Jump Securities Based on the Performance of the SPDR® S&P® Oil & Gas Exploration & Production ETF due July 1, 2022 (the
"securities") can be used:
As an alternative to direct exposure to the underlying shares that provides a fixed positive return if the price of the underlying shares
is unchanged or has appreciated from the pricing date to the valuation date.
To enhance returns and potentially outperform the underlying shares in a moderately bullish scenario.
The securities are exposed on a 1:1 basis to the negative performance of the underlying shares.
Maturity:
Approximately 3 years
Upside payment:
$5.525 (55.25% of the stated principal amount)
Interest:
None
Minimum payment at maturity: None. Investors may lose their entire initial investment in the securities.
Key Investment Rationale
Investors will receive a positive return on the securities if the final share price is greater than or equal to the initial share price. At
maturity, if the price of the underlying share does not change or has increased from its initial share price, investors will receive a positive
return of 55.25% on the securities. However, if the price of the underlying shares has decreased from its initial share price, investors will
lose 1% for every 1% decline from the initial share price to the final share price. In this case, the payment at maturity will be less than
the stated principal amount and could be zero. Investors may lose their entire initial investment in the securities.
Upside Scenario
The final share price value is greater than or equal to the initial share price. In this scenario, we will pay $15.525
per security (155.25% of the stated principal amount). Accordingly, even if the final share price is significantly
greater than the initial share price, your payment at maturity will not exceed $15.525 per security, and your return
may be less than if you invested in the underlying shares directly.
Downside Scenario The final share price is less than the initial share price. In this scenario, we will pay for each security an amount
that is less than the stated principal amount of $10 by an amount proportionate to the decrease in the price of the
underlying shares from the initial share price. There is no minimum payment at maturity.
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Principal at Risk Securities
Additional Information
You should read this document together with the prospectus dated September 7, 2018, as supplemented by the prospectus supplement
dated September 7, 2018, relating to our Senior Global Medium-Term Notes, Series H, of which these securities are a part. This
document, 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, brochures or other educational materials of ours.
You should rely only on the information provided or incorporated by reference in this document, the prospectus and the prospectus
supplement. We have not authorized anyone else to provide you with different information, and we take no responsibility for any other
information that others may give you. We and Morgan Stanley Wealth Management are offering to sell the securities and seeking offers
to buy the securities only in jurisdictions where it is lawful to do so. The information contained in this document and the accompanying
prospectus supplement and prospectus is current only as of their respective dates.
If the information in this document differs from the information contained in the prospectus supplement or the prospectus, you should
rely on the information in this document.
You should carefully consider, among other things, the matters set forth in "Risk Factors" in this document and the accompanying
prospectus supplement and prospectus, 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 atwww.sec.gov as follows (or if such address has changed, by reviewing our
filings for the relevant date on the SEC website):
·
Prospectus dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005973/l96181424b3.htm
·
Prospectus Supplement dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005975/f97180424b3.htm
Our Central Index Key, or CIK, on the SEC website is 1000275.
Please see the section "Documents Incorporated by Reference" on page i of the above prospectus for a description of our filings with the
SEC that are incorporated by reference therein.
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Principal at Risk Securities
How the Securities Work
Payoff Diagram
The payoff diagram below illustrates the payment at maturity on the securities for a range of hypothetical percentage changes in the
closing price of the underlying shares. The graph is based on the following terms:
Stated principal amount:
$10 per security
Upside payment:
$5.525 (55.25% of the stated principal amount)
Maximum payment at
$15.525
maturity:
Minimum payment at maturity: None
Securities Payoff Diagram
The underlying shares The securities
How it works
Upside Scenario. If the final share price is greater than or equal to the initial share price, the payment at maturity on the
securities is greater than the $10 stated principal amount per security, but in all cases is equal to and will not exceed the $10 stated
principal amount plus the upside payment of $5.525 per security. In the payoff diagram, an investor would receive the payment at
maturity of $15.525 per security at any final share price greater than or equal to the initial share price.
