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

January 31, 2020 RBC Global Tactical Equity Total Return Index Performance Factsheet Index Objectives: The RBC Global Tactical Equity Total Return Index is designed to meet or exceed risk‐adjusted returns relative to the benchmark by optimizing asset allocation (equities versus cash) and geographic exposure. This dynamic asset allocation is implemented by observing bullish or bearish trends in each of four broad‐based equity indices, on a monthly basis, to determine the exposure to each of these markets versus cash. Index Ticker Symbols: Bloomberg: RBCEGTUT Index Thomson Reuters: .RBCEGTUT Index Launch Date: February 18, 2019 Index Base Date: December 19, 2007 Asset Class: Equity Fixed Income (Cash) Target Allocations: Large Cap US (50%) International Developed (25%) Emerging Market (15%) Small Cap US (10%) Rebalanced annually Last Rebalancing Date: Benchmark: MSCI ACWI Net Total Return USD Index Bloomberg: M1WD Index Thomson Reuters: .MIWD00000NUS Liquidity: The Index tracks equity futures and cash. Each 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 is comprised of four Sub‐Indices, each of which provides exposure to a different equity market, weighted as follows: 50% Large‐Cap U.S. stocks, 10% Small‐Cap U.S. stocks, 25% International Developed Market stocks, and 15% Emerging Market stocks. In order to obtain exposure to these markets, the Index is allocated on a fixed‐weight basis, rebalancing once a year, to the four Sub‐Indices. Each Sub‐Index obtains exposure to one of the relevant markets by tracking the performance of the relevant futures contract. On the specified monthly determination date, the allocation of each Sub‐index is determined based on the observation of a pre‐defined Tactical Trigger: the relevant daily moving average (DMA). If a specific ETF that tracks the relevant market (indicated on page 3) is at or above its relevant DMA (a bullish trend), the Sub‐Index will allocate to equity via the relevant 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 DMA (a bearish trend). Performance1, 2 – Total Return (USD)  300 Dec 07 Apr 09 Aug 10 Dec 11 Apr 13 Aug 14 Dec 15 May 17 Sep 18 Jan 20 Return (%) 2 Return p.a. (%) YoY Return (%) Index (USD) 1M 3M YTD 1Y 3Y 5Y Base ’15 ’16 ’17 ’18 ’19 Index (I) ‐2.0 3.8 ‐2.0 6.6 10.0 8.2 7.8 ‐1.2 8.5 22.5 3.9 9.0 Benchmark (B) ‐1.1 4.9 ‐1.1 16.0 11.0 8.5 5.1 ‐2.4 7.9 24.0 ‐9.4 26.6 Variation (I) ‐ (B) ‐0.9 ‐1.1 ‐0.9 ‐9.4 ‐1.0 ‐0.3 2.7 1.1 0.6 ‐1.4 13.3 ‐17.6 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) 10.8 9.6 11.1 0.46 0.75 0.70 43.2 ‐11.5 ‐15.2 24 1.02 0.63 Benchmark (B) 9.5 11.2 16.7 1.59 0.69 0.35 77.9 ‐51.0 ‐56.2 62 1.00 1.00 Variation (I) ‐ (B) 1.3 ‐1.5 ‐5.6 ‐1.13 0.06 0.35 ‐34.7 39.5 41.0 ‐38 ‐ ‐1 Daily data from December 19, 2007 to January 31, 2020. Index re‐based to 100 on December 19, 2007. Please see the final page for important information about the presentation of the performance information set forth in this document 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

