Filed Pursuant to Rule 433

Registration Statement No. 333-227001

May 31, 2020 RBC Small Cap US Tactical Equity Total Return Index Performance Factsheet Index Objectives: The RBC Small Cap US Tactical Equity Total Return Index is designed to meet or exceed riskadjusted returns relative to the benchmark by optimizing asset allocation between Small-Cap U.S. equities and cash. This dynamic asset allocation is implemented by observing bullish or bearish trends in Small-Cap U.S. equities, on a monthly basis, to determine the exposure until the next monthly observation. Index Ticker Symbols: Bloomberg: RBCESTUT Index Thomson Reuters: .RBCESTUT Index Launch Date: February 18, 2019 Index Base Date: October 31, 2007 Asset Class: Equity Fixed Income (Cash) Allocations: E-mini Russell 2000 Futures contract Federal Funds Rate Last Allocation Date: Benchmark: Russell 2000 Total Return Index Bloomberg: RU20INTR Index Thomson Reuters: .RUTTR 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 Small-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 100 daily moving average (100 DMA) of the iShares Russell 2000 ETF (Bloomberg: IWM US Equity; the ETF). The Index obtains exposure to Small-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 100 DMA (a bullish trend), the Index will allocate to equity via the E-mini Russell 2000 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). Performance1, 2 – Total Return (USD) 20 60 100 140 180 220 260 300 Oct 07 Mar 09 Aug 10 Jan 12 May 13 Oct 14 Mar 16 Jul 17 Dec 18 May 20 Return (%) 2 Return p.a. (%) YoY Return (%) Index (USD) 1M 3M YTD 1Y 3Y 5Y Base ’15 ’16 ’17 ’18 ’19 Index (I) 0.0 -31.5 -39.4 -37.5 -13.0 -4.5 3.0 3.0 21.9 11.7 0.6 -1.3 Benchmark (B) 6.5 -5.2 -15.9 -3.4 2.0 3.7 5.7 -4.4 21.3 14.6 -11.0 25.5 Variation (I) - (B) -6.5 -26.3 -23.4 -34.1 -15.0 -8.3 -2.7 7.4 0.5 -3.0 11.6 -26.8 Volatility p.a. (%) 3 Sharpe Ratio4 12 Month Return Worst Drawdown Beta Index (USD) 1Y 5Y Base 1Y 5Y Base Best Worst (%) DUW5 1Y 5Y Index (I) 29.1 17.4 17.4 -1.26 -0.25 0.22 61.6 -43.3 -45.0 21 0.55 0.55 Benchmark (B) 40.1 23.3 26.6 0.04 0.22 0.33 97.9 -48.0 -57.7 38 1.00 1.00 Variation (I) - (B) -11.1 -6.0 -9.2 -1.30 -0.48 -0.11 -36.3 4.8 12.7 -17 - - 1 Daily data from October 31, 2007 to May 31, 2020. 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

