Company: TDBCP
Filing Date: 2025-11-04
Form Type: 424B2
Source: 0001140361-25-040316
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-04
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 4, 2025.

Pricing Supplement dated, 2025to the Product Supplement MLN-ES-ETF-1 dated February 26, 2025 and Prospectus dated February 26, 2025

The Toronto-Dominion Bank (“TD” or “we”) is offering the Callable Fixed Interest Barrier Notes (the “Notes”) linked to the least performing of the Class A common stock of Alphabet Inc., the common stock of NVIDIA Corporation and the common stock of Tesla, Inc. (each, a “Reference Asset” and together, the “Reference Assets”). The Notes will pay you an Interest Payment on each Interest Payment Date (including the Maturity Date) at a per annum rate of 18.45% (the “Interest Rate”) regardless of the performance of the Reference Assets, unless the Notes are subject to an Issuer Call prior to maturity. TD may, in its discretion, elect to call the Notes (an “Issuer Call”) in whole, but not in part, on any Call Payment Date (monthly, commencing on the sixth Interest Payment Date and other than the Maturity Date) upon at least three Business Days’ prior written notice, regardless of the Closing Values of the Reference Assets. If TD elects to call the Notes prior to maturity, the Call Payment Date will be the corresponding Interest Payment Date and, on such date, we will pay you a cash payment per Note equal to the Principal Amount, plus the Interest Payment otherwise due. No further amounts will be owed under the Notes following an Issuer Call. If TD does not elect to call the Notes prior to maturity, the amount we pay at maturity, if anything, in addition to the Interest Payment otherwise due will depend on the Closing Value of each Reference Asset on its Final Valuation Date (each, its “Final Value”) relative to its Barrier Value, which is equal to 65.00% of its Initial Value, calculated as follows:

| • | If the Final Value of each Reference Asset is greater than or equal to its Barrier Value: |

the Principal Amount of $1,000

| • | If the Final Value of any Reference Asset