Company: TDBCP
Filing Date: 2025-05-27
Form Type: 424B2
Source: 0001140361-25-020471
Chunk: 8

Company: TORONTO DOMINION BANK
Filing Date: 2025-05-27
Form: 424B2
Chunk 8
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, the return on your investment in the Notes will be less than it would have been had you purchased the Notes at Principal Amount or a discount to Principal Amount.**

<div align='center'>**Risks Relating to Characteristics of the Reference Asset**</div>

**There Are Market Risks Associated with the Reference Asset.

The level of the Reference Asset can rise or fall sharply due to factors specific to the Reference Asset, the securities included in 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 market volatility and levels, interest rates and economic and political conditions. You, as an investor in the Notes, should make your own investigation into the Reference Asset, the Reference Asset Constituents and the Reference Asset
    Constituent Issuers. For additional information, see “Information Regarding the Reference Asset” herein.**

P-6

**The Reference Asset Reflects Price Return, Not Total Return.

The return on your Notes is based on the performance of the Reference Asset, which reflects the changes in the market prices of the Reference Asset Constituents. It is not, however,
    linked to a “total return” index or strategy, which, in addition to reflecting those price returns, would also reflect dividends paid on the Reference Asset Constituents. The return on your Notes will not include such a total return feature or dividend
    component.

The Notes Are Subject to Non-U.S. Currency Exchange Rate Risk.

The Reference Asset Constituents are traded and quoted in non-U.S. currencies on non-U.S. markets. The prices of the Reference Asset Constituents are converted into U.S. dollars by
    the Index Sponsor for purposes of calculating the level of the Reference Asset. As a result, holders of the Notes will be exposed to currency exchange rate risk with respect to each of the currencies in which the Reference Asset Constituents are
    denominated. The values of the currencies of the Reference Asset Constituents may be subject to a high degree of fluctuation due to changes in interest rates, the effects of monetary policies issued by the United States, non-U.S. governments, central
    banks or supranational entities, the imposition of currency controls or other national or global political or economic developments. The level of the Reference Asset will depend