Company: TDBCP
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001140361-25-042436
Chunk: 11

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-17
Form: 424B2
Chunk 11
---
 the Performance of the Reference Asset May Not Correlate With the Performance of its Target Index. The performance of the Reference Asset may not exactly replicate the performance of its Target Index because the Reference Asset will reflect transaction costs and fees that are not included in the calculation of its Target Index. It is also possible that the Reference Asset may not fully replicate or may in certain circumstances diverge significantly from the performance of its Target Index due to the temporary unavailability of certain securities in the secondary market, the performance of any derivative instruments contained in the Reference Asset, differences in trading hours between the Reference Asset and its Target Index or due to other circumstances. Your Investment Is Subject To Concentration Risks The Reference Asset invests in U.S. Treasury bonds that are all obligations of the United States with a similar remaining time to maturity. As a result, the Reference Asset is concentrated in the performance of bonds issued by a single issuer and having the same general tenor and terms. Although your investment in the Notes will not result in the ownership or other direct interest in the U.S. Treasury bonds held by the Reference Asset, the return on your investment in the Notes will be subject to certain risks similar to those associated with direct investment in a U.S. Treasury bonds. This increases the risk that any downgrade of the credit ratings of the U.S. government from its current ratings, any increase in risk that the U.S. Treasury may default on its obligations by the market (whether for credit or legislative process reasons) or any other market events that create a decrease in demand for U.S. Treasury bonds would significantly adversely affect the Reference Asset. In addition, to the extent that any such decrease in demand is more concentrated in the particular U.S. Treasury bond maturities owned by the Reference Asset, the Reference Asset could be severely affected. The Reference Asset May Change in Unexpected Ways The Target Index tends to have very limited public disclosure. The sponsor of the Target Index retains discretion to make changes to the Target Index at any time. The lack of detailed information about the Target Index and how its constituents may change in the future creates the risk that the Target Index could change in the future to perform much differently from the way it would perform if such changes were not made. If the Target Index is changed in unexpected ways, the Reference Asset would similarly change to better reflect the Target Index. The performance of the Reference Asset could be adversely affected in that case, which could adversely affect your investment in the notes. P-8 Your Investment Is Subject To Income Risk And Interest Rate Risk The