Company: TDBCP
Filing Date: 2025-10-03
Form Type: 424B2
Source: 0001140361-25-037191
Chunk: 6

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-03
Form: 424B2
Chunk 6
---
 Observation Date but a Reference then drops on that day to a Closing Value that is less than its Call Threshold Value, you will not receive the Call Price on the Call Payment Date. Similarly, the Payment at Maturity, if any, may be significantly less than if the Notes were linked to the Closing Value of the Least Performing Reference Asset on a date other than the Final Valuation Date. Although the actual values of the Reference Assets at other times during the term of the Notes may be higher than the values on the Call Observation Date or the Final Valuation Date, any payment of the Call Return or the Payment at Maturity will be based solely on the Closing Value of the Reference Assets on the Call Observation Date or the Final Valuation Date, respectively. The Call Return Reflects, in Part, the Volatility of Each Reference Asset and May Not Be Sufficient to Compensate You for the Risk of Loss at Maturity. Generally, the higher a Reference Asset’s volatility, the more likely it is that the Closing Value of that Reference Asset could be less than its Call Threshold Value on the Call Observation Date or its Barrier Value on its Final Valuation Date. Volatility means the magnitude and frequency of changes in the value of a Reference Asset. This greater risk will generally be reflected in a higher Call Return for the Notes than the interest rate payable on our conventional debt securities with a comparable term. However, while the Call Return is set on the Pricing Date, a Reference Asset’s volatility can change significantly over the term of the Notes, and may increase. The value of any Reference Asset could fall sharply on the Call Observation Date, which may result in no automatic call of the Notes and a loss of a significant portion or all of your initial investment.

| TD SECURITIES (USA) LLC | P-6 |

Risks Relating to Characteristics of the Reference Assets There Are Market Risks Associated With Each Reference Asset. The value of each Reference Asset can rise or fall sharply due to factors specific to such Reference Asset, its Reference Asset Constituents and their issuers (the “Reference Asset Constituent Issuers”), such as stock price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general market factors, such as general stock market volatility and levels, interest rates and economic and political conditions. You, as an investor in the Notes, should make your own investigation into the Reference Assets, the Reference Asset Constituents and the Reference Asset Constituent Issuers for your