New Issue: RBC prices $1.94 million gears linked to iShares MSCI Emerging Markets ETF

By William Gullotti

Buffalo, N.Y., Jan. 19 – Royal Bank of Canada priced $1.94 million of 0% gears due Jan. 16, 2026 linked to the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.

If the ETF return is greater than zero, the payout at maturity will be par of $10 plus 1.35 times the ETF return.

Investors will be fully exposed to any ETF decline.

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

Issuer:	Royal Bank of Canada
Issue:	Gears
Underlying fund:	iShares MSCI Emerging Markets ETF
Amount:	$1,936,100
Maturity:	Jan. 16, 2026
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 1.35 times any ETF gain; full exposure to ETF decline
Initial level:	$41.30
Pricing date:	Jan. 13
Settlement date:	Jan. 19
Underwriter:	RBC Capital Markets, LLC, UBS Financial Services Inc.
Fees:	None
Cusip:	78016G722

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