Form FWP ROYAL BANK OF CANADA Filed by: ROYAL BANK OF CANADA
Filed Pursuant to Rule 433
Registration Statement No. 333-227001
Index (USD) Volatility p.a. (%) 31Y 5Y Base Sharpe Ratio41Y 5Y Base 12 Month ReturnBest
Worst Worst Drawdown(%) DUW5 Beta1Y 5Y Index (I)Benchmark (B) 17.418.0 18.516.2 17.220.5 2.143.53 0.290.76 0.210.18 82.8 -36.8113.5 -61.3 -36.9-65.2 38117 0.591.00 0.681.00 Variation (I) -
(B) -0.6 2.3 -3.3 -1.39 -0.47 0.03 -30.6 24.6 28.4 -78 - - Index (USD) Return (%) 21M 3M YTD 1Y Return p.a. (%)3Y 5Y Base ’16 YoY Return (%)’17 ’18 ’19 ’20 Index (I)Benchmark
(B) -0.7-1.5 3.12.3 3.12.3 35.558.4 -2.66.5 4.912.1 2.82.3 5.811.2 31.437.3 3.5-14.6 -2.018.4 -9.718.3 Variation (I) - (B) 0.8 0.9 0.9 -22.9 -9.2 -7.2 0.6 -5.4 -5.9 18.1 -20.5 -28.0 Index Description The Index
provides exposure to either Emerging Markets equities or cash (the Federal Funds rate). This allocation determination is based on monthly observations of a pre- defined Tactical Trigger: the 100 daily moving average (100 DMA) of the iShares
MSCI Emerging Markets ETF (Bloomberg: EEM US Equity; the ETF). The Index obtains exposure to Emerging Markets equities by tracking the performance of the futures contract.On the specified monthly determination date, if the ETF is at or
above its 100 DMA (a bullish trend), the Index will allocate to equity via the MSCI Emerging Markets 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 100 DMA (a bearish trend). Index Objectives:The RBC Emerging Market Tactical Equity Total Return Index is designed to meet or exceed risk- adjusted returns relative to the benchmark by optimizing asset allocation between Emerging
Markets equities and cash. This dynamic asset allocation is implemented by observing bullish or bearish trends in Emerging Markets equities, on a monthly basis, to determine the exposure until the next monthly observation. Index Ticker
Symbols: Bloomberg: RBCEETUT Index Thomson Reuters: .RBCEETUT Index Launch Date:February 18, 2019 Index Base Date:October 31, 2007 Asset Class:EquityFixed Income (Cash) Allocations:MSCI Emerging Markets Futures contract Federal Funds
Rate Last Allocation Date:March 17, 2021Benchmark:MSCI EM Net Total Return USD Index Bloomberg: M1EF IndexThomson Reuters: .MIEF00000NUSLiquidity: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. RBC Emerging Market Tactical
Equity Total Return IndexPerformance Factsheet Performance1, 2 – Total Return (USD) 1 Daily data from October 31, 2007 to March 31, 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 document2 Source: Solactive AG, Bloomberg, RBC Capital Markets3 Based on daily returns, annualized with a 252-day factor4 Based on the average of daily excess returns
against Fed Funds, annualized with a 252-day factor5 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 March 31,
2021 20 1 60 100 140 180 Oct 07 Apr 09 Oct 10 Apr 12 Oct 13 Apr 15 Sep 16 Mar 18 Sep 19 Mar 21 Index Benchmark
$20Mar 17 Sep 17 Mar 18 Sep 18 Mar 19 Sep 19 Mar 20 Sep 20 Mar 21Monthly Returns (%, as of March 31,
2021) $25 $50$45$40$35$30 $55 $60 EEM Price Determination Date Allocation Date MSCI Emerging Markets Futures Cash Index Performance * Benchmark Performance * March 15, 2021 March 17, 2021 100% 0% TBD** TBD** February 12,
2021 February 17, 2021 100% 0% -6.2% -6.9% January 11, 2021 January 13, 2021 100% 0% 6.0% 6.0% December 14, 2020 December 16, 2020 100% 0% 7.8% 8.1% November 16, 2020 November 18, 2020 100% 0% 5.2% 4.7% October 12,
2020 October 14, 2020 100% 0% 6.5% 6.4% September 14, 2020 September 16, 2020 100% 0% 1.6% 1.8% August 17, 2020 August 19, 2020 100% 0% 2.0% 1.7% July 13, 2020 July 15, 2020 100% 0% 2.6% 3.3% June 15, 2020 June 17,