Downside Scenario. If the final share price is less than the initial share price, the payment at maturity will be less than the stated
principal amount of $10 by an amount that is proportionate to the percentage decrease in the final share price from the initial share
price. For example, if the underlying shares have decreased by 25%, the payment at maturity would be $7.50 per security (75% of
the stated principal amount). There is no minimum payment at maturity on the securities.
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Principal at Risk Securities
Risk Factors
An investment in the securities is subject to the risks described below, as wel as the risks described under "Risk Factors"
in the accompanying prospectus supplement and prospectus. Investors in the securities are also exposed to further risks
related to the issuer of the securities, Royal Bank of Canada, which are described in Royal Bank of Canada's annual report
on Form 40-F for its most recently completed fiscal year, filed with the SEC and incorporated by reference herein. See the
categories of risks, identified and disclosed in the management's discussion and analysis of financial condition and results
of operations included in the annual report on Form 40-F. This section (and the management's discussion and analysis
section of the annual report on Form 40-F) describes the most significant risks relating to the securities. You should
careful y consider whether the securities are suited to your particular circumstances.
The securities do not pay interest or guarantee return of principal. The terms of the securities differ from those of
ordinary debt securities in that the securities do not pay interest or guarantee payment of the principal amount at
maturity. If the final share price is less than the initial share price, you wil receive a cash payment for each security
that you hold that is less than the stated principal amount of each security by an amount proportionate to the decrease
in the closing price of the underlying shares. There is no minimum payment at maturity on the securities, and,
accordingly, you could lose your entire initial investment in the securities.
Appreciation potential is fixed and limited. Where the final share price is greater than the initial share price, the
appreciation potential of the securities is limited to the fixed upside payment of $5.525 per security (55.25% of the
stated principal amount), even if the final share price is significantly greater than the initial share price. See "How the
Securities Work" above.
The market price of the securities will be influenced by many unpredictable factors. Several factors wil
influence the value of the securities in the secondary market and the price at which RBCCM may be wil ing to
purchase or sel the securities in the secondary market, including:
the trading price and volatility (frequency and magnitude of changes in value) of the underlying shares;
dividend yields on the underlying shares and on the securities represented by the S&P® Oil & Gas
Exploration & Production Select Industry® Index (the "underlying index");
market interest rates;
our creditworthiness, as represented by our credit ratings or as otherwise perceived in the market;
time remaining to maturity;
geopolitical conditions and economic, financial, political, regulatory or judicial events that affect the
underlying shares; and
the occurrence of certain events affecting the underlying shares that may or may not require a change to
the adjustment factor.
The price of the underlying shares may be volatile, and you should not take the historical prices of the underlying
shares as an indication of future performance. See "Information About the SPDR® S&P® Oil & Gas Exploration &
Production ETF" below. You may receive less, and possibly significantly less, than the stated principal amount per
security if you sel your securities prior to maturity.
The securities are subject to the credit risk of Royal Bank of Canada, and any actual or anticipated changes to
its credit ratings or credit spreads may adversely affect the market value of the securities. You are dependent
on Royal Bank of Canada's ability to pay al amounts due on the securities at maturity, and therefore you are subject to
the credit risk of Royal Bank of Canada. If Royal Bank of Canada defaults on its obligations under the securities, your
investment would be at risk and you could lose some or al of your investment. As a result, the market value of the
securities prior to maturity wil be affected by changes in the market's view of Royal Bank of Canada's
creditworthiness. Any actual or anticipated decline in Royal Bank of Canada's credit ratings or increase in the credit
spreads charged by the market for taking Royal Bank of Canada credit risk is likely to adversely affect the market
value of the securities.
