Company: TDBCP
Filing Date: 2025-07-30
Form Type: 424B2
Source: 0001140361-25-028053
Chunk: 25

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-30
Form: 424B2
Chunk 25
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 by reference to its SEC file numbers: 333-57791 and 811-08837 or its CIK Code: 0001064641. Historical Information We obtained the closing prices of the XLY Fund in the graph below from Bloomberg, without independent verification. The following graph sets forth daily fund closing prices of the XLY Fundfor the period from January 1, 2020 to July 29, 2025. The closing price on July 29, 2025 was $224.62. The historical performance of the XLY Fundshould not be taken as an indication of the future performance of the XLY Fund, and no assurance can be given as to the closing price of the XLY Fundon any day during the term of the securities. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

P-21

| Material U.S. Federal Income Tax Consequences |

You should carefully review the section entitled “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement. The following discussion, when read in combination with that section, constitutes the full opinion of our special U.S. tax counsel, Fried, Frank, Harris, Shriver & Jacobson, LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the securities. Due to the absence of statutory provisions, regulations, published rulings or judicial decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that are substantially the same as the securities, no assurance can be given that the Internal Revenue Service (“IRS”) or a court will agree with the tax treatment described herein. Pursuant to the terms of the securities, the Bank and you agree, in the absence of a statutory or regulatory change or an administrative determination or judicial ruling to the contrary, to characterize the securities as prepaid derivative contracts that are “open transactions” with respect to the Funds. If the securities are so treated, upon the taxable disposition (including cash settlement) of your securities, you generally should recognize gain or loss equal to the difference between the amount realized on such taxable disposition and your tax basis in the securities. Subject to the discussion in the accompanying product supplement regarding Section 1260 of the Code, such gain or loss should be long-term capital gain or loss if you have held your securities for more than one year (otherwise, short-term capital gain or loss). There may be also a risk that the IRS could assert that the securities should not give rise to long-term capital gain or loss because the securities offer,