Company: TDBCP
Filing Date: 2025-01-06
Form Type: 424B2
Source: 0001140361-25-000316
Chunk: 32

Company: TORONTO DOMINION BANK
Filing Date: 2025-01-06
Form: 424B2
Chunk 32
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 initial public offerings are not subject to the minimum length of 
 trading requirement and may be included in a market investable equity universe and a standard index, such as the MSCI®Emerging Markets IndexSM, outside of a quarterly or semi-annual index review.                                       |

| (vi) | Minimum Foreign Room Requirement: This investability screen is applied at the individual security level. For a security that is subject to a foreign ownership limit to be eligible for inclusion in a market investable equity universe, the 
 proportion of shares still available to foreign investors relative to the maximum allowed (referred to as “foreign room”) must be at least                                                                                                    |

| TD SECURITIES (USA) LLC | P-23 |

15%. Determining Market Capitalization Size Segments for Each Market Once a market investable equity universe is defined, it is segmented into the following size-based indices:

| • | Investable Market Index (Large Cap + Mid Cap + Small Cap) |

| • | Standard Index (Large Cap + Mid Cap) |

| • | Large Cap Index |

| • | Mid Cap Index |

| • | Small Cap Index |

Creating the size segment indices in each market involves the following steps: (i) defining the market coverage target range for each size segment; (ii) determining the global minimum size range for each size segment; (iii) determining the market size segment cutoffs and associated segment number of companies; (iv) assigning companies to the size segments; and (v) applying final size-segment investability requirements. For emerging market indices, the market coverage for a standard index is 85%. Index Continuity Rules for Standard Indices In order to achieve index continuity, as well as provide some basic level of diversification within a market index, notwithstanding the effect of other index construction rules, a minimum number of five constituents will be maintained for a developed market standard index and a minimum number of three constituents will be maintained for an emerging market standard index, and involves the following steps:

| • | If after the application of the index construction methodology, a developed market standard index contains fewer than five securities or an emerging market standard index contains fewer than three securities, then the largest securities 
 by free float-adjusted market capitalization are added to the MSCI®Emerging Markets IndexSMin order to reach the minimum number of required constituents.                                                                                    |

| • | At subsequent index reviews, if the minimum number of securities described above is not met, then after the market investable equity universe is identified, the securities are ranked