Filed Pursuant to Rule 433
Registration Statement No. 333-227001
February 28, 2021 RBC Large Cap US Tactical Equity Total Return Index Performance Factsheet Index Objectives: The RBC Large Cap US Tactical Equity Total Return Index is designed to meet or exceed riskadjusted returns relative to the benchmark by optimizing asset allocation between Large-Cap U.S.
equities and cash. This dynamic asset allocation is implemented by observing bullish or bearish trends in Large-Cap U.S. equities, on a monthly basis, to determine the exposure until the next monthly observation. Index Ticker Symbols: Bloomberg: RBCELTUT Index Thomson Reuters: .RBCELTUT Index Launch Date: February 18, 2019 Index
Base Date: October 31, 2007 Asset Class: EquityFixed Income (Cash) Allocations: E-mini S&P 500 Futures contract
Federal Funds Rate Last Allocation Date: Benchmark: S&P 500 Total Return Index Bloomberg:
SPXT Index Thomson Reuters: .SPXT Liquidity: The Index tracks equity futures and cash. The
tracked futures contract averages significantly in excess of $1bn in daily trading volume. Availability: Investors cannot invest directly in the Index. The Index can be used as an underlying for various investment vehicles to provide exposure to investors. Index Description The Index provides exposure to either Large-Cap U.S. equities or cash (the Federal Funds rate). This allocation determination is based on monthly
observations of a pre-defined Tactical Trigger: the 200 daily moving average (200 DMA) of the SPDR S&P 500 ETF Trust (Bloomberg: SPY US Equity; the ETF). The Index obtains exposure to Large-Cap U.S. equities by tracking the performance of
the futures contract. On the specified monthly determination date, if the ETF is at or above its 200 DMA (abullish trend), the Index will allocate to equity via the E-mini S&P 500 futures contract plus the Federal Funds rate (to replicate
the total return) or only to the Federal Funds rate if the ETF is below its relevant 200 DMA (a bearish trend). Performance1, 2 – Total Return (USD) Index
(USD) 1M 3M YTD 1Y 3Y 5Y Base ’16 ’17 ’18 ’19 ’20 Index (I) 2.8 5.4 1.6 0.9 4.2 9.4 8.2 12.4 21.1 6.7 16.7 -9.1 Benchmark (B) 2.8 5.6
1.7 31.3 14.1 16.8 9.3 12.0 21.8 -4.4 31.5 18.4 Variation (I) - (B) 0.1 -0.3 -0.1 -30.4 -9.9 -7.5 -1.1 0.4 -0.7 11.1 -14.8 -27.5 Index (USD) 1Y 5Y Base 1Y 5Y Base Best
Worst (%) DUW5 1Y 5Y Index (I) 25.7 15.4 13.5 0.15 0.61 0.62 35.8 -19.8 -30.9 12 0.60 0.65 Benchmark (B) 34.4
19.2 21.1 1.10 0.91 0.52 72.3 -47.5 -54.8 53 1.00 1.00 Variation (I) - (B) -8.7 -3.8 -7.6 -0.95 -0.30 0.10 -36.5 27.7 23.9 -40 - - 1 Daily data from October
31, 2007 to February 28, 2021. Index re-based to 100 on October 31, 2007. Please see the final page for important information about the presentation of the performance information set forth in this document 2
Source: Solactive AG, Bloomberg, RBC Capital Markets 3 Based on daily returns, annualized with a 252-day factor 4 Based on the average of daily excess
returns against Fed Funds, annualized with a 252-day factor 5 Duration Under Water: number of months taken by the Index and the Benchmark to increase back to their respective previous highest level
after a market decline Page 1 of 4
February 28, 2021 Allocation History1 (over last 12 months) February 12, 2021 February 17, 2021 100% 0% TBD** TBD** January 11, 2021 January 13, 2021 100% 0% 3.3% 3.3% December 14, 2020 December 16, 2020 100% 0% 3.0% 3.0% November 16, 2020 November 18, 2020 100% 0% 3.8% 3.9% October 12,
2020 October 14, 2020 100% 0% 2.4% 2.4% September 14, 2020 September 16, 2020 100% 0% 3.0% 3.2% August 17, 2020 August 19, 2020 100% 0% 0.5% 0.5% July 13, 2020 July 15, 2020 100% 0% 4.8% 4.8% June 15, 2020 June 17, 2020 100% 0% 3.6% 3.8% May
