Company: TDBCP
Filing Date: 2025-08-26
Form Type: 424B2
Source: 0001140361-25-032757
Chunk: 4

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-26
Form: 424B2
Chunk 4
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 in a note directly linked to the performance of the Least Performing Reference Asset or in a hypothetical investment in the Least Performing Reference Asset, or the stocks comprising the Least Performing Reference Asset (its “Reference Asset Constituents”). Investors Are Exposed to the Market Risk of Each Reference Asset on the Final Valuation Date. Your return on the Notes is not linked to a basket consisting of the Reference Assets. Rather, it will be contingent upon the performance of each Reference Asset. Unlike an instrument with a return linked to a basket of indices, common stocks or other underlying securities, in which risk is mitigated and diversified among all of the components of the basket, you will be exposed equally to the risks related to each Reference Asseton the Final Valuation Date. Poor performance by any Reference Asset over the term of the Notes will negatively affect your return and will not be offset or mitigated by a positive performance by any other Reference Asset. The Payment at Maturity Is Not Linked to the Closing Value of Any Reference Asset at Any Time Other than the Final Valuation Date. The Final Value of each Reference Asset will be based on the Closing Value of that Reference Asset on the Final Valuation Date. Therefore, if the Closing Value of any Reference Asset dropped precipitously on the Final Valuation Date, the Payment at Maturity for your Notes may be significantly less than it would have been had the Payment at Maturity been linked to the Closing Values of the Reference Assets prior to such drop. Although the actual Closing Values of the Reference Assets on the Maturity Date or at other times during the term of your Notes may be higher than their Closing Values on the Final Valuation Date, your return is based only on the Closing Value of the Least Performing Reference Asset on the Final Valuation Date. Risks Relating to Characteristics of the Reference Assets Because the Notes Are Linked to the Least Performing Reference Asset, You Are Exposed to a Greater Risk of Not Receiving a Positive Return on Your Initial Investment at Maturity Than if the Notes Were Linked to a Single Reference Asset. The risk that you will not receive a positive return on your initial investment in the Notes is greater if you invest in the Notes than the risk of investing in substantially similar securities that are linked to the performance of only one Reference Asset. With more Reference Assets, it is more likely that the Final Value of any Reference Asset will be equal to or less than its Initial Value than if the Notes were linked to a single Reference Asset. In addition, the lower the correlation is between the performance of a pair