Accelerated Return Notes^® (ARNs^®)

Accelerated Return Notes^® Linked to the Energy Select Sector SPDR^® Fund

	Issuer		Royal Bank of Canada (“RBC”)
	Principal Amount		$10.00 per unit
	Term		Approximately 14 months
	Market Measure		Energy Select Sector SPDR Fund (Bloomberg symbol: "XLE")
	Payout Profile at Maturity		• 3-to-1 upside exposure to increases in the Market Measure, subject to the Capped Value • 1-to-1 downside exposure to decreases in the Market Measure, with up to 100% of your investment at risk
	Capped Value		[$11.90 to $12.30] per unit, a [19.00% to 23.00%] return over the principal amount, to be determined on the pricing date.
	Interest Payments		None.
	Preliminary Offering Documents		https://www.sec.gov/Archives/edgar/data/1000275/000114036124016055/ef20024933_424b2.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.

•	Payments on the notes, including repayment of principal, are subject to the credit risk of RBC. If RBC becomes insolvent or is unable to pay its obligations, you may lose your entire investment.

•	Your investment return is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the Market Measure, or the securities held by the Market Measure.

•	The initial estimated value of the notes on the pricing date will be less than their public offering price.

•	If you attempt to sell the notes prior to maturity, their market value may be lower than both the public offering price and the initial estimated value of the notes on the pricing date.

•	You will have no rights of a holder of shares of the Market Measure or the securities held by the Market Measure, and you will not be entitled to receive securities or dividends or other distributions by the issuers of those securities.

•	The investment adviser of the Market Measure may adjust the Market Measure in a way that could adversely affect the value of the notes and the amount payable on the notes, and the adviser has no obligation to consider your interests.

•	There are liquidity and management risks associated with the Market Measure.

•

The performance of the Market Measure may not correlate with the performance of the securities held by the Market Measure as well as the net asset value per share of the Market Measure, especially during periods of market volatility when the liquidity and the market price of shares of the Market Measure and/or the securities held by the Market Measure may be adversely affected, sometimes materially.

•	The payments on the notes will not be adjusted for all corporate events that could affect the Market Measure.

•	The securities held by the Underlying Fund are concentrated in one sector.

•	A limited number of securities held by the Underlying Fund may affect the value of the Market Measure, and the Market Measure is not necessarily representative of the energy sector.

•	The stocks of companies in the energy sector are subject to swift price fluctuations.

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.

The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)). The graph and table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.

Hypothetical Percentage Change from the Starting Value to the Ending Value	Hypothetical Redemption Amount per Unit	Hypothetical Total Rate of Return on the Notes
-100.00%	$0.00	-100.00%
-50.00%	$5.00	-50.00%
-20.00%	$8.00	-20.00%
-10.00%	$9.00	-10.00%
-6.00%	$9.40	-6.00%
-3.00%	$9.70	-3.00%
0.00%	$10.00	0.00%
2.00%	$10.60	6.00%
3.00%	$10.90	9.00%
5.00%	$11.50	15.00%
7.00%	$12.10⁽¹⁾	21.00%
10.00%	$12.10	21.00%
20.00%	$12.10	21.00%
30.00%	$12.10	21.00%
40.00%	$12.10	21.00%
50.00%	$12.10	21.00%
60.00%	$12.10	21.00%

(1)	The Redemption Amount per unit cannot exceed the hypothetical Capped Value.

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 we have filed with the SEC, for more complete information about us 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 MLPF&S toll-free at 1-800-294-1322.