Company: TDBCP
Filing Date: 2025-09-18
Form Type: 424B2
Source: 0001140361-25-035365
Chunk: 11

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-18
Form: 424B2
Chunk 11
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&P 500 ® ETF Trust may not fully replicate or may in certain circumstances diverge
    significantly from the performance of its Target Index due to the temporary unavailability of certain securities in the secondary market, the performance of any derivative instruments contained in the SPDR ® S&P 500 ® ETF Trust,
    differences in trading hours between the SPDR ® S&P 500 ® ETF Trust and its Target Index or due to other circumstances.

There Are Liquidity and Management Risks Associated with an ETF and the SPDR**

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#### S&P 500
#### ®

**ETF Trust Utilizes a Passive Indexing Investment Approach.

Although shares of the SPDR ® S&P 500 ® ETF Trust are listed for trading on a securities exchange and a number of similar products have been traded on various exchanges for
    varying periods of time, there is no assurance that an active trading market will continue for such shares or that there will be liquidity in that trading market. The SPDR ® S&P 500 ® ETF Trust is subject to management risk,
    which is the risk that its Investment Adviser’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. Additionally, the SPDR ® S&P 500 ® ETF Trust is not
    managed according to traditional methods of “active” investment management, which involves the buying and selling of securities based on economic, financial and market analysis and investment judgment. Instead, utilizing a “passive” or indexing
    investment approach, it attempts to approximate the investment performance of its Target Index by investing in Reference Asset Constituents that generally replicate its Target Index. Therefore, unless a specific stock is removed from its Target Index,
    the SPDR ® S&P 500 ® ETF Trust generally would not sell a stock because that stock’s issuer was in financial trouble.**

### Risks Relating to Estimated Value and Liquidity
**The Estimated Value of Your Notes Is Less Than the Public Offering Price of Your Notes.

The estimated value of your Notes is less than the public offering price of your Notes. The difference between the public offering price of your Notes and the estimated value of the Notes reflects costs and expected
    profits associated with selling and structuring the Notes, as well as hedging our obligations under the Notes. Because hedging our obligations entails risks and may be influenced by market forces beyond our control, this hedging may result in a profit
    that is more or less than expected, or a loss.**

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