AGÕæÈ˹ٷ½

STOCK TITAN

[Form 4] Comcast Corp Insider Trading Activity

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4
Rhea-AI Filing Summary

Royal Bank of Canada (RY) is offering Auto-Callable Contingent Coupon Barrier Notes linked to Tesla, Inc. (TSLA) common stock, maturing 30 June 2028.

Income potential: The notes pay a quarterly contingent coupon of 3.75%-4.00% (15-16% p.a.) when TSLA’s closing price on the relevant observation date is at least 50% of the initial level (the “Coupon Threshold�). A memory feature allows skipped coupons to be recovered on future dates that meet the threshold.

Automatic call: Starting roughly six months after issuance, if TSLA closes at or above its initial level on any quarterly call observation date, the notes are redeemed at par plus the current and any unpaid coupons. No further payments occur thereafter.

Principal at risk: If the notes are not called and TSLA closes below 50% of its initial level on the final valuation date, investors lose 1% of principal for every 1% decline in TSLA, potentially up to a 100% loss. If TSLA finishes at or above the 50% barrier, par is returned.

Key terms: Trade Date 26 Jun 2025; Issue Date 30 Jun 2025; Valuation Date 27 Jun 2028. Initial estimated value: $890-$940 per $1,000, below the $1,000 offering price, reflecting dealer margins and hedging costs.

Major risks: credit exposure to RBC, limited upside (no participation in TSLA appreciation), potential loss of coupons, liquidity constraints, complex tax profile, and the possibility that market perceptions of RBC’s creditworthiness affect secondary pricing.

Royal Bank of Canada (RY) propone Note Auto-Callable con Cedola Contingente e Barriera collegate alle azioni ordinarie di Tesla, Inc. (TSLA), con scadenza il 30 giugno 2028.

Potenziale di rendimento: Le note pagano una cedola trimestrale contingente del 3,75%-4,00% (15-16% annuo) se il prezzo di chiusura di TSLA nella data di osservazione rilevante è almeno il 50% del livello iniziale (la “Soglia Cedola�). Una funzione memory permette di recuperare le cedole non pagate in date future che soddisfano la soglia.

Richiamo automatico: A partire da circa sei mesi dopo l’emissione, se TSLA chiude pari o superiore al suo livello iniziale in una qualsiasi data di osservazione trimestrale per il richiamo, le note vengono rimborsate a valore nominale più le cedole correnti e non pagate. Non sono previsti ulteriori pagamenti successivamente.

Capitale a rischio: Se le note non vengono richiamate e TSLA chiude sotto il 50% del livello iniziale alla data di valutazione finale, gli investitori perdono l�1% del capitale per ogni 1% di calo di TSLA, con una perdita potenziale fino al 100%. Se TSLA termina pari o sopra la barriera del 50%, il capitale nominale viene restituito.

Termini principali: Data di negoziazione 26 giu 2025; Data di emissione 30 giu 2025; Data di valutazione 27 giu 2028. Valore stimato iniziale: 890-940$ per 1.000$, inferiore al prezzo di offerta di 1.000$, riflettendo margini del dealer e costi di copertura.

Principali rischi: esposizione creditizia a RBC, upside limitato (nessuna partecipazione all’apprezzamento di TSLA), possibile perdita delle cedole, limitazioni di liquidità, profilo fiscale complesso e la possibilità che la percezione della solidità creditizia di RBC influenzi i prezzi secondari.

Royal Bank of Canada (RY) ofrece Notas con Cupón Contingente y Barrera Auto-Llamables vinculadas a acciones ordinarias de Tesla, Inc. (TSLA), con vencimiento el 30 de junio de 2028.

Potencial de ingresos: Las notas pagan un cupón trimestral contingente de 3.75%-4.00% (15-16% anual) cuando el precio de cierre de TSLA en la fecha de observación relevante es al menos el 50% del nivel inicial (el “Umbral del Cupón�). Una característica de memoria permite recuperar cupones omitidos en fechas futuras que cumplan el umbral.

