Company: TDBCP
Filing Date: 2025-02-21
Form Type: 424B2
Source: 0001140361-25-005406
Chunk: 14

Company: TORONTO DOMINION BANK
Filing Date: 2025-02-21
Form: 424B2
Chunk 14
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 are typically less stable financially than large-capitalization companies and may depend on a small number of key personnel, making them more vulnerable to loss of personnel. Small-capitalization companies are often given less analyst coverage and may be in early, and less predictable, periods of their corporate existences. Such companies tend to have smaller revenues, less diverse product lines, smaller shares of their product or service markets, fewer financial resources and less competitive strengths than large-capitalization companies and are more susceptible to adverse developments related to their products. There is no guarantee that the investment strategy of the iShares ®Russell 2000 Value ETF or its target index will be successful. The target index of the iShares ®Russell 2000 Value ETF selects a subset of its corresponding non-value index that the target index sponsor determines, based on its methodology, to be “value” stocks, meaning stocks that are undervalued by the market relative to comparable companies, and the iShares ®Russell 2000 Value ETF seeks to track the price and yield performance of that index, before fees and expenses. There is no guarantee generally that stocks determined by such target index sponsor’s methodology to be “value” stocks will outperform an index of stocks selected by any other methodology, or that the iShares ®Russell 2000 Value ETF strategy will successfully replicate the performance of its target index. There is also no guarantee that the iShares ®Russell 2000 Value ETF will outperform an ETF that seeks to track the performance of an index or strategy that selects stocks using other criteria. Companies that are considered to be value oriented may have lower growth potential than other securities, which may cause the level of the iShares ®Russell 2000 Value ETF to decrease over the term of the Notes. Accordingly, the iShares ®Russell 2000 Value ETF may underperform an investment linked to an index that selects its components based on a different set of criteria and, as described elsewhere herein, may adversely affect the market value of, and return on, the Notes. The Nasdaq-100 Index ®Reflects Price Return, not Total Return.

| TD SECURITIES (USA) LLC | P-11 |

The return on the Notes is based on the performance of the Nasdaq-100 Index ®, which reflects the changes in the market prices of its Reference Asset Constituents. The Nasdaq-100 Index ®is not a “total return” index or strategy, which, in addition to reflecting those price returns, would also reflect dividends paid