Company: TDBCP
Filing Date: 2025-10-20
Form Type: 424B2
Source: 0001140361-25-038662
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-20
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 20, 2025.

Pricing Supplement dated, 2025 to the Product Supplement MLN-EI-1 dated February 26, 2025, Product Supplement MLN-ES-ETF-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 an equally-weighted basket of the shares of the iShares ®MSCI EAFE ETF, the Nasdaq-100 Index ®, and the S&P 500 ®Index (the “Basket”). We also refer to an exchange-traded fund as an “ETF”, a Basket Component that is a share of an ETF as an “Equity Basket Component” and a Basket Component that is an index as an “Index Basket Component”. The Notes provide unleveraged participation in the positive return of the Basket if the value of the Basket increases from the Initial Basket Value to the Final Basket Value, subject to the Maximum Redemption Amount of $1,153.00 per Note. Investors will receive their Principal Amount at maturity if the Final Basket Value is less than or equal to the Initial Basket Value, but greater than or equal to the Buffer Value, which is equal to 80.00% of the Initial Basket Value. If the Final Basket Value is less than the Buffer Value, investors will lose 1% of the Principal Amount of the Notes for each 1% that the Final Basket Value is less than the Initial Basket Value in excess of 20.00%, and may lose up to 80.00% of the Principal Amount of the Notes. Any payment on the Notes is subject to our credit risk.

| The Payment at Maturity will be greater than the Principal Amount only if the Final                                                                                                                                                          
 Basket Value is greater than the Initial Basket Value. The Notes do not guarantee the return of the Principal Amount and investors may lose up to 80.00% of their investment in the Notes. Any payment on the Notes is subject to our credit 
 risk