Allocation Date Large Cap US International Developed Emerging Market Small Cap US Cash Benchmark Performance * January 15, 2020 50% 25% 15% 10% 0% TBD** December 18, 2019 50% 25% 15% 10% 0% 2.6% November 13, 2019 50% 25% 15% 10% 0% 3.4% October 16, 2019 50% 25% 15% 0% 10% 3.3% September 18, 2019 50% 25% 15% 10% 0% 0.0% August 14, 2019 50% 0% 0% 0% 50% 5.7% July 17, 2019 50% 25% 15% 10% 0% ‐5.4% June 19, 2019 50% 0% 0% 0% 50% 1.8% May 15, 2019 50% 25% 0% 10% 15% 2.7% April 17, 2019 50% 25% 15% 10% 0% ‐2.7% March 13, 2019 50% 25% 15% 10% 0% 3.5% February 13, 2019 0% 0% 15% 10% 75% 2.2% Monthly Returns (%, as of January 31, 2020) As of Last Determination Date (January 13, 2020) Sub‐Index (Indicator) Closing Level Tactical Trigger Large Cap US (SPY) 327.95 10.0% ABOVE 200 DMA Int’l Developed (EFA) 69.81 4.5% ABOVE 100 DMA Emerging Market (EEM) 46.30 8.8% ABOVE 100 DMA Small Cap US (IWM) 165.96 5.8% ABOVE 100 DMA Equity Exposure Fed Funds Exposure As of Month End (January 31, 2020) Sub‐Index (Indicator) Closing Level Distance from DMA Large Cap US (SPY) 321.73 6.9% Int’l Developed (EFA) 67.48 ‐0.2% Emerging Market (EEM) 42.11 ‐2.3% Small Cap US (IWM) 160.53 0.8% 1 Determination Date was two business days prior to Allocation Date. Target Allocations shown; Current allocations may vary * Benchmark performance between current and next Allocation Date; January 31, 2020 Index Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2020 ‐2.0% ‐2.0% 2019 0.2% 0.5% 0.5% 3.5% ‐6.2% 5.4% 0.3% ‐3.8% 0.4% 2.5% 2.4% 3.4% 9.0% 2018 5.6% ‐4.2% ‐1.9% 0.6% 1.3% 0.0% 2.4% 2.1% 0.1% ‐2.3% 0.2% 0.2% 3.9% 2017 2.1% 2.7% 1.3% 1.3% 2.1% 0.8% 2.7% 0.1% 2.1% 2.2% 1.9% 1.4% 22.5% 2016 0.0% 0.0% 1.4% 0.3% 1.0% ‐0.4% 3.4% 0.1% 0.9% ‐1.9% 2.0% 1.4% 8.5% 2015 ‐1.7% 3.7% ‐1.2% 0.9% 0.4% ‐2.1% 1.5% ‐3.5% 0.7% 0.0% 0.0% 0.0% ‐1.2% 2014 ‐3.9% 4.3% 0.2% 0.3% 2.1% 1.7% ‐1.8% 2.4% ‐1.2% ‐3.1% 0.6% ‐0.1% 1.1% Benchmark Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2020 ‐1.1% ‐1.1% 2019 7.9% 2.7% 1.3% 3.4% ‐5.9% 6.5% 0.3% ‐2.4% 2.1% 2.7% 2.4% 3.5% 26.6% 2018 5.6% ‐4.2% ‐2.2% 1.0% 0.1% ‐0.5% 3.0% 0.8% 0.4% ‐7.5% 1.5% ‐7.0% ‐9.4% 2017 2.7% 2.8% 1.2% 1.6% 2.2% 0.5% 2.8% 0.4% 1.9% 2.1% 1.9% 1.6% 24.0% 2016 ‐6.0% ‐0.7% 7.4% 1.5% 0.1% ‐0.6% 4.3% 0.3% 0.6% ‐1.7% 0.8% 2.2% 7.9% 2015 ‐1.6% 5.6% ‐1.6% 2.9% ‐0.1% ‐2.4% 0.9% ‐6.9% ‐3.6% 7.9% ‐0.8% ‐1.8% ‐2.4% 2014 ‐4.0% 4.8% 0.4% 1.0% 2.1% 1.9% ‐1.2% 2.2% ‐3.2% 0.7% 1.7% ‐1.9% 4.2%

RBC Global Tactical Equity Total Return Index Summary of Index Methodology: Page 3 of 4 RBC Large Cap US Tactical Equity Total Return Index RBC Small Cap US Tactical Equity Total Return Index RBC International Developed Tactical Equity Total Return Index RBC Emerging Market Tactical Equity Total Return Index 50% Rebalanced Annually 10% Rebalanced Annually 25% Rebalanced Annually 15% Rebalanced Annually 60% Domestic Allocation 40% International Allocation 200‐day Moving Average SPDR S&P 500 ETF Trust (SPY) 100‐day Moving Average iShares Russell 2000 ETF (IWM) 100‐day Moving Average iShares MSCI EAFE ETF (EFA) 100‐day Moving Average iShares MSCI EM ETF (EEM) Tactical Trigger – Determined 2 Trading Days Before Allocation E‐mini S&P 500 Future + Fed Funds Fed Funds Bullish Tactical Trigger SPDR S&P 500 ETF Spot above the Tactical Trigger Bearish Tactical Trigger SPDR S&P 500 ETF Spot below the Tactical Trigger E‐mini Russell 2000 Future + Fed Funds Fed Funds Bullish Tactical Trigger iShares Russell 2000 ETF Spot above the Tactical Trigger Bearish Tactical Trigger iShares Russell 2000 ETF Spot below the Tactical Trigger MSCI EAFE Future + Fed Funds Fed Funds Bullish Tactical Trigger iShares MSCI EAFE ETF Spot above the Tactical Trigger Bearish Tactical Trigger iShares MSCI EAFE ETF Spot below the Tactical Trigger MSCI EM Future + Fed Funds Fed Funds Bullish Tactical Trigger iShares MSCI EM ETF Spot above the Tactical Trigger Bearish Tactical Trigger iShares MSCI EM ETF Spot below the Tactical Trigger Monthly Allocation – Is Tactical Trigger Bullish or Bearish? OR OR OR OR

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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.com