Company: TDBCP
Filing Date: 2025-09-18
Form Type: 424B2
Source: 0001140361-25-035365
Chunk: 23

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-18
Form: 424B2
Chunk 23
---
 reference in, and should
    not be considered part of, this document or any document incorporated herein by reference. We have not undertaken an independent review or due diligence of any publicly available information with respect to the SPY Trust or the target index.

Information filed by the SPY Trust with the SEC, including the prospectus for the SPY Trust, can be found by reference to its SEC file numbers: 033-46080 and 811-06125 or its CIK Code: 0000884394.

| TD SECURITIES (USA) LLC | P-15 |

#### Historical Information
The graph below illustrates the performance of SPY from September 16, 2015 through September 16, 2025. The dotted line represents the Contingent Interest Barrier Value and Barrier Value of $462.00, which
    is equal to 70.00% of the Initial Value.

#### SPDR®S&P 500®ETF Trust (SPY)
<div align='center'>**PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.**</div>

| TD SECURITIES (USA) LLC | P-16 |

Material U.S. Federal Income Tax Consequences

**The U.S. federal income tax consequences of your investment in the Notes are uncertain. No statutory, regulatory, judicial or administrative authority directly discusses the
    characterization for U.S. federal income tax purposes of securities with terms that are substantially the same as the Notes. Some of these tax consequences are summarized below, but we urge you to read the more detailed discussion under “Material U.S.
    Federal Income Tax Consequences” in the product supplement and to discuss the tax consequences of your particular situation with your tax advisor. This discussion is based upon the U.S. Internal Revenue Code of 1986, as amended (the “Code”), final,
    temporary and proposed U.S. Department of the Treasury (the “Treasury”) regulations, rulings and decisions, in each case, as available and in effect as of the date hereof, all of which are subject to change, possibly with retroactive effect. This
    discussion applies to you only if you are a U.S. holder, as defined in the product supplement. An investment in the Notes is not appropriate for non-U.S. holders and we will not attempt to ascertain the tax consequences to non-U.S. holders of the
    purchase, ownership or disposition of the Notes. Tax consequences under state, local and non-U.S. laws are not