Company: TDBCP
Filing Date: 2025-07-11
Form Type: 424B2
Source: 0001140361-25-025616
Chunk: 6

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-11
Form: 424B2
Chunk 6
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 level of the Reference Asset appreciates at any other time but then declines to a Closing Level that is less than the Initial Level or Step-Down Call Level, as applicable, on the applicable Review Date, you will not receive the applicable Call Premium on the corresponding Call Payment Date. In addition, the determination of whether the Notes will be automatically called at maturity will be calculated by reference to the Final Level, which will be equal to the Closing Level on the Final Review Date. In calculating the Final Level, 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 Level is less than the Buffer Level on the Final Review Date, the return on the Notes will be negative, regardless of the level of the Reference Asset on any other day. Risks Relating to Characteristics of the Reference Asset The Applicable Call Premiums Will Reflect, In Part, the Volatility of the Reference Asset and May Not Be Sufficient to Compensate You for the Risk of Loss at Maturity. Generally, the higher the Reference Asset’s volatility, the more likely it is that the Closing Level or Final Level of the Reference Asset could be less than the Initial Level or theStep-Down Call Level, respectively, on the applicable Review Date. Volatility means the magnitude and frequency of changes in the level of the Reference Asset. This greater risk will generally be reflected in higher Call Premiums for the Notes than the amount payable on our conventional debt securities of a comparable term. However, while the Call Premiums are set on the Pricing Date, the Reference Asset’s volatility can change significantly over the term of the Notes, and may increase. The Closing Level or Final Level, as applicable, of the Reference Asset could fall sharply on the Review Dates, resulting in the Notes not being subject to an automatic call and potentially a significant or entire lossof principal . There Are Market Risks Associated with the Reference Asset. The level of the Reference Asset can rise or fall sharply due to factors specific to the Reference Asset, the Reference Asset Constituents and their issuers (the “Reference Asset Constituent Issuers”), 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,