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The Toronto-Dominion Bank (TD) is offering unsecured Leveraged Capped Basket-Linked Notes (Series H) with a term of approximately 23-26 months and no periodic interest. The repayment at maturity depends on the performance of an unequally weighted equity basket comprising:

• EURO STOXX 50 Index 鈥� 38%
• TOPIX 鈥� 26%
• FTSE 100 Index 鈥� 17%
• Swiss Market Index 鈥� 11%
• S&P/ASX 200 Index 鈥� 8%

The initial basket level will be set to 100 on the pricing date. At maturity investors will receive, per US$1,000 principal:

• Upside: $1,000 + (300% 脳 basket gain) capped at the Maximum Payment Amount (US$1,392.10 鈥� US$1,461.10, equal to 39.21% 鈥� 46.11% total return). The cap corresponds to a basket level of roughly 113.07% 鈥� 115.37% of the initial level.
• Flat: Principal returned if the basket is unchanged.
• Downside: Loss of 1% of principal for every 1% basket decline; full principal loss possible.

Key structural features:

• Leverage factor: 300% on positive basket performance, subject to cap.
• Initial estimated value: US$961.70 鈥� US$991.70 (below the US$1,000 public offering price) due to TD鈥檚 internal funding rate and associated costs.
• Term & settlement: Pricing expected in 2025; valuation date 23-26 months later; cash settlement two business days thereafter.
• Credit & liquidity: Senior unsecured obligations of TD; not FDIC or CDIC insured; not listed on any exchange; market-making at TD鈥檚 discretion only.

Principal risks highlighted include:

• No interest payments and capped upside limit overall return.
• Full downside exposure below initial basket level.
• Secondary market likely illiquid; sale prior to maturity may be at substantial discount.
• Credit risk of TD and potential conflicts in TD鈥檚 role as calculation agent and hedger.
• Complex U.S./Canadian tax treatment; no IRS ruling; possible Section 871(m) implications for non-U.S. holders.

The notes are intended for investors seeking short-dated, leveraged exposure to a diversified non-U.S. equity basket, who are comfortable with principal risk, liquidity constraints and issuer credit exposure.

The Toronto-Dominion Bank (TD) is offering $500,000 aggregate principal amount of Digital S&P 500 Index-Linked Notes (Series H) maturing 27 Aug 2029. The structured notes are unsecured senior obligations that do not pay interest and expose investors to the performance of the S&P 500 Index (SPX) between the 7 Jul 2025 pricing date and the 23 Aug 2029 valuation date.

• Return profile: For each $1,000 note, if the final SPX level is ≥80 % of the initial level (6,229.98), investors receive a fixed Threshold Settlement Amount of $1,320 (32 % upside). This cap applies even if the index rises significantly.
• Downside risk: If the final level is <80 % of the initial, repayment equals $1,000 plus $1,000 脳 Percentage Change. Every 1 % fall beyond the 20 % threshold erodes 1 % of principal, down to a potential total loss.
• Credit & liquidity: Notes are TD鈥檚 unsecured debt, not FDIC/Canada Deposit Insurance protected, unlisted, and may have limited secondary liquidity. TD鈥檚 initial estimated value is $959.30 (鈮�95.9 % of face) versus the $1,000 offering price, reflecting fees, hedging costs and internal funding spread.
• Economics: Public offering price $1,000; underwriting discount $33.10 (3.31 %); net proceeds to TD $966.90. Minimum investment $1,000; multiples thereof.
• Term & key dates: Issue 14 Jul 2025 (T+5); valuation 23 Aug 2029; maturity 27 Aug 2029 (鈮�50 months).
• Tax: TD and investors will treat the notes as prepaid derivative contracts; U.S. taxation uncertain. Section 871(m) exposure considered low (non-delta-one).
• Risk factors: principal-at-risk, absence of interim coupons, capped upside, market/volatility risk, valuation below par in secondary market, conflicts of interest (affiliated distributor, TD hedging), and reliance on TD creditworthiness.

Investors seeking equity-linked exposure with a defined return ceiling and accepting significant downside and credit risk may consider the notes; however, the product is complex, illiquid and unsuitable for those requiring principal protection, income or full market participation.

The Toronto-Dominion Bank (TD) is offering US$2.162 million aggregate principal amount of 17-month Leveraged Capped Buffered Notes linked to the S&P 500 Index (SPX). The structured notes are senior unsecured obligations of TD, priced on 7 July 2025 and maturing 16 December 2026. They pay no periodic interest; all value is delivered at maturity based on the index鈥檚 performance between the pricing date (initial level 6,229.98) and the valuation date (14 December 2026).

Key payoff mechanics

• Upside participation: 180% leverage on positive index performance, capped at a maximum payment of US$1,178.56 per US$1,000 note (17.856% maximum return, corresponding to a cap level of 109.92% of the initial level).
• Buffer: Investors receive full principal back if the index declines by up to 10% (buffer level 5,606.982).
• Downside risk: If the index falls >10%, repayment is reduced by a downside multiplier of ~111.11%, exposing holders to approximately 1.1111% loss for each additional 1% drop beyond the buffer鈥攑otentially down to total loss of principal.

