Company: TDBCP
Filing Date: 2025-10-23
Form Type: 424B2
Source: 0001140361-25-039080
Chunk: 14

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-23
Form: 424B2
Chunk 14
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 international trade and finance. The market value of the Notes and price of the Reference Asset could also be adversely affected by delays in, or refusals to grant, any required governmental approval for conversions of a local currency and remittances abroad or other de facto restrictions on the repatriation of U.S. dollars. P-10 Regulators in various countries are in the process of investigating the potential manipulation of published currency exchange rates. If such manipulation has occurred or is continuing, certain published exchange rates may have been, or may be in the future, artificially lower (or higher) than they would otherwise have been. Any such manipulation could have an adverse impact on the market value of, and return on, your Notes and the trading market for your Notes. In addition, we cannot predict whether any changes or reforms affecting the determination or publication of exchange rates or the supervision of currency trading will be implemented in connection with these investigations. Any such changes or reforms could also adversely impact your Notes. Time Zone Differences Between The Cities Where The Reference Asset And Its Reference Asset Constituents Trade May Create Discrepancies In Trading Prices As a result of the time zone difference between the cities where the shares of the Reference Asset and its Reference Asset Constituents trade, there may be discrepancies between the values of the Reference Asset Constituents and the market value of the notes. In addition, there may be periods when the foreign securities markets are closed for trading (for example, during holidays in a country other than the United States) that may result in the values of the Reference Asset Constituents remaining unchanged for multiple trading days in the city where the shares of the Reference Asset trade. Conversely, there may be periods in which the applicable foreign securities markets are open, but the securities market on which the Reference Asset trades is closed. The Reference Asset May Be Disproportionately Affected By The Performance Of A Small Number Of Stocks A relatively small number of Reference Asset Constituents comprise a significant portion of the Reference Asset. As a result, a decline in the prices of one or more of these stocks, including as a result of events negatively affecting one or both of these companies may have the effect of significantly lowering the price of the Reference Asset even if none of the other stocks held by the Reference Asset are affected by such events. Because of the weighting of the holdings of the Reference Asset, the amount you receive upon at maturity could be less than the Payment At Maturity you would have received if you had invested in a product linked to an ETF that capped the