Company: TDBCP
Filing Date: 2025-10-14
Form Type: 424B2
Source: 0001140361-25-038004
Chunk: 11

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-14
Form: 424B2
Chunk 11
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 market during periods of market volatility, which may make it difficult for market participants to accurately calculate the intraday NAV per share of the applicable Equity Reference Asset and may adversely affect the liquidity and prices of such Equity Reference Asset, perhaps significantly. For any of these reasons, the market value of an Equity Reference Asset may differ from its NAV per share and may trade at, above or below its NAV per share. Adjustments to an Equity Reference Asset Could Adversely Affect the Notes. The Investment Adviser (as specified under “Information Regarding the Reference Assets”) for each Equity Reference Asset is responsible for calculating and maintaining the applicable Equity Reference Asset. An Investment Adviser can add, delete or substitute the Reference Asset Constituents for its Equity Reference 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