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Principal at Risk Securities
The initial estimated value of the securities is less than the price to the public. The initial estimated value that is
set forth on the cover page of this document does not represent a minimum price at which we, RBCCM or any of our
affiliates would be wil ing to purchase the securities in any secondary market (if any exists) at any time. If you attempt
to sel 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 price of the underlying shares, the borrowing rate
we pay to issue securities of this kind, and the inclusion in the price to the public of the agent's commissions 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 sel the
securities in any secondary market and wil 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
sel 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 agent's commissions and the hedging costs relating to the securities. In addition to bid-ask
spreads, the value of the securities determined for any secondary market price is expected to be based on the
secondary rate rather than the internal funding rate used to price the securities and determine the initial estimated
value. As a result, the secondary price wil be less than if the internal funding rate was used. The securities are not
designed to be short-term trading instruments. Accordingly, you should be able and wil ing to hold your securities to
maturity.
Our initial estimated value of the securities is an estimate only, calculated as of the pricing 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 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 pricing date wil 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 material y from the initial estimated value of
your securities.
The securities will not be listed on any securities exchange and secondary trading may be limited. The
securities wil not be listed on any securities exchange. Therefore, there may be little or no secondary market for the
securities. RBCCM may, but is not obligated to, make a market in the securities, and, if it chooses to do so at any time,
it may cease doing so. When it does make a market, it wil general y do so for transactions of routine secondary
market size at prices based on its estimated of the current value of the securities, taking into account its bid/offer
spread, our credit spreads, market volatility, the notional size of the proposed sale, the cost of unwinding any related
hedging positions, the time remaining to maturity and the likelihood that it wil be able to resel the securities. Even if
there is a secondary market, it may not provide enough liquidity to al ow you to trade or sel the securities easily.
Because we do not expect that other broker-dealers wil participate significantly in the 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 is wil ing to transact. If, at any time, RBCCM were not to make a market in the securities, it is likely that there
would be no secondary market for the securities. Accordingly, you should be wil ing to hold your securities to maturity.
The amount payable on the securities is not linked to the price of the underlying shares at any time other than
the valuation date. The final share price wil be based on the closing price of the underlying shares on the valuation
date, subject to adjustment for non-business days and certain market disruption events. Even if the price of the
underlying shares appreciates prior to the valuation date but then decreases on the valuation date to a price that is
less than the initial share price, the payment at maturity wil be less, and may be significantly less than it would have
been had the payment at maturity been linked to the price of the underlying shares prior to that decrease. Although
the actual price of the underlying shares on the maturity date or at other times during the term of the securities may be
higher than the final share price, the payment at maturity wil be based solely on the closing price of the underlying
shares on the valuation date.
An investment in the Fund is subject to risks associated with the oil and gas exploration and production
sector. Al of the stocks held by the Fund are issued by companies in the oil and gas exploration
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Principal at Risk Securities
and production sector. As a result, the stocks that wil determine the performance of the Fund are concentrated in one
sector. Although an investment in the securities wil not give holders any ownership or other direct interests in the
stocks held by the Fund, the return on the securities wil be subject to certain risks associated with a direct equity
investment in companies in the oil and gas exploration and production sector.
In addition, the stocks of companies in the oil and gas sector are subject to swift price fluctuations. The issuers of the
stocks held by the Fund develop and produce, among other things, crude oil and natural gas, and provide, among
other things, dril ing services and other services related to oil and gas production and distribution. Stock prices for
these types of companies are affected by supply and demand both for their specific product or service and for oil and
gas products in general. The price of oil and gas, exploration and production spending, government regulation, world
events and economic conditions wil likewise affect the performance of these companies. Correspondingly, the stocks
of companies in this sector are subject to swift price fluctuations caused by events relating to international politics,
energy conservation, the success of exploration projects and tax and other governmental regulatory policies. Weak
demand for the companies' products or services or for oil and gas products and services in general, as wel as
negative developments in these other areas, would adversely impact the prices of the stocks held by the Fund, the
market price of the Fund, and the value of the securities.
