Obligation Royal Bank of Canada 0% ( US78013GTP09 ) en USD

Royal Bank of Canada

100 % ▲

Canada

US78013GTP09 ( en USD )

31/12/2024 - Obligation échue

Prospectus brochure de l'obligation Royal Bank of Canada US78013GTP09 en USD 0%, échue

1 000 USD

1 387 000 USD

78013GTP0

N/A

La Banque Royale du Canada (RBC) est une institution financière multinationale canadienne offrant une large gamme de services financiers, incluant les services bancaires aux particuliers et aux entreprises, la gestion de patrimoine, les marchés des capitaux et l'assurance.

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78013GTP09, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 31/12/2024

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78013GTP09, a été notée NR par l'agence de notation Moody's.

424B2 1 form424b2.htm PS RBC 5Y GLOBAL TACTICAL 78013GTP0
RBC Ca pit a l M a rk e t s®
File d Pursua nt t o Rule 4 2 4 (b)(2 )
Re gist ra t ion St a t e m e nt N o. 3 3 3 -
2 2 7 0 0 1

Pricing Supplement
$1,387,000
Dated December 26, 2019
Rules Based Investment Securities Linked
To the Prospectus Supplement and Prospectus Each Dated September 7,
to
2018
the RBC Global Tactical Equity Total
Return
Index, due December 31, 2024
Royal Bank of Canada

Royal Bank of Canada is offering the Rules Based Investment Securities (the "Notes") linked to the performance of the RBC Global Tactical Equity Total
Return Index (the "Index").
The CUSIP number for the Notes is 78013GTP0. The Notes do not pay interest.
The Notes provide a return based upon the performance of Index, as reflected in the Indicative Note Value (as defined below). The Index is a proprietary
index based on four sub-indices, each of which is allocated on a monthly basis to either (a) a futures contract on a specific equity index and the federal
funds (effective) rate or (b) only the federal funds (effective) rate, as described in more detail below.
The Indicative Note Value, which will initially be $970 for each $1,000 in principal amount of the Notes, will be reduced on a daily basis based upon an Index
Adjustment Factor based on a rate of 0.65% per annum. As a result, in order for you to receive a payment on the maturity date that is greater than or equal
to the principal amount, the level of the Index must increase from the Trade Date to the Valuation Date by an amount that is sufficient to offset the impact of
the initial Indicative Note Value being less than the principal amount and the Index Adjustment Factor. You may lose all or a substantial portion of the
principal amount.
Any payments on the Notes are subject to our credit risk.
Issue Date: December 31, 2019 Maturity Date: December 31, 2024
The Notes will not be listed on any securities exchange.
Investing in the Notes involves a number of risks. Please see "Risk Factors" on page P-11 of this pricing supplement and on page S-1 of the prospectus
supplement.
The Notes 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 Notes are not subject to conversion into our common shares under subsection 39.2(2.3) of the
Canada Deposit Insurance Corporation Act.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined that
this pricing supplement is truthful or complete. Any representation to the contrary is a criminal offense.

Per Note

Total
Price to public(1)(2)
100.00%

$1,387,000
Underwriting discounts and commissions(1)(2)
3.00%

$41,610
Proceeds to Royal Bank of Canada
97.00%

$1,345,390
(1) RBC Capital Markets, LLC ("RBCCM"), acting as our agent, will receive a commission on the issue date in connection with the sale of the Notes equal to
3.00% of the principal amount, and will use a portion of that commission to allow selling concessions to other dealers of up to that amount. In addition,
RBCCM will receive from us the amounts generated from the deduction of the Index Adjustment Factor from the Indicative Note Value (as defined below) to
cover ongoing payments as a structuring fee for developing the Notes. See "Supplemental Plan of Distribution (Conflicts of Interest)" below.
(2) Certain dealers who purchased the Notes for sale to certain fee-based advisory accounts may have foregone some or all of their underwriting discount or
selling concessions. The public offering price for investors purchasing the Notes in these accounts was between $970 and $1,000 per $1,000 in principal
amount.
The initial estimated value of the Notes as of the Trade Date is $970 for each $1,000 in principal amount, which was less than the price to public. The actual
value of the Notes at any time will reflect many factors, cannot be predicted with accuracy, and may be less than this amount. We describe our
determination of the initial estimated value in more detail below.
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RBC Capital Markets, LLC

Notes Linked to the RBC Global Tactical
Equity Total Return Index

SU M M ARY
The information in this "Summary" section is qualified by the more detailed information set forth in this pricing supplement, the
prospectus supplement and the prospectus.