Llamada automática: A partir de aproximadamente seis meses después de la emisión, si TSLA cierra en o por encima de su nivel inicial en cualquier fecha de observación trimestral para llamada, las notas se redimen al valor nominal más los cupones actuales y no pagados. No se realizan pagos adicionales después.

Principal en riesgo: Si las notas no son llamadas y TSLA cierra por debajo del 50% de su nivel inicial en la fecha final de valoración, los inversionistas pierden el 1% del principal por cada 1% de caída de TSLA, con una pérdida potencial de hasta el 100%. Si TSLA termina en o por encima de la barrera del 50%, se devuelve el principal.

Términos clave: Fecha de negociación 26 de junio de 2025; Fecha de emisión 30 de junio de 2025; Fecha de valoración 27 de junio de 2028. Valor estimado inicial: $890-$940 por $1,000, por debajo del precio de oferta de $1,000, reflejando márgenes del distribuidor y costos de cobertura.

Riesgos principales: exposición crediticia a RBC, potencial limitado de ganancias (sin participación en la apreciación de TSLA), posible pérdida de cupones, restricciones de liquidez, perfil fiscal complejo y la posibilidad de que la percepción del crédito de RBC afecte los precios secundarios.

Royal Bank of Canada (RY)ëŠ� Tesla, Inc. (TSLA) ë³´í†µì£¼ì— ì—°ê³„ë� ìžë™ ì½� ê°€ëŠ� ì¡°ê±´ë¶€ ì¿ í° ë°°ë¦¬ì–� 노트ë¥� 2028ë…� 6ì›� 30ì� 만기ë¡� 제공합니ë‹�.

ìˆ˜ìµ ìž ìž¬ë �: 노트ëŠ� TSLAì� 해당 ê´€ì°°ì¼ ì¢…ê°€ê°€ 최초 수준ì� 최소 50% ì´ìƒì� 경우 분기ë³� ì¡°ê±´ë¶€ ì¿ í° 3.75%-4.00% (ì—� 15-16%)ë¥� 지급합니다(“쿠í� 임계값â€�). 메모ë¦� 기능으로 누ë½ë� ì¿ í°ì� 임계ê°� 충족 ì‹� 미래ì—� 회복í•� ìˆ� 있습니다.

ìžë™ ì½�: 발행 ì•� 6개월 후부í„�, TSLAê°€ 분기ë³� ì½� 관찰ì¼ì—� 최초 수준 ì´ìƒìœ¼ë¡œ 마ê°í•˜ë©´ 노트ëŠ� 액면가와 현재 ë°� 미지ê¸� ì¿ í°ì� 합산하여 ìƒí™˜ë©ë‹ˆë‹�. ì´í›„ 추가 ì§€ê¸‰ì€ ì—†ìŠµë‹ˆë‹¤.

ì›ê¸ˆ 위험: 노트가 콜ë˜ì§€ 않고 TSLAê°€ 최종 í‰ê°€ì¼ì— 최초 수준ì� 50% 미만으로 마ê°í•˜ë©´ 투ìžìžëŠ” TSLAê°€ 1% 하ë½í•� 때마ë‹� ì›ê¸ˆì� 1%ë¥� ì†ì‹¤í•˜ë©° 최대 100% ì†ì‹¤ 가능성ì� 있습니다. TSLAê°€ 50% 배리ì–� ì´ìƒìœ¼ë¡œ 마ê°í•˜ë©´ 액면가가 반환ë©ë‹ˆë‹�.

주요 ì¡°ê±´: 거래ì� 2025ë…� 6ì›� 26ì�; 발행ì� 2025ë…� 6ì›� 30ì�; í‰ê°€ì� 2028ë…� 6ì›� 27ì�. 초기 ì˜ˆìƒ ê°€ì¹�: $890-$940 (1,000달러ë‹�), 딜러 마진 ë°� 헤지 비용ì� ë°˜ì˜í•˜ì—¬ 1,000달러 제안 가격보ë‹� 낮습니다.

