Company: TDBCP
Filing Date: 2025-08-21
Form Type: 424B2
Source: 0001140361-25-032224
Chunk: 5

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-21
Form: 424B2
Chunk 5
---
 the more likely it is that the Closing Level or Final Level, as applicable, of each Reference Asset could be less than its Initial Level or its Step-Down Call Level on a Review Date. Volatility means the magnitude and frequency of changes in the levels of the Reference Assets. This greater risk will generally be reflected in higher Call Premiums for the Notes than the amount payable on our conventional debt securities of a comparable term. However, while the Call Premiums are set on

| TD SECURITIES (USA) LLC | P-3 |

the Pricing Date, the Reference Assets’ volatility can change significantly over the term of the Notes, and may increase. The Closing Level or Final Level, as applicable, of any Reference Asset could fall sharply on the Review Dates, resulting in the Notes not being subject to an automatic call and potentially a significant or entire lossof principal . Your Return May Be Less than the Return on a Conventional Debt Security of Comparable Maturity. The return that you will receive on your Notes, which could be negative, may be less than the return you could earn on other investments. The Notes do not provide for any interest payments and you may not receive any Call Premium on the Notes. Even if you do receive the applicable Call Premium and your return on the Notes is positive, your return may be less than the return you would earn if you bought a conventional, interest-bearing senior debt security of TD of comparable maturity. Your investment may not reflect the full opportunity cost to you when you take into account factors that affect the time value of money. The Notes May Be Automatically Called Prior to the Maturity Date And Are Subject to Reinvestment Risk. If your Notes are automatically called, no further payments will be owed to you under the Notes after the applicable Call Payment Date. Therefore, because the Notes could be called as early as the first potentialCall Payment Date, the holding period could be limited. Because the Call Premium and Call Price increase the longer the Notes remain outstanding, if the Notes are called prior to the Final Review Date, your return on the Notes may be less than it would have been had the Notes remained outstanding. Additionally, there is no guarantee that you would be able to reinvest the proceeds from an investment in the Notes at a comparable return for a similar level of risk in the event the Notes are automatically called prior to the Maturity Date. Furthermore, to the extent you are able to reinvest such proceeds in an investment with a comparable return for a similar level of risk, you may incur transaction costs such