Company: TDBCP
Filing Date: 2025-12-12
Form Type: 424B2
Source: 0001140361-25-045335
Chunk: 10

Company: TORONTO DOMINION BANK
Filing Date: 2025-12-12
Form: 424B2
Chunk 10
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 fees with respect to the applicable Reference Asset. Changes that Affect the Reference Assets May Adversely Affect the Market Value of, and Return on, the Notes. The policies of each Index Sponsor concerning the calculation of the applicable Reference Asset, additions, deletions or substitutions of the Reference Asset Constituents and the manner in which changes affecting those Reference Asset Constituents, such as stock dividends, reorganizations or mergers, may be reflected in the applicable Reference Asset and could adversely affect the market value of, and return on, the Notes. The market value of, and return on, the Notes could also be affected if an Index Sponsor changes these policies, for example, by changing the manner in which it calculates the applicable Reference Asset, or if an Index Sponsor discontinues or suspends calculation or publication of the applicable Reference Asset. If events such as these occur, the Calculation Agent may select a successor index or take other actions as discussed in the product supplement and, notwithstanding these adjustments, the market value of, and return on, the Notes may be adversely affected. The Nasdaq-100 Index ®, Russell 2000 ®Index and S&P 500 ®Index Reflects Price Return, not Total Return. The return on the Notes is based on the performance of the Nasdaq-100 Index ®, Russell 2000 ®Index and S&P 500 ®Index, which reflects the changes in the market prices of its Reference Asset Constituents. The Nasdaq-100 Index ®, Russell 2000 ®Index and S&P 500 ®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