주요 위험: RBC ì‹ ìš© 노출, 제한ë� ìƒìй 잠재ë �(TSLA ìƒìй 참여 ì—†ìŒ), ì¿ í° ì†ì‹¤ 가능성, 유ë™ì„� 제약, 복잡í•� 세금 구조, RBC ì‹ ìš©ë„ì— ëŒ€í•� 시장 ì¸ì‹ì� ì´ì°¨ ê°€ê²©ì— ì˜í–¥ì� 미칠 가능성.

Royal Bank of Canada (RY) propose des Notes à Coupon Conditionnel avec Barrière Auto-Rappelables liées aux actions ordinaires de Tesla, Inc. (TSLA), arrivant à échéance le 30 juin 2028.

Potentiel de revenu : Les notes versent un coupon conditionnel trimestriel de 3,75%-4,00% (15-16% par an) lorsque le cours de clôture de TSLA à la date d’observation pertinente est au moins à 50% du niveau initial (le « Seuil du Coupon »). Une fonction mémoire permet de récupérer les coupons non versés lors de dates futures respectant ce seuil.

Rappel automatique : Environ six mois après l’émission, si TSLA clôture au-dessus ou à son niveau initial à une date d’observation trimestrielle de rappel, les notes sont remboursées à leur valeur nominale plus les coupons courants et impayés. Aucun paiement supplémentaire n’est effectué par la suite.

Capital à risque : Si les notes ne sont pas rappelées et que TSLA clôture en dessous de 50% de son niveau initial à la date d’évaluation finale, les investisseurs perdent 1% du capital pour chaque 1% de baisse de TSLA, pouvant aller jusqu’� une perte totale de 100%. Si TSLA termine au-dessus ou à la barrière des 50%, le capital nominal est remboursé.

Conditions clés : Date de négociation 26 juin 2025 ; Date d’émission 30 juin 2025 ; Date d’évaluation 27 juin 2028. Valeur estimée initiale : 890-940 $ pour 1 000 $, inférieure au prix d’offre de 1 000 $, reflétant les marges du distributeur et les coûts de couverture.

Principaux risques : exposition au crédit de RBC, potentiel de hausse limité (pas de participation à l’appréciation de TSLA), risque de perte des coupons, contraintes de liquidité, profil fiscal complexe et possibilité que la perception de la solvabilité de RBC affecte le prix sur le marché secondaire.

Royal Bank of Canada (RY) bietet Auto-Callable Contingent Coupon Barrier Notes an, die an die Stammaktien von Tesla, Inc. (TSLA) gekoppelt sind und am 30. Juni 2028 fällig werden.

Ertragspotenzial: Die Notes zahlen einen vierteljährlichen bedingten Kupon von 3,75%-4,00% (15-16% p.a.), wenn der Schlusskurs von TSLA am jeweiligen Beobachtungstag mindestens 50% des Anfangsniveaus (die „Kupon-Schwelle�) erreicht. Eine Memory-Funktion ermöglicht es, ausgefallene Kupons an zukünftigen Terminen nachzuholen, die die Schwelle erfüllen.

Automatischer Rückruf: Ab etwa sechs Monaten nach Ausgabe werden die Notes zurückgezahlt, wenn TSLA an einem der vierteljährlichen Rückruf-Beobachtungstage auf oder über dem Anfangsniveau schließt. Die Rückzahlung erfolgt zum Nennwert zuzüglich aktueller und ausstehender Kupons. Danach erfolgen keine weiteren Zahlungen.

Kapitalrisiko: Werden die Notes nicht zurückgerufen und schließt TSLA am letzten Bewertungstag unter 50% des Anfangsniveaus, verlieren Anleger 1% des Kapitals für jeden 1% Rückgang von TSLA, mit einem möglichen Totalverlust von bis zu 100%. Schließt TSLA auf oder über der 50%-Barriere, wird der Nennwert zurückgezahlt.