Issuer:
Royal Bank of Canada ("Royal Bank")

Underwriter:
RBC Capital Markets, LLC ("RBCCM")

Index:
RBC Global Tactical Equity Total Return Index

The Index is a proprietary index based on four sub-indices (each, a "Sub-Index"). Each Sub-Index
is allocated on a monthly basis to either (a) a futures contract (each, a "Relevant Futures Contract")
on a specific equity index and the Federal Funds (Effective) Rate or (b) only the Federal Funds
(Effective) Rate, as described in more detail below.
The Relevant Futures Contracts are linked to:
· the S&P 500® Index (the "SPX");
· the Russell 2000® Index (the "RTY");
· the MSCI EAFE Index (the "MXEA"); and
· the MSCI Emerging Markets Index (the "MXEF").
We refer to these indices as the Underlying Indices.
Each Sub-Index will be allocated on a monthly basis, depending upon the "Tactical Trigger" that is
included in the index methodology. The Tactical Trigger compares the current closing price of an
exchange traded fund ("ETF") linked to the applicable Underlying Index to the average of the ETF's
closing price over a specified trading period (the "Moving Average," as described below). If the
current closing price is higher than the Moving Average, then the Sub-Index will be allocated to the
Relevant Futures Contract and the Federal Funds (Effective) Rate. If the current closing price is
lower than the Moving Average, then the Sub-Index will be allocated only to the Federal Funds
(Effective) Rate.
The Index was developed by RBC Capital Markets, and Solactive AG is the Index Calculation Agent.
For more detailed information about the Index, please see the section below, "The RBC Global
Tactical Equity Total Return Index."

Bloomberg Ticker:
RBCEGTUT

Currency:
U.S. Dollars

Minimum
$5,000 and minimum denominations of $1,000 in excess thereof
Investment:

Trade Date:
December 26, 2019

Issue Date:
December 31, 2019

Valuation Date:
December 26, 2024

Maturity Date:
December 31, 2024

Interest Payments:
None.
P-2
RBC Capital Markets, LLC
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Notes Linked to the RBC Global Tactical
Equity Total Return Index

Payment at Maturity
On the maturity date, for each $1,000 in principal amount of the Notes that you hold, you will
(if held to maturity):
receive an amount equal to the Indicative Note Value (as defined below).

Due to the Index Adjustment Factor described below, and because the initial Indicative Note Value
will be less than the principal amount, as described below, you will only receive a positive return on
your investment if the level of the Index increases from the Trade Date to the Valuation Date by a
percentage that is sufficient to offset the impact of the Index Adjustment Factor. Particularly if the
level of the Index decreases, you may lose all or substantially all of the principal amount of the
Notes.

Indicative Note
For each $1,000 in principal amount of the Notes, the Indicative Note Value will be set on the Trade
Value:
Date to an amount equal to $1,000 multiplied by the Participation Rate, which equals $970.
Accordingly, the initial Indicative Note Value will be less than the principal amount.
On each Index Trading Day (as defined below) thereafter on which a Market Disruption Event (as
defined below) does not occur or is not continuing, the Indicative Note Value will equal:
[Indicative Note Value on Prior Index Trading Day x (1 + Index Factor)] x (1 Index Adjustment
Factor)

Participation Rate:
97%

Index Factor:
On any Index Trading Day, the Index Factor will be equal to:

Closing Level of Index Closing Level of Index on Prior Index Trading Day
Closing Level of Index on Prior Index Trading Day

Index Adjustment
On any Index Trading Day after the Trade Date on which a Market Disruption Event does not occur
Factor:
or is not continuing, 0.65% multiplied by (a) the number of calendar days elapsed since the most

recent Index Trading Day divided by (b) 365 (366 in a leap year).

Initial Level:
193.6450, which was the closing level of the Index on the Trade Date.

Final Level:
The closing level of the Index on the Valuation Date.

Early: Redemption:
The Notes will not be redeemable at our option or at the option of any holders, except under the
limited circumstances described below under the caption "Additional Terms of the Notes--
Unavailability of the Level of the Index" and "--Hedging Disruption Events."

Principal at Risk:
T he N ot e s a re NOT princ ipa l prot e c t e d. Y ou m a y lose a ll or a subst a nt ia l port ion of
your princ ipa l a m ount a t m a t urit y.

