TD Active U.S. High Yield Bond ETF

The investment objective of TD Active U.S. High Yield Bond ETF (the Fund) is to seek to earn income Fund investing in, or gaining exposure to, high-yield bonds issued by companies in the United States. In seeking to achieve this objective, the Fund invests primarily in high-yield corporate bonds rated BB+ to B- by nationally rated credit agencies at the time of purchase and may hold other income-generating securities. The Fund uses a bottom-up, buy-andhold strategy emphasizing analysis of credit fundamentals of the largest issuers of U.S. high-yield bonds in the context of a global macroeconomic environment. The Fund seeks to hedge substantially all foreign currency exposure back to Canadian dollars.