Company: TDBCP
Filing Date: 2025-12-10
Form Type: 424B2
Source: 0001140361-25-045150
Chunk: 10

Company: TORONTO DOMINION BANK
Filing Date: 2025-12-10
Form: 424B2
Chunk 10
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 Reference Asset or the Notes. None of our proceeds from the issuance of the Notes will be delivered to the Target Index Sponsor or the Investment Adviser.

Adjustments to the Reference Asset Could Adversely Affect the Notes.

The Investment Adviser is responsible for calculating and maintaining the Reference Asset. The Investment Adviser can add, delete or substitute the Reference Asset Constituents. The Investment Adviser
    may make other methodological changes to the Reference Asset that could change the value of the Reference Asset at any time. If one or more of these events occurs, the Closing Value of the Reference Asset may be adjusted to reflect such event or
    events. Consequently, any of these actions could adversely affect the market value of, and any amount payable on, the Notes.**

#### Changes that Affect the Target Index of the SPDR
#### ®

#### S&P 500
#### ®

**ETF Trust Will Affect the Market Value of, and Return on, the Notes.

The SPDR ® S&P 500 ® ETF Trust is an ETF that seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of its
    Target Index (as specified herein). The policies of the sponsor of its Target Index (an “Index Sponsor”) concerning the calculation of its Target Index, additions, deletions or substitutions of the components of its Target Index and the manner in which
    changes affecting those components, such as stock dividends, reorganizations or mergers, may be reflected in its Target Index and, therefore, could adversely affect the return on the Notes and the market value of the Notes prior to maturity. The market
    value of, and return on, the Notes could also be affected if the sponsor of its Target Index changes these policies, for example, by changing the manner in which it calculates its Target Index. Some of the risks that relate to a target index of an ETF
    include those discussed in the product supplement, which you should review.**

#### The Performance of the SPDR
#### ®

#### S&P 500
#### ®

**ETF Trust May Not Correlate With That of Its Target Index.

The performance of the SPDR ® S&P 500 ® ETF Trust may not exactly replicate the performance of its Target Index because the SPDR ® S&P 500 ® ETF Trust
    will reflect transaction costs and fees that are not included in the calculation of its Target Index. It is also possible that the SPDR ® S&P 500 ®