Company: TDBCP
Filing Date: 2025-10-06
Form Type: 424B2
Source: 0001140361-25-037346
Chunk: 6

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-06
Form: 424B2
Chunk 6
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 Reference Assets on the Call Observation Date or the Final Valuation Date, respectively. The Call Return Reflects, in Part, the Volatility of Each Reference Asset and May Not Be Sufficient to Compensate You for the Risk of Loss at Maturity. Generally, the higher a Reference Asset’s volatility, the more likely it is that the Closing Value of that Reference Asset could be less than its Call Threshold Value on the Call Observation Date or its Barrier Value on its Final Valuation Date. Volatility means the magnitude and frequency of changes in the value of a Reference Asset. This greater risk will generally be reflected in a higher Call Return for the Notes than the interest rate payable on our conventional debt securities with a comparable term. However, while the Call Return is set on the Pricing Date, a Reference Asset’s volatility can change significantly over the term of the Notes, and may increase. The value of any Reference Asset could fall sharply on the Call Observation Date, which may result in no automatic call of the Notes and a loss of a significant portion or all of your initial investment.

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

Risks Relating to Characteristics of the Reference Assets There Are Market Risks Associated With Each Reference Asset. The value of each Reference Asset can rise or fall sharply due to factors specific to such Reference Asset, its 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 rates and economic and political conditions. You, as an investor in the Notes, should make your own investigation into the Reference Assets, the Reference Asset Constituents and the Reference Asset Constituent Issuers for your Notes. For additional information, see “Information Regarding the Reference Assets” in this pricing supplement. Investors Are Exposed to the Market Risk of Each Reference Asset on the Call Observation Date and 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 Asset on the Call Observation Date and the Final Valuation Date