Company: TDBCP
Filing Date: 2025-03-14
Form Type: 424B2
Source: 0001140361-25-008838
Chunk: 7

Company: TORONTO DOMINION BANK
Filing Date: 2025-03-14
Form: 424B2
Chunk 7
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 any actions of the type that would require the Calculation Agent to adjust any amount payable and/or deliverable on the Notes. Neither the Target Index Sponsor nor the Sponsor has any obligation of any sort with respect to the Notes. Thus, neither the Target Index Sponsor nor the Sponsor has any obligation to take your interests into consideration for any reason, including in taking any actions that might affect the value of the Reference Asset or the Notes. None of our proceeds from the issuance of the Notes will be delivered to the Target Index Sponsor or the Sponsor.

| TD SECURITIES (USA) LLC | P-4 |

The Value of the Reference Asset May Not Completely Track its NAV. The net asset value (“NAV”) of an ETF, including the Reference Asset, may fluctuate with changes in the market value of its Reference Asset Constituents. The market values of an ETF may fluctuate in accordance with changes in NAV and supply and demand on the applicable stock exchange(s). Furthermore, the Reference Asset Constituents may be unavailable in the secondary market during periods of market volatility, which may make it difficult for market participants to accurately calculate the intraday NAV per share of the Reference Asset and may adversely affect the liquidity and prices of the Reference Asset, perhaps significantly. For any of these reasons, the market value of the Reference Asset may differ from its NAV per share and may trade at, above or below its NAV per share. Adjustments to the Reference Asset Could Adversely Affect the Notes. The Sponsor is responsible for calculating and maintaining the Reference Asset. The Sponsor can add, delete or substitute the Reference Asset Constituents. The Sponsor may make other methodological changes to the Reference Asset that could change the value of the Reference Asset at any time. If one or more of these events occurs, the Closing Price of the Reference Asset may be adjusted to reflect such event or events. Consequently, any of these actions could adversely affect the market value of, and return on, the Notes. Changes that Affect the Target Index of the SPDR ®S&P 500 ®ETF Trust Will Affect the Market Value of, and Return on, the Notes. The SPDR ®S&P 500 ®ETF Trust is an ETF that seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of its Target Index (as specified herein). The policies of the sponsor of its Target Index (an “Index Sponsor”) concerning the calculation of its Target Index, additions, deletions or substitutions of the components of its Target Index