Company: TDBCP
Filing Date: 2025-08-05
Form Type: 424B2
Source: 0001140361-25-028792
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-05
Form: 424B2
Chunk 0
---
| 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 August 5, 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 Barrier Notes (the “Notes”) linked to the S&P 500 ®Index (the “Reference Asset”) described below. The Notes provide unleveraged participation in the positive return of the Reference Asset if the level of the Reference Asset increases from the Initial Level to the Final Level, subject to the Maximum Redemption Amount of $1,174.50. Investors will receive their Principal Amount at maturity if the Final Level is less than or equal to the Initial Level, but greater than or equal to the Barrier Level, which is equal to 70% of the Initial Level. If the Final Level is less than the Barrier Level, investors will lose 1% of the Principal Amount of the Notes for each 1% that the Final Level is less than the Initial Level, and may lose their entire investment in the Notes. Any payments on the Notes are subject to our credit risk. The Notes are unsecured and are not savings accounts or insured deposits of a bank. The Notes are not insured or guaranteed by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency or instrumentality of Canada or the United States. The Notes will not be listed or displayed on any securities exchange or electronic communications network.

| The Payment at Maturity will be greater than the Principal Amount only if the Final Level is greater than the Initial Level. The Notes do not                       
 guarantee the return of the Principal Amount and investors may lose their entire investment in the Notes. Any payments on the Notes are subject to our credit risk. |

The Notes have complex features and investing in the Notes involves a number of risks. See “Additional Risk Factors” beginning on page P-6 of this pricing supplement, “Additional Risk Factors Specific to the Notes” beginning on page PS-7 of the product supplement ML