Company: TDBCP
Filing Date: 2025-01-22
Form Type: 424B3
Source: 0001140361-25-001585
Chunk: 13

Company: TORONTO DOMINION BANK
Filing Date: 2025-01-22
Form: 424B3
Chunk 13
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 market value of the bonds underlying the iShares ®20+ Year Treasury Bond ETF may offset or enhance the effect of another factor. Changes in the price of the iShares ®20+ Year Treasury Bond ETF may adversely affect any payment on the Notes. The iShares ®20+ Year Treasury Bond ETF Is Subject To Significant Risks, Including Interest Rate-Related And Credit-Related Risks. The iShares ®20+ Year Treasury Bond ETF invests in U.S. dollar-denominated fixed-income securities. The performance of the iShares ®20+ Year Treasury Bond ETF that is measured for purposes of the Notes will only reflect changes in the market prices of the bonds held by the iShares ®20+ Year Treasury Bond ETF and will not reflect interest payments on these bonds. As a result, the performance of the iShares ®20+ Year Treasury Bond ETF that is measured for purposes of the Notes will be less, and perhaps significantly less, than the return that would be realized by a direct investor in the iShares ®20+ Year Treasury Bond ETF or a direct investor in the bonds held by the iShares ®20+ Year Treasury Bond ETF. The market prices of the bonds held by the iShares ®20+ Year

| TD SECURITIES (USA) LLC | P-10 |

Treasury Bond ETF are volatile and significantly influenced by a number of factors, particularly the yields on these bonds as compared to current market interest rates and the actual or perceived credit quality of the issuers of these bonds. In general, the value of bonds is significantly affected by changes in current market interest rates. As interest rates rise, the prices of bonds, including those held by the iShares ®20+ Year Treasury Bond ETF, are likely to decrease. Securities with longer durations tend to be more sensitive to interest rate changes, usually making them more volatile than securities with shorter durations. The iShares ®20+ Year Treasury Bond ETF holds U.S. Treasury securities with a remaining maturity of more than 20 years and as a result will be particularly sensitive to interest rate changes. As a result, rising interest rates may cause the value of the bonds held by the iShares ®20+ Year Treasury Bond ETF and the value of the iShares ®20+ Year Treasury Bond ETF to decline, possibly significantly. Interest rates are subject to volatility due to a variety of factors, including: sentiment regarding underlying strength in the U.S. economy and global economies; expectations regarding the level of price inflation; sentiment regarding credit quality in the U.S. and global credit