Company: TDBCP
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001140361-25-042475
Chunk: 4

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-17
Form: 424B2
Chunk 4
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 entire Principal Amount. Your Potential Return From Any Positive Percentage Change Will be Limited by the Maximum Upside Return and May be Lower Than the Return on a Hypothetical Direct Investment in the Reference Asset. The opportunity to participate in any increase in the level of the Reference Asset through an investment in the Notes will be limited because the return on the Notes resulting from any positive Percentage Change will not exceed the Maximum Upside Return, regardless of any further increase in the level of the Reference Asset. Accordingly, your return on the Notes may be less than that of a hypothetical direct investment in the Reference Asset or the stocks and other assets comprising the Reference Asset (the “Reference Asset Constituents”) or in a security directly linked to the positive performance of the Reference Asset or the Reference Asset Constituents. Your Potential Return From the Contingent Absolute Return Will be Limited by the Buffer Level and the Contingent Absolute Return Feature is Not the Same as Taking a Short Position Directly in the Reference Asset Constituents. The opportunity to benefit from any decline in the level of the Reference Asset through an investment in the Notes will be limited because of the Buffer Level, and you will not benefit from any decline in the level of the Reference Asset below the Buffer Level. Further, even if the Percentage Change is negative and the Final Level is greater than or equal to the Buffer Level, the return on the Notes will not reflect the return you would realize if you actually took a short position directly in the Reference Asset Constituents. For example, to maintain a short position in a Reference Asset Constituent, you would have to pay dividend payments (if any) to the entity that lends you the Reference Asset Constituent for your short sale, and you could receive certain interest payments (the short interest rebate) from the lender. The Return on Your Notes May Change Significantly Despite Only a Small Change in the Final Level. If the Final Level of the Reference Asset is less than the Buffer Level, you will receive less than the Principal Amount of your Notes and you will lose some or all of your investment in the Notes. This means that while a Final Level that is less than the Initial Level but greater than or equal to the Buffer Level will result in a positive return equal to the Contingent Absolute Return, any additional decrease in the Final Level to below the Buffer Level will instead result in a loss of 1.25% of the Principal Amount of the Notes for each 1% that the Final Level is less than the Initial Level in excess of the Buffer Amount