Company: TDBCP
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001140361-25-042478
Chunk: 16

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-17
Form: 424B2
Chunk 16
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 Reference Asset Constituents and the market value of the Notes. In addition, there may be periods when the foreign securities markets are closed for trading (for example, during holidays in a country other than the United States) that may result in the values of the Reference Asset Constituents remaining unchanged for multiple trading days in the city where the shares of the Reference Asset trade. Conversely, there may be periods in which the applicable foreign securities markets are open, but the securities market on which the Reference Asset trades is closed. The Reference Asset May Be Disproportionately Affected By The Performance Of A Small Number Of Stocks A relatively small number of Reference Asset Constituents comprise a significant portion of the Reference Asset. As a result, a decline in the prices of one or more of these stocks, including as a result of events negatively affecting one or both of these companies may have the effect of significantly lowering the price of the Reference Asset even if none of the other stocks held by the Reference Asset are affected by such events. Because of the weighting of the holdings of the Reference Asset, the amount you receive upon at maturity could be less than the Payment At Maturity you would have received if you had invested in a product linked to an ETF that capped the maximum weight of any one stock to a low amount or that equally weighted all stocks held by such fund. The Reference Asset Recently Changed Its Target Index Previously, the Reference Asset tracked the NYSE ®Arca Gold Miners Index ®, but, after the close of trading on September 19, 2025, the Reference Asset began tracking the MarketVector™ Global Gold Miners Index. Any historical information about the performance of the Reference Asset for any period before the close of trading on September 19, 2025 will be during a period in which the Reference Asset tracked a different index, and therefore should not be considered information relevant to how the Reference Asset will perform as it tracks the MarketVector™ Global Gold Miners Index. In addition, there can be no assurance that the Reference Asset will not further change its Target Index in the future. See “Information Regarding the Reference Asset” in this pricing supplement for further information regarding the Target Index. Risks Relating to Estimated Value and Liquidity TD’s Initial Estimated Value of the Notes at the Time of Pricing (When the Terms of Your Notes Were Set on the Pricing Date) is Less Than the Public Offering Price of the Notes. TD’s initial estimated value of the Notes is only an estimate. TD’s initial estimated value of the Notes is less