2020 100% 0% 8.1% 7.8% May 11, 2020 May 13, 2020 0% 100% 0.0% 9.7% April 13, 2020 April 15, 2020 0% 100% 0.0% 2.5% Allocation History1 (over last 12 months) 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 (April 14, 2021)Allocation Snapshot (as of March 31, 2021) Characteristics Snapshot March 31,
2021 Index Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2021 2.9% 0.9% -0.7% 3.1% 2020 -6.1% -3.8% -23.8% 0.0% 0.0% 0.1% 8.5% 2.9% -0.8% 1.2% 9.1% 7.3% -9.7% 2019 0.2% 1.0% 1.2% 2.4% -6.1% 0.2% -2.2% -7.4% -2.0% 4.1% -0.2% 7.7% -2.0% 2018 8.2% -5.8% 0.4% -0.2% 0.1% 0.1% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 3.5% 2017 2.4% 1.8% 3.4% 1.9% 2.6% 1.0% 5.7% 2.1% 0.1% 3.3% -0.3% 3.7% 31.4% 2016 0.0% 0.0% 3.4% 0.6% -3.9% 4.4% 5.6% 0.8% 2.9% -1.0% -6.7% 0.0% 5.8% 2015 0.0% 0.3% -1.4% -0.7% -4.0% -2.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -8.0% Benchmark Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2021 3.1% 0.8% -1.5% 2.3% 2020 -4.7% -5.3% -15.4% 9.2% 0.8% 7.4% 8.9% 2.2% -1.6% 2.1% 9.2% 7.4% 18.3% 2019 8.8% 0.2% 0.8% 2.1% -7.3% 6.2% -1.2% -4.9% 1.9% 4.2% -0.1% 7.5% 18.4% 2018 8.3% -4.6% -2.0% -0.3% -3.5% -4.2% 2.2% -2.7% -0.5% -8.7% 4.1% -2.6% -14.6% 2017 5.5% 3.1% 2.5% 2.2% 3.0% 1.0% 6.0% 2.2% -0.4% 3.5% 0.2% 3.6% 37.3% 2016 -6.5% -0.2% 13.2% 0.5% -3.7% 4.0% 5.0% 2.5% 1.3% 0.2% -4.6% 0.2% 11.2% 2015 0.6% 3.1% -1.4% 7.7% -4.0% -2.6% -6.9% -9.0% -3.0% 7.1% -3.9% -2.2% -14.9% DateDetermination LastMarch
15, 2021 NextApril 12, 2021 Allocation March 17, 2021 April 14, 2021 100 DMAiShares MSCI Emerging Market ETF (EEM) Current Allocation100% Equity(as of March 17, 2021) As of Last Determination Date (March 15,
2021) Indicator Closing Level Tactical Trigger Emerging Market (EEM) 54.12 4.3% ABOVE 100 DMA As of Month End (March 31, 2021) Indicator Closing Level Distance from DMA Emerging Market (EEM) 53.34 1.0% 2
Summary of Index Methodology: March 31, 2021 RBC Emerging Market Tactical Equity Total Return
Index Tactical Trigger – Determined 2 Trading Days Before Allocation100-day Moving Average iShares MSCI EM ETF (EEM) Bearish Tactical Trigger iShares MSCI EM ETF Spot below the Tactical Trigger Monthly Allocation – Is
Tactical Trigger Bullish or Bearish?Bullish Tactical Trigger iShares MSCI EM ETF Spot above the Tactical TriggerMSCI EM Future+Federal Funds RateORFederal Funds Rate 3
March 31, 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 informational purposes only and is not intended to set forth a final expression of the terms and conditions of any
offering, and may be amended, superseded or replaced in its entirety by subsequent summaries. When making an investment decision, any prospective investor should rely solely on the relevant transaction documentation, which will contain the
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Financial Conduct Authority and Prudential Regulation Authority.)Royal Bank of Canada has filed a registration statement (including a prospectus) with the SEC for the offerings to which this document relates. Before you invest, you should
read those documents and the other documents relating to these offerings that Royal Bank of Canada has filed with the SEC for more complete information about us and these offerings. You may obtain these documents without cost by visiting
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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 IndexThe 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. For example, the futures contracts and ETF upon which the Index is based did not exist during all the periods shown; accordingly, we have used other related financial assets for those periods, when needed. 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 4