Company: TDBCP
Filing Date: 2025-07-15
Form Type: 424B2
Source: 0001140361-25-025910
Chunk: 5

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-15
Form: 424B2
Chunk 5
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 Notes is limited to the applicable Call Premium resulting from an automatic call, regardless of any increase in the level of the Reference Asset. Therefore, if the increase in the level of the Reference Asset exceeds the applicable Call Premium, if any, actually paid on the Notes, the return on the Notes will be less than the return on a hypothetical direct investment in the Reference Asset, a security directly linked to the performance of the Reference Asset or a direct investment in the stocks and other assets comprising the Reference Asset (the “Reference Asset Constituents”). Your Return May Be Less than the Return on a Conventional Debt Security of Comparable Maturity. The return that you will receive on your Notes, which could be negative, may be less than the return you could earn on other investments. The Notes do not provide for any interest payments and you may not receive any Call Premium on the Notes. Even if you receive the applicable Call Premium and your return on the Notes is positive, your return may be less than that of a conventional, interest-bearing senior debt security of TD of comparable maturity. Your investment may not reflect the full opportunity cost to you when you take into account factors that affect the time value of money.

| TD Securities (USA) LLC | P-3 |

The Notes May Be Automatically Called Prior to the Maturity Date And Are Subject to Reinvestment Risk. If your Notes are automatically called, no further payments will be owed to you under the Notes after the applicable Call Payment Date. Therefore, because the Notes could be called as early as the first potential Call Payment Date, the holding period could be limited. There is no guarantee that you would be able to reinvest the proceeds from an investment in the Notes at a comparable return for a similar level of risk in the event the Notes are automatically called prior to the Maturity Date. Furthermore, to the extent you are able to reinvest such proceeds in an investment with a comparable return for a similar level of risk, you may incur transaction costs such as dealer discounts and hedging costs built into the price of the new notes. Any Amount Payable on the Notes, Including the Payment at Maturity, Is Not Linked to the Level of the Reference Asset at Any Time Other Than on the Applicable Review Date, Including the Final Review Date. Any payment on the Notes, including the Payment at Maturity, will be based on the Closing Level of the Reference Asset on the Review Dates (including the Final Review Date). Even if the level of the Reference Asset appreciates at any other time but then declines to