Company: TDBCP
Filing Date: 2025-06-26
Form Type: 424B2
Source: 0001140361-25-023783
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Company: TORONTO DOMINION BANK
Filing Date: 2025-06-26
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 26, 2025

| Pricing Supplement dated [ ], 2025 to theProduct Supplement MLN-ES-ETF-1 dated February 26, 2025 andProspectus 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 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 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 a significant portion 
 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 Barrier Price, investors will lose 1% of the Principal Amount of the Notes for each 1% that the Final Price is less than 
 the Initial Price, and may lose a significant portion or all of the Principal Amount.                                                                                                                           |

| • | Any payments 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:     | $1,000 per Note, subject to a minimum investment of $10,000 and integral multiples of $1,000 in excess thereof.