Company: TDBCP
Filing Date: 2025-03-31
Form Type: 424B2
Source: 0001140361-25-011262
Chunk: 5

Company: TORONTO DOMINION BANK
Filing Date: 2025-03-31
Form: 424B2
Chunk 5
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 to the Threshold Value. Because the Threshold Value is 89.20% of the Starting Value,   
 any positive return due to the depreciation of the Index is limited to 10.80%. Any decline in the Ending Value from the Starting Value by more than 10.80% will result in a loss, rather than a positive return, on the notes. In contrast, for 
 example, a short position in the Index (or the stocks included in the Index) would allow you to receive the full benefit of any decrease in the level of the Index (or the stocks included in the Index).                                       |

| ◾ | Your investment return based on any increase in the level of the Index is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the stocks included in the Index. |

Market Measure-Related Risks

| ◾ | The Index sponsor (as defined below) may adjust the Index in a way that may adversely affect its level and your interests, and the Index sponsor has no obligation to consider your interests. |

| ◾ | You will have no rights of a holder of the securities included in the Index, or of a holder with a short position directly in the Index (or of the securities included in the Index) and you will not be entitled to receive securities or 
 dividends or other distributions by the issuers of those securities.                                                                                                                                                                       |

| ◾ | While we, MLPF&S, BofAS or our or their respective affiliates may from time to time own securities of companies included in the Index, except to the extent that the common stock of Bank of America Corporation (the parent company of 
 MLPF&S and BofAS) is included in the Index, none of us, MLPF&S, BofAS or our or their respective affiliates control any company included in the Index, and have not verified any disclosure made by any such company.                   |

Valuation- and Market-Related Risks

| ◾ | The initial estimated value of your notes on the pricing date is less than their public offering price. The difference between the public offering price of your notes and the initial 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 (including, but not limited to, the hedging related charge, as further described under “Structuring the Notes” on page 
 TS-17). Because hedging our obligations entails risks and may be influenced by market