Company: TDBCP
Filing Date: 2025-11-21
Form Type: 424B2
Source: 0001140361-25-042926
Chunk: 26

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-21
Form: 424B2
Chunk 26
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 discontinue or suspend the publication of, the target index at any time. The SPY Trust is not actively managed. The SPY Trust holds a portfolio of securities consisting of substantially all of the component common stocks, in substantially the same weighting, which comprise the target index. The trustee on a nondiscretionary basis adjusts the composition of the SPY Trust to conform to changes in the composition and/or weighting of securities in the target index. Although the SPY Trust may fail to own certain securities included in the target index at any particular time, the SPY Trust generally will be substantially invested in the securities included in the target index. The SPY Trust may or may not hold all of the securities that are included in the target index. Select information regarding the SPY Trust’s expense ratio and its top constituents, country, industry and/or sector weightings may be made available on the SPY Trust’s website. Expenses of the SPY Trust reduce the net asset value of the assets held by the SPY Trust and, therefore, reduce the value of the shares of the SPY Trust. Shares of the SPY Trust are listed on the NYSE Arca under the ticker symbol “SPY”. Information from outside sources including, but not limited to the prospectus related to the SPY Trust and any other website referenced in this section, is not incorporated by reference in, and should not be considered part of, this document or any document incorporated herein by reference. We have not undertaken an independent review or due diligence of any publicly available information with respect to the SPY Trust or the target index. Information filed by the SPY Trust with the SEC, including the prospectus for the SPY Trust, can be found by reference to its SEC file numbers: 033-46080 and 811-06125 or its CIK Code: 0000884394.

| TD SECURITIES (USA) LLC | P-21 |

Historical Information The graph below illustrates the performance of SPY from November 20, 2015 through November 20, 2025. The dotted lines represent its Call Threshold Value of $652.53, which is equal to 100.00% of its Initial Value, and its Contingent Interest Barrier Value and Barrier Value of $391.518, which is equal to 60.00% of its Initial Value. SPDR ®S&P 500 ®ETF Trust (SPY) PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

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