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CUSIP: 78016HRS1
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Trade Date: February 23, 2023
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Settlement Date: February 28, 2023
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Observation Date: February 26, 2024
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Valuation Date: February 24, 2025
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Maturity Date: February 27, 2025
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Term: Approximately 2 years, if not automatically called
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Reference Asset: the SPDR® S&P 500® ETF Trust (SPY)
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Call Premium: 106.00%
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Buffer Level: 80% of the Initial Price
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Percentage Change of the Reference Asset:
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Absolute Return: -1 x Percentage Change
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Automatically callable for the Call Premium if the ETF's closing price is greater than or equal to its Initial Price on the Observation Date, which will occur approximately one year after the Trade Date.
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If not automatically called, then at maturity:
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If the Percentage Change is positive, receive a return equal to the Percentage Change.
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If the Percentage Change is negative and the Final Price is greater than or equal the Buffer Level, receive a one for one positive return equal to the Absolute Return.
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The notes are subject to Royal Bank of Canada’s credit risk.
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The notes are not principal protected.
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The notes are subject to an automatic call.
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Your notes are likely to have limited liquidity.
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Please see the following page for important risk factor information
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Each investor will agree to treat the notes as a callable pre-paid cash-settled derivative contract for U.S. federal income tax purposes, as described in more detail in the product prospectus supplement.
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You May Lose a Substantial Portion of Your Principal Amount, Depending Upon the Performance of the Reference Asset.
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The Notes May Be Automatically Called Prior to Maturity.
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The Notes Do Not Pay Interest and Your Return May Be Lower than the Return on a Conventional Debt Security of Comparable Maturity.
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Payments on the Notes Are Subject to Our Credit Risk, and Changes in Our Credit Ratings Are Expected to Affect the Market Value of the Notes.
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There May Not Be an Active Trading Market for the Notes—Sales in the Secondary Market May Result in Significant Losses.
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You Will Not Have Any Rights to the Reference Asset or the Securities Held by the Reference Asset.
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The Initial Estimated Value of the Notes Will Be Less than the Price to the Public.
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The Initial Estimated Value of the Notes that We Will Provide in the Final Pricing Supplement Will Be an Estimate Only, Calculated as of the Time the Terms of the Notes Are Set.
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Our Business Activities May Create Conflicts of Interest.
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The Payment at Maturity and the Valuation Date Are Subject to Postponement if a Market Disruption Event Occurs.
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