Primary Offering Prospectus - Form 424B2

		Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-275898
The information in this preliminary terms supplement is not complete and may be changed.
Preliminary Terms Supplement Subject to Completion: Dated May 7, 2024 Pricing Supplement Dated May __, 2024 to the Product Prospectus Supplement ERN-ES-1, the Prospectus Supplement and the Prospectus, Each Dated December 20, 2023		$_________ Enhanced Return Notes Linked to a Basket of 10 Common Stocks, Due June 20, 2025 Royal Bank of Canada

Royal Bank of Canada is offering Enhanced Return Notes (the "Notes") linked to the performance of an equally-weighted basket (the "Basket") consisting of 10 equity securities (each, a "Basket Component").

Issue Date: May 17, 2024

Maturity Date: June 20, 2025

CUSIP: 78017FYJ6

Investing in the Notes involves a number of risks. See "Selected Risk Considerations" beginning on page P-8 of this terms supplement, and "Risk Factors" beginning on page PS-4 of the product prospectus supplement and on page S-3 of the prospectus supplement, each dated December 20, 2023.

The Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or U.S. government agency or instrumentality. The Notes are not subject to conversion into our common shares under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Notes or determined that this terms supplement is truthful or complete. Any representation to the contrary is a criminal offense.

⁽¹⁾ We or one of our affiliates may pay varying selling concessions of up to $12.50 per $1,000 in principal amount of the Notes in connection with the distribution of the Notes to other registered broker dealers. In addition, we or one of our affiliates may pay a selected dealer a structuring fee of $6.00 per $1,000 in principal amount of the Notes. See "Supplemental Plan of Distribution (Conflicts of Interest)" below.

The initial estimated value of the Notes as of the Trade Date is expected to be between $895 and $945 per $1,000 in principal amount, and will be less than the price to public. The final pricing supplement relating to the Notes will set forth our estimate of the initial value of the Notes as of the Trade Date. The actual value of the Notes at any time will reflect many factors, cannot be predicted with accuracy, and may be less than this amount. We describe our determination of the initial estimated value in more detail below.

RBC Capital Markets, LLC

	Enhanced Return Notes Linked to a Basket of 10 Common Stocks

SUMMARY

The information in this "Summary" section is qualified by the more detailed information set forth in this terms supplement, the product prospectus supplement, the prospectus supplement, and the prospectus.

The Trade Date, issue date and other dates set forth above are subject to change, and will be set forth in the final pricing supplement relating to the Notes.

The Basket Stocks

*The Initial Stock Price of each Basket Component will be its closing price on the Trade Date.

ADDITIONAL TERMS OF YOUR NOTES

You should read this terms supplement together with the prospectus dated December 20, 2023, as supplemented by the prospectus supplement dated December 20, 2023 and the product prospectus supplement dated December 20, 2023, relating to our Senior Global Medium-Term Notes, Series J, of which these Notes are a part. Capitalized terms used but not defined in this terms supplement will have the meanings given to them in the product prospectus supplement. In the event of any conflict, this terms supplement will control. The Notes vary from the terms described in the product prospectus supplement in several important ways. You should read this terms supplement carefully.

This terms supplement, together with the documents listed below, contains the terms of the Notes and supersedes all prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in "Risk Factors" in the prospectus supplement and in the product prospectus supplement, each dated December 20, 2023, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the Notes. You may access these documents on the Securities and Exchange Commission (the "SEC") website at www.sec.gov as follows (or if that address has changed, by reviewing our filings for the relevant date on the SEC website):

Prospectus dated December 20, 2023:

https://www.sec.gov/Archives/edgar/data/1000275/000119312523299520/d645671d424b3.htm

Prospectus Supplement dated December 20, 2023:

https://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm

Product Prospectus Supplement ERN-ES-1 dated December 20, 2023:

https://www.sec.gov/Archives/edgar/data/1000275/000114036123058560/ef20016922_424b5.htm

Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this terms supplement, "we," "us," or "our" refers to Royal Bank of Canada.

