Company: TDBCP
Filing Date: 2025-08-22
Form Type: 424B2
Source: 0001140361-25-032314
Chunk: 7

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-22
Form: 424B2
Chunk 7
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 be currently listed for trading on an exchange, there is no assurance that an active trading market will continue for an ETF or that there will be liquidity in the trading market. The Value of the Reference Asset May Not Completely Track its NAV. The net asset value (“NAV”) of an ETF, including the Reference Asset, may fluctuate with changes in the market value of its Reference Asset Constituents. The market values of an ETF may fluctuate in accordance with changes in NAV and supply and demand on the applicable exchange(s) and/or markets. Furthermore, the price of the Reference Asset Constituents may fluctuate significantly during periods of market volatility, which may make it difficult for market participants to accurately calculate the intraday NAV per share of the Reference Asset and may adversely affect the liquidity and prices of the Reference Asset, perhaps significantly. For any of these reasons, the market value of the Reference Asset may differ from its NAV per share and may trade at, above or below its NAV per share. Adjustments to the Reference Asset Could Adversely Affect the Notes. The Sponsor is responsible for calculating and maintaining the Reference Asset. The Sponsor can add, delete or substitute the Reference Asset Constituents. The Sponsor may make other methodological changes to the Reference Asset that could change the value of the Reference Asset at any time. If one or more of these events occurs, the Closing Price of the Reference Asset may be adjusted to reflect such event or events. Consequently, any of these actions could adversely affect the market value of, and return on, the Notes. Risks Relating to Estimated Value and Liquidity The Estimated Value of Your Notes Is Expected To Be Less Than the Public Offering Price of Your Notes. The estimated value of your Notes on the Pricing Date is expected to be less than the public offering price of your Notes. The difference between the public offering price of your Notes and the estimated value of the Notes reflects costs and expected profits associated with selling and structuring the Notes, as well as hedging our obligations under the Notes. Because hedging our obligations entails risks and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected, or a loss.

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

The Estimated Value of Your Notes Is Based on Our Internal Funding Rate. The estimated value of your Notes on the Pricing Date is determined by reference to our internal funding rate. The internal funding rate used in the determination of the estimated value of the Notes generally