Obbligazione Royal Bank of Canada 0% ( US78014J5204 ) in USD

Emittente Royal Bank of Canada
Prezzo di mercato 100 USD  ▲ 
Paese  Canada
Codice isin  US78014J5204 ( in USD )
Tasso d'interesse 0%
Scadenza 22/01/2021 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Royal Bank of Canada US78014J5204 in USD 0%, scaduta


Importo minimo 1 000 USD
Importo totale 1 779 000 USD
Cusip 78014J520
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata La Royal Bank of Canada (RBC) è una delle più grandi banche del Canada, con attività a livello globale nei settori della gestione patrimoniale, dei servizi finanziari e dell'investimento.

The Obbligazione issued by Royal Bank of Canada ( Canada ) , in USD, with the ISIN code US78014J5204, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 22/01/2021







424B2 1 form424b2.htm PS MSELN399 SPX PLUS 78014J520
Oc t obe r 2 0 1 9
M SELN -3 9 9 -C
Re gist ra t ion St a t e m e nt N o. 3 3 3 -2 2 7 0 0 1
PRI CI N G SU PPLEM EN T
Da t e d Oc t obe r 1 6 , 2 0 1 9
File d Pursua nt t o Rule 4 2 4 (b)(2 )
STRUCTURED INVESTMENTS
Opportunities in U.S. Equities
$1,779,110 PLUS Based on the Performance of the S&P 500® Index due January 22, 2021
Pe rform a nc e Le ve ra ge d U pside Se c urit ie s SM
Principal at Risk Securities
The PLUS are senior unsecured obligations of Royal Bank of Canada, do not pay interest, do not guarantee any return of principal at maturity and have the
terms described in the accompanying prospectus supplement and prospectus, as supplemented or modified by this document. At maturity, if the level of the
underlying index has inc re a se d , investors will receive the stated principal amount of their investment plus a return reflecting the leveraged upside
performance of the underlying index, subject to the maximum payment at maturity. However, if the level of the underlying index has de c re a se d, investors
will lose 1% for every 1% decline in the level over the term of the PLUS. Under these circumstances, the payment at maturity will be less than the stated
principal amount and could be zero. Accordingly, you may lose your entire investment. The PLUS are for investors who seek an equity index-based return
and who are willing to risk their principal and forgo current income and upside above the maximum payment at maturity in exchange for the upside leverage
feature, which applies to a limited range of positive performance of the underlying index. The PLUS are senior notes issued as part of Royal Bank of
Canada's Global Medium-Term Notes, Series H program. All payments on the PLUS are subject to the credit risk of Royal Bank of Canada.
SUMMARY TERMS

Issuer:
Royal Bank of Canada
Underlying index:
The S&P 500® Index (Bloomberg symbol: "SPX")
Aggregate principal amount: $1,779,110
Stated principal amount:
$10 per PLUS
Issue price:
$10 per PLUS
Pricing date:
October 16, 2019
Issue date:
October 21, 2019
Maturity date:
January 22, 2021, subject to adjustment as described in "Additional Terms of the PLUS" below.
Payment at maturity:
If the final index level is greater than the initial index level, $10 + $10 × leverage factor × underlying index return
In no event will the payment at maturity exceed the maximum payment at maturity.
If the final index level is less than or equal to the initial index level, $10 + $10 × underlying index return
Under these circumstances, the payment at maturity will be less than or equal to the stated principal amount of $10.
You will lose some or all of the principal amount if the final index level is less than the initial index level.
Maximum payment at
$11.30 per PLUS (113% of the stated principal amount).
m a t urit y:
Leverage factor:
300%
Underlying index return:
(final index level - initial index level) / initial index level
Initial index level:
2,989.69, which was the closing level of the underlying index on the pricing date
Final index level:
The closing level of the underlying index on the valuation date
Valuation date:
January 19, 2021, subject to adjustment for non-trading days and certain market disruption events
CUSIP/ISIN:
78014J520 / US78014J5204
Listing:
The PLUS will not be listed on any securities exchange.
Agent:
RBC Capital Markets, LLC ("RBCCM").
Commissions and issue price:
Pric e t o public
Age nt 's c om m issions
Proc e e ds t o issue r

Pe r PLU S
$10.000
$0.175(1)


$0.050(2)
$9.775

T ot a l
$1,779,110
$31,134.425
$1,739,080.025

$8,895.55
(1) RBCCM, acting as agent for Royal Bank of Canada, will receive a fee of $0.225 per $10 stated principal amount and will pay to Morgan Stanley Wealth
Management ("MSWM") a fixed sales commission of $0.175 for each PLUS that MSWM sells. 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 will pay MSWM a structuring
fee of $0.05 for each PLUS.
T he init ia l e st im a t e d va lue of t he PLU S a s of t he pric ing da t e is $ 9 .7 5 7 2 pe r $ 1 0 in princ ipa l a m ount , w hic h is le ss t ha n t he
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pric e t o public . T he m a rk e t va lue of t he PLU S a t a ny t im e w ill re fle c t m a ny fa c t ors, c a nnot be pre dic t e d w it h a c c ura c y, a nd
m a y be le ss t ha n t his a m ount .
An inve st m e nt in t he PLU S involve s c e rt a in risk s. Se e "Risk Fa c t ors" be ginning on pa ge 6 of t his doc um e nt , be ginning on
pa ge S-1 of t he a c c om pa nying prospe c t us supple m e nt , a nd be ginning on pa ge 1 of t he prospe c t us.
Y ou should re a d t his doc um e nt t oge t he r w it h t he re la t e d prospe c t us supple m e nt a nd prospe c t us, e a c h of w hic h c a n be
a c c e sse d via t he hype rlink s be low , be fore you de c ide t o inve st . Ple a se a lso se e "Addit iona l T e rm s of t he PLU S" in t his
doc um e nt .
Prospe c t us Supple m e nt da t e d Se pt e m be r 7 , 2 0 1 8
Prospe c t us da t e d Se pt e m be r 7 , 2 0 1 8
N one of t he Se c urit ie s a nd Ex c ha nge Com m ission, a ny st a t e se c urit ie s c om m ission or a ny ot he r re gula t ory body ha s
a pprove d or disa pprove d of t he PLU S or pa sse d upon t he a de qua c y or a c c ura c y of t his doc um e nt . Any re pre se nt a t ion t o t he
c ont ra ry is a c rim ina l offe nse . T he PLU S w ill not c onst it ut e de posit s insure d by t he Ca na da De posit I nsura nc e Corpora t ion,
t he U .S. Fe de ra l De posit I nsura nc e Corpora t ion or a ny ot he r Ca na dia n or U .S. gove rnm e nt a ge nc y or inst rum e nt a lit y. T he
PLU S a re not subje c t t o c onve rsion int o our c om m on sha re s unde r subse c t ion 3 9 .2 (2 .3 ) of t he Ca na da De posit I nsura nc e
Corpora t ion Ac t .
PLUS Based on the Performance of the S&P 500® Index due January 22, 2021
Pe rform a nc e Le ve ra ge d U pside Se c urit ie s SM
Principal at Risk Securities
Investment Summary
Pe rform a nc e Le ve ra ge d U pside Se c urit ie s
Princ ipa l a t Risk Se c urit ie s
The PLUS Based on the Performance of the S&P 500® Index due January 22, 2021 (the "PLUS") can be used:
? As an alternative to direct exposure to the underlying index that enhances returns for a certain range of positive performance of the
underlying index, subject to the maximum payment at maturity.
? To enhance returns and potentially outperform the underlying index in a moderately bullish scenario.
? To achieve similar levels of upside exposure to the underlying index as a direct investment, subject to the maximum payment at
maturity, while using fewer dollars by taking advantage of the leverage factor.
The PLUS are exposed on a 1:1 basis to the negative performance of the underlying index.
M a t urit y:
Approximately 15 months
Le ve ra ge fa c t or:
300% (applicable only if the final index level is greater than the initial index level)
M a x im um pa ym e nt a t
$11.30 per PLUS (113% of the stated principal amount).
m a t urit y:
M inim um pa ym e nt a t
None. Investors may lose their entire initial investment in the PLUS.
m a t urit y:
Coupon:
None
October 2019
Page 2
PLUS Based on the Performance of the S&P 500® Index due January 22, 2021
Pe rform a nc e Le ve ra ge d U pside Se c urit ie s SM
Principal at Risk Securities
Key Investment Rationale
These PLUS offer leveraged exposure to the performance of the underlying index. In exchange for enhanced performance of
300% of the appreciation of the underlying index, investors forgo performance above the maximum payment at maturity of $11.30
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per PLUS and are fully exposed to any negative performance of the underlying index. At maturity, if the level of the underlying
index has inc re a se d , investors will receive the stated principal amount of their investment plus a return reflecting the leveraged
upside performance of the underlying index, subject to the maximum payment at maturity. If the level of the underlying index
remains unchanged, investors will receive the stated principal amount. However, if the level of the underlying index has
de c re a se d , investors will lose 1% for every 1% decline in the level of the underlying index over the term of the PLUS. Under
these circumstances, the payment at maturity will be less than the stated principal amount and could be zero. Ac c ordingly, you
m a y lose your e nt ire inve st m e nt .
Le ve ra ge d
The PLUS offer investors an opportunity to capture enhanced returns relative to a direct investment in the
Upside
underlying index within a certain range of positive performance.
Pe rform a nc e


