Company: TDBCP
Filing Date: 2025-10-06
Form Type: 424B2
Source: 0001140361-25-037357
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-06
Form: 424B2
Chunk 0
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| Filed Pursuant to Rule 424(b)(2)      
 Registration Statement No. 333-283969 |

The information in this pricing supplement is not complete and may be changed. This pricing supplement is not an offer to sell nor does it seek an offer to buy these Notes in any state where the offer or sale is not permitted. Subject to Completion. Dated October 6, 2025.

Pricing Supplement dated , 2025 to the Product Supplement MLN-EI-1 dated February 26, 2025, Underlier Supplement dated February 26, 2025 and Prospectus dated February 26, 2025

The Toronto-Dominion Bank (“TD” or “we”) is offering the Leveraged Barrier Notes (the “Notes”) linked to the least performing of the Dow Jones Industrial Average ®, the Nasdaq-100 Index ®and the Russell 2000 ®Index (each, a “Reference Asset” and together, the “Reference Assets”). The Notes provide at least 168.00% (to be determined on the Pricing Date) leveraged participation in the positive return of the Least Performing Reference Asset if the value of eachReference Asset increases 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 Final Value minusits Initial Value dividedby (ii) its Initial Value. Investors will receive their Principal Amount at maturity if the Final Value of anyReference Asset is less than or equal toits Initial Value, but the Final Value of eachReference Asset is greater than or equal toits Barrier Value, which is equal to 70.00% of its Initial Value. If, however, the Final Value of anyReference Asset is less thanits Barrier Value, investors will suffer a percentage loss on their initial investment that is equal to the Least Performing Percentage Change, and may lose their entire Principal Amount. Specifically, investors will lose 1% of the Principal Amount of the Notes for each 1% that the Final Value of the Least Performing Reference Asset is less than its Initial Value, and may lose the entire Principal Amount. Any payment on the Notes is subject to our credit risk.

| Investors are exposed to the market risk of each Reference Asset on the Final Valuation Date and any decline in the value of one Reference Asset will not be offset or                                                                       
 mitigated by a