Changes that affect the underlying index will affect the market value of the securities and the amount you will
receive at maturity. The policies of the sponsor of the S&P® Oil & Gas Exploration & Production Select Industry®
Index (the "underlying index") concerning the calculation of the underlying index, additions, deletions or substitutions of
the components of the underlying index and the manner in which changes affecting those components, such as stock
dividends, reorganizations or mergers, may be reflected in the underlying index and, therefore, could affect the share
price of the Fund, the amount payable on the securities at maturity, and the market value of the securities prior to
maturity. The amount payable on the securities and their market value could also be affected if the index sponsor
changes these policies, for example, by changing the manner in which it calculates the underlying index, or if the index
sponsor discontinues or suspends the calculation or publication of the underlying index.
Adjustments to the Fund could adversely affect the securities. As discussed below, the investment advisor of the
Fund is responsible for calculating and maintaining the Fund. The investment advisor can add, delete or substitute the
stocks comprising the Fund. The investment advisor may make other methodological changes that could change the
price of the underlying shares at any time. If one or more of these events occurs, the calculation of the amount payable
at maturity may be adjusted to reflect such event or events. Consequently, any of these actions could adversely affect
the amount payable at maturity and/or the market value of the securities.
Investing in the securities is not equivalent to investing in the underlying shares. Investing in the securities is
not equivalent to investing in the Fund or its component securities. Investors in the securities wil not have voting
rights or rights to receive dividends or other distributions or any other rights with respect to the underlying shares or
the securities that constitute the Fund.
We have no affiliation with the index sponsor and will not be responsible for any actions taken by it. The
sponsor of the underlying index is not an affiliate of ours and wil not be involved in the offering of the securities in any
way. Consequently, we have no control over its actions, including any actions of the type that would require the
calculation agent to adjust the payment to you at maturity. The index sponsor has no obligation of any sort with
respect to the securities. Thus, it has no obligation to take your interests into consideration for any reason, including in
taking any actions that might affect the value of the securities. None of our proceeds from the issuance of the
securities wil be delivered to the index sponsor.
We and our affiliates do not have any affiliation with the Fund's investment advisor and are not responsible for
its public disclosure of information. We and our affiliates are not affiliated with the Fund's investment advisor in any
way and have no ability to control or predict its actions, including any errors in or discontinuance of disclosure
regarding its methods or policies relating to the Fund. The investment advisor is not involved in the offering of the
securities in any way and has no obligation to consider your interests as an owner of the securities in taking any
actions relating to the underlying shares that might affect the value of the securities. Neither we nor any of our
affiliates has independently verified the adequacy or accuracy of the information about the investment advisor or the
Fund contained in any public disclosure of information. You, as an investor in the securities, should make your own
investigation into the underlying shares.
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Principal at Risk Securities
The correlation between the performance of the underlying shares and the performance of the underlying
index may be imperfect. The performance of the underlying shares is linked principal y to the performance of the
underlying index. However, the return on the underlying shares may correlate imperfectly with the return on the
underlying index.
The Fund is subject to management risks. The Fund is subject to management risk, which is the risk that the
investment advisor's investment strategy, the implementation of which is subject to a number of constraints, may not
produce the intended results.
Historical prices of the underlying shares should not be taken as an indication of their future prices during the
term of the securities. The trading prices of the equity securities comprising the Fund wil determine the price of the
underlying shares at any given time. As a result, it is impossible to predict whether the price of the underlying shares
wil rise or fal . Trading prices of the equity securities comprising the Fund wil be influenced by complex and
interrelated political, economic, financial and other factors.
Hedging and trading activity by us and our subsidiaries could potentially adversely affect the value of the
securities. One or more of our subsidiaries and/or third party dealers expect to carry out hedging activities related to
the securities (and possibly to other instruments linked to the Fund or its component securities), including trading in
those securities as wel as in other related instruments. Some of our subsidiaries also trade those securities and other
financial instruments related to the Fund on a regular basis as part of their general broker-dealer and other
businesses. Any of these hedging or trading activities on or prior to the pricing date could have affected the initial
share price and, therefore, have increased the price at which the underlying shares must close on the valuation date
so that investors do not suffer a loss on their initial investment in the securities. Additional y, such hedging or trading
activities during the term of the securities, including on the valuation date, could adversely affect the closing price of
the underlying shares on the valuation date and, accordingly, the amount of cash an investor wil receive at maturity, if
any.
