Company: TDBCP
Filing Date: 2025-12-11
Form Type: 424B2
Source: 0001140361-25-045212
Chunk: 11

Company: TORONTO DOMINION BANK
Filing Date: 2025-12-11
Form: 424B2
Chunk 11
---
 return on, the Notes could also be affected if the sponsor of its Target Index changes these policies, for example, by changing the manner in which it calculates its Target Index.
    Some of the risks that relate to a target index of an ETF include those discussed in the product supplement, which you should review.**

#### The Performance of the Invesco QQQ Trust

#### SM

#### , Series 1 and SPDR
#### ®

#### S&P 500
#### ®

**ETF Trust May Not Correlate With That of Its Target Index.

The performance of the Invesco QQQ Trust SM , Series 1 and SPDR ® S&P 500 ® ETF Trust may not exactly replicate the performance of its Target Index because the
    Invesco QQQ Trust SM , Series 1 and SPDR ® S&P 500 ® ETF Trust will reflect transaction costs and fees that are not included in the calculation of its Target Index. It is also possible that the Invesco QQQ Trust SM ,
    Series 1 and SPDR ® S&P 500 ® ETF Trust may not fully replicate or may in certain circumstances diverge significantly from the performance of its Target Index due to**

| TD SECURITIES (USA) LLC | P-9 |

**the temporary unavailability of certain securities in the secondary market, the performance of any derivative instruments contained in the Invesco QQQ Trust SM , Series 1 and SPDR ® S&P 500 ® ETF Trust, differences in trading hours between the Invesco QQQ Trust SM , Series 1 and SPDR ® S&P 500 ® ETF Trust and its Target Index or due to other circumstances.

There Are Liquidity and Management Risks Associated with an ETF and the Invesco QQQ Trust**

#### SM

#### , Series 1 and SPDR
#### ®

#### S&P 500
#### ®

**ETF Trust Utilizes a
    Passive Indexing Investment Approach.

Although shares of the Invesco QQQ Trust SM , Series 1 and SPDR ® S&P 500 ® ETF Trust are listed for trading on a securities exchange and a number of similar products
    have been traded on various exchanges for varying periods of time, there is no assurance that an active trading market will continue for such shares or that there will be liquidity in that trading market. The Invesco QQQ Trust SM , Series 1
    and SPDR ® S&P 500 ® ETF Trust is subject to management risk, which