Company: TDBCP
Filing Date: 2025-11-07
Form Type: 424B2
Source: 0001140361-25-041110
Chunk: 11

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-07
Form: 424B2
Chunk 11
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 to the temporary unavailability of certain securities in the secondary market, the performance of any derivative instruments contained in the Technology Select Sector SPDR ®Fund, differences in trading hours between the Technology Select Sector SPDR ®Fund and its Target Index or due to other circumstances. There Are Liquidity and Management Risks Associated with an ETF and the Technology Select Sector SPDR ®Fund Utilizes a Passive Indexing Investment Approach. Although shares of the Technology Select Sector SPDR ®Fund 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 Technology Select Sector SPDR ®Fund 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 Technology Select Sector SPDR ®Fund 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 Technology Select Sector SPDR ®Fund generally would not sell a stock because that stock’s issuer was in financial trouble. The Notes are Subject to Risks Associated with the Technology Sector. The Notes are subject to risks associated with the technology sector because the Technology Select Sector SPDR ®Fund is comprised of the stocks of companies in the technology sector. All or substantially all of the Reference Asset Constituents included in the Technology Select Sector SPDR ®Fund are issued by companies whose primary line of business is directly associated with the technology sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund’s investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from non-U.S. competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are