Registration
Statement No. 333-275898
Filed Pursuant to Rule 433
STEP Income Securities® Linked to the
Common Stock of Amazon.com, Inc.
| Issuer |
Royal Bank of Canada (“RBC”) |
| Principal Amount |
$10.00 per unit |
| Term |
Approximately one year and one week |
| Market Measure |
Common stock of Amazon.com, Inc. (the “Market Measure”) (Nasdaq symbol: “AMZN”) |
| Interest |
9.50% per year, payable quarterly |
| Payout Profile at Maturity |
· If
the Ending Value is greater than or equal to 109.50% of the Starting Value, a payment of [$0.10 to $0.50] per unit
· 1-to-1
downside exposure to decreases in the Market Measure, with 100% of your principal at risk |
| Step Level |
109.50% of the Starting Value of the Market Measure |
| Step Payment |
[$0.10 to $0.50] per unit, which represents a return of [1.00% to 5.00%] of the principal amount, to be determined on the pricing date |
| Threshold Value |
100% of the Starting Value |
| Preliminary Offering Documents |
https://www.sec.gov/Archives/edgar/data/1000275/000095010324016970/
dp221108_424b2-mlznv.htm |
| Exchange Listing |
No |
You should read the relevant Preliminary Offering Documents before
you invest. Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.
Risk Factors
Please see the Preliminary Offering Documents for a description of
certain risks related to this investment, including, but not limited to, the following:
| · | Depending on the performance of the Market Measure as measured shortly before
the maturity date, your investment may result in a loss; there is no guaranteed return of principal. |
| · | Your return on the notes may be less than the yield you could earn by owning
a conventional fixed or floating rate debt security of comparable maturity. |
| · | Payments on the notes are subject to our credit risk, and actual or perceived
changes in our creditworthiness are expected to affect the value of the notes. |
| · | You will not receive a Step Payment at maturity unless the Ending Value is
greater than or equal to the Step Level. |
| · | Your investment return is limited to the return represented by the periodic
interest payments over the term of the notes and the Step Payment, if any, and may be less than a comparable investment directly in the
Market Measure. |
| · | The initial estimated value of the notes is only an estimate, determined as
of a particular point in time by reference to our and our affiliates’ pricing models. |
| · | The public offering price you pay for the notes will exceed the initial estimated
value. |
| · | The initial estimated value does not represent a minimum or maximum price
at which we, MLPF&S, BofAS or any of our affiliates would be willing to purchase your notes in any secondary market (if any exists)
at any time. |
| · | A trading market is not expected to develop for the notes. |
| · | Our business, hedging and trading activities, and those of MLPF&S, BofAS
and our respective affiliates (including trades in the Market Measure), and any hedging and trading activities we, MLPF&S, BofAS or
our respective affiliates engage in for our clients’ accounts, may affect the market value and return of the notes and may create
conflicts of interest with you. |
| · | There may be potential conflicts of interest involving the calculation agent,
which is BofAS. |
| · | The Underlying Company will have no obligations relating to the notes, and
none of us, MLPF&S or BofAS will perform any due diligence procedures with respect to the Underlying Company in connection with this
offering. |
| · | You will have no rights of a holder of the Market Measure, and you will not
be entitled to receive shares of the Market Measure or dividends or other distributions by the Underlying Company. |
| · | While we, MLPF&S, BofAS or our respective affiliates may from time to
time own securities of the Underlying Company, we, MLPF&S, BofAS and our respective affiliates do not control the Underlying Company,
and have not verified any disclosure made by the Underlying Company. |
| · | The Redemption Amount will not be adjusted for all corporate events that could
affect the Underlying Stock. See “Description of the Notes—Anti-Dilution Adjustments” beginning on page PS-22 of product
supplement STEPS-1. |
| · | The U.S. federal income tax consequences of an investment in the notes are
uncertain. |
Final terms will be set on the pricing date
within the given range for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product
disclosure, including related risks and tax disclosure.
RBC has filed a registration
statement (including a product supplement, a prospectus supplement and a prospectus) with the SEC for the offering to which this document
relates. Before you invest, you should read those documents, and the other documents that RBC has filed with the SEC, for more complete
information about RBC and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, RBC, any agent, or any dealer participating in this offering will arrange to send you these documents if you so request
by calling toll-free 1-800-294-1322.