Calculation Agent:
RBCCM is the Calculation Agent for the Notes, and will make all determinations as to the Indicative
Note Value and any payments on the Notes.

U.S. Tax Treatment:
By purchasing a Note, each holder agrees (in the absence of a change in law, an administrative
determination or a judicial ruling to the contrary) to treat the Notes as pre-paid cash-settled
derivative contracts for U.S. federal income tax purposes. However, the U.S. federal income tax
consequences of your investment in the Notes are uncertain and the Internal Revenue Service could
assert that the Notes should be taxed in a manner that is different from that described in the
preceding sentence. Please see the section below, "Supplemental Discussion of U.S. Federal
Income Tax Consequences."
P-3

Notes Linked to the RBC Global Tactical
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Equity Total Return Index

Secondary Market:
RBCCM (or one of its affiliates), though not obligated to do so, may maintain a secondary market in
the Notes after the Issue Date. T he a m ount t ha t you m a y re c e ive upon sa le of your
N ot e s prior t o m a t urit y m a y be le ss t ha n t he princ ipa l a m ount a nd/or t he
I ndic a t ive N ot e V a lue of your N ot e s.

Listing:
The Notes will not be listed on any securities exchange.

Clearance and
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as
Settlement:
described under "Description of Debt Securities--Ownership and Book-Entry Issuance" in the
prospectus).

Terms Incorporated
All of the terms appearing above the item captioned "Secondary Market" on the cover page and
in the Master Note:
pages P-2 and P-3 of this pricing supplement.
P-4

Notes Linked to the RBC Global Tactical
Equity Total Return Index

H ypot he t ic a l Ex a m ple s of t he Pa ym e nt a t M a t urit y
The following examples illustrate how the Notes would perform in a variety of hypothetical circumstances. The payment on the
Notes at maturity will depend upon the Indicative Note Value on the Valuation Date. However, the Indicative Note Value is
expected to change on each Index Trading Day during the term of the Notes, due to changes in the level of the Index and the
impact of the Index Adjustment Factor. The impact of the Index Adjustment Factor will be greater on any Index Trading Day on
which the level of the Index is higher, and the impact of the Index Adjustment Factor will be lower on any Index Trading Day on
which the level of the Index is lower. Ac c ordingly, t he a ggre ga t e im pa c t of t he I nde x Adjust m e nt Fa c t or on t he
N ot e s ove r t he ir t e rm c a nnot be k now n unt il t he m a t urit y da t e .
The figures set forth in the examples below are for purposes of illustration only (including as to the periods of time that will have
elapsed after the Trade Date) and are not actual historical results. For information relating to the historical performance of the
Index, please see the discussion below, in the section below, "The RBC Global Tactical Equity Total Return Index."
The hypothetical Initial Level of 100.00 set forth below is not the actual Initial Level of the Index. The actual Initial Level of the
Index is set forth in the "Summary" section above. In addition, each of these examples assumes that the Index will increase or
decrease at a steady rate over each relevant year, which we do not expect to occur.
P-5

Notes Linked to the RBC Global Tactical
Equity Total Return Index

Ex a m ple 1 . This example assumes that the Index has increased steadily by 2% each year.
Year of Notes
Index Level
Percentage
Indicative
Cumulative
Percentage
Payment at
Change in
Note Value
Amount
Change in
Maturity

Level of the
Deducted
Indicative Note
Index
per $1,000
Value
in Principal
Amount
Trade Date
100.00
N/A
$970
N/A
N/A

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1
102.00
2.00%
$982.97
$37.03
1.34%

2
104.04
2.00%
$996.11
$44.29
1.34%

3
106.12
2.00%
$1,009.43
$51.78
1.34%

4
108.24
2.00%
$1,022.93
$59.51
1.34%

5
110.41
2.00%
$1,036.60
$67.48
1.34%
$1,036.60
In this example, the payment at maturity would be $1,036.60 per $1,000 in principal amount of the Notes, a return of 3.7%, even
though the level of the Index has increased by 10.4% from the Initial Level to the Final Level.
P-6

Notes Linked to the RBC Global Tactical
Equity Total Return Index

Ex a m ple 2 . This example assumes that the Index has decreased steadily by 2% each year.
Year of Notes
Index Level
Percentage
Indicative
Cumulative
Percentage
Payment at
Change in
Note Value
Amount
Change in
Maturity
Level of the
Deducted
Indicative Note
Index
per $1,000
Value
in Principal
Amount
Trade Date
100.00
N/A
$970.00
N/A
N/A