Wichtige Bedingungen: Handelstag 26. Juni 2025; Emissionstag 30. Juni 2025; Bewertungstag 27. Juni 2028. Geschätzter Anfangswert: 890-940 $ pro 1.000 $, unter dem Angebotspreis von 1.000 $, was Händleraufschläge und Absicherungskosten widerspiegelt.

Hauptrisiken: Kreditrisiko gegenüber RBC, begrenztes Aufwärtspotenzial (keine Teilnahme an der TSLA-Wertsteigerung), möglicher Verlust von Kupons, Liquiditätsbeschränkungen, komplexe Steuerstruktur und die Möglichkeit, dass Marktmeinungen zur Kreditwürdigkeit von RBC den Sekundärmarktpreis beeinflussen.

Positive
  • High contingent coupon of 15-16% annually offers above-market income potential.
  • Memory feature allows missed coupons to be recovered if threshold is met later.
  • Early call mechanism can return capital plus coupons in as little as six months if TSLA outperforms.
Negative
  • Principal loss below 50% barrier exposes investors to substantial downside, potentially 100% loss.
  • No participation in TSLA upside; returns are capped at coupon plus par.
  • Issuer credit risk â€� payments depend on RBC’s ability to pay; note is unsecured.
  • Initial estimated value 6-11% below offer price highlights dealer mark-up and hedging costs.
  • Limited liquidity may cause significant secondary-market discounts.
  • Uncertain U.S. tax treatment adds complexity for investors.

Insights

TL;DR: High coupon but high equity and credit risk; par protection only above 50% barrier, call feature caps upside.

The notes aim to monetise TSLA’s volatility through rich contingent coupons of up to 16% p.a. The 50% coupon threshold is aggressive relative to TSLA’s historical drawdowns, raising the probability of skipped coupons and principal loss. The automatic call could return capital early, compressing the effective yield if TSLA performs well. Investors face full downside below the barrier without any share appreciation participation. RBC’s initial estimated value (89-94% of par) indicates a sizeable issuer margin. From the issuer’s perspective, the structure is balance-sheet friendly and unlikely to move RY’s earnings needle, suggesting limited impact on the stock.

TL;DR: Attractive carry for yield-seekers but liquidity, valuation gap, and concentration in TSLA make it a niche allocation.

Yield hunters may be drawn to the memory coupon, yet the instrument compounds risks: single-name equity exposure, quarterly knock-in at 50% barrier, and senior unsecured RBC credit. Secondary market depth is typically thin; bid-offer spreads can exceed the embedded valuation discount. The structure’s risk/return profile suits tactical accounts comfortable with binary equity outcomes rather than traditional fixed-income mandates. Overall market impact is negligible but individual investors must weigh coupon allure against asymmetric downside.

Royal Bank of Canada (RY) propone Note Auto-Callable con Cedola Contingente e Barriera collegate alle azioni ordinarie di Tesla, Inc. (TSLA), con scadenza il 30 giugno 2028.

Potenziale di rendimento: Le note pagano una cedola trimestrale contingente del 3,75%-4,00% (15-16% annuo) se il prezzo di chiusura di TSLA nella data di osservazione rilevante è almeno il 50% del livello iniziale (la “Soglia Cedola�). Una funzione memory permette di recuperare le cedole non pagate in date future che soddisfano la soglia.

Richiamo automatico: A partire da circa sei mesi dopo l’emissione, se TSLA chiude pari o superiore al suo livello iniziale in una qualsiasi data di osservazione trimestrale per il richiamo, le note vengono rimborsate a valore nominale più le cedole correnti e non pagate. Non sono previsti ulteriori pagamenti successivamente.

