Filed Pursuant to Rule 433
Registration Statement No. 333-227001

ACCELERATED RETURN NOTES® (ARNs®)

Accelerated Return Notes® Linked to the S&P 500® Index
Issuer
 
Royal Bank of Canada (“RBC”)
Principal Amount
 
$10.00 per unit
Term
 
Approximately two years
Market Measure
 
S&P 500® Index (Bloomberg symbol: SPX)
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 100% of your investment at risk
Capped Value
 
[$11.05 to $11.45] per unit, a [10.50% to 14.50%] return over the principal amount, to be determined on the pricing date.
Investment
Considerations
 
This investment is designed for investors who anticipate that the Market Measure will increase moderately over the term of the notes, and are willing to accept a capped return, take full downside risk and forgo interim interest payments.
Starting Value
 
 
The lowest closing level of the Market Measure on any Market Measure Business Day during the Starting Value Determination Period
Starting Value
Determination
Period
 
The period from and including the pricing date to and including the day that is approximately one month following the pricing date.
Preliminary
Offering
Documents
 
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 stocks included in 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 the securities represented 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 Starting Value will be determined after the pricing date of the notes.
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%
4.17%
$11.25(1)
12.50%
10.00%
$11.25
12.50%
20.00%
$11.25
12.50%
30.00%
$11.25
12.50%
40.00%
$11.25
12.50%
50.00%
$11.25
12.50%
60.00%
$11.25
12.50%

(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.


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