$50,000,000 Buffered Memory Phoenix Auto-Callable Securities with Downside Leverage With the Coupon and the Payment at Maturity Subject to the Performance of the SPDR S&P 500 ETF Trust due December 23, 2022, priced on December 20, 2021, were issued by Royal Bank of Canada. The pricing supplement for this note (CUSIP: 78013G3N3) can be found here. The notes had a $1,000 face value and paid a monthly coupon of $7.50, so long as the notes had not been called and and SPDR S&P 500 ETF all closed above 85% of their December 20, 2021 closing prices on a determination date. If and SPDR S&P 500 ETF closed below 85% of their December 20, 2021 closing prices on a determination date, the notes did not pay a coupon. If not previously called, at maturity, the notes returned $1,000 in principal if and SPDR S&P 500 ETF all closed on the final determination date on December 20, 2022 and above 85% of their December 20, 2021 closing prices. If on December 20, 2022 and SPDR S&P 500 ETF closed below 85% of their December 20, 2021 closing prices, the notes paid reduced principal euqal to $1,000 multiplied by the lowest ratio of and SPDR S&P 500 ETF December 20, 2022 closing prices to their December 20, 2021 closing prices. The notes have matured. They paid two coupons totaling $60.00 and $836.39 repayment per $1,000 note. Investors thus suffered capital losses of $163.61 and net losses of $103.61.† In the aggregate, investors in this note suffered $8,180,579 in capital losses and $5,180,579 in net losses. See Table 1 and Figure 1.
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