Capitale a rischio: Se le note non vengono richiamate e TSLA chiude sotto il 50% del livello iniziale alla data di valutazione finale, gli investitori perdono l�1% del capitale per ogni 1% di calo di TSLA, con una perdita potenziale fino al 100%. Se TSLA termina pari o sopra la barriera del 50%, il capitale nominale viene restituito.

Termini principali: Data di negoziazione 26 giu 2025; Data di emissione 30 giu 2025; Data di valutazione 27 giu 2028. Valore stimato iniziale: 890-940$ per 1.000$, inferiore al prezzo di offerta di 1.000$, riflettendo margini del dealer e costi di copertura.

Principali rischi: esposizione creditizia a RBC, upside limitato (nessuna partecipazione all’apprezzamento di TSLA), possibile perdita delle cedole, limitazioni di liquidità, profilo fiscale complesso e la possibilità che la percezione della solidità creditizia di RBC influenzi i prezzi secondari.

Royal Bank of Canada (RY) ofrece Notas con Cupón Contingente y Barrera Auto-Llamables vinculadas a acciones ordinarias de Tesla, Inc. (TSLA), con vencimiento el 30 de junio de 2028.

Potencial de ingresos: Las notas pagan un cupón trimestral contingente de 3.75%-4.00% (15-16% anual) cuando el precio de cierre de TSLA en la fecha de observación relevante es al menos el 50% del nivel inicial (el “Umbral del Cupón�). Una característica de memoria permite recuperar cupones omitidos en fechas futuras que cumplan el umbral.

Llamada automática: A partir de aproximadamente seis meses después de la emisión, si TSLA cierra en o por encima de su nivel inicial en cualquier fecha de observación trimestral para llamada, las notas se redimen al valor nominal más los cupones actuales y no pagados. No se realizan pagos adicionales después.

Principal en riesgo: Si las notas no son llamadas y TSLA cierra por debajo del 50% de su nivel inicial en la fecha final de valoración, los inversionistas pierden el 1% del principal por cada 1% de caída de TSLA, con una pérdida potencial de hasta el 100%. Si TSLA termina en o por encima de la barrera del 50%, se devuelve el principal.

Términos clave: Fecha de negociación 26 de junio de 2025; Fecha de emisión 30 de junio de 2025; Fecha de valoración 27 de junio de 2028. Valor estimado inicial: $890-$940 por $1,000, por debajo del precio de oferta de $1,000, reflejando márgenes del distribuidor y costos de cobertura.

Riesgos principales: exposición crediticia a RBC, potencial limitado de ganancias (sin participación en la apreciación de TSLA), posible pérdida de cupones, restricciones de liquidez, perfil fiscal complejo y la posibilidad de que la percepción del crédito de RBC afecte los precios secundarios.

Royal Bank of Canada (RY)ëŠ� Tesla, Inc. (TSLA) ë³´í†µì£¼ì— ì—°ê³„ë� ìžë™ ì½� ê°€ëŠ� ì¡°ê±´ë¶€ ì¿ í° ë°°ë¦¬ì–� 노트ë¥� 2028ë…� 6ì›� 30ì� 만기ë¡� 제공합니ë‹�.

ìˆ˜ìµ ìž ìž¬ë �: 노트ëŠ� TSLAì� 해당 ê´€ì°°ì¼ ì¢…ê°€ê°€ 최초 수준ì� 최소 50% ì´ìƒì� 경우 분기ë³� ì¡°ê±´ë¶€ ì¿ í° 3.75%-4.00% (ì—� 15-16%)ë¥� 지급합니다(“쿠í� 임계값â€�). 메모ë¦� 기능으로 누ë½ë� ì¿ í°ì� 임계ê°� 충족 ì‹� 미래ì—� 회복í•� ìˆ� 있습니다.

ìžë™ ì½�: 발행 ì•� 6개월 후부í„�, TSLAê°€ 분기ë³� ì½� 관찰ì¼ì—� 최초 수준 ì´ìƒìœ¼ë¡œ 마ê°í•˜ë©´ 노트ëŠ� 액면가와 현재 ë°� 미지ê¸� ì¿ í°ì� 합산하여 ìƒí™˜ë©ë‹ˆë‹�. ì´í›„ 추가 ì§€ê¸‰ì€ ì—†ìŠµë‹ˆë‹¤.

