Company: TDBCP
Filing Date: 2025-06-17
Form Type: 424B3
Source: 0001140361-25-022771
Chunk: 11

Company: TORONTO DOMINION BANK
Filing Date: 2025-06-17
Form: 424B3
Chunk 11
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 at, above, or below its net asset value per share. During periods of market volatility, securities held by an Underlying Fund may be unavailable in the secondary market, market participants may be unable to calculate accurately the net asset value per share of the Underlying Fund and the liquidity of the Underlying Fund PS-12 may be adversely affected. This kind of market volatility may also disrupt the ability of market participants to create and redeem shares of the Underlying Fund. Further, market volatility may adversely affect, sometimes materially, the prices at
      which market participants are willing to buy and sell shares of the Underlying Fund. As a result, under these circumstances, the market value of shares of the Underlying Fund may vary substantially from the net asset value per share of the Underlying
      Fund. For the foregoing reasons, the performance of an Underlying Fund may not match the performance of its Underlying Index over the same period. Because of this variance, the return on the SUNs to the extent dependent on the performance of the Underlying Fund may not be the same as an investment directly in the Underlying Constituents included in the Underlying Index or the same as a debt security with a return linked to the performance of the Underlying Index. Risks associated with the applicable Underlying Index or Underlying Constituents of an Underlying Fund will affect the price of that Underlying Fund and, therefore, the value of the SUNs. An Underlying Fund is a fund which may hold a variety of Underlying Constituents, and which performance may be designed to track the performance of an Underlying Index. While the SUNs are linked to an Underlying Fund and not to its Underlying Constituents or Underlying Index, risks associated with its Underlying Constituents or Underlying Index will affect the share price of that Underlying Fund and hence the value of the SUNs. Some of the risks that relate to an Underlying Index include those discussed below in this product supplement in relation to equity based- and commodity-based Underlying Funds, which you should review before investing in the SUNs. If an Underlying Fund holds Underlying Constituents traded on foreign exchanges, time zone differences may create discrepancies between the values of those Underlying Constituents and the value of the SUNs.As a result of the time zone difference, if applicable, between the cities where the Underlying Constituents held by an Underlying Fund trade and the cities in which shares of that Underlying Fund are traded, there may