Company: TDBCP
Filing Date: 2025-03-17
Form Type: 424B2
Source: 0001140361-25-008983
Chunk: 12

Company: TORONTO DOMINION BANK
Filing Date: 2025-03-17
Form: 424B2
Chunk 12
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 other circumstances. There Are Liquidity and Management Risks Associated with an ETF and the Financial Select Sector SPDR ®Fund Utilizes a Passive Indexing Investment Approach. Although shares of the Financial Select Sector SPDR ®Fund are listed for trading on a securities exchange and a number of similar products have been traded on various exchanges for varying periods of time, there is no assurance that an active trading market will continue for such shares or that there will be liquidity in that trading market. The Financial Select Sector SPDR ®Fund is subject to management risk, which is the risk that its Investment Adviser’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. Additionally, the Financial Select Sector SPDR ®Fund is not managed according to traditional methods of “active” investment management, which involves the buying and selling of securities based on economic, financial and market analysis and investment judgment. Instead, utilizing a “passive” or indexing investment approach, it attempts to approximate the investment performance of its Target Index by investing in Reference Asset Constituents that generally replicate its Target Index. Therefore, unless a specific stock is removed from its Target Index, the Financial Select Sector SPDR ®Fund generally would not sell a stock because that stock’s issuer was in financial trouble. The Notes are Subject to Risks Associated with the Financial Sector. The Notes are subject to risks associated with the financial sector because the Financial Select Sector SPDR ®Fund is comprised of the stocks of companies in the financial sector. The Financial Select Sector SPDR ®Fund may be subject to increased price volatility as its holdings are concentrated in a single industry and may be more susceptible to economic, market, political or regulatory occurrences affecting that industry. Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses