Company: TDBCP
Filing Date: 2025-07-07
Form Type: 424B2
Source: 0001140361-25-025035
Chunk: 13

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-07
Form: 424B2
Chunk 13
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 seek to cap its exposure to any constituent, the Underlying Fund’s concentration in TSM can
    grow over the course of the notes or the Underlying Fund can become concentrated in a handful of other constituents. Because of the current weighting of TSM in the Underlying Fund and the fact that the Underlying Fund has no cap on its exposure to any
    constituent, the amount payable on your notes could be less than the amount you would have received if you had invested in notes linked to an underlier that capped the maximum weight of any one stock to a low amount or that equally weighted all stocks
    held by such underlier.

Finally, because TSM is in the information technology sector, the performance of the Underlying Fund is more likely to be more adversely affected by any negative performance of the information technology
    sector than an underlier that has more diversified holdings across a number of sectors. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of TSM
    and, as a result, the Underlying Fund.**

| Accelerated Return Notes® | TS-8 |

The Underlying Fund

All disclosures contained in this term sheet regarding the Underlying Fund, including, without limitation, its make-up, method of calculation, and changes in its components, have been derived from
    publicly available sources. The information reflects the policies of, and is subject to change by, BlackRock Fund Advisors, the advisor to the Underlying Fund (the “sponsor” or “BFA”). The sponsor has no obligation to continue to publish, and may
    discontinue publication of, the Underlying Fund. The consequences of the sponsor discontinuing publication of the Underlying Fund are discussed in the section entitled “Description of ARNs —Anti-Dilution and Discontinuance Adjustments Relating to
    Underlying Funds” beginning on page PS-28 of product supplement EQUITY ARN-1. None of us, our affiliates, the calculation agents, MLPF&S or BofAS accepts any responsibility for the calculation, maintenance or publication of the Underlying Fund or
    any successor Underlying Fund.

#### The iShares®MSCI Emerging Markets ex China ETF
The shares of the Underlying Fund are issued by iShares, Inc., a registered investment company. The shares of the Underlying Fund seek to provide investment results that correspond generally to the
    price and yield performance, before fees and expenses, of publicly traded large-