Company: TDBCP
Filing Date: 2025-06-20
Form Type: 424B2
Source: 0001140361-25-023153
Chunk: 5

Company: TORONTO DOMINION BANK
Filing Date: 2025-06-20
Form: 424B2
Chunk 5
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 of the Underlying Fund or the commodity held by the Underlying Fund, and you will not be entitled to receive any shares of the Underlying Fund or the commodity held by the Underlying Fund. |

| ◾ | While we, MLPF&S, BofAS or our or their respective affiliates may from time to time own shares of the Underlying Fund or the commodity held by the Underlying Fund, none of us, MLPF&S, BofAS or our or their respective affiliates 
 control the Underlying Fund, and have not verified any disclosure made by the Underlying Fund.                                                                                                                                      |

| ◾ | There are liquidity and management risks associated with the Underlying Fund. |

| ◾ | The performance of the Underlying Fund may not correlate with the performance of the commodity held by the Underlying Fund as well as the net asset value per share of the Underlying Fund, especially during periods of market volatility 
 when the liquidity and the market price of the shares of the Underlying Fund and/or the commodity held by the Underlying Fund may be adversely affected, sometimes materially.                                                             |

| ◾ | If the liquidity of the commodity held by the Underlying Fund is limited, the value of the Underlying Fund and, therefore, the return on the notes would likely be impaired. |

| ◾ | Suspension or disruptions of market trading in the commodity held by the Underlying Fund may adversely affect the value of your notes. |

| ◾ | The notes will not be regulated by the U.S. Commodity Futures Trading Commission. |

| ◾ | The Redemption Amount will not be adjusted for all corporate events that could affect the Underlying Fund. See “Description of ARNs—Anti-Dilution and Discontinuance Adjustments Relating to Underlying Funds” beginning on page PS-28 of 
 product supplement EQUITY ARN-1.                                                                                                                                                                                                          |

Valuation- and Market-Related Risks

| ◾ | The initial estimated value of your notes on the pricing date is less than their public offering price. The difference between the public offering price of your notes and the initial 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 (including, but not limited to, the hedging related charge, as further described under “Structuring the Notes” on page 
 TS-11). Because hedging our obligations entails risks and may be influenced by market forces beyond our control, this hed