Company: TDBCP
Filing Date: 2025-10-23
Form Type: 424B2
Source: 0001140361-25-039080
Chunk: 15

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-23
Form: 424B2
Chunk 15
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 maximum weight of any one stock to a low amount or that equally weighted all stocks held by such fund. The Reference Asset Recently Changed Its Target Index Previously, the Reference Asset tracked the NYSE ®Arca Gold Miners Index ®, but, after the close of trading on September 19, 2025, the Reference Asset began tracking the MarketVector™ Global Gold Miners Index. Any historical information about the performance of the Reference Asset for any period before the close of trading on September 19, 2025 will be during a period in which the Reference Asset tracked a different index, and therefore should not be considered information relevant to how the Reference Asset will perform as it tracks the MarketVector™ Global Gold Miners Index. In addition, there can be no assurance that the Reference Asset will not further change its Target Index in the future. See “Information Regarding the Reference Asset” in this pricing supplement for further information regarding the Target Index. Risks Relating to Estimated Value and Liquidity TD’s Initial Estimated Value of the Notes at the Time of Pricing (When the Terms of Your Notes Were Set on the Pricing Date) is Less Than the Public Offering Price of the Notes. TD’s initial estimated value of the Notes is only an estimate. TD’s initial estimated value of the Notes is less than the public offering price of the Notes. The difference between the public offering price of the Notes and TD’s initial estimated value reflects costs and expected profits associated with selling and structuring the Notes, as well as hedging its obligations under the Notes with a third party. Because hedging our obligations entails risks and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected, or a loss. TD’s and GS&Co.’s Estimated Value of the Notes Are Determined By Reference to TD’s Internal Funding Rates and Are Not Determined By Reference to Credit Spreads or the Borrowing Rate TD Would Pay for its Conventional Fixed-Rate Debt Securities. TD’s initial estimated value of the Notes and GS&Co.’s estimated value of the Notes at any time are determined by reference to TD’s internal funding rate. The internal funding rate used in the determination of the estimated value of the Notes generally represents a discount from the credit spreads for TD’s conventional fixed-rate debt securities and the borrowing rate TD would pay for its conventional fixed-rate debt securities. This discount is based on, among other things, TD’s view of the funding value of the Notes as well as the higher issuance,