The level of the underlying index increases and, at maturity, we will pay the stated principal amount of $10 plus
U pside

300% of the underlying index return, subject to the maximum payment at maturity of $11.30 per PLUS (113% of
Sc e na rio
the stated principal amount)


The final index level is equal to the initial index level. In this case, you receive the stated principal amount of $10
Pa r Sc e na rio at maturity.


Dow nside
The level of the underlying index declines and, at maturity, we will pay less than the stated principal amount by
Scenario
an amount that is proportionate to the percentage decrease in the level of the underlying index from the initial
index level. There is no minimum payment at maturity.
April 2019
Page 3
PLUS Based on the Performance of the S&P 500® Index due January 22, 2021
Pe rform a nc e Le ve ra ge d U pside Se c urit ie s SM
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 the PLUS are a part. This document, together with
these documents, contains the terms of the PLUS 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 PLUS and seeking offers to buy the PLUS 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 PLUS 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 PLUS.
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):
·
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
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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.
October 2019
Page 4
PLUS Based on the Performance of the S&P 500® Index due January 22, 2021
Pe rform a nc e Le ve ra ge d U pside Se c urit ie s SM
Principal at Risk Securities
How the PLUS Work
Pa yoff Dia gra m
The payoff diagram below illustrates the payment at maturity on the PLUS for a range of hypothetical percentage changes in the closing level of
the underlying index. The graph is based on the following terms:
St a t e d princ ipa l a m ount :
$10 per PLUS
Le ve ra ge fa c t or:
300%
M a x im um pa ym e nt a t
$11.30 per PLUS (113% of the stated principal amount).
m a t urit y:
M inim um pa ym e nt a t
None
m a t urit y:
PLU S Pa yoff Dia gra m
¦ The PLUS
¦ The Underlying Index
H ow it w ork s
? Upside Scenario. If the final index level is greater than the initial index level, then investors would receive the $10 stated principal
amount plus a return reflecting 300% of the appreciation of the underlying index over the term of the PLUS, subject to the maximum
payment at maturity. Under the terms of the PLUS, an investor would realize the maximum payment at maturity at a final index level of
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approximately 104.333% of the initial index level.
?
If the underlying index appreciates 3%, the investor would receive a 9% return, or $10.90 per PLUS, or 109% of the stated principal
amount.
?
If the underlying index appreciates 20%, the investor would receive only the maximum payment at maturity of $11.30 per PLUS, or
113% of the stated principal amount.
? Par Scenario. If the final index level is equal to the initial index level, the investor would receive an amount equal to the $10 stated
principal amount.
? Dow nside Scenario. If the final index level is less than the initial index level, the investor would receive an amount that is less
than the $10 stated principal amount, based on a 1% loss of principal for each 1% decline in the underlying index. Under these
circumstances, the payment at maturity will be less than the stated principal amount per PLUS. There is no minimum payment at
maturity on the PLUS.
?
If the underlying index depreciates 30%, the investor would lose 30% of the investor's principal and receive only $7.00 per PLUS
at maturity, or 70% of the stated principal amount.
October 2019
Page 5
PLUS Based on the Performance of the S&P 500® Index due January 22, 2021
Pe rform a nc e Le ve ra ge d U pside Se c urit ie s SM
Principal at Risk Securities
Risk Factors
An investment in the PLUS is subject to the risks described below, as well as the risks described under "Risk Factors" in the
accompanying prospectus supplement and prospectus. Investors in the PLUS are also exposed to further risks related to the issuer
of the PLUS, 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 PLUS. You should carefully consider whether the PLUS are suited to your particular
circumstances.
? The PLUS do not pay interest or guarantee return of principal. The terms of the PLUS differ from those of
ordinary debt securities in that the PLUS do not pay interest or guarantee payment of the principal amount at maturity. If
the final index level is less than the initial index level, the payout at maturity will be an amount in cash that is less than the
$10 stated principal amount of each PLUS by an amount proportionate to the full decrease in the level of the underlying
index over the term of the PLUS. There is no minimum payment at maturity on the PLUS, and, accordingly, you could lose
your entire initial investment in the PLUS.
? The appreciation potential of the PLUS is limited by the maximum payment at maturity. The
appreciation potential of the PLUS is limited by the maximum payment at maturity of $11.30 per PLUS, or 113% of the
stated principal amount. Although the leverage factor provides 300% exposure to any increase in the level of the underlying
index as of the valuation date above the initial index level, because the payment at maturity will be limited to 113% of the
stated principal amount, any increase in the final index level over the initial index level by more than approximately 4.333%
will not further increase the return on the PLUS.
? The market price of the PLUS w ill be influenced by many unpredictable factors. Many factors will
influence the value of the PLUS in the secondary market and the price at which RBCCM may be willing to purchase or sell
the PLUS in the secondary market, including:
?
the trading price and volatility (frequency and magnitude of changes in value) of the securities represented by the
underlying index;
?
dividend yields on the securities represented by 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; and
?
geopolitical conditions and economic, financial, political, regulatory or judicial events that affect the underlying index.
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The level of the underlying index may be volatile, and you should not take the historical levels of the underlying index as
an indication of future performance. See "Information About the Underlying Index" below. You may receive less, and
possibly significantly less, than the stated principal amount per PLUS if you sell your PLUS prior to maturity.
? The PLUS are subject to the credit risk of Royal Bank of Canada, and any actual or anticipated
c ha nge s t o it s c re dit ra t ings or c re dit spre a ds m a y a dve rse ly a ffe c t t he m a rk e t va lue of t he PLU S.
You are dependent on Royal Bank of Canada's ability to pay all amounts due on the PLUS 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 PLUS,
your investment would be at risk and you could lose some or all of your investment. As a result, the market value of the
PLUS prior to maturity will 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 PLUS.
? The amount payable on the PLUS is not linked to the level of the underlying index at any time other
t ha n t he va lua t ion da t e . The final index level will be based on the closing level of the underlying index on the
valuation date, subject to adjustment for non-trading days and certain market disruption events. Even if the level of the
underlying index appreciates prior to the valuation date but then decreases on the valuation date to a level that is less
than the initial index level, the payment at maturity will be less, and may be significantly less, than it would have been had
the payment at maturity been linked to the level of the underlying index prior to that decrease. Although the actual level of
the underlying index on the maturity date or at other times during the term of the PLUS may be higher than the final index
level, the payment at maturity will be based solely on the closing level of the underlying index on the valuation date.
October 2019
Page 6
PLUS Based on the Performance of the S&P 500® Index due January 22, 2021
Pe rform a nc e Le ve ra ge d U pside Se c urit ie s SM
Principal at Risk Securities
? Investing in the PLUS is not equivalent to investing in the underlying index. Investing in the PLUS is not
equivalent to investing in the underlying index or its component stocks. Investors in the PLUS will not have voting rights or
rights to receive dividends or other distributions or any other rights with respect to stocks that constitute the underlying
index.
? The initial estimated value of the PLUS 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 willing to purchase the PLUS in any secondary market (if any exists) at any time. If you attempt to sell
the PLUS 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 level of the underlying index, 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 PLUS. These factors, together with various credit, market and economic factors over the term
of the PLUS, are expected to reduce the price at which you may be able to sell the PLUS in any secondary market and will
affect the value of the PLUS 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 PLUS 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 PLUS. In addition to bid-ask spreads, the value of the PLUS 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 PLUS and
determine the initial estimated value. As a result, the secondary price will be less than if the internal funding rate was
used. The PLUS are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold
your PLUS to maturity.
? Our initial estimated value of the PLUS is an estimate only, calculated as of the pricing date. The
initial estimated value of the PLUS is based on the value of our obligation to make the payments on the PLUS, together
with the mid-market value of the derivative embedded in the terms of the PLUS. See "Structuring the PLUS" 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 PLUS. These assumptions are based on certain forecasts about future events,
which may prove to be incorrect. Other entities may value the PLUS or similar securities at a price that is significantly
different than we do.
The value of the PLUS at any time after the pricing 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 PLUS in
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any secondary market, if any, should be expected to differ materially from the initial estimated value of your PLUS.
? Adjustments to the underlying index could adversely affect the value of the PLUS. The sponsor of the
underlying index (the "index sponsor") may add, delete or substitute the stocks constituting the underlying index, or make
other methodological changes. Further, the index sponsor may discontinue or suspend calculation or publication of the
underlying index at any time. Any of these actions could affect the value of and the return on the PLUS.
? We have no affiliation w ith the index sponsor and w ill not be responsible for any actions taken by
t he inde x sponsor. The index sponsor is not an affiliate of ours and will not be involved in the offering of the PLUS in
any way. Consequently, we have no control over the actions of the index sponsor, 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 PLUS. Thus, the index sponsor has no obligation to take your interests into consideration for any
reason, including in taking any actions that might affect the value of the PLUS. None of our proceeds from the issuance of
the PLUS will be delivered to the index sponsor.
? The PLUS w ill not be listed on any securities exchange and secondary trading may be limited. The