ì›ê¸ˆ 위험: 노트가 콜ë˜ì§€ 않고 TSLAê°€ 최종 í‰ê°€ì¼ì— 최초 수준ì� 50% 미만으로 마ê°í•˜ë©´ 투ìžìžëŠ” TSLAê°€ 1% 하ë½í•� 때마ë‹� ì›ê¸ˆì� 1%ë¥� ì†ì‹¤í•˜ë©° 최대 100% ì†ì‹¤ 가능성ì� 있습니다. TSLAê°€ 50% 배리ì–� ì´ìƒìœ¼ë¡œ 마ê°í•˜ë©´ 액면가가 반환ë©ë‹ˆë‹�.

주요 ì¡°ê±´: 거래ì� 2025ë…� 6ì›� 26ì�; 발행ì� 2025ë…� 6ì›� 30ì�; í‰ê°€ì� 2028ë…� 6ì›� 27ì�. 초기 ì˜ˆìƒ ê°€ì¹�: $890-$940 (1,000달러ë‹�), 딜러 마진 ë°� 헤지 비용ì� ë°˜ì˜í•˜ì—¬ 1,000달러 제안 가격보ë‹� 낮습니다.

주요 위험: RBC ì‹ ìš© 노출, 제한ë� ìƒìй 잠재ë �(TSLA ìƒìй 참여 ì—†ìŒ), ì¿ í° ì†ì‹¤ 가능성, 유ë™ì„� 제약, 복잡í•� 세금 구조, RBC ì‹ ìš©ë„ì— ëŒ€í•� 시장 ì¸ì‹ì� ì´ì°¨ ê°€ê²©ì— ì˜í–¥ì� 미칠 가능성.

Royal Bank of Canada (RY) propose des Notes à Coupon Conditionnel avec Barrière Auto-Rappelables liées aux actions ordinaires de Tesla, Inc. (TSLA), arrivant à échéance le 30 juin 2028.

Potentiel de revenu : Les notes versent un coupon conditionnel trimestriel de 3,75%-4,00% (15-16% par an) lorsque le cours de clôture de TSLA à la date d’observation pertinente est au moins à 50% du niveau initial (le « Seuil du Coupon »). Une fonction mémoire permet de récupérer les coupons non versés lors de dates futures respectant ce seuil.

Rappel automatique : Environ six mois après l’émission, si TSLA clôture au-dessus ou à son niveau initial à une date d’observation trimestrielle de rappel, les notes sont remboursées à leur valeur nominale plus les coupons courants et impayés. Aucun paiement supplémentaire n’est effectué par la suite.

Capital à risque : Si les notes ne sont pas rappelées et que TSLA clôture en dessous de 50% de son niveau initial à la date d’évaluation finale, les investisseurs perdent 1% du capital pour chaque 1% de baisse de TSLA, pouvant aller jusqu’� une perte totale de 100%. Si TSLA termine au-dessus ou à la barrière des 50%, le capital nominal est remboursé.

Conditions clés : Date de négociation 26 juin 2025 ; Date d’émission 30 juin 2025 ; Date d’évaluation 27 juin 2028. Valeur estimée initiale : 890-940 $ pour 1 000 $, inférieure au prix d’offre de 1 000 $, reflétant les marges du distributeur et les coûts de couverture.

Principaux risques : exposition au crédit de RBC, potentiel de hausse limité (pas de participation à l’appréciation de TSLA), risque de perte des coupons, contraintes de liquidité, profil fiscal complexe et possibilité que la perception de la solvabilité de RBC affecte le prix sur le marché secondaire.

