Company: TDBCP
Filing Date: 2025-11-03
Form Type: 424B2
Source: 0001140361-25-040125
Chunk: 13

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-03
Form: 424B2
Chunk 13
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 that there will be liquidity in that trading market. The 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 Real Estate Select Sector SPDR ®Fund is 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, it attempts 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 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 the Real Estate Sector. The Notes are subject to risks associated with the real estate sector because the target index of the Real Estate Select Sector SPDR ®Fund is comprised of the stocks of companies whose primary lines of business are directly associated with the real estate sector, which means that the Real Estate Select Sector SPDR ®Fund will be more affected by the performance of the real estate sector versus a fund that is more diversified. The Real Estate Select Sector SPDR ®Fund invests in real estate companies, such as real estate investment trusts (“REITs”) or real estate holding companies, which expose investors to the risks of owning real estate directly, as well as to risks that relate specifically to the way in which real estate companies are organized and operated. Real estate is highly sensitive to general and local economic conditions and developments, and characterized by intense competition and periodic overbuilding. Many real estate companies, including REITs, utilize leverage (and some may be highly leveraged), which increases investment risk and the risk normally associated with debt financing, and could potentially magnify the losses of the Real Estate Select Sector SPDR ®Fund. The U.S. residential and commercial real estate markets may, in the future, experience and have, in the past, experienced a decline in value, with

| TD SECURITIES (USA) LLC | P-10 |

certain regions experiencing significant losses in property values. Exposure to such real estate may adversely affect the performance of the Real Estate Select Sector SPDR ®Fund. Risks Relating to Estimated Value and Liquidity The Estimated Value of Your Notes Is Expected to Be Less