Company: TDBCP
Filing Date: 2025-08-04
Form Type: 424B2
Source: 0001140361-25-028580
Chunk: 14

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-04
Form: 424B2
Chunk 14
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Semiconductor ETF 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 VanEck ®Semiconductor ETF 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 VanEck ®Semiconductor ETF generally would not sell a stock because that stock’s issuer was in financial trouble. The Notes are Subject to Risks Associated with Mid-Capitalization Companies. The Notes are subject to risks associated with mid-capitalization companies because the Reference Asset Constituents of the VanEck ®Semiconductor ETF are considered mid-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 mid-capitalization companies are also more vulnerable than those of large-capitalization companies to adverse business and economic developments, and the stocks of mid-capitalization companies may be thinly traded. In addition, mid-capitalization companies are typically less stable financially than large-capitalization companies and may depend on a small number of key personnel, making them more vulnerable to loss of personnel. Mid-capitalization companies are often given less analyst coverage and may be in early, and less predictable, periods of their corporate existences. Such companies tend to have smaller revenues, less diverse product lines, smaller shares of their product or service markets,

| TD SECURITIES (USA) LLC | P-10 |

fewer financial resources and less competitive strengths than large-capitalization companies and are more susceptible to adverse developments related to their products. The Notes Are Subject to Risks Associated With the Semiconductor Industry. The Notes are subject to risks associated with the semiconductor sector because the VanEck ®Semiconductor ETF is comprised of the stocks of companies in the semiconductor industry. All or substantially all of the constituents of the VanEck ®Semiconductor ETF are issued by companies whose primary line of business is directly associated with the semiconductor sector. Market or economic factors impacting semiconductor companies and companies that rely heavily