New Issue: RBC sells $140,000 notes on basket of 24 closed-end funds picked by Raymond James

Chicago, July 28 – Royal Bank of Canada priced $140,000 of notes due July 24, 2025 linked to an equally weighted basket of 24 closed-end funds, according to a 424B2 filing with the Securities and Exchange Commission.

The basket components, selected by Raymond James & Associates, Inc., are Virtus Artificial Intelligence & Technology Opportunities Fund, BlackRock Energy and Resources Trust, BlackRock Health Sciences Trust, BlackRock Health Sciences Trust II, BlackRock Science & Technology Trust, Blackrock Science & Technology Trust II, ClearBridge MLP & Midstream Fund Inc., ClearBridge Energy Midstream Opportunity Fund Inc., First Trust MLP and Energy Income Fund, Flaherty & Crumrine Preferred & Income Securities Fund Inc., Angel Oak Financial Strategies Income Term Trust, Flaherty & Crumrine Total Return Fund Inc., Tekla Healthcare Investors, Tekla Life Sciences Investors, Nuveen Preferred & Income Securities Fund, Kayne Anderson Energy Infrastructure Fund, Inc., Neuberger Berman Next Generation Connectivity Fund Inc., Neuberger Berman MLP & Energy Income Fund Inc., Pimco Energy and Tactical Credit Opportunities Fund, Adams Natural Resources Fund, Inc., Nuveen Nasdaq 100 Dynamic Overwrite Fund, Columbia Seligman Premium Technology Growth Fund, Inc., Tekla Healthcare Opportunities Fund and Tortoise Energy Infrastructure Corp.

The notes may pay quarterly interest. The amount of any interest to be paid on the notes will not be fixed and will depend on the total dividends on the basket components during the preceding interest calculation period.

The payout at maturity will be the product of (a) $1,000 times (b) the basket level percentage times (c) 98.6%. Investors will lose all or a portion of their investment if the basket does not finish at or above 101.42% of the initial level.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Notes
Underlying basket:	Virtus Artificial Intelligence & Technology Opportunities Fund, BlackRock Energy and Resources Trust, BlackRock Health Sciences Trust, BlackRock Health Sciences Trust II, BlackRock Science & Technology Trust, Blackrock Science & Technology Trust II, ClearBridge MLP & Midstream Fund Inc., ClearBridge Energy Midstream Opportunity Fund Inc., First Trust MLP and Energy Income Fund, Flaherty & Crumrine Preferred & Income Securities Fund Incorporated, Angel Oak Financial Strategies Income Term Trust, Flaherty & Crumrine Total Return Fund Incorporated, Tekla Healthcare Investors, Tekla Life Sciences Investors, Nuveen Preferred & Income Securities Fund, Kayne Anderson Energy Infrastructure Fund, Inc., Neuberger Berman Next Generation Connectivity Fund Inc., Neuberger Berman MLP & Energy Income Fund Inc., Pimco Energy and Tactical Credit Opportunities Fund, Adams Natural Resources Fund, Inc., Nuveen Nasdaq 100 Dynamic Overwrite Fund, Columbia Seligman Premium Technology Growth Fund, Inc., Tekla Healthcare Opportunities Fund and Tortoise Energy Infrastructure Corp.; equally weighted
Amount:	$140,000
Maturity:	July 24, 2025
Coupon:	Payable quarterly; based on total dividends on the basket components during preceding interest calculation period
Price:	Par
Payout at maturity:	Product of (a) $1,000 times (b) basket level percentage times (c) 98.6%
Initial share price:	Average of volume weighted average prices on each of three trading days ending July 25
Final share price:	Average of volume weighted average prices on each of three trading days ending July 21, 2025
Pricing date:	July 21
Settlement date:	July 26
Agent:	RBC Capital Markets, LLC
Fees:	0%
Cusip:	78015QFD8

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