# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0001140361-23-005213
**Filing Date:** 2023-2
**Character Count:** 13606
**Document Hash:** 0a6a9024bfd2cc3f72b790ea7fc8ddbb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-005213.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001140361-23-005213

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYAL BANK OF CANADA
- **CENTRAL INDEX KEY:** 0001000275
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **IRS NUMBER:** 135357855
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-259205
- **FILM NUMBER:** 23598973

**BUSINESS ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J2J5
- **BUSINESS PHONE:** 212-437-9267

**MAIL ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J2J5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYAL BANK OF CANADA \
- **DATE OF NAME CHANGE:** 19950908
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYAL BANK OF CANADA
- **CENTRAL INDEX KEY:** 0001000275
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **IRS NUMBER:** 135357855
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J2J5
- **BUSINESS PHONE:** 212-437-9267

**MAIL ADDRESS:**
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5J2J5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYAL BANK OF CANADA \
- **DATE OF NAME CHANGE:** 19950908

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#### Filed Pursuant to Rule 433
Registration Statement No. 333-259205

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Index (USD) Volatility p.a. (%) 3 1Y 5Y Base Sharpe Ratio4 1Y 5Y Base 12 Month Return Best Worst Worst Drawdown (%) DUW5 Beta 1Y 5Y Index (I) Benchmark (B) 5.8 15.7 24.1 22.0 13.1 20.9 0.85 -0.24 0.41 0.49 0.67 0.49 43.6 -19.8 77.8 -47.5 -30.9 -54.8 16 53 0.06 1.00 0.51 1.00 Variation (I) - (B) -18.3 -6.4 -7.8 1.08 -0.08 0.18 -34.2 27.7 23.9 -36 - - Index (USD) Return (%) 2 1M 3M YTD Return p.a. (%) 1Y 3Y 5Y Base YoY Return (%) '18 '19 '20 '21 '22 Index (I) Benchmark (B) 4.1 4.7 4.1 6.3 5.8 6.3 5.0 5.1 6.4 8.7 -8.2 9.9 9.5 8.7 6.7 16.7 -9.1 28.2 -4.5 -4.4 31.5 18.4 28.7 -18.1 Variation (I) - (B) -2.2 -1.0 -2.2 13.2 -4.8 -3.1 0.0 11.1 -14.8 -27.5 -0.5 13.6 Index Objectives: The RBC Large Cap US Tactical Equity Total Return Index is designed to meet or exceed risk- adjusted 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: Equity Fixed Income (Cash) Allocations: E-mini S&P 500 Futures contract Federal Funds Rate 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 Large Cap US Tactical Equity Total Return Index Performance Factsheet Performance1, 2 – Total Return (USD) 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 (a bullish 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). January 31, 2023 Last Allocation Date: January 18, 2023 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. 1 Daily data from October 31, 2007 to January 31, 2023. 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 460 420 380 340 300 260 220 180 140 100 60 20 Page 3 of 4 Oct 07 Jul 09 Mar 11 Nov 12 Jul 14 Apr 16 Dec 17 Aug 19 Apr 21 Jan 23 Index Benchmark