1
98.00
-2.00%
$944.42
$35.58
-2.64%

2
96.04
-2.00%
$919.52
$40.88
-2.64%

3
94.12
-2.00%
$895.27
$45.92
-2.64%

4
92.24
-2.00%
$871.66
$50.71
-2.64%

5
90.39
-2.00%
$848.68
$55.25
-2.64%
$848.68
In this example, the payment at maturity would be $848.68 per $1,000 in principal amount of the Notes, a return of -15.1%. This
return is less than the decrease of -9.6% in the level of the Index from the Initial Level to the Final Level.
P-7

Notes Linked to the RBC Global Tactical
Equity Total Return Index

Ex a m ple 3 . This example assumes that the level of the Index is unchanged during the term of the Notes, and illustrates the
cumulative impact of the Index Adjustment Factor.
Year of Notes
Index Level
Percentage
Indicative
Cumulative
Percentage
Payment at
Change in
Note Value
Amount
Change in
Maturity
Level of the
Deducted
Indicative Note
Index
per $1,000
Value
in Principal
Amount
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Trade Date
100.00
N/A
$970.00
N/A
N/A

1
100.00
0.00%
$963.70
$36.30
-0.65%

2
100.00
0.00%
$957.43
$42.57
-0.65%

3
100.00
0.00%
$951.21
$48.79
-0.65%

4
100.00
0.00%
$945.02
$54.98
-0.65%

5
100.00
0.00%
$938.88
$61.12
-0.65%
$938.88
In this example, the payment at maturity would be $938.88 per $1,000 in principal amount of the Notes, a return of -6.1%. This
return is negative, even though the level of the Index was unchanged during the term of the Notes.
P-8

Notes Linked to the RBC Global Tactical
Equity Total Return Index

Ex a m ple 4 . This example assumes that the Index has increased steadily by 2% each year during the first 2.5 years of the term
of the Notes, prior to decreasing steadily by 2% each year during the final 2.5 years of the term of the Notes.
Year of Notes
Index Level
Percentage
Indicative
Cumulative
Percentage
Payment at
Change in
Note Value
Amount
Change in
Maturity
Level of the
Deducted
Indicative Note
Index
per $1,000
Value
in Principal
Amount
Trade Date
100.00
N/A
$970.00
N/A
N/A

1
102.00
2.00%
$982.97
$37.03
1.34%

2
104.04
2.00%
$996.11
$44.29
1.34%

2 to 2.5
105.08
1.00%
$1,002.80
$48.00
0.67%

2.5 to 3
104.03
-1.00%
$989.55
$50.75
-1.32%

4
101.95
-2.00%
$963.45
$56.04
-2.64%

5
99.91
-2.00%
$938.05
$61.05
-2.64%
$938.05
In this example, the payment at maturity would be $938.05 per $1,000 in principal amount of the Notes, a return of -6.2%.
P-9

Notes Linked to the RBC Global Tactical
Equity Total Return Index

Ex a m ple 5 . This example assumes that the Index has decreased steadily by 2% each year during the first 2.5 years of the term
of the Notes, prior to increasing steadily by 2% each year during the final 2.5 years of the term of the Notes.
Year of Notes
Index Level
Percentage
Indicative
Cumulative
Percentage
Payment at
Change in
Note Value
Amount
Change in
Maturity
Level of the
Deducted
Indicative Note
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Index
per $1,000
Value
in Principal
Amount
Trade Date
100.00
N/A
$970.00
N/A
N/A

1
98.00
-2.00%
$944.42
$35.58
-2.64%

2
96.04
-2.00%
$919.52
$40.88
-2.64%

2 to 2.5
95.08
-1.00%
$907.36
$43.43
-1.32%

2.5 to 3
96.03
1.00%
$913.46
$46.85
0.67%

4
97.95
2.00%
$925.67
$53.84
1.34%

5
99.91
2.00%
$938.05
$61.05
1.34%
$938.05
In this example, the payment at maturity would be $938.05 per $1,000 in principal amount of the Notes, a return of -6.2%.
P-10