Structural and credit considerations

• The initial estimated value is US$996.40 per US$1,000, below the public offering price, reflecting TD鈥檚 internal funding rate, hedging costs and selling concessions.
• Notes are not listed on any exchange; liquidity is expected to be limited, and secondary prices may be well below face value.
• Payments are subject to TD credit risk; the notes are neither FDIC- nor CDIC-insured.
• Tax treatment is uncertain. TD and investors agree to treat the notes as prepaid derivative contracts, but alternative characterisations could apply.

Risk highlights

• Capped upside limits benefit if SPX rises more than 9.92%.
• Downside multiplier magnifies losses beyond the 10% buffer.
• Secondary market illiquidity, conflicts of interest (TD as issuer, calculation agent and market-maker) and potential misalignment between estimated value and market price.

Distribution: TD Securities (USA) LLC acts as agent; no underwriting discount is charged on the initial sale. Settlement is T+5. The offering prohibits sales to retail investors in the EEA and UK under PRIIPs rules.

Materiality: At US$2.162 million, the issuance is immaterial to TD鈥檚 balance sheet but relevant for investors seeking short-dated, leveraged exposure with partial downside protection. Investors must weigh the modest capped upside against credit, market and liquidity risks.

Toronto-Dominion Bank (TD) is offering $265,000 principal amount of Senior Debt Securities, Series H, titled Autocallable Contingent Interest Buffer Notes due 13 Jan 2027. The notes are linked to the least-performing share among Amazon (AMZN), Dollar General (DG) and JPMorgan Chase (JPM).

Key economics

• Principal Amount: $1,000 per note; minimum purchase $1,000.
• Term: 鈮�18 months (Issue 11 Jul 2025; Maturity 13 Jan 2027) unless called early.
• Contingent Interest: 16.80% p.a. (鈮�1.40% monthly) paid only if on each monthly Observation Date every Reference Asset closes 鈮� its 50% barrier.
• Automatic Call: monthly beginning 08 Oct 2025 if all three shares close at or above their 100% Call Threshold (equal to initial price). Redemption equals principal + accrued interest.
• Downside Protection: 10% buffer; at maturity investors incur 1% loss for each 1% drop in the worst-performing share below 90% of its initial price, up to a maximum 90% principal loss.
• Estimated initial value: $964.60 per $1,000 note (3.5% below offer price) reflecting structuring and hedging costs.
• Underwriting discount: 0.75% ($7.50 per note); net proceeds $992.50 per note.

Risk highlights

• No guaranteed interest or principal; contingent on market performance.
• Exposure to credit risk of TD; notes unsecured and uninsured.
• Liquidity expected to be limited; not exchange-listed.
• Estimated value below purchase price implies immediate economic drag.
• Complex tax treatment; notes aimed at U.S. taxpayers only.

Investor profile: Suitable only for sophisticated investors seeking elevated coupon potential and comfortable with single-stock volatility, issuer credit exposure, possible 90% capital loss and limited liquidity. The 16.80% headline yield compensates for high risk, complexity, and a short 18-month horizon.

The Toronto-Dominion Bank (TD) is marketing preliminary Dual Directional Capped Buffer Notes linked to the S&P 500 Index (SPX) with a scheduled two-year term (Issue Date: expected 16 Jul 2025; Maturity: expected 15 Jul 2027). The $1,000 face-value, senior unsecured Series H notes provide:

• Upside participation: unleveraged exposure to positive index performance, capped at a Maximum Upside Return of at least 14.24% (exact rate set on pricing date).
• Contingent Absolute Return: if SPX ends below the Initial Level but above the 25% Buffer Level, investors receive +1% for every 鈭�1% move (max 25%).
• Buffer & downside leverage: first 25% of negative performance is buffered; beyond that, losses accelerate at ~1.3333脳, exposing holders to up to 100% capital loss.
• Key dates: Pricing 11 Jul 2025, Valuation 12 Jul 2027; payment is based solely on SPX closing level on the Valuation Date.
• Estimated value: TD expects an initial economic value of $945鈥�$980 per $1,000 note鈥攂elow the public offering price鈥攔eflecting dealer margin, hedging costs and TD鈥檚 internal funding rate.
• Distribution economics: Public price $1,000; underwriting discount $15 (1.5%); TD receives $985 net. TDS is lead agent; JPMS and JPMorgan Chase Bank act as placement agents.
• Liquidity & listing: Notes will not be listed on any exchange; secondary market making, if any, will be discretionary and could involve significant bid/ask spreads.
• Credit & tax considerations: Payments depend on TD鈥檚 creditworthiness. U.S. tax treatment expected to follow prepaid derivative contract characterization; Section 871(m) not expected to apply. Canadian bail-in rules do not apply.

Illustrative payouts: under hypothetical assumptions (Initial Level 100):
鈥� SPX +5% 鈫� $1,050 (5% gain)
鈥� SPX +30% 鈫� capped at $1,142.40 (14.24% gain)
鈥� SPX 鈭�20% 鈫� $1,200 (20% gain due to contingent absolute return)
鈥� SPX 鈭�30% 鈫� $933.33 (6.667% loss)
鈥� SPX 鈭�60% 鈫� $533.33 (46.667% loss)

Risk highlights: no periodic coupons, limited upside versus direct index investment, leveraged downside after buffer, credit exposure to TD, limited liquidity, and potential tax uncertainty. Investors must be willing to accept full principal loss and forgo dividends on SPX constituents.