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$200 $250 $300 SPY Price Allocation History1 (over last 12 months) Index Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2023 4.1% 4.1% 2022 -5.3% -0.8% 0.0% 0.0% 0.1% 0.1% 0.1% 0.2% 0.2% 0.3% 0.3% 0.3% -4.5% 2021 -1.2% 2.8% 4.4% 5.2% 0.7% 2.3% 2.4% 3.0% -4.7% 7.0% -0.7% 4.4% 28.2% 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% As of Last Determination Date (January 13, 2023) Indicator Closing Level Tactical Trigger Large-Cap U.S. (SPY) 398.50 0.3% ABOVE 200 DMA Benchmark Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2023 6.3% 6.3% 2022 -5.2% -3.0% 3.7% -8.7% 0.2% -8.3% 9.2% -4.1% -9.2% 8.1% 5.6% -5.8% -18.1% 2021 -1.0% 2.8% 4.4% 5.3% 0.7% 2.3% 2.4% 3.0% -4.7% 7.0% -0.7% 4.5% 28.7% 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% As of Month End (January 31, 2023) Indicator Closing Level Distance from DMA Large-Cap U.S. (SPY) 406.48 3.0% Date Determination Last January 13, 2023 Next February 13, 2023 Allocation January 18, 2023 February 15, 2023 January 31, 2023 Determination Date Allocation Date E-mini S&P 500 Futures Cash Index Performance \* Benchmark Performance \* January 13, 2023 January 18, 2023 100% 0% TBD\*\* TBD\*\* December 12, 2022 December 14, 2022 0% 100% 0.4% -1.5% November 14, 2022 November 16, 2022 0% 100% 0.3% 1.1% October 17, 2022 October 19, 2022 0% 100% 0.3% 7.3% September 12, 2022 September 14, 2022 0% 100% 0.3% -6.2% August 15, 2022 August 17, 2022 0% 100% 0.2% -7.5% July 11, 2022 July 13, 2022 0% 100% 0.2% 12.6% June 13, 2022 June 15, 2022 0% 100% 0.1% 0.4% May 16, 2022 May 18, 2022 0% 100% 0.1% -3.3% April 11, 2022 April 13, 2022 0% 100% 0.0% -11.6% March 14, 2022 March 16, 2022 0% 100% 0.0% 2.1% February 14, 2022 February 16, 2022 0% 100% 0.0% -2.5% 200 DMA SPDR S&P 500 ETF Trust (SPY) Current Allocation 100% Equity (as of January 18, 2023) 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 (February 15, 2023) Allocation Snapshot (as of January 31, 2023) Characteristics Snapshot $500 $450 $400 $350 $150 Jan 19 Jul 19 Jan 20 Jul 20 Jan 21 Jul 21 Jan 22 Jul 22 Jan 23 Monthly Returns (%, as of January 31, 2023) Page 3 of 4

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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) Bearish Tactical Trigger SPDR S&P 500 ETF Spot below the Tactical Trigger Monthly Allocation – Is Tactical Trigger Bullish or Bearish? Bullish Tactical Trigger SPDR S&P 500 ETF Spot above the Tactical Trigger E-mini S&P 500 Future + Federal Funds Rate OR Federal Funds Rate January 31, 2023 Page 3 of 4

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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 final terms and conditions of the transaction. The information contained herein has been compiled from sources believed to be reliable by RBC Capital Markets or any of its businesses. Neither RBC Capital Markets nor any of its businesses or representatives has undertaken any independent review or due diligence of such sources. This document shall not constitute a commitment or recommendation to enter into any transaction by any RBC entity. All information, terms and pricing set forth herein is indicative and subject to change without notice. Any opinions expressed herein reflect our judgment at the date and time hereof and are subject to change without notice. The information contained in this document has been internally developed or taken from trade and statistical services and other sources which we deem reliable. Transactions of the type described herein may involve a high degree of risk and the value of such investments may be highly volatile. Such risks may include, without limitation, risk of adverse or unanticipated market developments, risk of issuer default and risk of illiquidity. In certain transactions, counterparties may lose their entire investment or incur an unlimited loss. This brief statement does not purport to identify or suggest all the risks (directly or indirectly) and other significant aspects in connection with transactions of the type described herein, and investors should ensure that they fully understand the terms of the transaction, including the relevant risk factors and any legal, tax, regulatory or accounting considerations applicable to them, prior to transacting. No representation is made concerning the legal, tax, regulatory or accounting implications in any applicable jurisdiction, and we are not advising you in respect of such matters. Accordingly you must independently determine, with your own advisors, the appropriateness for you of the transaction before transacting. RBC is acting solely in the capacity of an arm's length contractual counterparty and not in the capacity of your financial adviser or fiduciary. RBC Capital Markets is the global brand name for the capital markets business of Royal Bank of Canada and its affiliates, including RBC Capital Markets, LLC (member FINRA, NYSE and SIPC); RBC Dominion Securities Inc. (member IIROC and CIPF); Royal Bank of Canada - Sydney Branch (ABN 86 076 940 880); RBC Capital Markets (Hong Kong) Limited (regulated by the Securities and Futures Commission of Hong Kong and the Hong Kong Monetary Authority) and RBC Europe Limited (authorized by the Prudential Regulation Authority and regulated by the 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 EDGAR on the SEC website at www.sec.gov. Alternatively, Royal Bank of Canada, any agent or any dealer participating in this offering will arrange to send you the prospectus and any related supplements if you so request by calling toll- free 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 January 31, 2023 Page 3 of 4

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