Company: TDBCP
Filing Date: 2025-02-04
Form Type: 424B2
Source: 0001140361-25-002945
Chunk: 10

Company: TORONTO DOMINION BANK
Filing Date: 2025-02-04
Form: 424B2
Chunk 10
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 Select Sector SPDR ®Fund, Financial Select Sector SPDR ®Fund and Utilities Select Sector SPDR ®Fund Utilizes a Passive Indexing Investment Approach. Although shares of the Energy Select Sector SPDR ®Fund, Financial Select Sector SPDR ®Fund and Utilities Select Sector SPDR ®Fund are listed for trading on a securities exchange and a number of similar products have been traded on various exchanges for varying periods of time, there is no assurance that an active trading market will continue for such shares or that there will be liquidity in that trading market. The Energy Select Sector SPDR ®Fund, Financial Select Sector SPDR ®Fund and Utilities Select Sector SPDR ®Fund is subject to management risk, which is the risk that its Investment Adviser’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. Additionally, the Energy Select Sector SPDR ®Fund, Financial Select Sector SPDR ®Fund and Utilities Select Sector SPDR ®Fund is not managed according to traditional methods of “active” investment management, which involves the buying and selling of securities based on economic, financial and market analysis and investment judgment. Instead, utilizing a “passive” or indexing investment approach, it attempts to approximate the investment performance of its Target Index by investing in Reference Asset Constituents that generally replicate its Target Index. Therefore, unless a specific stock is removed from its Target Index,

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

the Energy Select Sector SPDR ®Fund, Financial Select Sector SPDR ®Fund and Utilities Select Sector SPDR ®Fund generally would not sell a stock because that stock’s issuer was in financial trouble. The Notes are Subject to Risks Associated with the Energy Sector. The Notes are subject to risks associated with the energy sector because the Energy Select Sector SPDR ®Fund is comprised of the stocks of companies in the energy sector. All or substantially all of the Reference Asset Constituents of the Energy Select Sector SPDR ®Fund are issued by companies whose primary lines of business are directly associated with the energy sector, and its assets will be concentrated in the energy sector, which means that it will be more affected by the performance of the energy sector than a fund that is more diversified. Energy companies typically develop and produce crude oil and natural gas and provide drilling and other energy resources production and distribution related services. Securities prices for these types of companies are affected by supply and demand both for their specific product or service and for energy products in general. The price of oil and gas, exploration