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Please read the following terms and conditions carefully. By accessing rbcgam.com and any pages thereof (the "site"), you agree to be bound by these terms and conditions as well as any future revisions RBC Global Asset Management Inc. ("RBC GAM Inc.") may make in its discretion. If you do not agree to the terms and conditions below, do not access this website, or any pages thereof. Phillips, Hager & North Investment Management is a division of RBC GAM Inc. PH&N Institutional is the institutional business division of RBC GAM Inc.

No Offer

Products and services of RBC GAM Inc. are only offered in jurisdictions where they may be lawfully offered for sale. The contents of this site do not constitute an offer to sell or a solicitation to buy products or services to any person in a jurisdiction where such offer or solicitation is considered unlawful.

No information included on this site is to be construed as investment advice or as a recommendation or a representation about the suitability or appropriateness of any product or service. The amount of risk associated with any particular investment depends largely on the investor's own circumstances.

No Reliance

The material on this site has been provided by RBC GAM Inc. for information purposes only and may not be reproduced, distributed or published without the written consent of RBC GAM Inc. It is for general information only and is not, nor does it purport to be, a complete description of the investment solutions and strategies offered by RBC GAM Inc., including RBC Funds, RBC Private Pools, PH&N Funds, RBC Corporate Class Funds and RBC ETFs (the "Funds"). If there is an inconsistency between this document and the respective offering documents, the provisions of the respective offering documents shall prevail.

RBC GAM Inc. takes reasonable steps to provide up-to-date, accurate and reliable information, and believes the information to be so when published. Information obtained from third parties is believed to be reliable, but no representation or warranty, express or implied, is made by RBC GAM Inc., its affiliates or any other person as to its accuracy, completeness, reliability or correctness. RBC GAM Inc. assumes no responsibility for any errors or omissions in such information. The views and opinions expressed herein are those of RBC GAM Inc. and are subject to change without notice.

About Our Funds

The Funds are offered by RBC GAM Inc. and distributed through authorized dealers. Commissions, trailing commissions, management fees and expenses all may be associated with the Funds. Please read the offering materials for a particular fund before investing. The performance data provided are historical returns, they are not intended to reflect future values of any of the funds or returns on investment in these funds. Further, the performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. The unit values of non-money market funds change frequently. For money market funds, there can be no assurances that the fund will be able to maintain its net asset value per unit at a constant amount or that the full amount of your investment in the fund will be returned to you. Mutual fund securities are not guaranteed by the Canada Deposit Insurance Corporation or by any other government deposit insurer. Past performance may not be repeated. ETF units are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns. RBC ETFs do not seek to return any predetermined amount at maturity. Index returns do not represent RBC ETF returns.

About RBC Global Asset Management

RBC Global Asset Management is the asset management division of Royal Bank of Canada ("RBC") which includes the following affiliates around the world, all indirect subsidiaries of RBC: RBC GAM Inc. (including Phillips, Hager & North Investment Management and PH&N Institutional), RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited, RBC Global Asset Management (Asia) Limited, BlueBay Asset Management LLP, and BlueBay Asset Management USA LLC.

Forward-Looking Statements

This website may contain forward-looking statements about general economic factors which are not guarantees of future performance. Forward-looking statements involve inherent risk and uncertainties, so it is possible that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution you not to place undue reliance on these statements as a number of important factors could cause actual events or results to differ materially from those expressed or implied in any forward-looking statement. All opinions in forward-looking statements are subject to change without notice and are provided in good faith but without legal responsibility.

Accept Decline

The economic impacts of climate change on specific markets, regions, and investments are complex, varied, and uncertain. All industries, sectors, and geographies will face climate-related risks and opportunities, although to varying degrees and in different ways.

Policy, market, and technology developments may increase consumer demand for more sustainable food products and disrupt incumbent farming practices and food production methods. Longer-term shifts in climate patterns will result in lower crop yields in some regions and higher yields in others. These will also cause volatility in operating costs.

Increased carbon regulations will lead to higher compliance costs. Policy support for substitutes, decreased global demand for some fuel types, increasing production costs and falling prices may cause devaluations and stranding of assets. Opportunities include increased funding and investment in low-carbon technologies, energy storage, renewables, and alternative fuel.

Changing climate patterns will affect growing seasons and yields, and the natural range of tree pests will expand (e.g., Mountain Pine Beetle), causing increased costs and lost production. Opportunities include the role of forests as carbon sinks, increased use of wood as a low-carbon material in construction, and potential competitive advantage due to the effects of carbon pricing on high-carbon materials.

Damage to corporate assets and disruption of supply chains from weather events will result in higher operating costs and reduced production capacity and revenue, as well as a possible rise in insurance premiums and/or an inability to insure. Opportunities include increased investment in low-carbon technologies and new products or markets.

New building and energy efficiency standards will require additional capital investment. Weather events will damage assets and may increase insurance premiums, and/or lead to an inability to insure. Opportunities include investing in infrastructure, buildings and construction that implement climate adaption strategies, which will improve resilience (e.g., flood proofing, moving mechanical systems).

Increased carbon regulations will lead to higher compliance costs for high emitting industries (e.g., steel). Resource availability, water stress, and damage to corporate assets from weather events will result in higher operating costs. Opportunities include increased demand for metals that will fuel a low-carbon economy (e.g., lithium, zinc, aluminum for batteries).

Higher fuel costs will lead to increased operating costs and a focus on new technologies. Plans to phase out the use of internal combustion engines have been announced by some major economies. Opportunities include increased public and private investments in low-carbon technologies and alternative fuels for public transit, electric and autonomous vehicles.

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Royal Bank of Canada commitment

Climate change is one of the most pressing issues of our age. Driven by our purpose to help clients thrive and communities prosper, RBC will lead and take action to build a more inclusive and sustainable future.

RBC Commitments on Climate

Climate Action Report: An indepth look at Canada’s climate progress and readiness.

RBC Climate Action 2024 report