Company: TDBCP
Filing Date: 2025-02-21
Form Type: 424B2
Source: 0001140361-25-005406
Chunk: 13

Company: TORONTO DOMINION BANK
Filing Date: 2025-02-21
Form: 424B2
Chunk 13
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 ®Russell 2000 Value ETF and Real Estate Select Sector SPDR ®Fund and its Target Index or due to other circumstances. There Are Liquidity and Management Risks Associated with an ETF and each of the iShares® Russell 2000 Value ETF and Real Estate Select Sector SPDR® Fund Utilizes a Passive Indexing Investment Approach.

Although shares of the iShares® Russell 2000 Value ETF and Real Estate Select Sector SPDR® Fund 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. Each of
      the iShares® Russell 2000 Value ETF and Real Estate Select Sector SPDR® Fund 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® Russell 2000 Value ETF and Real Estate Select Sector SPDR® Fund are 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, they attempt to approximate the investment performance of its Target Index by investing in Reference Asset Constituents
      that
      generally replicate its Target Index. Therefore, unless a specific stock is removed from its Target Index, the iShares® Russell 2000
      Value ETF and Real Estate Select Sector SPDR® Fund generally would not sell a stock because that stock’s issuer was in financial
      trouble. The Notes are Subject to Risks Associated with Small-Capitalization Companies. The Notes are subject to risks associated with small-capitalization companies because the Reference Asset Constituents of the iShares ®Russell 2000 Value ETF are considered small-capitalization companies. These companies often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization companies and therefore such index may be more volatile than an index in which a greater percentage of its constituents are issued by large-capitalization companies. Stock prices of small-capitalization companies are also 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. In addition, small-capitalization companies