Company: TDBCP
Filing Date: 2025-07-21
Form Type: 424B2
Source: 0001140361-25-026610
Chunk: 7

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-21
Form: 424B2
Chunk 7
---
, positive performance of the Reference Asset before or after the Final Review Date that would lead to a positive return on the Notes will not be taken into account. Therefore, if the Closing Price of the Reference Asset is less than the Buffer Price on the Final Review Date, the return on the Notes will be negative, regardless of the price of the Reference Asset on any other day. Risks Relating to Characteristics of the Reference Asset There Are Single Stock Risks Associated with the Reference Asset. The price of the Reference Asset can rise or fall sharply due to factors specific to the Reference Asset and the issuer of the Reference Asset (the “Reference Asset Issuer”), such as stock price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general market factors, such as general stock market volatility and levels, interest rates and economic and political conditions. You, as an investor in the Notes, should make your own investigation into the Reference Asset Issuer and the Reference Asset for your Notes. For additional information, see “Information Regarding the Reference Asset” in this pricing supplement and the Reference Asset Issuer's SEC filings. We urge you to review financial and other information filed periodically by the Reference Asset Issuer with the SEC.

| TD SECURITIES (USA) LLC | P-4 |

You Will Have No Rights That a Holder of Shares of the Reference Asset Would Have and You Will Not Be Entitled to Any Dividends or Other Distributions by the Reference Asset Issuer During the Term of the Notes. The Notes are our debt securities. They are not equity instruments, shares of stock, or securities of any other issuer. Your return on the Notes is limited to the Contingent Interest Payments, if any, and you will not participate in any appreciation of the Reference Asset even though, if the Final Price is less than the Buffer Price, you are subject to a leveraged downside market risk. Unless and until you receive the Physical Delivery Amount on the Maturity Date, investing in the Notes will not make you a holder of shares of the Reference Asset and you will not have any voting rights, any rights to receive dividends or other distributions, or any rights against the Reference Asset Issuer. As a result, the return on your Notes will not reflect the return you would realize if you actually owned shares of the Reference Asset, participated in any appreciation of the Reference Asset and received the dividends paid or other distributions made in connection with the Reference Asset during the term of the Notes. We Do