Company: TDBCP
Filing Date: 2025-12-01
Form Type: 424B2
Source: 0001140361-25-043737
Chunk: 15

Company: TORONTO DOMINION BANK
Filing Date: 2025-12-01
Form: 424B2
Chunk 15
---
izations.

P-13

The stocks that constitute the Russell 2000 ®Index are issued by companies with relatively small market capitalization. These companies often have greater stock price volatility, lower trading volume and less liquidity than large capitalization companies. As a result, the Russell 2000 ®Index may be more volatile than that of an equity index that does not track solely small capitalization stocks. Stock prices of small capitalization companies are also generally more vulnerable than those of large capitalization companies to adverse business and economic developments, and the stocks of small capitalization companies may be thinly traded, and be less attractive to many investors if they do not pay dividends. In addition, small capitalization companies are typically less well-established and less stable financially than large capitalization companies and may depend on a small number of key personnel, making them more vulnerable to loss of those individuals. Small capitalization companies tend to have lower revenues, less diverse product lines, smaller shares of their target markets, fewer financial resources and fewer competitive strengths than large capitalization companies. These companies may also be more susceptible to adverse developments related to their products or services. The Securities Are Subject To Risks Associated With The Sector Tracked By The Technology Select Sector SPDR ®Fund. The Technology Select Sector SPDR ®Fund is comprised of the stocks of companies in a particular sector that are included in the S&P 500 ®Index, in each case as described elsewhere in this document. Because the Technology Select Sector SPDR ®Fund tracks the performance of companies in one particular sector of the economy, the Technology Select Sector SPDR ®Fund will be subject to risks associated with the relevant sector. The performance of companies in a particular sector of the economy will be influenced by many factors that interact in complex and unpredictable ways, including, without limitation, supply and demand for the products and services offered by such companies, industry competition, geopolitical events, public health conditions, interest rates and governmental action. Adverse developments in the sector tracked by a Fund may have a material adverse effect on the value of that Fund and, accordingly, on the value of the Securities. Because the Technology Select Sector SPDR ®Fund invests in securities issued by companies in only one sector of the company, the Technology Select Sector SPDR ®Fund may underperform alternative investments that are based on the performance of a more diversified group of assets. Risks Relating To Hedging Activities And Conflicts Of Interest

| • | Trading And Business Activities By The Bank Or Its Affiliates May Adversely Affect The Market