Company: TDBCP
Filing Date: 2025-06-25
Form Type: 424B2
Source: 0001140361-25-023591
Chunk: 10

Company: TORONTO DOMINION BANK
Filing Date: 2025-06-25
Form: 424B2
Chunk 10
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 of capital markets and tax regulation. The risk of expropriation and nationalization remains a threat. Guarding against such risks is made more difficult by low levels of corporate disclosure and unreliability of economic and financial data. The Underlying Fund commenced trading recently and has limited actual historical information. Because the Underlying Fund is of recent origin and limited actual historical performance data exists, your investment in the notes may involve a greater risk than investing in notes linked to an underlying with a more established record of performance. A limited number of equity securities held by the Underlying Fund may affect its price. As of June 23, 2025, the top holding of the Underlying Fund, Taiwan Semiconductor Manufacturing (“TSM”), constituted 14.01% of the total weight of the Underlying Fund. In contrast, the second highest holding of the Underlying Fund constituted just 3.29% of the total weight of the Underlying Fund as of the same date. As a result, the performance of the Underlying Fund will depend significantly on the performance of TSM. Any reduction in the market price of TSM is likely to have a substantial adverse impact on the price of the Underlying Fund and the value of the notes. Since the Underlying Fund does not seek to cap its exposure to any constituent, the Underlying Fund’s concentration in TSM can grow over the course of the notes or the Underlying Fund can become concentrated in a handful of other constituents. Because of the current weighting of TSM in the Underlying Fund and the fact that the Underlying Fund has no cap on its exposure to any constituent, the amount payable on your notes could be less than the amount you would have received if you had invested in notes linked to an underlier that capped the maximum weight of any one stock to a low amount or that equally weighted all stocks held by such underlier. Finally, because TSM is in the information technology sector, the performance of the Underlying Fund is more likely to be more adversely affected by any negative performance of the information technology sector than an underlier that has more diversified holdings across a number of sectors. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of TSM and, as a result, the Underlying Fund.

| Accelerated Return Notes® | TS-8 |

| Accelerated Return Notes®                                                    
 Linked to the iShares®MSCI Emerging Markets ex China ETF due September, 2026 |

The Underlying Fund All disclosures