PLUS will not be listed on any securities exchange. Therefore, there may be little or no secondary market for the PLUS.
RBCCM may, but is not obligated to, make a market in the PLUS, and, if it chooses to do so at any time, it may cease
doing so. When it does make a market, it will generally do so for transactions of routine secondary market size at prices
based on its estimate of the current value of the PLUS, 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 will be able to resell the PLUS. Even if there is a secondary market, it may not provide
enough liquidity to allow you to trade or sell the PLUS easily. Because we do not expect that other broker-dealers will
participate significantly in the secondary market for the PLUS, the price at which you may be able to trade your PLUS is
likely to depend on the price, if any, at which RBCCM is willing to transact. If, at any time, RBCCM were not to make a
market in the PLUS, it is likely that there would be no secondary market for the PLUS. Accordingly, you should be willing to
hold your PLUS to maturity.
October 2019
Page 7
PLUS Based on the Performance of the S&P 500® Index due January 22, 2021
Pe rform a nc e Le ve ra ge d U pside Se c urit ie s SM
Principal at Risk Securities
? Historical levels of the underlying index should not be taken as an indication of its future levels
during t he t e rm of t he PLU S. The trading prices of the equity securities comprising the underlying index will determine
the level of the underlying index at any given time. As a result, it is impossible to predict whether the level of the
underlying index will rise or fall. Trading prices of the equity securities comprising the underlying index will 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 t he PLU S. One or more of our subsidiaries and/or third party dealers expect to carry out hedging activities related to
the PLUS (and possibly to other instruments linked to the underlying index or the securities it represents), including trading
in those securities as well as in other related instruments. Some of our subsidiaries also may conduct trading activities
relating to the underlying index 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 index level and, therefore, could
have increased the level at or above which the underlying index must close on the valuation date so that investors do not
suffer a loss on their initial investment in the PLUS. Additionally, such hedging or trading activities during the term of the
PLUS, including on the valuation date, could adversely affect the closing level of the underlying index on the valuation date
and, accordingly, the amount of cash an investor will 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 index or the securities represented by the underlying index that are not for the account of holders
of the PLUS or on their behalf. These trading activities may present a conflict between the holders' interest in the PLUS
and the interests we and our affiliates will 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 PLUS.
We and our affiliates may presently or from time to time engage in business with one or more of the issuers of the
securities represented by the underlying index. 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.
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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 represented by the underlying index.
Moreover, we and our affiliates may have published, and in the future expect to publish, research reports with respect to
the underlying index or the securities which it represents. 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 PLUS. Any of these
activities by us or one or more of our affiliates may affect the level of the underlying index and, therefore, the market value
of the PLUS.
? The calculation agent, w hich is a subsidiary of the issuer, w ill make determinations w ith respect to
t he PLU S, w hic h m a y c re a t e a c onflic t of int e re st . Our wholly owned subsidiary, RBCCM, will serve as the
calculation agent. As calculation agent, RBCCM determined the initial index level and will determine the final index level
and the underlying index return, and will calculate the amount of cash, if any, you will 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 index or the calculation of the final index level in the event of a market disruption event or
discontinuance of the underlying index. These potentially 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 PLUS"
below.
? Significant aspects of the tax treatment of the PLUS are uncertain. The tax treatment of an investment in
the PLUS 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 PLUS, 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 PLUS even though
that holder will not receive any payments with respect to the PLUS until maturity and whether all or part of the gain a
holder may recognize upon sale, exchange or maturity of an instrument such as the PLUS should be treated as ordinary
income. The outcome of this process is uncertain and could apply on a retroactive basis.
Please read carefully 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
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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.
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Additional Terms of the PLUS
Please read this information in conjunction with the summary terms on the front cover of this document.
Addit iona l Provisions
Post pone m e nt of t he
If the valuation date occurs on a day that is not a trading day or on a day on which the calculation agent has
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va lua t ion da t e :
determined that a market disruption event (as defined below) has occurred or is continuing, then the valuation
date will be postponed until the next succeeding trading day on which the calculation agent determines that a

