Company: TDBCP
Filing Date: 2025-11-04
Form Type: 424B2
Source: 0001140361-25-040304
Chunk: 12

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-04
Form: 424B2
Chunk 12
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 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 heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. Risks Relating to Estimated Value and Liquidity The Estimated Value of Your Notes Is Expected to Be Less Than the Public Offering Price of Your Notes. The estimated value of your Notes on the Pricing Date is expected to be less than the public offering price of your Notes. The difference between the public offering price of your Notes and the estimated value of the Notes reflects costs and expected profits associated with selling and structuring the Notes, as well as hedging our obligations under the Notes. Because hedging our obligations entails risks and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected, or a loss. The Estimated Value of Your Notes Is Based on Our Internal Funding Rate. The estimated value of your Notes on the Pricing Date is determined by reference to our internal funding rate. The internal funding rate used in the determination of the estimated value of the Notes generally represents a discount from the credit spreads for our conventional, fixed-rate debt securities and the borrowing rate we would pay for our conventional, fixed-rate debt securities. This discount is based on, among other things, our view of the funding value of the Notes as well as the higher issuance, operational and ongoing liability management costs of the Notes in comparison to those costs for our conventional, fixed-rate debt, as well