Company: TDBCP
Filing Date: 2025-12-02
Form Type: 424B2
Source: 0001140361-25-043900
Chunk: 11

Company: TORONTO DOMINION BANK
Filing Date: 2025-12-02
Form: 424B2
Chunk 11
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 Investment Approach. Although shares of the iShares ®Russell 2000 ETF, Invesco QQQ Trust SM, Series 1 and SPDR ®S&P 500 ®ETF Trust 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 iShares ®Russell 2000 ETF, Invesco QQQ Trust SM, Series 1 and SPDR ®S&P 500 ®ETF Trust 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 iShares ®Russell 2000 ETF, Invesco QQQ Trust SM, Series 1 and SPDR ®S&P 500 ®ETF Trust 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 iShares ®Russell 2000 ETF, Invesco QQQ Trust SM, Series 1 and SPDR ®S&P 500 ®ETF Trust generally would not sell a stock because that stock’s issuer was in financial trouble.

| TD SECURITIES (USA) LLC | P-9 |

The Notes are Subject to Risks Associated with Small-Capitalization Companies. The Notes are subject to risks associated with small-capitalization companies because the Reference Asset Constituents of the iShares ®Russell 2000 ETF are considered small-capitalization companies. These companies often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization companies and therefore such index may be more volatile than an index in which a greater percentage of its constituents are issued by large-capitalization companies. Stock prices of small-capitalization companies are also more vulnerable than those of large-capitalization companies to adverse business and economic developments, and the stocks of small-capitalization companies may be thinly traded. In addition, small-capitalization companies are typically less stable financially than large-capitalization companies and may depend on a small number of key personnel, making