Company: TDBCP
Filing Date: 2025-08-20
Form Type: 424B2
Source: 0001140361-25-032059
Chunk: 5

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-20
Form: 424B2
Chunk 5
---
Down Call Level. If the Closing Level of any Reference Asset is less than its Initial Level on the Review Date prior to the Final Review Date and the Final Level of any Reference Asset is less than its Step-Down Call Levelon the Final Review Date, you will not receive any Call Premium and you will not receive a positive return on your Notes. The Potential Positive Return on the Notes Is Limited to the Applicable Call Premium Paid on the Notes, If Any, Regardless of Any Appreciation in the Level of Any Reference Asset. The potential positive return on the Notes is limited to the applicable Call Premium resulting from an automatic call, regardless of any appreciation in the level of any Reference Asset. Therefore, if the appreciation of any Reference Asset exceeds the applicable Call Premium, if any, actually paid on the Notes, the return on the Notes will be less than the return on a hypothetical direct investment in such Reference Asset, a security directly linked to the positive performance of such Reference Asset or a direct investment in the stocks and other assets comprising such Reference Asset (the “Reference Asset Constituents”). The Applicable Call Premiums Will Reflect, In Part, the Volatility of each Reference Asset and May Not Be Sufficient to Compensate You for the Risk of Loss at Maturity. Generally, the higher the Reference Assets’ volatility, the more likely it is that the Closing Level or Final Level, as applicable, of each Reference Asset could be less than its Initial Level or its Step-Down Call Level on a Review Date. Volatility means the magnitude and frequency of changes in the levels of the Reference Assets. This greater risk will generally be reflected in higher Call Premiums for the Notes than the amount payable on our conventional debt securities of a comparable term. However, while the Call Premiums are set on

| TD SECURITIES (USA) LLC | P-3 |

the Pricing Date, the Reference Assets’ volatility can change significantly over the term of the Notes, and may increase. The Closing Level or Final Level, as applicable, of any Reference Asset could fall sharply on the Review Dates, resulting in the Notes not being subject to an automatic call and potentially a significant or entire lossof principal . Your Return May Be Less than the Return on a Conventional Debt Security of Comparable Maturity. The return that you will receive on your Notes, which could be negative, may be less than the return you could earn on other investments. The Notes do not provide for any interest payments and you may not receive any Call Premium on the Notes.