Company: TDBCP
Filing Date: 2025-05-13
Form Type: 424B3
Source: 0001140361-25-018576
Chunk: 8

Company: TORONTO DOMINION BANK
Filing Date: 2025-05-13
Form: 424B3
Chunk 8
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 Notes is greater if you invest in the Notes than the risk of investing in substantially similar securities that are linked to the performance of only one Reference Asset. With more Reference Assets, it is more likely that the Closing Value of any Reference Asset will be less than its Call Threshold Value on any Call Observation Date or that the Final Value of any Reference Asset will be less than its Initial Value on the Final Valuation Date than if the Notes were linked to a single Reference Asset. In addition, the lower the correlation is between the performance of a pair of Reference Assets, the more likely it is that one of the Reference Assets will decline in value to a Closing Value that is less than its Call Threshold Value on any Call Observation Date or to a Final Value that is less than its Buffer Value. Although the correlation of the Reference Assets’ performance may change over the term of the Notes, the economic terms of the Notes, including the Call Rate, Call Premiums and Buffer Values, are determined, in part, based on the correlation of the Reference Assets’ performance calculated using our internal models at the time when the terms of the Notes are finalized. All things being equal, a higher Call Rate and lower Buffer Values are generally associated with lower correlation of the Reference Assets. Therefore, if the performance of a pair of Reference Assets is not correlated to each other or is negatively correlated, the risk that the Notes will not be automatically called and/or that the Final Value of any Reference Asset will be less than its Buffer Value is even greater despite lower Buffer Values, and it is more likely that you will not receive a Call Premium and/or that you will lose some or almost all of your initial investment at maturity. The Value of a Reference Asset May Not Completely Track Its NAV. The net asset value (“NAV”) of an ETF, including the Reference Assets, 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 applicable Reference Asset and may adversely affect the liquidity and prices of such Reference Asset, perhaps significantly. For any of these reasons, the market value of a Reference Asset may differ from its NAV per share and may trade at, above or below its NAV per share. We Have No Affiliation With Any Index Sponsor or