Company: TDBCP
Filing Date: 2025-10-22
Form Type: 424B2
Source: 0001140361-25-038886
Chunk: 9

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-22
Form: 424B2
Chunk 9
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ions 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.

| TD Securities (USA) LLC | P-7 |

The Performance of the iShares ®MSCI EAFE ETF May Not Correlate With That of Its Target Index. The performance of the iShares ®MSCI EAFE ETF may not exactly replicate the performance of its Target Index because the iShares ®MSCI EAFE ETF will reflect transaction costs and fees that are not included in the calculation of its Target Index. It is also possible that the iShares ®MSCI EAFE ETF may not fully replicate or may in certain circumstances diverge significantly from the performance of its Target Index due to the temporary unavailability of certain securities in the secondary market, the performance of any derivative instruments contained in the iShares ®MSCI EAFE ETF, differences in trading hours between the iShares ®MSCI EAFE ETF and its Target Index or due to other circumstances. There Are Liquidity and Management Risks Associated with an ETF and the iShares ®MSCI EAFE ETF Utilizes a Passive Indexing Investment Approach. Although shares of the iShares ®MSCI EAFE ETF 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 ®MSCI EAFE 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 iShares ®MSCI EAFE 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