New Issue: RBC sells $878,000 notes on basket of 25 closed-end funds picked by Raymond James

By Kiku Steinfeld

Chicago, Oct. 9 – Royal Bank of Canada priced $878,000 of notes due March 27, 2025 linked to an equally weighted basket of 25 closed-end funds, according to a 424B2 filing with the Securities and Exchange Commission.

The basket components, selected by Raymond James & Associates, Inc., are Adams Diversified Equity Fund, Inc., Blackrock Resources and Commodities Strategy Trust, BlackRock Enhanced Equity Dividend Trust, BlackRock Energy and Resources Trust, BlackRock Innovation and Growth Trust, Blackrock Limited Duration Income Trust, Central Securities Corp., Inc., Calamos Long/Short Equity & Dynamic Income Trust, BlackRock Debt Strategies Fund, Inc., Western Asset Emerging Markets Debt Fund, Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund, Eaton Vance Tax-Advantaged Dividend Income Fund, First Trust Energy Infrastructure Fund, Miller/Howard High Income Equity Fund, PGIM High Yield Bond Fund, Inc., MainStay CBRE Global Infrastructure Megatrends Fund, Virtus Equity & Convertible Income Fund, Cohen & Steers REIT and Preferred Income Fund, Inc., Royce Value Trust, Inc., LMP Capital and Income Fund Inc., Source Capital, Inc., SRH Total Return Fund, Inc., Tekla Healthcare Opportunities Fund, Tri-Continental Corp. and Invesco Bond Fund.

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.

For each $1,000 principal amount of notes, the payout at maturity will be the product of $1,000 times the basket level percentage times 98.6%. The basket level percentage is the sum of the weighted basket component performances.

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:	Adams Diversified Equity Fund, Inc., Blackrock Resources and Commodities Strategy Trust, BlackRock Enhanced Equity Dividend Trust, BlackRock Energy and Resources Trust, BlackRock Innovation and Growth Trust, Blackrock Limited Duration Income Trust, Central Securities Corp., Inc., Calamos Long/Short Equity & Dynamic Income Trust, BlackRock Debt Strategies Fund, Inc., Western Asset Emerging Markets Debt Fund Inc., Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund, Eaton Vance Tax-Advantaged Dividend Income Fund, First Trust Energy Infrastructure Fund, Miller/Howard High Income Equity Fund, PGIM High Yield Bond Fund, Inc., MainStay CBRE Global Infrastructure Megatrends Fund, Virtus Equity & Convertible Income Fund, Cohen & Steers REIT and Preferred Income Fund, Inc., Royce Value Trust, Inc., LMP Capital and Income Fund Inc., Source Capital, Inc., SRH Total Return Fund, Inc., Tekla Healthcare Opportunities Fund, Tri-Continental Corp. and Invesco Bond Fund; equally weighted
Amount:	$878,000
Maturity:	March 27, 2025
Coupon:	Payable quarterly; based on total dividends on the basket components during preceding interest calculation period
Price:	Par
Payout at maturity:	Par times basket level percentage times 98.6%
Initial share price:	Average of volume weighted average prices on each of three trading days ending March 28, 2023
Final share price:	Average of volume weighted average prices on each of three trading days ending March 24, 2025
Pricing date:	March 24, 2023
Settlement date:	March 29, 2023
Agent:	RBC Capital Markets, LLC
Fees:	0%
Cusip:	78015QEJ6

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