May 31, 2020 Allocation History1 (over last 12 months) Determination Date Allocation Date Russell 2000 Futures Cash Index Performance * Benchmark Performance * May 11, 2020 May 13, 2020 0% 100% TBD** TBD** April 13, 2020 April 15, 2020 0% 100% 0.0% 4.2% March 16, 2020 March 18, 2020 0% 100% 0.0% 19.6% February 14, 2020 February 19, 2020 100% 0% -40.3% -41.3% January 13, 2020 January 15, 2020 100% 0% 0.6% 0.7% December 16, 2019 December 18, 2019 100% 0% 1.1% 1.4% November 11, 2019 November 13, 2019 100% 0% 4.6% 4.7% October 14, 2019 October 16, 2019 0% 100% 0.1% 4.3% September 16, 2019 September 18, 2019 100% 0% -2.9% -2.6% August 12, 2019 August 14, 2019 0% 100% 0.2% 7.0% July 15, 2019 July 17, 2019 100% 0% -5.2% -5.3% June 17, 2019 June 19, 2019 0% 100% 0.2% -0.2% 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 (June 17, 2020)  Allocation Snapshot (as of May 31, 2020) $195 $175$155 $135 $115 $95 $75 May 16 Nov 16 May 17 Nov 17 May 18 Nov 18 May 19 Nov 19 May 20  IWM Price Characteristics As of Last Determination Date (May 11, 2020) Indicator Closing Level Tactical Trigger Small-Cap U.S. (IWM) 131.70 7.9% BELOW 100 DMA As of Month End (May 31, 2020) Indicator Closing Level Distance from DMA Small-Cap U.S. (IWM) 138.90 0.1% Date Last Next Determination May 11, 2020 June 15, 2020 Allocation May 13, 2020 June 17, 2020 Monthly Returns (%, as of May 31, 2020) Index Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2020 -3.2% -8.5% -31.5% 0.0% 0.0% -39.4% 2019 0.2% 2.3% -2.1% 3.5% -7.8% 6.3% 1.8% -6.7% -2.8% 0.1% 2.1% 2.7% -1.3% 2018 2.7% -3.4% -3.5% 1.0% 6.0% 0.7% 1.7% 4.2% -2.4% -6.1% 0.2% 0.2% 0.6% 2017 0.2% 1.9% 0.1% -1.3% 1.2% 3.4% 0.8% -2.9% 4.8% 0.8% 2.9% -0.7% 11.7% 2016 0.0% 0.0% 0.0% 0.0% 2.3% 0.0% 6.1% 1.8% 1.2% -4.7% 11.2% 2.7% 21.9% 2015 -1.1% 6.1% 1.8% -2.6% 2.3% 0.9% -1.2% -3.0% 0.0% 0.0% 0.0% 0.0% 3.0% 2014 -2.8% 4.8% -0.6% -3.9% 0.0% 0.9% -6.2% 2.1% 0.0% 0.0% 1.2% 0.3% -4.5% Benchmark Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2020 -3.2% -8.4% -21.7% 13.7% 6.5% -15.9% 2019 11.2% 5.2% -2.1% 3.4% -7.8% 7.1% 0.6% -4.9% 2.1% 2.6% 4.1% 2.9% 25.5% 2018 2.6% -3.9% 1.3% 0.9% 6.1% 0.7% 1.7% 4.3% -2.4% -10.9% 1.6% -11.9% -11.0% 2017 0.4% 1.9% 0.1% 1.1% -2.0% 3.5% 0.7% -1.3% 6.2% 0.9% 2.9% -0.4% 14.6% 2016 -8.8% 0.0% 8.0% 1.6% 2.3% -0.1% 6.0% 1.8% 1.1% -4.8% 11.2% 2.8% 21.3% 2015 -3.2% 5.9% 1.7% -2.6% 2.3% 0.7% -1.2% -6.3% -4.9% 5.6% 3.3% -5.0% -4.4% 2014 -2.8% 4.7% -0.7% -3.9% 0.8% 5.3% -6.1% 5.0% -6.0% 6.6% 0.1% 2.8% 4.9% Page 2 of 4

May 31, 2020 Summary of Index Methodology: RBC Small Cap US Tactical Equity Total Return Index Tactical Trigger – Determined 2 Trading Days Before Allocation 100-day Moving Average iShares Russell 2000 ETF (IWM) Monthly Allocation – Is Tactical Trigger Bullish or Bearish? Bullish Tactical Trigger iShares Russell 2000 ETF Spot above the Tactical Trigger E-mini Russell 2000 Future + Federal Funds Rate OR Federal Funds Rate Bearish Tactical Trigger iShares Russell 2000 ETF Spot below the Tactical Trigger Page 3 of 4

May 31, 2020 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 presentation should not be distributed to or shown to anyone other than the intended audience. 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. 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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 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. For example, not all of the futures contracts and ETFs upon which the Index is based existed 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.comPage 4 of 4