Company: TDBCP
Filing Date: 2025-08-11
Form Type: 424B2
Source: 0001140361-25-030120
Chunk: 16

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-11
Form: 424B2
Chunk 16
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 currencies. Moreover, certain aspects of a particular non-U.S. economy may differ favorably or unfavorably from the U.S. economy in important respects, such as growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency. Additionally, pursuant to certain executive orders, U.S. persons are prohibited from engaging in transactions in publicly traded securities of certain companies that are determined to be linked to the military, intelligence and security apparatus of the People’s Republic of China. The prohibition also covers any securities that are derivative of, or are designed to provide investment exposure to, such securities. In response to this, the sponsor of the target index of the VanEck ®Semiconductor ETF, as defined herein, publicly announced that it removed the equity securities of a small number of companies from such target index and the investment adviser of the VanEck ®Semiconductor ETF also publicly announced that it removed affected stocks from such ETF. If the issuer of any existing Reference Asset

| TD SECURITIES (USA) LLC | P-11 |

Constituent of such ETF is in the future designated as such a prohibited company, the value of such Reference Asset Constituent may be adversely affected, perhaps significantly, which would adversely affect the performance of its target index and such ETF. In addition, under these circumstances, the sponsor of the target index and the investment adviser of the VanEck ®Semiconductor ETF have publicly announced that they intend to remove any such Reference Asset Constituent from its target index and such ETF, respectively. Any changes to the composition of the VanEck ®Semiconductor ETF or its target index in response to the executive orders described above could adversely affect the performance of such ETF and, therefore, the market value of, and return on, the Notes. Risks Relating to Estimated Value and Liquidity The Estimated Value of Your Notes Is Less Than the Public Offering Price of Your Notes. The estimated value of your Notes is less than the public offering price of your Notes. The difference between the public offering price of your Notes and the estimated value of the Notes reflects costs and expected profits associated with selling and structuring the Notes, as well as hedging our obligations under the Notes. Because hedging our obligations entails risks and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected, or a loss. The Estimated Value of Your Notes Is Based on Our Internal Funding Rate. The estimated value of your Notes is determined by reference to our