market disruption event does not occur or is not continuing; provided that in no event will the valuation date be
postponed by more than five trading days. If the valuation date is postponed by five trading days, and a market
disruption event occurs or is continuing on that fifth trading day, then the calculation agent may determine, in its
good faith and reasonable judgment, what the closing level of the underlying index would have been in the
absence of the market disruption event. If the valuation date is postponed, then the maturity date will be
postponed by an equal number of business days. No interest shall accrue or be payable as a result of such
postponement.
M a rk e t disrupt ion
With respect to the underlying index and any relevant successor index, a "market disruption event" means:
e ve nt s:
? a suspension, absence or material limitation of trading of equity securities then constituting 20% or more

of the level of the underlying index (or the relevant successor index) on the relevant exchanges (as
defined below) for such securities for more than two hours of trading during, or during the one hour
period preceding the close of, the principal trading session on such relevant exchange; or
? a breakdown or failure in the price and trade reporting systems of any relevant exchange as a result of
which the reported trading prices for equity securities then constituting 20% or more of the level of the
underlying index (or the relevant successor index) during the one hour preceding the close of the
principal trading session on such relevant exchange are materially inaccurate; or
? a suspension, absence or material limitation of trading on the primary exchange or market for trading in
futures or options contracts related to the underlying index (or the relevant successor index) for more
than two hours of trading during, or during the one hour period preceding the close of, the principal
trading session on such exchange or market; or
? a decision to permanently discontinue trading in the relevant futures or options contracts;
in each case as determined by the calculation agent in its sole discretion; and
? a determination by the calculation agent in its sole discretion that the event described above materially
interfered with our ability or the ability of any of our affiliates to adjust or unwind all or a material portion
of any hedge with respect to the PLUS.
For purposes of determining whether a market disruption event with respect to the underlying index (or the
relevant successor index) exists at any time, if trading in a security included in the underlying index (or the
relevant successor index) is materially suspended or materially limited at that time, then the relevant percentage
contribution of that security to the level of the underlying index (or the relevant successor index) will be based on
a comparison of (a) the portion of the level of the underlying index (or the relevant successor index) attributable
to that security relative to (b) the overall level of the underlying index (or the relevant successor index), in each
case immediately before that suspension or limitation.
For purposes of determining whether a market disruption event with respect to the underlying index (or the
relevant successor index) has occurred:
? a limitation on the hours or number of days of trading will not constitute a market disruption event if it
results from an announced change in the regular business hours of the relevant exchange, or the
primary exchange or market for trading in futures or options contracts related to the underlying index (or
the relevant successor index);
? limitations pursuant to the rules of any relevant exchange similar to NYSE Rule 80B (or any applicable
rule or regulation enacted or promulgated by any other self-regulatory organization or any government
agency of scope similar to NYSE Rule 80B as determined by the calculation agent) on trading during
significant market fluctuations will constitute a suspension, absence or material limitation of trading;
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? a suspension of trading in futures or options contracts on the underlying index (or the relevant successor
index) by the primary exchange or market trading in such contracts by reason of:
? a price change exceeding limits set by such exchange or market,
? an imbalance of orders relating to such contracts, or
? a disparity in bid and ask quotes relating to such contracts,
will, in each such case, constitute a suspension, absence or material limitation of trading in futures or options
contracts related to the underlying index (or the relevant successor index); and
? a "suspension, absence or material limitation of trading" on any relevant exchange or on the primary
exchange or market on which futures or options contracts related to the underlying index (or the
relevant successor index) are traded will not include any time when such exchange or market is itself
closed for trading under ordinary circumstances.
"Relevant exchange" means, with respect to the underlying index or any successor index, the primary exchange
or market of trading for any security (or any combination thereof) then included in the underlying index or such
successor index, as applicable.
Disc ont inua t ion
If the index sponsor discontinues publication of the underlying index and the index sponsor or another entity
of/a djust m e nt s t o t he
publishes a successor or substitute index that the calculation agent determines, in its sole discretion, to be
unde rlying inde x :
comparable to the discontinued index (such index being referred to herein as a "successor index"), then the
closing level of the underlying index on the valuation date will be determined by reference to the level of such

