Company: TDBCP
Filing Date: 2025-10-28
Form Type: 424B2
Source: 0001140361-25-039577
Chunk: 16

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-28
Form: 424B2
Chunk 16
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 downside threshold level is even greater.                                                                                                                                                                                                       |

Risks Relating to Characteristics of the Underlying Indices

| ■ | The level of each underlying index will be affected by various factors that interact in complex and unpredictable ways.The return on the securities, which may be negative, is linked to the                                                   
 performance of each underlying index and indirectly linked to the value of the index constituent stocks. The level of each underlying index can rise or fall sharply due to factors specific to such underlying index or its index constituent 
 stocks and their issuers (the “index constituent stock issuers”), such as stock or commodity 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 or commodity market volatility and levels, interest rates and economic and political conditions. You, as an investor in the securities, should make your own           
 investigation into the underlying indices and the index constituent stocks.                                                                                                                                                                    |

| ■ | There can be no assurance that the investment view implicit in the securities will be successful.It is impossible to predict whether and the extent to which the levels of the underlying indices                                               
 will rise or fall and there can be no assurance that the index closing values ofallof the underlying indices on each trading day during any quarterly observation period will be greater than or                                                
 equal to their coupon threshold levels, or, if the securities are not redeemed prior to maturity, that the final index value ofallof the underlying indices on the final valuation date will be                                                 
 greater than or equal to their downside threshold levels. The levels of the underlying indices will be influenced by complex and interrelated political, economic, financial and other factors that affect the index constituent stock issuers. 
 You should be willing to accept the risks associated with the relevant markets tracked by each underlying index in general and each index’s index constituent stocks in particular, and the risk of losing a significant portion or all of your 
 investment in the securities.                                                                                                                                                                                                                   |

| ■ | The securities are subject to small-capitalization stock risks.The securities are linked to the Russell 2000®Index, which is comprised of index constituent stocks issued by                                                                     
 small-capitalization companies and, therefore, are subject to risks associated with small-capitalization companies. These companies often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization 
 companies and therefore the underlying index may be more volatile than an index of which a greater percentage of its index constituent stocks are issued by large-capitalization