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Product overview: The Toronto-Dominion Bank (TD) is offering $500,000 of Senior Debt Securities, Series H, structured as 12-month Autocallable Contingent Coupon Barrier Notes linked to Halliburton Company common stock (NYSE: HAL). Each note has a $1,000 principal amount, issues 16 July 2025, and matures 13 July 2026 unless automatically called earlier.

Coupon mechanics: Investors can earn contingent coupons of up to 14.72% p.a. The coupon for each observation period is calculated as (months/12) 脳 $147.20. A coupon is paid only if HAL鈥檚 closing price on the quarterly Contingent Coupon Observation Date (9 Oct 2025, 9 Jan 2026, 9 Apr 2026, 9 Jul 2026) is at or above the 65% Contingent Coupon Barrier ($14.33). If HAL trades below that barrier on an observation date, no coupon is paid for that period.

Automatic call feature: Starting with the first observation in October 2025, the notes will be automatically called if HAL鈥檚 closing price is at or above the Initial Price ($22.04). On the following payment date, investors receive the $1,000 principal plus any due coupon, and the note terminates.

Principal repayment risk: If the notes are not called and HAL鈥檚 final price on 9 Jul 2026 is at or above 65% of the Initial Price, TD repays 100% of principal plus any final coupon. If the final price is below 65%, repayment equals $1,000 + ($1,000 脳 percentage change), exposing investors to 1-to-1 downside and potential total loss of principal.

Pricing & fees: Public offering price is $1,000 per note; underwriting discount $10; net proceeds to TD $990. TD estimates the initial value at $981.10 (鈮�1.9% below issue price) based on internal funding rates and hedging costs.

Secondary market & liquidity: The notes will not be listed on any exchange. TD Securities (USA) LLC may make a market but is not obligated to do so. Secondary prices are expected to be below issue price and may temporarily exceed TD鈥檚 estimated value for roughly three months post-pricing.

Credit & structural risks: Payments depend on TD鈥檚 ability to pay; the notes are unsecured, uninsured, and subject to TD credit risk. Investors also face single-stock volatility, illiquidity, tax uncertainty (treated as prepaid derivative contracts for U.S. tax purposes), and potential conflicts of interest in TD鈥檚 hedging and calculation-agent roles.

Toronto-Dominion Bank (TD) is offering Dual Directional Capped Buffer Notes linked to the S&P 500 Index (SPX). The securities are senior unsecured debt obligations of TD, scheduled to price on 11 July 2025, settle on 16 July 2025, and mature on 15 July 2027 鈥� a tenor of roughly two years.

Key economic terms

• Principal: $1,000 per Note (minimum $10,000).
• Upside Participation: 1-for-1 on index gains capped at 鈮�17.12% (final cap to be set on pricing date).
• Contingent Absolute Return: 1-for-1 on index declines up to 20% (i.e., if SPX falls 5% the investor gains 5%). Maximum positive return from this feature is 20%.
• Buffer: First 20% of index loss is absorbed; beyond the buffer, losses accelerate at a 1.25脳 downside leverage factor. A 40% index drop therefore produces a 25% loss; a total index loss can erase principal.
• Estimated value: $945-$980 (94.5-98.0% of face), below the $1,000 public offering price, reflecting structuring and distribution costs.
• Maximum underwriting discount: $15 (1.50%) per Note; TD Securities (USA) LLC acts as agent; J.P. Morgan entities serve as placement agents.
• No periodic coupons, no dividend entitlement, no listing; secondary liquidity, if any, will be provided only on a best-efforts basis by the agent.
• Credit risk: payment is subject to TD鈥檚 ability to pay; the Notes are not covered by FDIC or CDIC insurance.

Payout mechanics

• Final Level 鈮� Initial Level: Investor receives Principal + (Principal 脳 Percentage Change), subject to the 17.12%+ cap.
• Final Level < Initial but 鈮� 80%: Investor earns a positive 1% for each 1% index decline, up to 20%.
• Final Level < 80%: Principal 鈥� [Principal 脳 (index loss beyond 20%) 脳 1.25]. Losses can reach 100%.

Risk disclosures

• The Notes provide no guaranteed return of principal and may suffer amplified losses below the buffer.
• Estimated value, liquidity, and conflicts of interest risks are highlighted; TD鈥檚 internal funding rate and hedging costs lower investor value.
• Complex U.S. and Canadian tax considerations apply; Section 871(m) and FATCA analysis included.

