Company: TDBCP
Filing Date: 2025-11-24
Form Type: 424B2
Source: 0001140361-25-043064
Chunk: 20

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-24
Form: 424B2
Chunk 20
---
 performance, and no assurance can be given as to the Final Value. We cannot give you any assurance that the performance of the Reference Asset will result in a positive return on your initial investment.

| TD SECURITIES (USA) LLC | P-15 |

| SPDR®S&P 500®ETF Trust |

We have derived all information contained herein regarding the SPDR ® S&P 500 ® ETF Trust (the “SPY Trust”) and the target index, as defined below, from publicly available
    information. Such information reflects the policies of, and is subject to changes by, the sponsor of the SPY Trust, PDR Services LLC (the “sponsor” or its “investment adviser”), the trustee of the SPY Trust, State Street Global Advisors Trust Company
    (the “trustee”) or its parent company, State Street Bank and Trust Company, and the index sponsor of the target index, as defined below.

The SPY Trust is a unit investment trust that issues securities called “Units” of the SPY Trust, each of which represents a fractional undivided ownership interest in the SPY Trust. The SPY Trust seeks
    to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P 500 ® Index (the “target index”). The target index is designed to measure the performance of 500
    large-capitalization companies in the U.S. equity market. The target index is calculated, maintained and published by, S&P Dow Jones Indices LLC (the “index sponsor”). The index sponsor is under no obligation to continue to publish, and may
    discontinue or suspend the publication of, the target index at any time.

The SPY Trust is not actively managed. The SPY Trust holds a portfolio of securities consisting of substantially all of the component common stocks, in substantially the same weighting, which comprise
    the target index. The trustee on a nondiscretionary basis adjusts the composition of the SPY Trust to conform to changes in the composition and/or weighting of securities in the target index. Although the SPY Trust may fail to own certain securities
    included in the target index at any particular time, the SPY Trust generally will be substantially invested in the securities included in the target index. The SPY Trust may or may not hold all of the securities that are included in the target index.

Select information regarding the SPY Trust’s expense ratio and its top constituents, country, industry and/or sector weightings may be