Notes Linked to the RBC Global Tactical
Equity Total Return Index

RI SK FACT ORS
An investment in the Notes is subject to the risks described below, as well as the risks described under "Risk Factors" in the
prospectus and the prospectus supplement. The Notes are not secured debt and are riskier than ordinary unsecured debt
securities. Also, investing in the Notes is not equivalent to investing directly in the assets represented by the Index. You should
carefully consider whether the Notes are suited to your particular circumstances. This pricing supplement should be read together
with the prospectus and the prospectus supplement. This section describes the most significant risks relating to the terms of
the Notes. We urge you to read the following information about these risks, together with the other information in this
pricing supplement, the prospectus supplement and the prospectus, before investing in the Notes.
General Risks Related to the Notes
Y ou M a y Lose All or a Port ion of t he Princ ipa l Am ount .
Investors in the Notes could lose all or a substantial portion of their principal amount. The Indicative Note Value was set on the
Trade Date to only $970 per $1,000 in principal amount of the Notes. In order for you not to incur a loss on the Notes, the level of
the Index must increase sufficiently to enable the Indicative Note Value to reach an amount greater than $1,000, as well as to
offset the impact of the Index Adjustment Factor. The aggregate impact of the Index Adjustment Factor over the term of the Notes
will depend upon the level of the Index on each Index Trading Day, and cannot be determined prior to the Valuation Date. There
is no minimum amount payable on the Notes. Accordingly, your investment may result in a significant loss.
T he N ot e s Do N ot Pa y I nt e re st a nd Y our Re t urn M a y Be Low e r T ha n t he Re t urn on a Conve nt iona l De bt
Se c urit y of Com pa ra ble M a t urit y.
There will be no periodic interest payments on the Notes 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 Notes, 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 bought one of our conventional senior interest bearing debt securities.
Pa ym e nt s on t he N ot e s Are Subje c t t o Our Cre dit Risk , a nd Cha nge s in Our Cre dit Ra t ings Are Ex pe c t e d t o
Affe c t t he M a rk e t V a lue of t he N ot e s.
The Notes are our senior unsecured debt securities. As a result, your receipt of any payment due on the Notes is dependent upon
our ability to repay our obligations on the applicable payment date. This will be the case even if the level of the Index increases
after the Trade Date. No assurance can be given as to what our financial condition will be at any time during the term of the
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Notes, including the maturity date.
T he re M a y N ot Be a n Ac t ive T ra ding M a rk e t for t he N ot e s, a nd Sa le s in t he Se c onda ry M a rk e t M a y Re sult in
Signific a nt Losse s.
There may be little or no secondary market for the Notes. The Notes will not be listed on any securities exchange. RBCCM and our
other affiliates may make a market for the Notes; however, they are not required to do so. RBCCM or any other affiliate may stop
any market-making activities at any time. Even if a secondary market for the Notes develops, it may not provide significant liquidity
or trade at prices advantageous to you. We expect that transaction costs in any secondary market would be high. As a result, the
difference between bid and asked prices for the Notes in any secondary market could be substantial.
P-11