11, 2020 May 13, 2020 0% 100% 0.0% 10.7% April 13, 2020 April 15, 2020 0% 100% 0.0% 1.4% March 16, 2020 March 18, 2020 0% 100% 0.0% 16.2% 1 Determination Date was two business days prior to Allocation Date * Performances between current and next Allocation Date; ** To be determined on the
next Allocation Date (March 17, 2021) Allocation Snapshot (as of February 28, 2021) Characteristics Snapshot As of Last Determination Date (February 12, 2021) Large-Cap U.S. (SPY) 392.64 15.6% ABOVE 200 DMA As of Month End (February 28, 2021) Large-Cap U.S. (SPY) 380.36 10.5% Date Last Next Determination February 12, 2021 March 15, 2021 Allocation February 17, 2021 March 17, 2021
Current Allocation 100% Equity (as of February 17, 2021) Feb 17 Aug 17 Feb 18 Aug 18 Feb 19 Aug 19
Feb 20 Aug 20 Feb 21 Monthly Returns (%, as of February 28, 2021) Index 2021
-1.2% 2.8% 1.6% 2020
-0.1% -8.4% -18.1% 0.0% 0.0% -0.5% 5.6% 7.2% -3.9% -2.6% 11.0% 3.7% -9.1% 2019 0.2% 0.2% 0.8% 4.1% -6.5% 7.0% 1.5% -1.8% 1.9% 2.1% 3.7% 2.8% 16.7% 2018 5.7% -3.8% -2.7% 0.3% 2.4% 0.6% 3.7% 3.2%
0.6% -3.3% 0.2% 0.2% 6.7% 2017 1.8% 3.9% 0.1% 1.0% 1.4% 0.6% 2.0% 0.2% 2.0% 2.4% 3.0% 1.1% 21.1% 2016 0.0% 0.0% 1.7% 0.4% 1.8% 0.2% 3.8% 0.1% -0.1% -1.8% 3.7% 2.0% 12.4% 2015 -3.1% 5.8% -1.6% 0.9% 1.3% -2.0% 2.2% -6.1% 1.5% 0.0% 0.0% 0.0% -1.8% Benchmark 2021 -1.0% 2.8% 1.7% 2020 0.0% -8.2% -12.4%
12.8% 4.8% 2.0% 5.6% 7.2% -3.8% -2.7% 10.9% 3.8% 18.4% 2019 8.0% 3.2% 1.9% 4.0% -6.4% 7.0% 1.4% -1.6% 1.9% 2.2% 3.6% 3.0% 31.5% 2018 5.7% -3.7% -2.5% 0.4% 2.4% 0.6% 3.7% 3.3% 0.6% -6.8% 2.0% -9.0% -4.4% 2017 1.9% 4.0% 0.1% 1.0% 1.4% 0.6% 2.1% 0.3% 2.1% 2.3% 3.1% 1.1%
21.8% 2016 -5.0%
-0.1% 6.8% 0.4% 1.8% 0.3% 3.7% 0.1% 0.0% -1.8% 3.7% 2.0% 12.0% 2015 -3.0% 5.7% -1.6% 1.0% 1.3% -1.9% 2.1% -6.0% -2.5% 8.4% 0.3% -1.6% 1.4% Page 2 of 4
February 28, 2021 Summary of Index Methodology: RBC Large Cap US
Tactical Equity Total Return Index Tactical Trigger – Determined 2 Trading Days Before Allocation 200-day Moving Average SPDR S&P 500 ETF Trust (SPY) Monthly
Allocation – Is Tactical Trigger Bullish or Bearish? Bullish Tactical Trigge SPDR S&P 500 ETF Spot above the Tactical Trigger E-mini S&P 500 Future + Federal Funds Rate OR Federal
Funds Rate Bearish Tactical TriggernSPDR S&P 500 ETF Spot below the Tactical Trigger Page 3 of 4
February 28, 2021 This communication has been generated by employees of RBC Capital Markets’ Global Equity Linked Products, and is not a research report or a product of RBC Capital Markets’ Research Department. This document is for
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any related supplements if you so request by calling tollfree at 1-877-688-2301. ® Registered trademark of Royal Bank of Canada. Used under license. All rights reserved. Important Information About the Historical Performance of the Index The Index was launched on
February 18, 2019. Accordingly, all of the information about the performance of the Index prior to that date is based on hypothetical back-tested information. The hypothetical performance of the Index is based on criteria that have been applied
retroactively with the benefit of hindsight; these criteria cannot account for all financial risk that may affect the actual performance of the Index in the future. The future performance of the Index may vary significantly from the
hypothetical performance data in this document. In addition, please note that the back-tested performance of the Index set forth in this document does not reflect the deduction of any fees and charges that would be applicable to a financial
instrument that references the Index. For the full Index methodology, please visit the following link: www.solactive.com Page 4 of 4