Company: TDBCP
Filing Date: 2025-10-14
Form Type: 424B2
Source: 0001140361-25-038009
Chunk: 13

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-14
Form: 424B2
Chunk 13
---
-10 |

There Are Liquidity and Management Risks Associated with an ETF and the SPDR ®S&P ®Regional Banking ETF and VanEck ®Semiconductor ETF Utilizes a Passive Indexing Investment Approach. Although shares of the SPDR ®S&P ®Regional Banking ETF and VanEck ®Semiconductor ETF 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 ®Regional Banking ETF and VanEck ®Semiconductor ETF 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 ®Regional Banking ETF and VanEck ®Semiconductor ETF 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 ®Regional Banking ETF and VanEck ®Semiconductor ETF generally would not sell a stock because that stock’s issuer was in financial trouble. The Notes Are Subject to Risks Associated With the Banking Sector. The Notes are subject to risks associated with the banking sector because the SPDR ®S&P ®Regional Banking ETF is comprised of the stocks of companies whose primary lines of business are directly associated with the banking sector, which means that it will be more affected by the performance of the banking sector versus a fund that is more diversified. The performance of bank stocks may be affected by extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, and the interest rates and fees they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers can negatively impact the sector. Banks may also be subject to severe price competition. The Notes are Subject to Risks Associated with Mid-Capitalization Companies. The Notes are subject to risks associated with mid-capitalization