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).  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 IndexThomson Reuters: .RBCELTUTIndex Launch Date:February 18, 2019Index Base Date:October 31, 2007Asset Class: EquityFixed Income (Cash)Allocations: E-mini S&P 500 Futures contractFederal Funds RateLast Rebalancing Date:December 19, 2018Benchmark:S&P 500 Total Return Index Bloomberg: SPXT Index Thomson Reuters: .SPXTLiquidity:The Index tracks equity futures and cash. The tracked futures contract averages significantly in excess of $1bn in daily trading volume.Availability: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 IndexPerformance Factsheet   Performance1, 2 – Total Return (USD)  Index Description  1  1 Daily data from October 31, 2007 to April 30, 2019. 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 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    Return (%) 2      Return p.a. (%)        YoY Return (%)          Index (USD)  1M  3M  YTD  1Y  3Y  5Y  Base  ’14  ’15   ’16   ’17   ’18  Index (S)  4.1  5.2  5.4  13.3  14.4  8.4  9.3  2.2  -1.8  12.4  21.1  6.7  Benchmark (B)  4.0  10.4  18.2  13.5  14.9  11.6  8.0  13.7  1.4  12.0  21.8  -4.4  Variation (S) - (B)  0.1  -5.2  -12.8  -0.2  -0.5  -3.2  1.3  -11.5  -3.1  0.4  -0.7  11.1    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 (S)  8.0  10.7  11.8  1.27  0.77  0.79  35.8  -14.0  -17.9  22  0.28  0.63  Benchmark (B)  14.9  13.3  20.0  0.76  0.89  0.47  72.3  -47.5  -54.8  53  1.00  1.00  Variation (S) - (B)  -6.9  -2.5  -8.3  0.51  -0.12  0.32  -36.5  33.5  36.9  -30  -  -  April 30, 2019 
 

 Allocation History1 (over last 12 months)  Allocation Snapshot (as of April 30, 2019)  Characteristics Snapshot  Page 2 of 4  Determination Date  Allocation Date  E-mini S&P 500 Futures  Cash  Benchmark Performance *  April 15, 2019  April 17, 2019  100%  0%  3.4%  March 11, 2019  March 13, 2019  100%  0%  2.3%  February 11, 2019  February 13, 2019  0%  100%  5.4%  January 14, 2019  January 16, 2019  0%  100%  4.5%  December 17, 2018  December 19, 2018  0%  100%  -7.0%  November 12, 2018  November 14, 2018  0%  100%  -3.7%  October 15, 2018  October 17, 2018  0%  100%  -3.3%  September 17, 2018  September 19, 2018  100%  0%  3.4%  August 13, 2018  August 15, 2018  100%  0%  0.3%  July 16, 2018  July 18, 2018  100%  0%  1.6%  June 11, 2018  June 13, 2018  100%  0%  2.1%  May 14, 2018  May 16, 2018  100%  0%  -  April 30, 2019  Monthly Returns (%, as of April 30, 2019)  Index  Jan  Feb  Mar  Apr  May  Jun  Jul  Aug  Sep  Oct  Nov  Dec  Year  2019  0.2%  0.2%  0.8%  4.1%                  5.4%  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%  2016  0.0%  0.0%  1.7%  0.4%  1.8%  0.2%  3.8%  0.1%  -0.1%  -1.8%  3.7%  2.0%  12.4%  2015  -3.1%  5.8%  -1.6%  0.9%  1.3%  -2.0%  2.2%  -6.1%  1.5%  0.0%  0.0%  0.0%  -1.8%  2014  -3.5%  4.6%  0.8%  0.7%  2.3%  2.0%  -1.4%  4.0%  -1.4%  -6.0%  0.9%  -0.4%  2.2%  2013  5.2%  1.4%  3.7%  1.9%  2.3%  -1.5%  5.1%  -2.9%  3.0%  4.6%  3.0%  2.4%  31.7%  As of Last Determination Date (April 15, 2019)      Indicator  Closing Level  Tactical Trigger  Large-Cap U.S. (SPY)  289.97  5.0% ABOVE 200 DMA  Benchmark  Jan  Feb  Mar  Apr  May  Jun  Jul  Aug  Sep  Oct  Nov  Dec  Year  2019  8.0%  3.2%  1.9%  4.0%                  18.2%  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%  2016  -5.0%  -0.1%  6.8%  0.4%  1.8%  0.3%  3.7%  0.1%  0.0%  -1.8%  3.7%  2.0%  12.0%  2015  -3.0%  5.7%  -1.6%  1.0%  1.3%  -1.9%  2.1%  -6.0%  -2.5%  8.4%  0.3%  -1.6%  1.4%  2014  -3.5%  4.6%  0.8%  0.7%  2.3%  2.1%  -1.4%  4.0%  -1.4%  2.4%  2.7%  -0.3%  13.7%  2013  5.2%  1.4%  3.8%  1.9%  2.3%  -1.3%  5.1%  -2.9%  3.1%  4.6%  3.0%  2.5%  32.4%  As of Month End (April 30, 2019)      Indicator  Closing Level  Distance from DMA  Large-Cap U.S. (SPY)  294.02  6.2%  Date  Last  Next  Determination  April 15, 2019  May 13, 2019  Allocation  April 17, 2019  May 15, 2019  SPDR S&P 500 ETF Trust (SPY)  Current Allocation100% Equity  1 Determination Date was two business days prior to Allocation Date. Target Allocations shown; Current allocations may vary* Benchmark performance between previous and current Allocation Date 
 

   Summary of Index Methodology:   April 30, 2019  Page 3 of 4  RBC Large Cap US Tactical Equity Total Return Index    200-day Moving AverageSPDR S&P 500 ETF Trust (SPY)    Tactical Trigger – Determined 2 Trading Days Before Allocation    Monthly Allocation – Is Tactical Trigger Bullish or Bearish?    E-mini S&P 500 Future+Federal Funds Rate    Federal Funds Rate  Bullish Tactical TriggerSPDR S&P 500 ETF Spot above the Tactical Trigger  Bearish Tactical TriggerSPDR S&P 500 ETF Spot below the Tactical Trigger  OR   
 

 Page 4 of 4  April 30, 2019  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. 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 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. 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