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Filing: Amendment No. 2 to Schedule 13G filed for Toronto-Dominion Bank (CUSIP 891160509) reporting a date of event 06/30/2025. The Bank of Montreal group reports an aggregate beneficial ownership of 85,240,803 common shares, representing 4.94% of the class.
Reporting persons: Bank of Montreal and affiliated entities including Bank of Montreal Holding Inc., BMO Nesbitt Burns Inc. Wealth Management, BMO Asset Management Inc., BMO Private Investment Counsel Inc., BMO Nesbitt Burns Inc., BMO Financial Corp., BMO Bank N.A., BMO Family Office, LLC. Principal address: 1 First Canadian Place, Toronto, Ontario.
Key holdings (selected): Bank of Montreal: sole voting power 83,478,114, sole dispositive power 84,024,096. Bank of Montreal Holding Inc.: sole voting 61,071,868, sole dispositive 61,271,613. BMO Asset Management Inc.: sole dispositive 31,121,859. Item 5 notes ownership of 5 percent or less; Item 6 marked Not Applicable. Item 10 certifies holdings were acquired and are held in the ordinary course of business and not to influence control. The filing is signed by Kathryn Cenac as Managing Director, dated 08/06/2025.
The Toronto-Dominion Bank (TD) is marketing a new U.S.$-denominated structured note – the Dual Directional Buffered Performance Leveraged Upside Securities ("Buffered PLUS") – linked to the Russell 2000 Index and maturing on 4 Aug 2027 (≈24 months).
Capital structure & pricing: Each note carries a stated principal of $1,000, issue price of $1,000 and will be issued as senior unsecured debt (Series H). Estimated initial economic value is $930-$965 (93-96.5 % of issue price), implying 3.5-7 % embedded costs. Distribution fees total $25 per note (2.5 %), split into a $20 sales commission and $5 structuring fee paid to Morgan Stanley Wealth Management.
Pay-off profile:
- Upside: 150 % participation in any positive index return, capped at a maximum gain of 18.45 % (payment at maturity limited to $1,184.50).
- Dual (absolute) feature: If the index ends ≤ initial level but by no more than -15 %, investors receive an unlevered positive return equal to the absolute decline (max +15 %).
- Downside: Beyond the 15 % buffer, holders lose 1 % of principal for every 1 % additional drop, exposing them to a maximum loss of 85 %; minimum repayment is $150.
Key terms: Pricing date 31 Jul 2025; settlement 5 Aug 2025 (T+3 initial); valuation date 30 Jul 2027; no periodic coupons; not listed on any exchange; TD acts as calculation agent; CUSIP 89115HL39.
Main risks: (1) Principal at risk and upside capped; (2) Credit exposure to TD; (3) Secondary market expected to be illiquid and at a discount; (4) Estimated value below public price; (5) Complex tax treatment; (6) Small-cap index volatility. The structure suits investors comfortable with limited upside, moderate bearish tolerance (-15 %) and a short 2-year horizon who are willing to sacrifice dividends and accept TD credit risk.
Materiality for equity holders: The offering size is not disclosed; proceeds enhance TD’s wholesale funding but are immaterial to consolidated capital. For note purchasers, product economics and liquidity constraints are the primary considerations.