Notes Linked to the RBC Global Tactical
Equity Total Return Index

T he I nit ia l Est im a t e d V a lue of t he N ot e s I s Le ss T ha n t he Pric e t o t he Public .
The initial estimated value that is set forth on the cover page of this pricing supplement does not represent a minimum price at
which we, RBCCM or any of our affiliates would be willing to purchase the Notes in any secondary market (if any exists) at any
time. If you attempt to sell the Notes 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 Index, the borrowing rate we pay to issue
securities of this kind, and the inclusion in the price to the public of the estimated costs relating to our hedging of the Notes. These
factors, together with various credit, market and economic factors over the term of the Notes, are expected to reduce the price at
which you may be able to sell the Notes in any secondary market and will affect the value of the Notes 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 the Notes prior to maturity may be less than your original purchase price, as any such sale price would not be expected
to include the hedging costs relating to the Notes. In addition to bid-ask spreads, the value of the Notes 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 Notes
and determine the initial estimated value. As a result, the secondary price will be less than if the internal funding rate was used.
The Notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold the Notes to
maturity.
T he I nit ia l Est im a t e d V a lue of t he N ot e s on t he Cove r Pa ge of t his Pric ing Supple m e nt I s a n Est im a t e Only,
Ca lc ula t e d a s of t he T im e t he T e rm s of t he N ot e s We re Se t .
The initial estimated value of the Notes is based on the value of our obligation to make the payments on the Notes, together with
the mid-market value of the derivative or derivatives embedded in the terms of the Notes. See "Structuring the Notes" below. Our
estimate is based on a variety of assumptions, including our credit spreads, interest rates and volatility, and the expected term of
the Notes. These assumptions are based on certain forecasts about future events, which may prove to be incorrect. Other entities
may value the Notes or similar securities at a price that is significantly different than we do.
We M a y Re de e m t he N ot e s, or Re duc e t he Pa ym e nt s on t he N ot e s, if a H e dging Disrupt ion Eve nt (a s de fine d
be low ) Oc c urs.
A variety of legal and regulatory regimes in the United States and, in some cases, in other countries, may change in ways that
could adversely affect our ability to hedge our obligations under the Notes. These changes, including, for example, the adoption of,
or a change in, laws, regulations, rules, or orders (including those relating to tax matters) that are applicable to us, our affiliates, or
our counterparties, may cause us to be unable to effect transactions that are necessary or appropriate for us to hedge our
obligations under the Notes. In such a case, we may, in our sole and absolute discretion, redeem the Notes as described in the
section below, "Additional Terms of the Notes--Hedging Disruption Events." In addition, and as described in that section, we may
reduce the amounts that are payable on the Notes at maturity. If any of these events occur, you may incur losses on your
investment, and/or may hold the Notes for a shorter period of time than you anticipated, which could result in adverse tax
consequences for you. There can be no assurance that a Hedging Disruption Event will not occur during the term of the Notes.
T he Am ount s t o Be Pa id on t he N ot e s Will N ot Be Affe c t e d by All De ve lopm e nt s Re la t ing t o t he I nde x .
Changes in the level of the Index and the Indicative Note Value during the term of the Notes before the Valuation Date will not be
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reflected in the calculation of the payment due on the Notes. The Calculation Agent for the Notes will calculate this amount based
on the Indicative Note Value as of the Valuation Date. No other Indicative Note Values will be taken into
P-12

Notes Linked to the RBC Global Tactical
Equity Total Return Index

account. As a result, you may receive less than the principal amount of the Notes, even if the Indicative Note Value has increased
at certain times during the term of the Notes before decreasing as of the Valuation Date.
T he Pa ym e nt s on t he N ot e s M a y Be I nflue nc e d by M a ny U npre dic t a ble Fa c t ors.
The following factors, which are beyond our control, may influence the amounts of the payments on the Notes:
·
the level of the Index;
·
the volatility (i.e., the frequency and magnitude of changes) of the level of the Index, the Relevant Futures Contracts and
the Underlying Indices;
·
the dividend rate on the stocks represented by the Underlying Indices;
·
economic, financial, political, military, regulatory, legal and other events that affect the applicable securities markets
generally, and which may affect the level of the Index;
·
changes in, and the volatility of, the exchange rates between the U.S. dollar and the currencies in which the securities
represented by the MXEA and the MXEF are traded;
·
interest and yield rates in the market; and
·
the time remaining to maturity of the Notes.
These factors may influence the payments on the Notes and their value prior to maturity. Our creditworthiness, as represented by
our credit ratings or as otherwise perceived in the market will also affect the market value of the Notes. The value of the Notes
prior to maturity, may be less than the principal amount.
T he re Are Pot e nt ia l Conflic t s of I nt e re st Be t w e e n Y ou a nd t he Ca lc ula t ion Age nt .
The Calculation Agent for the Notes will, among other things, determine the Indicative Note Value on each Index Trading Day, and
the amount of your payment at maturity. Our wholly-owned subsidiary, RBCCM, will serve as the Calculation Agent. We may
change the Calculation Agent during the term of the Notes without notice to you. The Calculation Agent will exercise its judgment
when performing its functions. Since this determination by the Calculation Agent may affect the payment due on the Notes, the
Calculation Agent may have a conflict of interest if it needs to make a determination of this kind.
Additional Risk Factors Related to the Index
The Index is exposed to the performance of the Relevant Futures Contracts linked to the Underlying Indices and, accordingly, the
risks associated with those assets. You should read the information set forth below concerning these assets. Additionally, the
Index has its own index methodology that will affect the return on the Notes. You should understand how the Index is calculated,
including the risks in this section related to the Index.
T he I nde x M a y N ot Be Suc c e ssful a nd M a y U nde rpe rform Alt e rna t ive I nve st m e nt St ra t e gie s.
There can be no assurance that the level of the Index will increase over the term of the Notes. The performance of the Index may
be less favorable than alternative investment strategies that could be implemented relating to one or more of the markets that are
represented by the Relevant Futures Contracts and the Underlying Indices.
T he I nde x H a s Lim it e d H ist ory a nd M a y Pe rform in U ne x pe c t e d Wa ys.
The Index was launched on February 18, 2019. Accordingly, the Index has only limited performance history. Because the Index
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was only recently developed, and has only limited performance history, an investment linked to the Index may involve a greater
degree of risk than an investment linked to one or more indices with a more significant record of performance. A longer history of
actual performance through various economic and market conditions may provide greater information and more reliable information
based on which an investor could assess the validity of the Index's investment thesis and index methodology. A longer history of
actual performance may also have made the Index more
P-13

