Company: TDBCP
Filing Date: 2025-12-05
Form Type: 424B2
Source: 0001140361-25-044498
Chunk: 11

Company: TORONTO DOMINION BANK
Filing Date: 2025-12-05
Form: 424B2
Chunk 11
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 its Reference Asset Constituents. The Dow Jones Industrial Average ® , Russell 2000 ® Index and S&P 500 ® Equal Weight Index is not a “total return” index or strategy, which, in addition
    to reflecting those price returns, would also reflect dividends paid on its Reference Asset Constituents. The return on the Notes will not include such a total return feature or dividend component.

The Notes are Subject to Risks Associated with Small-Capitalization Companies.

The Notes are subject to risks associated with small-capitalization companies because the Reference Asset Constituents of the Russell 2000 ® Index are considered small-capitalization companies. These companies
    often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization companies and therefore such index may be more volatile than an index in which a greater percentage of its constituents are issued by
    large-capitalization companies. Stock prices of small-capitalization companies are also more vulnerable than those of large-capitalization companies to adverse business and economic developments, and the stocks of small-capitalization companies may be
    thinly traded. In addition, small-capitalization companies are typically less stable financially than large-capitalization companies and may depend on a small number of key personnel, making them more vulnerable to loss of personnel.
    Small-capitalization companies are often given less analyst coverage and may be in early, and less predictable, periods of their corporate existences. Such companies tend to have smaller revenues, less diverse product lines, smaller shares of their
    product or service markets, fewer financial resources and less competitive strengths than large-capitalization companies and are more susceptible to adverse developments related to their products.**

| TD SECURITIES (USA) LLC | P-9 |

#### The S&P 500
#### ®

#### Equal Weight Index may underperform the S&P 500
#### ®

#### Index.
The S&P 500 ® Equal Weight Index is composed of the same underlying constituents as the S&P 500 ® Index, but weights those underlying constituents equally (as rebalanced
    each quarter) rather than based on market capitalization as in the S&P 500 ® Index. As a result, the companies with the largest market capitalizations will have a smaller impact on the performance of the S&P 500 ® Equal
    Weight Index than on the performance of the S&P 500 ® Index. If larger market capitalization companies outperform smaller market capitalization companies, then the S&P 500 ® Equal Weight Index will underperform the S