successor index at the close of trading on the relevant exchange for the successor index on such day.
Upon any selection by the calculation agent of a successor index, the calculation agent will cause written notice
to be promptly furnished to the trustee, to us and to the holders of the PLUS.
If the index sponsor discontinues publication of the underlying index prior to, and that discontinuation is
continuing on the valuation date, and the calculation agent determines, in its sole discretion, that no successor
index is available at that time or the calculation agent has previously selected a successor index and publication
of that successor index is discontinued prior to, and that discontinuation is continuing on, the valuation date,
then the calculation agent will determine the closing level of the underlying index for that date. The closing level
of the underlying index will be computed by the calculation agent in accordance with the formula for and method
of calculating the underlying index or successor index, as applicable, last in effect prior to the discontinuation,
using the closing price (or, if trading in the relevant securities has been materially suspended or materially
limited, the calculation agent's good faith estimate of the closing price that would have prevailed but for the
suspension or limitation) at the close of the principal trading session on that date of each security most recently
included in the underlying index or successor index, as applicable.
If at any time the method of calculating the underlying index or a successor index, or the level thereof, is
changed in a material respect, or if the underlying index or a successor index is in any other way modified so
that the underlying index or successor index does not, in the opinion of the calculation agent, fairly represent the
level of the underlying index or successor index had those changes or modifications not been made, then the
calculation agent will, at the close of business in New York City on the date on which the closing level of the
underlying index is to be determined, make any calculations and adjustments as, in the good faith judgment of
the calculation agent, may be necessary in order to arrive at a level of a stock index comparable to the
underlying index or successor index, as the case may be, as if those changes or modifications had not been
made, and calculate the closing level of the underlying index with reference to the underlying index or such
successor index, as adjusted. Accordingly, if the method of calculating the underlying index or a successor index
is modified so that the level of the underlying index or such successor index is a fraction of what it would have
been if there had been no such modification (e.g., due to a split in the underlying index), then the calculation
agent will adjust its calculation of the underlying index or such successor index in order to arrive at a level of the
underlying index or such successor index as if there had been no such modification (e.g., as if such split had not
occurred).
Notwithstanding these alternative arrangements, discontinuation the publication of or modification of the
underlying index or successor index, as applicable, may adversely affect the value of the PLUS.
Busine ss da y:
A business day means a Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking

institutions in The City of New York generally are authorized or obligated by law, regulation or executive order to
close.
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