Royal Bank of Canada (RY) bietet Auto-Callable Contingent Coupon Barrier Notes an, die an die Stammaktien von Tesla, Inc. (TSLA) gekoppelt sind und am 30. Juni 2028 fällig werden.

Ertragspotenzial: Die Notes zahlen einen vierteljährlichen bedingten Kupon von 3,75%-4,00% (15-16% p.a.), wenn der Schlusskurs von TSLA am jeweiligen Beobachtungstag mindestens 50% des Anfangsniveaus (die „Kupon-Schwelle�) erreicht. Eine Memory-Funktion ermöglicht es, ausgefallene Kupons an zukünftigen Terminen nachzuholen, die die Schwelle erfüllen.

Automatischer Rückruf: Ab etwa sechs Monaten nach Ausgabe werden die Notes zurückgezahlt, wenn TSLA an einem der vierteljährlichen Rückruf-Beobachtungstage auf oder über dem Anfangsniveau schließt. Die Rückzahlung erfolgt zum Nennwert zuzüglich aktueller und ausstehender Kupons. Danach erfolgen keine weiteren Zahlungen.

Kapitalrisiko: Werden die Notes nicht zurückgerufen und schließt TSLA am letzten Bewertungstag unter 50% des Anfangsniveaus, verlieren Anleger 1% des Kapitals für jeden 1% Rückgang von TSLA, mit einem möglichen Totalverlust von bis zu 100%. Schließt TSLA auf oder über der 50%-Barriere, wird der Nennwert zurückgezahlt.

Wichtige Bedingungen: Handelstag 26. Juni 2025; Emissionstag 30. Juni 2025; Bewertungstag 27. Juni 2028. Geschätzter Anfangswert: 890-940 $ pro 1.000 $, unter dem Angebotspreis von 1.000 $, was Händleraufschläge und Absicherungskosten widerspiegelt.

Hauptrisiken: Kreditrisiko gegenüber RBC, begrenztes Aufwärtspotenzial (keine Teilnahme an der TSLA-Wertsteigerung), möglicher Verlust von Kupons, Liquiditätsbeschränkungen, komplexe Steuerstruktur und die Möglichkeit, dass Marktmeinungen zur Kreditwürdigkeit von RBC den Sekundärmarktpreis beeinflussen.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Murdock Daniel C.

(Last) (First) (Middle)
ONE COMCAST CENTER

(Street)
PHILADELPHIA PA 19103

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
COMCAST CORP [ CMCSA ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
EVP & Chief Accounting Officer
3. Date of Earliest Transaction (Month/Day/Year)
06/19/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 06/19/2025 M 6,824 A $0.0000 50,634.0497 D
Class A Common Stock 06/19/2025 F 2,686 D $34.26 47,948.0497 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Units $0.0000(1) 06/19/2025 M 6,824 (2) (2) Class A Common Stock 6,824 $0.0000 41,878 D
Explanation of Responses:
1. Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock.
2. These restricted stock units vest on the transaction date.
Elizabeth Wideman, Attorney-in-fact 06/20/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What coupon rate do Royal Bank of Canada (RY) Tesla-linked notes pay?

If conditions are met, the notes pay 3.75%-4.00% per quarter (15.00%-16.00% per year).

When can the RY notes be automatically called?

Beginning about six months after the 26 Jun 2025 trade date, any quarterly observation where TSLA closes at or above its initial level triggers an automatic call.

How much principal protection do the notes offer at maturity?

Full principal is returned only if TSLA’s final price is at least 50% of the initial level; below that, losses are 1:1 with TSLA’s decline.

What is the initial estimated value versus the $1,000 offering price?

RBC estimates the initial value at $890-$940, reflecting costs and margins, less than the public offering price.

Do investors benefit from any rise in Tesla’s stock above the initial level?

No. Investors receive coupons and at most return of par; no upside participation in additional TSLA appreciation.

What credit risk do holders face with these notes?

The notes are senior unsecured obligations of RBC; a deterioration in RY’s credit quality could impact payments and market value.
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