Company: TDBCP
Filing Date: 2025-07-21
Form Type: 424B2
Source: 0001140361-25-026578
Chunk: 25

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-21
Form: 424B2
Chunk 25
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 seeking to track the performance of the target index, the XLU Fund employs a replication strategy, which means that the XLU Fund typically invests in substantially all of the securities represented in the target index in approximately the same proportions as the target index. Under normal market conditions, the XLU Fund generally invests substantially all, but at least 95%, of its total assets in the securities comprising the target index. In addition, the XLU Fund may invest in cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds (including money market funds advised by SSGA). Shares of the XLU Fund are listed on the NYSE Arca under the ticker symbol “XLU”. Information from outside sources including, but not limited to the prospectus related to the XLU Fund and any other website referenced in this section, is not incorporated by reference in, and should not be considered part of, this document or any document incorporated herein by reference. We have not undertaken an independent review or due diligence of any publicly available information with respect to the XLU Fund or the target index. Information filed by Select Sector SPDR with the SEC, including the prospectus for the XLU Fund, can be found by reference to its SEC file numbers: 333-57791 and 811-08837 or its CIK Code: 0001064641. Historical Information The graph below illustrates the performance of XLU from July 18, 2015 through July 18, 2025. The dotted lines represent its Call Threshold Value of $83.75, which is equal to 100.00% of its Initial Value, its Contingent Interest Barrier Value of $58.625, which is equal to 70.00% of its Initial Value, and its Barrier Value of $54.4375, which is equal to 65.00% of its Initial Value. Utilities Select Sector SPDR ®Fund (XLU) PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

| TD SECURITIES (USA) LLC | P-21 |

Material U.S. Federal Income Tax Consequences The U.S. federal income tax consequences of your investment in the Notes are uncertain. No statutory, regulatory, judicial or administrative authority directly discusses the characterization for U.S. federal income tax purposes of securities with terms that are substantially the same as the Notes. Some of these tax consequences are summarized below, but we urge you to read the more detailed discussion under “Material U.S. Federal Income