Our business activities may create conflicts of interest. We and our affiliates may engage in trading activities
related to the underlying shares or the securities held by the Fund that are not for the account of holders of the
securities or on their behalf. These trading activities may present a conflict between the holders' interest in the
securities and the interests we and our affiliates wil have in proprietary accounts, in facilitating transactions, including
options and other derivatives transactions, for our customers and in accounts under our management. These trading
activities could be adverse to the interests of the holders of the securities.
We and our affiliates may presently or from time to time engage in business with one or more of the issuers of the
securities held by the Fund. This business may include extending loans to, or making equity investments in, such
companies or providing advisory services to such companies, including merger and acquisition advisory services. In
the course of business, we and our affiliates may acquire non-public information relating to these companies, which we
have no obligation to disclose to you, and, in addition, one or more of our affiliates may publish research reports about
these companies. Neither we nor the agent have made any independent investigation regarding any matters
whatsoever relating to the issuers of the securities held by the Fund.
Moreover, we and our affiliates may have published, and in the future expect to publish, research reports with respect
to the underlying shares or the securities held by the Fund. This research is modified from time to time without notice
and may express opinions or provide recommendations that are inconsistent with purchasing or holding the securities.
Any of these activities by us or one or more of our affiliates may affect the price of the underlying shares and,
therefore, the market value of the securities.
The calculation agent, which is a subsidiary of the issuer, will make determinations with respect to the
securities, which may create a conflict of interest. Our whol y owned subsidiary, RBCCM, wil serve as the
calculation agent. As calculation agent, RBCCM determined the initial share price and wil determine the final share
price and the share performance factor and the amount of cash, if any, you wil receive at maturity. Moreover, certain
determinations made by RBCCM, in its capacity as calculation agent, may require it to exercise discretion and make
subjective judgments, such as with respect to the occurrence or non-occurrence of market disruption events and the
selection of a successor fund or the calculation of the final share price in the event of a market disruption event or
discontinuance of the Fund. These potential y
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7/3/2019
https://www.sec.gov/Archives/edgar/data/1000275/000114036119012362/form424b2.htm
Jump Securities Based on the Performance of the SPDR® S&P® Oil & Gas Exploration & Production ETF due July 1, 2022
Principal at Risk Securities
subjective determinations may adversely affect the payout to you at maturity, if any. For further information regarding
these types of determinations see "Additional Terms of the Securities" below.
The antidilution adjustments that the calculation agent is required to make do not cover every event that could
affect the underlying shares. RBCCM, as calculation agent, wil adjust the amount payable at maturity for certain
events affecting the underlying shares. However, the calculation agent wil not make an adjustment for every event
that could affect the underlying shares. If an event occurs that does not require the calculation agent to adjust the
amount payable at maturity, the market price of the securities may be material y and adversely affected.
Significant aspects of the tax treatment of the securities are uncertain. The tax treatment of an investment in the
securities is uncertain. We do not plan to request a ruling from the Internal Revenue Service (the "IRS") or from the
Canada Revenue Agency regarding the tax treatment of an investment in the securities, and the IRS, the Canada
Revenue Agency or a court may not agree with the tax treatment described in this document.
The IRS has issued a notice indicating that it and the U.S. Treasury Department are actively considering whether,
among other issues, a holder should be required to accrue interest over the term of an instrument such as the
securities even though that holder wil not receive any payments with respect to the securities until maturity and
whether al or part of the gain a holder may recognize upon sale, exchange or maturity of an instrument such as the
securities should be treated as ordinary income. The outcome of this process is uncertain and could apply on a
retroactive basis.
Please read careful y the sections entitled "Canadian Federal Income Tax Consequences" and "Supplemental
Discussion of U.S. Federal Income Tax Consequences" in this document, the section entitled "Tax Consequences" in
the accompanying prospectus and the section entitled "Certain Income Tax Consequences" in the accompanying
prospectus supplement. You should consult your tax advisor about your own tax situation.
June 2019
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