Company: TDBCP
Filing Date: 2025-01-22
Form Type: 424B3
Source: 0001140361-25-001585
Chunk: 12

Company: TORONTO DOMINION BANK
Filing Date: 2025-01-22
Form: 424B3
Chunk 12
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 values are prevailing market interest rates and credit risk. In general, bond values rise when prevailing market interest rates fall and/or when perceptions of issuer creditworthiness improve. Therefore, in order for the iShares ®20+ Year Treasury Bond ETF to have positive price performance, and in order for the Notes to produce a positive return, prevailing market interest rates would need to fall and/or the perceived creditworthiness of the United States would need to improve over the term of the Notes (in each case without a countervailing unfavorable movement by any other relevant factor). If neither of these circumstances comes to pass, the iShares ®20+ Year Treasury Bond ETF is unlikely to have positive price performance, and if the opposite circumstances occur (i.e., if prevailing market interest rates rise and/or the perceived creditworthiness of the United States deteriorates), the price performance of the iShares ®20+ Year Treasury Bond ETF is likely to be negative. In any such case, the price performance of the iShares ®20+ Year Treasury Bond ETF may be zero or negative even though the yield performance of the iShares ®20+ Year Treasury Bond ETF over the same period is positive. The Value Of The iShares ®20+ Year Treasury Bond ETF May Be Influenced By Unpredictable Changes In The Markets And Economies Of The U.S. The price of the iShares ®20+ Year Treasury Bond ETF that attempts to track the performance of an index composed of U.S. Treasury bonds may be influenced by unpredictable changes, or expectations of changes, in the U.S. market. Changes in the U.S. government that may influence the value of the iShares ®20+ Year Treasury Bond ETF include: economic performance, including any financial or economic crises and changes in the gross domestic product, the principal sectors, inflation, employment and labor, and prevailing prices and wages; the monetary system, including the monetary policy, the exchange rate policy, the economic and tax policies, banking regulation, credit allocation and exchange controls; the external sector, including the amount and types of foreign trade, the geographic distribution of trade, the balance of payments, and reserves and exchange rates; public finance, including the budget process, any entry into or termination of any economic or monetary agreement or union, the prevailing accounting methodology, the measures of fiscal balance, revenues and expenditures, and any government enterprise or privatization program; and public debt, including external debt, debt service and the debt record. These factors interrelate in complex ways, and the effect of one factor on the