These Notes suit investors with a moderate, tactical view that SPX will stay within 卤20% over two years, are comfortable with TD credit exposure, can tolerate illiquidity, and accept a return ceiling of roughly 17%. Conventional equity or bond investments may deliver higher upside or income with simpler risk profiles.

The Toronto-Dominion Bank (TD) is offering $500,000 aggregate principal amount of Autocallable Contingent Coupon Barrier Notes linked to the common stock of Best Buy Co., Inc. (BBY).

• Term & Key Dates: Pricing Date July 9 2025; Issue Date July 16 2025; Contingent-Coupon/Call observation dates Oct 9 2025, Jan 9 2026, Apr 9 2026 and Jul 9 2026; Maturity Jul 13 2026 (approx. 12 months).
• Coupon Mechanics: Potential annualized coupon up to 15.94%, paid pro-rata only if BBY鈥檚 closing price on an observation date is 鈮�65% of the Initial Price $72.46. Missed coupons are not recouped.
• Automatic Call: If BBY closes on or above the Initial Price on any call observation date, TD repays principal plus the coupon then due; the note terminates.
• Principal Repayment Risk: If not called and BBY鈥檚 final price 鈮�65% of Initial Price, holders receive par; otherwise payout = $1,000 脳 (1 + Percentage Change), exposing investors to up to 100% principal loss.
• Barriers: Contingent-coupon barrier and principal barrier both set at 65% of Initial Price.
• Pricing & Fees: Public offering price $1,000 per note; underwriting discount $10; proceeds to TD $990. Initial estimated value $979.20 (below issue price) reflects TD鈥檚 internal funding rate and hedging costs.
• Credit & Liquidity: Senior unsecured Series H debt; not CDIC/FDIC insured; no exchange listing; secondary market, if any, will be made only on a best-efforts basis by TD Securities (USA) LLC.
• Risk Highlights: coupon and principal protections are contingent; high single-stock volatility; valuation and secondary prices expected to be below par; tax treatment uncertain; investors assume TD credit risk.

Overall, the note offers enhanced yield potential in exchange for significant downside and liquidity risks, suitable only for investors who understand structured products and Best Buy share dynamics.

The Toronto-Dominion Bank (TD) is offering $500,000 aggregate principal amount of Digital S&P 500 Index-Linked Notes, Series H, due 10 September 2029. The notes are senior unsecured obligations of TD, issued in $1,000 denominations, with a 50-month tenor from the Pricing Date (9 Jul 2025) to maturity. They do not pay periodic interest and will not be listed on any exchange.

Payoff structure. At maturity investors receive one of two outcomes per $1,000 principal:

• $1,323.00 (32.3% return) if the S&P 500 Final Level on the Valuation Date (6 Sep 2029) is at least 80 % of the Initial Level (6,263.26). This payout is termed the Threshold Settlement Amount.
• Principal at risk: If the index falls more than 20 %, investors lose 1 % of principal for every 1 % decline. A 40 % drop yields $600; a 100 % drop results in zero.

The construction therefore provides binary upside capped at 32.3 % with full downside exposure below the 80 % threshold. There is no participation in any appreciation of the index beyond the cap.

Pricing economics. Public offering price is $1,000 per note. TD retains $966.70 in proceeds after a 3.33 % underwriting discount ($33.30). The initial estimated value鈥攃alculated using TD鈥檚 internal funding rate鈥攊s $959.70, 4.03 % below the offer price, reflecting distribution costs, hedging and profit. Secondary market bids, if any, are expected to be below both the offer price and the estimated value, and liquidity is not assured.

Key risks. Investors face (i) principal loss risk if the S&P 500 falls >20 %; (ii) credit risk of TD as unsecured debtholder; (iii) no interim interest; (iv) capped upside irrespective of index gains; (v) valuation & liquidity risk due to dealer spreads, market-making discretion and use of an internal funding rate; (vi) tax uncertainty鈥攏otes are expected to be treated as prepaid derivatives but alternative IRS characterisations are possible.

Administrative details. CUSIP 89115HHU4; Issue Date 16 Jul 2025 (T+5 settlement). Minimum investment $1,000. Calculation Agent is TD. Notes are not bail-inable under Canadian law, are ineligible for CDIC/FDIC insurance and are expressly barred from sale to EEA/UK retail investors absent PRIIPs KID.