Company: TDBCP
Filing Date: 2025-10-02
Form Type: 424B2
Source: 0001140361-25-037093
Chunk: 10

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-02
Form: 424B2
Chunk 10
---
 ®ETF Trust will reflect transaction costs and fees that are not included in the calculation of its Target Index. It is also possible that the Invesco QQQ Trust SM, Series 1 and SPDR ®S&P 500 ®ETF Trust may not fully replicate or may in certain circumstances diverge significantly from the performance of its Target Index due to the temporary unavailability of certain securities in the secondary market, the performance of any derivative instruments contained in the Invesco QQQ Trust SM, Series 1 and SPDR ®S&P 500 ®ETF Trust, differences in trading hours between the Invesco QQQ Trust SM, Series 1 and SPDR ®S&P 500 ®ETF Trust and its Target Index or due to other circumstances. There Are Liquidity and Management Risks Associated with an ETF and the Invesco QQQ Trust SM, Series 1 and SPDR ®S&P 500 ®ETF Trust Utilizes a Passive Indexing Investment Approach. Although shares of the Invesco QQQ Trust SM, Series 1 and SPDR ®S&P 500 ®ETF Trust 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

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

trading market will continue for such shares or that there will be liquidity in that trading market. The Invesco QQQ Trust SM, Series 1 and SPDR ®S&P 500 ®ETF Trust 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 Invesco QQQ Trust SM, Series 1 and SPDR ®S&P 500 ®ETF Trust 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, the Invesco QQQ Trust SM, Series 1 and SPDR ®S&P 500 ®ETF Trust generally would not sell a stock because that stock’s issuer was in financial trouble. Risks Relating to Estimated Value and Liquidity The