Company: TDBCP
Filing Date: 2025-01-21
Form Type: 424B2
Source: 0001140361-25-001499
Chunk: 10

Company: TORONTO DOMINION BANK
Filing Date: 2025-01-21
Form: 424B2
Chunk 10
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 market, the performance of any derivative instruments contained in the iShares ®20+ Year Treasury Bond ETF, Energy Select Sector SPDR ®Fund and Financial Select Sector SPDR ®Fund, differences in trading hours between the iShares ®20+ Year Treasury Bond ETF, Energy Select Sector SPDR ®Fund and Financial Select Sector SPDR ®Fund and its Target Index or due to other circumstances. There Are Liquidity and Management Risks Associated with an ETF and the iShares ®20+ Year Treasury Bond ETF, Energy Select Sector SPDR ®Fund and Financial Select Sector SPDR ®Fund Utilizes a Passive Indexing Investment Approach. Although shares of the iShares ®20+ Year Treasury Bond ETF, Energy Select Sector SPDR ®Fund and 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 iShares ®20+ Year Treasury Bond ETF, Energy Select Sector SPDR ®Fund and 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 iShares ®20+ Year Treasury Bond ETF, Energy Select Sector SPDR ®Fund and 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

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

removed from its Target Index, the iShares ®20+ Year Treasury Bond ETF, Energy Select Sector SPDR ®Fund and Financial Select Sector SPDR ®Fund generally would not sell a stock because that stock’s issuer was in financial trouble. The Notes Provide Exposure Solely To The iShares ®20+ Year Treasury Bond ETF’s Price Performance, Which Excludes All Of The iShares ®20+ Year Treasury Bond ETF’s Distributions Of Interest Payments And, Therefore, An Investment In The Notes Involves Different Considerations Than A Direct Investment In The iShares ®20+ Year Treasury Bond