Company: TDBCP
Filing Date: 2025-06-27
Form Type: 424B2
Source: 0001140361-25-023982
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Company: TORONTO DOMINION BANK
Filing Date: 2025-06-27
Form: 424B2
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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 June 27, 2025

| Pricing Supplement dated [ ], 2025 to the                   
 Product Supplement MLN-ES-ETF-1 dated February 26, 2025 and 
 Prospectus dated February 26, 2025                          | Filed Pursuant to Rule 424(b)(2)      
 Registration Statement No. 333-283969 |

General

| • | The Notes are designed for investors who (i)(a) wish to receive a return in cash equal to the Call Premium (as defined below) if on the Review Date, the Closing Price of the Class A common stock of Alphabet Inc.                                                                                                                                                                                  
 (the “Reference Asset”) isgreater than or equal tothe Call Price (as defined below) or (b) if the Notes are not subject to an automatic call following the Review Date and the the Closing Price of                                                                                                                                                                                                  
 the Reference Asset on the Final Valuation Date (the “Final Price”) isgreater than or equal tothe Initial Price (as defined below), seek a return in cash equal to thegreater of(1) the Digital Return (as defined below) and (2) any percentage increase of the Reference Asset from the Initial Price (as defined below) to the Final Price, (ii) are willing to accept the risk of losing some or 
 all of their Principal Amount and (iii) are willing to forgo interest and dividend payments.                                                                                                                                                                                                                                                                                                         |

| • | If the Notes are not subject to an automatic call and the Final Price is less than the Initial Price by more than 15.00%, investors will receive a number of shares of the Reference Asset per Note equal to the 
 Physical Delivery Amount, the value of which, based on the Final Price, will be worth less than the Principal Amount and, therefore, may lose the entire Principal Amount of the Notes.                          |

| • | Any payments or deliveries on the Notes, including any repayment of principal, are subject to our credit risk. |

Key Terms

| Issuer:                | The Toronto-Dominion Bank (“TD”)                                                                                                                                                                                                                   |
| Reference Asset:       | The Class A common stock of Alphabet Inc. (Bloomberg ticker: “GOOGL”)                                                                                                                                                                              |
| Principal Amount:      | $10,000