Notes Linked to the RBC Global Tactical
Equity Total Return Index

widely accepted in the market and, consequently, less likely for the Index Calculation Agent to make any changes to the Index in
the future.
T he T a c t ic a l T rigge r I s Subje c t t o Lim it a t ions.
The Index's methodology is based on the notion that, each month, the Tactical Trigger may provide an accurate indicator of the
future performance of the relevant Underlying Index. In other words, the methodology is based on the notion that the value of the
Relevant Futures Contract for an Underlying Index is likely to appreciate if the Tactical Trigger indicates an allocation to the
Relevant Futures Contract. However, there is no guarantee that this will be the case. It is possible that a Sub-Index will be
allocated to the Relevant Futures Contract during one or more months in which that contract decreases in value, and/or that it will
be allocated away from the Relevant Futures Contract during one or more months in which that contract increases in value.
In addition, the Tactical Trigger is subject to a number of important limitations, including the following:
·
Pa st pe rform a nc e m a y not pre dic t fut ure pe rform a nc e . The fact that the price of the relevant ETF is higher
than its Moving Average as of the relevant monthly measurement date does not necessarily mean that the price of the
Relevant Futures Contract will perform favorably in the future. Future market conditions may differ from prior market
conditions, and the conditions that may have caused the favorable performance of the ETF as compared to its Moving
Average may no longer exist.
·
T im e la g. The Tactical Trigger measures the performance of the relevant ETF over the past 100 or 200 trading days for
that ETF, as discussed below. Accordingly, it is subject to a time lag, which may cause it to be late in indicating whether
the applicable Sub-Index should be allocated to the Relevant Futures Contract. If the trend in the performance of the
applicable ETF changes, it may be a significant period of time before the Tactical Trigger reflects the change, particularly in
the case of the RBC Large Cap US Tactical Equity Total Return Index (the "RBCELTUT"), in light of its use of a 200 day
Moving Average. As a result of this time lag, the Tactical Trigger may signal an allocation of the applicable Sub-Index to
the Relevant Futures Contract, or away from the Relevant Futures Contract, as applicable, long after the price of the
relevant ETF changes direction.
·
Diffe re nc e s be t w e e n t he T a c t ic a l T rigge r a nd t he Sub-I ndic e s. The Tactical Trigger for each Sub-Index is
determined on a monthly basis, depending upon recent prices for the relevant ETF. In contrast, the level of each Sub-
Index, if allocated to the Relevant Futures Contract, will depend upon the value of that futures contract. As discussed in
more detail below, there can be no assurance that the value of the Relevant Futures Contract will increase or decrease at
the same rate or at the same time as changes in the prices of the relevant ETF.
·
M a rk e t s m a y be e ffic ie nt , suc h t ha t a ny re le va nt inform a t ion upon w hic h t he T a c t ic a l T rigge r is
ba se d m a y be re fle c t e d in c urre nt a sse t va lue s. Historical asset prices may not necessarily be an indicator of
future asset prices, even if future market conditions do not differ to a significant extent from prior market conditions. The
efficient market hypothesis, which is a theory in financial literature, posits that the investment markets are efficient and that
current asset prices typically reflect all available relevant information. If true, the efficient market hypothesis implies that
any perceived historical trend in the performance of the relevant ETFs may not be an accurate predictor of their future
performance, or the future performance of the Relevant Futures Contract. If the relevant prior prices of the relevant ETF
are not an accurate indicator of the performance of the Relevant Futures Contract over the following month, then the
Index's allocation methodology may perform poorly.
·
Whipsa w s. Trend-following methodologies may perform particularly poorly in "choppy" markets, where they may be
subject to "whipsaws." Choppy markets are characterized by short-term volatility and the absence of consistent long-term
performance trends. In choppy markets, whipsaws occur when the market reverses and does the opposite of what may be
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