Royal Bank of Canada has filed a registration statement (including a product prospectus supplement, a prospectus supplement, and a prospectus) with the SEC for the offering to which this terms supplement relates. Before you invest, you should read those documents and the other documents relating to this offering that we have filed with the SEC for more complete information about us and this offering. 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 product prospectus supplement, the prospectus supplement and the prospectus if you so request by calling toll-free at 1-877-688-2301.

HYPOTHETICAL RETURNS

The examples set out below are included for illustration purposes only. The hypothetical Percentage Changes of the Basket used to illustrate the calculation of the Payment at Maturity are not estimates or forecasts of the price of any Basket Component on any trading day prior to the Maturity Date. All examples are based on the Initial Basket Level of 100, the Participation Rate of 300% and the Maximum Redemption Amount of 120.15% of the principal amount, and assume that a holder purchased Notes with an aggregate principal amount of $1,000.00 and that no market disruption event occurs on the Valuation Date.

The table set forth below is included for illustration purposes only. The table illustrates the hypothetical Payment at Maturity of the Notes for a hypothetical range of performance for the Basket, based on the Initial Basket Level of 100, the Participation Rate of 300% and the Maximum Redemption Amount of 120.15% of the principal amount.

Hypothetical Final Basket Levels are shown in the first column on the left. The second column shows the hypothetical Percentage Changes for these hypothetical Final Basket Levels. The third column shows the Payment at Maturity for these hypothetical Final Basket Levels, expressed as a percentage of the principal amount of the Notes. The fourth column shows the Payment at Maturity to be paid on the Notes per $1,000 in principal amount.

SELECTED RISK CONSIDERATIONS

An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in any Basket Component. These risks are explained in more detail in the section "Risk Factors" in the product prospectus supplement. In addition to the risks described in the prospectus supplement and the product prospectus supplement, you should consider the following:

Risks Relating to the Structure and Terms of the Notes

Risks Relating to the Secondary Market for the Notes

market for the Notes develops, it may not provide significant liquidity or trade at prices advantageous to you. We expect that transaction costs in any secondary market would be high. As a result, the difference between bid and ask prices for your Notes in any secondary market could be substantial.

Risks Relating to the Estimated Value of the Notes

The value of the Notes at any time after the Trade Date will vary based on many factors, including changes in market conditions, and cannot be predicted with accuracy. As a result, the actual value you would receive if you sold the Notes in any secondary market, if any, should be expected to differ materially from the initial estimated value of your Notes.

Risks Relating to Conflicts of Interest and Our Trading Activities

recommendations that are inconsistent with purchasing or holding the Notes. Any of these activities by us or one or more of our affiliates may affect the prices of the Basket Components, and, therefore, the market value of the Notes.

Risks Relating to the Basket Components

INFORMATION REGARDING THE BASKET COMPONENT ISSUERS

The Basket Components are registered under the Securities Exchange Act of 1934 (the "Exchange Act"). Companies with securities registered under that Act are required to file periodically certain financial and other information specified by the SEC. Information filed with the SEC can be obtained through the SEC's website at www.sec.gov. In addition, information regarding the Basket Components may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

The following information regarding the Basket Component Issuers is derived from publicly available information.

We have not independently verified the accuracy or completeness of reports filed by the Basket Component Issuers with the SEC, information published by it on its website or in any other format, information about it obtained from any other source or the information provided below.

Chipotle Mexican Grill, Inc.

Chipotle Mexican Grill, Inc. owns and operates quick serve Mexican restaurants.

The company's common stock is listed on the New York Stock Exchange ("NYSE") under the ticker symbol "CMG."

The Estée Lauder Companies Inc.

The Estée Lauder Companies Inc. manufactures and markets skin care, makeup, fragrance and hair care products.

The company's Class A common stock is listed on the NYSE under the ticker symbol "EL."

e.l.f Beauty, Inc.

e.l.f. Beauty, Inc. operates as a cosmetic company. The company offers beauty products such as eyeliners, lipsticks, creams, brushes, powder and skin care products.

The company's common stock is listed on the NYSE under the ticker symbol "ELF".

The Goldman Sachs Group, Inc.

The Goldman Sachs Group, Inc., a bank holding company, is an investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services. The company provides services to corporations, financial institutions, governments and high-net worth individuals.

