Company: TDBCP
Filing Date: 2025-11-10
Form Type: 424B2
Source: 0001140361-25-041339
Chunk: 11

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-10
Form: 424B2
Chunk 11
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 Asset. An Investment Adviser may make other methodological changes to its Equity Reference Asset that could change the value of such Equity Reference Asset at any time. If one or more of these events occurs, the Closing Value of such Equity Reference Asset may be adjusted to reflect such event or events, which could adversely affect whether and the extent to which any amounts may be payable on the Notes and/or the market value of the Notes. The Nasdaq-100 Index ®and Russell 2000 ®Index Reflects Price Return, not Total Return.

| TD SECURITIES (USA) LLC | P-9 |

The return on the Notes is based on the performance of the Nasdaq-100 Index ®and Russell 2000 ®Index, which reflects the changes in the market prices of its Reference Asset Constituents. The Nasdaq-100 Index ®and Russell 2000 ®Index is not a “total return” index or strategy, which, in addition to reflecting those price returns, would also reflect dividends paid on its Reference Asset Constituents. The return on the Notes will not include such a total return feature or dividend component. The Notes are Subject to Risks Associated with Small-Capitalization Companies. The Notes are subject to risks associated with small-capitalization companies because the Reference Asset Constituents of the Russell 2000 ®Index are considered small-capitalization companies. These companies often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization companies and therefore such index may be more volatile than an index in which a greater percentage of its constituents are issued by large-capitalization companies. Stock prices of small-capitalization companies are also more vulnerable than those of large-capitalization companies to adverse business and economic developments, and the stocks of small-capitalization companies may be thinly traded. In addition, small-capitalization companies are typically less stable financially than large-capitalization companies and may depend on a small number of key personnel, making them more vulnerable to loss of personnel. Small-capitalization companies are often given less analyst coverage and may be in early, and less predictable, periods of their corporate existences. Such companies tend to have smaller revenues, less diverse product lines, smaller shares of their product or service markets, fewer financial resources and less competitive strengths than large-capitalization companies and are more susceptible to adverse developments related to their products. Changes that Affect the Target Index of the Real Estate Select Sector SPDR ®Fund Will Affect the Market Value of, and Return on, the Notes. The Real Estate Select Sector SP