Company: TDBCP
Filing Date: 2025-01-21
Form Type: 424B2
Source: 0001140361-25-001499
Chunk: 11

Company: TORONTO DOMINION BANK
Filing Date: 2025-01-21
Form: 424B2
Chunk 11
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 ETF. The Notes provide exposure to the price performance of the iShares ®20+ Year Treasury Bond ETF, not its yield performance. The “price performance” of the iShares ®20+ Year Treasury Bond ETF will depend solely on changes in the value of the bonds held by the iShares ®20+ Year Treasury Bond ETF (as reflected in the iShares ®20+ Year Treasury Bond ETF’s market price) and will exclude all distributions by the iShares ®20+ Year Treasury Bond ETF of any interest payments on those bonds. By contrast, the overall performance of a direct investment in the iShares ®20+ Year Treasury Bond ETF would reflect changes in the value of the bonds held by the iShares ®20+ Year Treasury Bond ETF as well as interest payments on those bonds. We refer to the overall performance of a direct investment in the iShares ®20+ Year Treasury Bond ETF, taking into account changes in bond values as well as interest payments, as its “yield performance”. In stable market conditions (i.e., conditions with stable interest rates and credit risks, resulting in stable bond values), the overall return on a direct investment in the iShares ®20+ Year Treasury Bond ETF would be expected to be attributable primarily, if not solely, to distributions by the iShares ®20+ Year Treasury Bond ETF of interest payments on the bonds held by the iShares ®20+ Year Treasury Bond ETF. In these conditions, the yield performance of the iShares ®20+ Year Treasury Bond ETF would be positive, but its price performance, which is the performance relevant to the Notes, would be roughly zero. The price performance of the iShares ®20+ Year Treasury Bond ETF would be expected to be positive only if market conditions that affect bond values change in a direction that is favorable to bond values. The most significant market conditions affecting bond values are prevailing market interest rates and credit risk. In general, bond values rise when prevailing market interest rates fall and/or when perceptions of issuer creditworthiness improve. Therefore, in order for the iShares ®20+ Year Treasury Bond ETF to have positive price performance, and in order for the Notes to produce a positive return, prevailing market interest rates would need to fall and/or the perceived creditworthiness of the United States would need to improve over the term of the Notes (in each case without a countervailing unfavorable movement by any other relevant factor). If neither of these circumstances comes to pass, the iShares ®20+ Year Treasury Bond ETF is unlikely to have positive price performance, and