Company: TDBCP
Filing Date: 2025-07-23
Form Type: 424B2
Source: 0001140361-25-026939
Chunk: 13

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-23
Form: 424B2
Chunk 13
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 hours between the VanEck ®Semiconductor ETF and its Target Index or due to other circumstances. There Are Liquidity and Management Risks Associated with an ETF and the VanEck ®Semiconductor ETF Utilizes a Passive Indexing Investment Approach. Although shares of the VanEck ®Semiconductor ETF are listed for trading on a securities exchange and a number of similar products have been traded on various exchanges for varying periods of time, there is no assurance that an active trading market will continue for such shares or that there will be liquidity in that trading market. The VanEck ®Semiconductor ETF is subject to management risk, which is the risk that its Investment Adviser’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. Additionally, the VanEck ®Semiconductor ETF is not managed according to traditional methods of “active” investment management, which involves the buying and selling of securities based on economic, financial and market analysis and investment judgment. Instead, utilizing a “passive” or indexing investment approach, it attempts to approximate the investment performance of its Target Index by investing in Reference Asset Constituents that generally replicate its Target Index. Therefore, unless a specific stock is removed from its Target Index, the VanEck ®Semiconductor ETF generally would not sell a stock because that stock’s issuer was in financial trouble. The Notes are Subject to Risks Associated with Mid-Capitalization Companies. The Notes are subject to risks associated with mid-capitalization companies because the Reference Asset Constituents of the VanEck ®Semiconductor ETF are considered mid-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 mid-capitalization companies are also more vulnerable than those of large-capitalization companies to adverse business and economic developments, and the stocks of mid-capitalization companies may be thinly traded. In addition, mid-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. Mid-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