Company: TDBCP
Filing Date: 2025-07-29
Form Type: 424B2
Source: 0001140361-25-027734
Chunk: 4

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-29
Form: 424B2
Chunk 4
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 the new notes. The Return on the Notes is Not Linked to the Value of the Reference Asset at Any Time Other Than on the Call Observation Dates and, if the Notes Are Not Automatically Called, the Final Valuation Date. Whether the Notes are automatically called will be based on the Closing Value of the Reference Asset only on the Call Observation Dates. Similarly, if the Notes are not automatically called, the Payment at Maturity may be significantly less than it would have been had the Notes been linked to the Closing Value of the Reference Asset on a date other than the Final Valuation Date, and may be zero. Although the actual value of the Reference Asset at other times during the term of the Notes may be higher than the value on one or more Call Observation Dates or the Final Valuation Date, whether the Notes are automatically called and, otherwise, the Payment at Maturity will be based solely on the Closing Value of the Reference Asset on the applicable Call Observation Dates and the Final Valuation Date, respectively. The Interest Rate Will Reflect, in Part, the Volatility of the Reference Asset and May Not Be Sufficient to Compensate You for the Risk of Loss at Maturity. Generally, the higher the Reference Asset’s volatility, the more likely it is that the Closing Value of the Reference Asset could be less than the Call Threshold Value on a Call Observation Date or the Barrier Value on the Final Valuation Date. Volatility means the magnitude and frequency of changes in the value of the Reference Asset. This greater risk will generally be reflected in a higher Interest Rate for the Notes than the interest rate payable on our conventional debt securities with a comparable term. However, while the Interest Rate is set on the Strike Date, the Reference Asset’s volatility can change significantly over the term of the Notes, and may increase. The value of the Reference Asset could fall sharply on the Final Valuation Date, resulting in a loss of a significant portion or all of the Principal Amount.

| TD SECURITIES (USA) LLC | P-6 |

Risks Relating to Characteristics of the Reference Asset There Are Market Risks Associated With the Reference Asset. The value of the Reference Asset can rise or fall sharply due to factors specific to the Reference Asset, the Reference Asset Constituents and their issuers (the “Reference Asset Constituent Issuers”), such as stock price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general market factors, such as general stock market volatility and levels, interest