Company: TDBCP
Filing Date: 2025-11-13
Form Type: 424B2
Source: 0001140361-25-041880
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-13
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 November 13, 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 Capped Buffered Notes (the “Notes”) linked to the least performing of the Dow Jones Industrial Average ®and the S&P 500 ®Index (each, a “Reference Asset” and together, the “Reference Assets”). The Notes provide unleveraged participation in the positive return of the Least Performing Reference Asset if the value of each Reference Asset increases from its Initial Value to its Final Value, subject to the Maximum Redemption Amount of $1,250.00. The “Least Performing Reference Asset” is the Reference Asset with the lowest “Percentage Change”, which is the percentage increase or decrease of a Reference Asset from its Initial Value to its Final Value. Investors will receive their Principal Amount at maturity if the Final Value of any Reference Asset is less than or equal to its Initial Value but the Final Value of each Reference Asset is greater than or equal to 70.00% of its Initial Value, which we refer to as its Buffer Value. If, however, the Final Value of any Reference Asset is less than its Buffer Value, 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 in excess of 30.00% (the “Buffer Amount”), and may lose up to 70.00% of the Principal Amount of the Notes. 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 in excess of the Buffer Amount, and may lose up to 70.00% of the Principal Amount of the Notes. Any payment on the Notes are subject to our credit risk.

| Investors are exposed to the market risk of each Reference Asset on the Final Valuation Date and