Company: TDBCP
Filing Date: 2025-10-14
Form Type: 424B2
Source: 0001140361-25-038064
Chunk: 6

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-14
Form: 424B2
Chunk 6
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 less than a comparable investment directly in the Basket Stocks. |

Market Measure-Related Risks

| ■ | No Underlying Company will have any obligations relating to the notes, and none of us, MLPF&S, BofAS or our or their respective affiliates will perform any due diligence procedures with respect to any Underlying Company in connection 
 with this offering.                                                                                                                                                                                                                       |

| ■ | Changes in the prices of one or more of the Basket Stocks may be offset by changes in the prices of one or more of the other Basket Stocks. |

| ■ | You will have no rights of a holder of the Basket Stocks and you will not be entitled to receive any shares of the Basket Stocks or dividends or other distributions by any Underlying Company. |

| ■ | While we, MLPF&S, BofAS or our or their respective affiliates may from time to time own securities of the Underlying Companies, none of us, MLPF&S, BofAS or our or their respective affiliates control any Underlying Company, and 
 have not verified any disclosure made by any Underlying Company.                                                                                                                                                                    |

| ■ | The Redemption Amount will not be adjusted for all corporate events that could affect a Basket Stock. See “Description of ARNs—Anti-Dilution Adjustments” beginning on page PS-21 of product supplement STOCK ARN-1. |

Valuation- and Market-Related Risks

| ■ | The initial estimated value of your notes on the pricing date will be less than their public offering price. The difference between the public offering price of your notes and the initial estimated value of the notes reflects costs and   
 expected profits associated with selling and structuring the notes, as well as hedging our obligations under the notes (including, but not limited to, the hedging related charge, as further described under “Structuring the Notes” on page 
 TS-17). 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 and the amount of any such profit or loss  
 will not be known until the maturity date.                                                                                                                                                                                                    |

| ■ | The initial estimated value of your notes is based on our internal funding rate. The internal funding rate used in the determination of the initial estimated value of the notes generally represents a discount from the credit spreads for     
 our conventional fixed-rate debt securities and the borrowing rate we would pay for our conventional fixed-rate debt securities. This discount is based on,