多伦多道明银行美股招股说明书(2026-07-09版)

The Toronto-Dominion Bank $299,000Leveraged Contingent Absolute Return Buffered Notes Linked to the Least Performing of the shares of the iShares®MSCI Emerging Markets ETF and the Russell 2000®Index Due January 12, 2028 The Toronto-Dominion Bank (“TD” or “we”) has offered the Leveraged Contingent Absolute Return Buffered Notes (the “Notes”) linked to the leastperforming of the shares of the iShares®MSCI Emerging Markets ETF and the Russell 2000®Index (each, a “Reference Asset” and together, the“Reference Assets”). We also refer to an exchange-traded fund as an “ETF”, a Reference Asset that is a share of an ETF as an “Equity Reference Asset”and a Reference Asset that is an index as an “Index Reference Asset”. The Notes provide 135.00% leveraged participation in the positive return of the Least Performing Reference Asset if the value ofeachReference Assetincreases from its Initial Value to its Final Value. The “Least Performing Reference Asset” is the Reference Asset with the lowest Percentage Change (the“Least Performing Percentage Change”). The “Percentage Change” for each Reference Asset is the quotient, expressed as a percentage, of (i) its FinalValue minus its Initial Value divided by (ii) its Initial Value. If the Final Value of any Reference Asset is less than or equal to its Initial Value and the Final Value of each Reference Asset is greater than or equal to90.00% of its Initial Value, which we refer to as the Buffer Value, the Notes provide a positive return equal to the absolute value of the negative return ofthe Least Performing Reference Asset (the “Contingent Absolute Return”). If, however, the Final Value of any Reference Asset is less than its Buffer Value, investors will not receive the Contingent Absolute Return and, instead,will suffer a percentage loss on their initial investment that is equal to the percentage decline of the Least Performing Reference Asset in excess of10.00% (the “Buffer Amount”).Specifically, investors will lose 1% of the Principal Amount of the Notes for each 1% that the Final Value of theLeast Performing Reference Asset is less than its Initial Value in excess of the Buffer Amount, and may lose up to 90.00% of their PrincipalAmount. Any payment on the Notes is subject to our credit risk. Investors are exposed to the market risk of each Reference Asset on the Valuation Date and any decline in the value of one ReferenceAsset will not be offset or mitigated by a lesser decline or potential increase in the value of any other Reference Asset. The Notes do notguarantee the return of the Principal Amount and investors may lose up to 90.00% of their investment in the Notes if the Final Value of anyReference Asset is less than its Buffer Value. Any payment on the Notes is subject to our credit risk. The Notes are unsecured and are not savings accounts or insured deposits of a bank. The Notes are not insured or guaranteed by the Canada DepositInsurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency or instrumentality of Canada or the UnitedStates. The Notes will not be listed or displayed on any securities exchange or electronic communications network. The Notes have complex features and investing in the Notes involves a number of risks. See “Additional Risk Factors” beginning on page P-6of this pricing supplement, “Additional Risk Factors Specific to the Notes” beginning on page PS-7 of the product supplement MLN-EI-1 andthe product supplement MLN-ES-ETF-1, each dated February 26, 2025 (together, the “product supplements”) and “Risk Factors” on page 1 ofthe prospectus dated February 26, 2025 (the “prospectus”).Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of these Notes or determined that this pricing supplement, the product supplements, the underlier supplement or the prospectus is truthful orcomplete. Any representation to the contrary is a criminal offense. We will deliver the Notes in book-entry only form through the facilities of The Depository Trust Company on the Issue Date against payment inimmediately available funds.The estimated value of your Notes at the time the terms of your Notes were set on the Pricing Date was $955.90 per Note, as discussed further under “Additional Risk Factors — Risks Relating to Estimated Value and Liquidity” beginning on page P-10 and “Additional Information Regarding theEstimated Value of the Notes” on page P-25 of this pricing supplement. The estimated value is less than the public offering price of the Notes. 1Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may have agreed to forgo some or all of their sellingconcessions, fees or commissions. The public offering price for investors purchasing the Notes in these accounts may have been as low as $992.50(99.25%) per Note. 2TD Securities (USA) LLC (“TDS”) will receive a commission of $7.50 (0.75%) per Note and will use