The company's common stock is listed on the NYSE under the ticker symbol "GS."

Intuitive Surgical, Inc.

Intuitive Surgical, Inc. designs, manufactures and markets surgical systems. The company offers endoscopes, endoscopic retractors and disectors, scissors, scalpels, forceps, needle holders, electrocautery, ultrasonic cutters and accessories for surgical procedures.

The company's common stock is listed on the Nasdaq Global Select Market ("Nasdaq") under the ticker symbol "ISRG."

KB Home

KB Home builds single-family homes, primarily targeting first-time and first move-up homebuyers. The company also derives income from mortgage banking, title and insurance services.

The company's common stock is listed on the NYSE under the ticker symbol "KBH".

Meta Platforms, Inc.

Meta Platforms, Inc. develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets and in-home devices.

The company's Class A common stock is listed on the Nasdaq under the ticker symbol "META".

Spotify Technology S.A.

Spotify Technology S.A. provides music streaming services. The company offers commercial free music and ad-supported services to subscribers.

The company's common stock is listed on the NYSE under the ticker symbol "SPOT."

Tesla, Inc.

Tesla, Inc. designs, develops, manufactures, sells and leases electric vehicles and energy generation and storage systems, and offers services related to its products.

The company's common stock is listed on the Nasdaq under the ticker symbol "TSLA."

Waste Management, Inc.

Waste Management, Inc. provides waste management services including collection, transfer, recycling, resource recovery and disposal services, and operates waste-to-energy facilities. The company serves municipal, commercial, industrial and residential customers.

The company's common stock is listed on the NYSE under the ticker symbol "WM."

HISTORICAL INFORMATION

The graphs below set forth the information relating to the historical performance of the Basket Components from January 1, 2014 (or any subsequent date as of which it commenced trading) to May 3, 2024. We obtained the information in the graphs below from Bloomberg Financial Markets, without independent investigation.

Please note that the past performance of any Basket Component is not indicative of its future performance.

Chipotle Mexican Grill, Inc. ("CMG")

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The Estée Lauder Companies Inc. ("EL")

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

e.l.f Beauty, Inc. ("ELF")

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The Goldman Sachs Group, Inc. ("GS")

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Intuitive Surgical, Inc. ("ISRG")

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

KB Home ("KBH")

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Meta Platforms, Inc. ("META")

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Spotify Technology S.A. ("SPOT")

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Tesla, Inc. ("TSLA")

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

Waste Management, Inc. ("WM")

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

SUPPLEMENTAL DISCUSSION OF

U.S. FEDERAL INCOME TAX CONSEQUENCES

The following disclosure supplements, and to the extent inconsistent supersedes, the discussion in the product prospectus supplement dated December 20, 2023 under "Supplemental Discussion of U.S. Federal Income Tax Consequences."

Under Section 871(m) of the Code, a "dividend equivalent" payment is treated as a dividend from sources within the United States. Such payments generally would be subject to a 30% U.S. withholding tax if paid to a non-U.S. holder. Under U.S. Treasury Department regulations, payments (including deemed payments) with respect to equity-linked instruments ("ELIs") that are "specified ELIs" may be treated as dividend equivalents if such specified ELIs reference, directly or indirectly, an interest in an "underlying security," which is generally any interest in an entity taxable as a corporation for U.S. federal income tax purposes if a payment with respect to such interest could give rise to a U.S. source dividend. However, the Internal Revenue Service (the "IRS") has issued guidance that states that the U.S. Treasury Department and the IRS intend to amend the effective dates of the U.S. Treasury Department regulations to provide that withholding on dividend equivalent payments will not apply to specified ELIs that are not delta-one instruments and that are issued before January 1, 2025. Based on our determination that the Notes are not delta-one instruments, non-U.S. holders should not be subject to withholding on dividend equivalent payments, if any, under the Notes. However, it is possible that the Notes could be treated as deemed reissued for U.S. federal income tax purposes upon the occurrence of certain events affecting the Basket Components or the Notes, and following such occurrence the Notes could be treated as subject to withholding on dividend equivalent payments. Non-U.S. holders that enter, or have entered, into other transactions in respect of the Basket Components or the Notes should consult their tax advisors as to the application of the dividend equivalent withholding tax in the context of the Notes and their other transactions. If any payments are treated as dividend equivalents subject to withholding, we (or the applicable withholding agent) would be entitled to withhold taxes without being required to pay any additional amounts with respect to amounts so withheld.

SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)

We expect that delivery of the Notes will be made against payment for the Notes on or about May 17, 2024, which is the third (3rd) business day following the Trade Date (this settlement cycle being referred to as "T+3"). See "Plan of Distribution" in the prospectus dated December 20, 2023. For additional information as to the relationship between us and RBCCM, please see the section "Plan of Distribution-Conflicts of Interest" in the prospectus dated December 20, 2023.

We expect to deliver the Notes on a date that is greater than two business days following the Trade Date. Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes more than two business days prior to the original issue date will be required to specify alternative settlement arrangements to prevent a failed settlement.

In addition to the underwriting discount and the structuring fee set forth on the cover page of this document, we or one of our affiliates may also pay an expected fee to a broker-dealer that is unaffiliated with us for providing certain electronic platform services with respect to this offering.

The value of the Notes shown on your account statement may be based on RBCCM's estimate of the value of the Notes if RBCCM or another of our affiliates were to make a market in the Notes (which it is not obligated to do). That estimate will be based upon the price that RBCCM may pay for the Notes in light of then prevailing market conditions, our creditworthiness and transaction costs. For a period of approximately three months after the issue date of the Notes, the value of the Notes that may be shown on your account statement may be higher than RBCCM's estimated value of the Notes at that time. This is because the estimated value of the Notes will not include the underwriting discount, the structuring fee or our hedging costs and profits; however, the value of the Notes shown on your account statement during that period may be a higher amount, reflecting the addition of RBCCM's underwriting discount, the structuring fee and our estimated costs and profits from hedging the Notes. This excess is expected to decrease over time until the end of this period. After this period, if RBCCM repurchases your Notes, it expects to do so at prices that reflect their estimated value.

We may use this terms supplement in the initial sale of the Notes. In addition, RBCCM or another of our affiliates may use this terms supplement in a market-making transaction in the Notes after their initial sale. Unless we or our agent informs the purchaser otherwise in the confirmation of sale, this terms supplement is being used in a market-making transaction.

STRUCTURING THE NOTES

The Notes are our debt securities, the return on which is linked to the performance of the Basket Components. As is the case for all of our debt securities, including our structured notes, the economic terms of the Notes reflect our actual or perceived creditworthiness at the time of pricing. In addition, because structured notes result in increased operational, funding and liability management costs to us, we typically borrow the funds under these Notes at a rate that is more favorable to us than the rate that we might pay for a conventional fixed or floating rate debt security of comparable maturity. Using this relatively lower implied borrowing rate rather than the secondary market rate, is a factor that is likely to reduce the initial estimated value of the Notes at the time their terms are set. Unlike the estimated value that will be set forth on the cover page of the final pricing supplement, any value of the Notes determined for purposes of a secondary market transaction may be based on a different funding rate, which may result in a lower value for the Notes than if our initial internal funding rate were used.

In order to satisfy our payment obligations under the Notes, we may choose to enter into certain hedging arrangements (which may include call options, put options or other derivatives) on the issue date with RBCCM or one of our other subsidiaries. The terms of these hedging arrangements take into account a number of factors, including our creditworthiness, interest rate movements, the volatility of the Basket Components, and the tenor of the Notes. The economic terms of the Notes and their initial estimated value depend in part on the terms of these hedging arrangements.

The lower implied borrowing rate is a factor that reduces the economic terms of the Notes to you. The initial offering price of the Notes also reflects the underwriting discount, the structuring fee and our estimated hedging costs. These factors result in the initial estimated value for the Notes on the Trade Date being less than their public offering price. See "Selected Risk Considerations-The Initial Estimated Value of the Notes Will Be Less than the Price to the Public" above.

P-21	RBC Capital Markets, LLC