Company: TDBCP
Filing Date: 2025-05-02
Form Type: 424B2
Source: 0001140361-25-017053
Chunk: 5

Company: TORONTO DOMINION BANK
Filing Date: 2025-05-02
Form: 424B2
Chunk 5
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 your Notes may be higher than their Closing Values on the Final Valuation Date, your return is based only on the Closing Value of the Least Performing Reference Asset on the Final Valuation Date. Risks Relating to Characteristics of the Reference Assets Because the Notes Are Linked to the Least Performing Reference Asset, You Are Exposed to a Greater Risk of Not Receiving a Positive Return on Your Initial Investment at Maturity Than if the Notes Were Linked to a Single Reference Asset or Fewer Reference Assets. The risk that you will not receive a positive return on your initial investment in the Notes is greater if you invest in the Notes than the risk of investing in substantially similar securities that are linked to the performance of only one Reference Asset or fewer Reference Assets. With more Reference Assets, it is more likely that the Final Value of any Reference Asset will be equal to or less than its Initial Value than if the Notes were linked to a single Reference Asset or fewer Reference Assets. In addition, the lower the correlation is between the performance of a pair of Reference Assets, the more likely it is that one of the Reference Assets will remain flat or decline in value to a Final Value that is less than its Initial Value. Although the correlation of the Reference Assets’ performance may change over the term of the Notes, the economic terms of the Notes, including the Maximum Redemption Amount, are determined, in part, based on the correlation of the Reference Assets’ performance calculated using our internal models at the time when the terms of the Notes are finalized. All things being equal, a higher Maximum Redemption Amount is generally associated with lower correlation of the Reference Assets. Therefore, if the performance of a pair of Reference Assets is not correlated to each other or is negatively correlated, it is more likely that the Final Value of any Reference Asset is equal to or less than its Initial Value and that you will not receive a positive return on your initial investment at maturity.

| TD SECURITIES (USA) LLC | P-6 |

There Are Market Risks Associated with each Reference Asset. The value of each Reference Asset can rise or fall sharply due to factors specific to such Reference Asset, Reference Asset Constituents and their issuers (the “Reference Asset Constituent Issuers”), such as stock price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general market factors, such as general stock market volatility and levels, interest rates and economic and political conditions. You, as an investor in the Notes, should make your own investigation