New Issue: RBC prices $1.75 million barrier enhanced return notes linked to two ETFs

Chicago, June 15 – Royal Bank of Canada priced $1.75 million of 0% barrier enhanced return notes due June 3, 2026 linked to the lesser performing of the iShares Core S&P Small-Cap ETF and the iShares Core S&P Small-Cap ETF, according to a 424B2 filing with the Securities and Exchange Commission.

If the lesser-performing fund’s return is positive, the payout at maturity will be par plus 200% of its return, capped at par plus 60.5%. Investors will receive par if the lesser-performing ETF falls by up to the barrier percentage, 85%, and will be fully exposed to its decline if it falls by more than 15%.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Barrier enhanced return notes
Underlying ETFs:	iShares Core S&P Small-Cap ETF and iShares Core S&P Small-Cap ETF
Amount:	$1,754,000
Maturity:	June 3, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 200% of any gain of lesser-performing ETF, capped at par plus 60.5%; par if laggard ETF declines by up to 15%; full exposure to loss if laggard ETF falls by more than 15%
Initial index levels:	$93.65 for S&P ETF, $175.50 for Russell ETF
Barrier levels:	$79.60 for S&P ETF, $149.18 for Russell ETF, 85% of initial levels
Strike date:	May 30
Pricing date:	May 31
Settlement date:	June 5
Underwriter:	RBC Capital Markets, LLC
Fees:	0.6%
Cusip:	78016NEH6

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