Company: TDBCP
Filing Date: 2025-11-18
Form Type: 424B2
Source: 0001140361-25-042579
Chunk: 9

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-18
Form: 424B2
Chunk 9
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 reasons, the market value of an Equity Reference Asset may differ from its NAV per share and may trade at, above or below its NAV per share.

| TD SECURITIES (USA) LLC | P-7 |

Adjustments to an Equity Reference Asset Could Adversely Affect the Notes. The Investment Adviser (as specified under “Information Regarding the Reference Assets”) for each Equity Reference Asset is responsible for calculating and maintaining the applicable Equity Reference Asset. An Investment Adviser can add, delete or substitute the Reference Asset Constituents for its Equity Reference Asset. An Investment Adviser may make other methodological changes to its Equity Reference Asset that could change the value of such Equity Reference Asset at any time. If one or more of these events occurs, the Closing Value of such Equity Reference Asset may be adjusted to reflect such event or events, which could adversely affect whether and the extent to which any amounts may be payable on the Notes and/or the market value of the Notes. The S&P 500 ®Index Reflects Price Return, not Total Return. The return on the Notes is based on the performance of the S&P 500 ®Index, which reflects the changes in the market prices of its Reference Asset Constituents. The S&P 500 ®Index is not a “total return” index or strategy, which, in addition to reflecting those price returns, would also reflect dividends paid on its Reference Asset Constituents. The return on the Notes will not include such a total return feature or dividend component. Changes that Affect the Target Index of the Technology Select Sector SPDR ®Fund and Utilities Select Sector SPDR ®Fund Will Affect the Market Value of, and Return on, the Notes. The Technology Select Sector SPDR ®Fund and Utilities Select Sector SPDR ®Fund is an ETF that seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of its Target Index (as specified herein). The policies of the sponsor of its Target Index (an “Index Sponsor”) concerning the calculation of its Target Index, additions, deletions or substitutions of the components of its Target Index and the manner in which changes affecting those components, such as stock dividends, reorganizations or mergers, may be reflected in its Target Index and, therefore, could adversely affect the return on the Notes and the market value of the Notes prior to maturity. The market value of, and return on, the Notes could also be affected if the sponsor of its Target Index changes these policies, for example, by changing