Company: TDBCP
Filing Date: 2025-01-29
Form Type: 424B2
Source: 0001140361-25-002331
Chunk: 9

Company: TORONTO DOMINION BANK
Filing Date: 2025-01-29
Form: 424B2
Chunk 9
---
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 trading market will continue for such shares or that there will be liquidity in that trading market. The SPDR ® S&P 500 ® ETF Trust is subject to management risk,
    which is the risk that its Sponsor’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. Additionally, the 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 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 Estimated Value of Your Notes Is Expected To Be Less Than the Public Offering Price of Your Notes.

The estimated value of your Notes on the Pricing Date is expected to be less than the public offering price of your Notes. The difference between the public offering price of your Notes and the estimated
    value of the Notes reflects costs and expected profits associated with selling and structuring the Notes, as well as hedging our obligations under the Notes. Because hedging our obligations entails risks and may be influenced by market forces beyond
    our control, this hedging may result in a profit that is more or less than expected, or a loss.

The Estimated Value of Your Notes Is Based on Our Internal Funding Rate.

The estimated value of your Notes on the Pricing Date is determined by reference to our internal funding rate. The internal funding rate used in the determination of the estimated value of the Notes
    generally represents a discount from the credit spreads for our conventional, fixed-rate debt securities and the borrowing rate we would pay for our conventional, fixed-rate debt securities. This discount is based on, among other things, our view of
    the funding value of the Notes as well as the higher issuance, operational and ongoing liability management costs of the Notes in comparison to those costs for our conventional, fixed-rate debt, as well