Company: TDBCP
Filing Date: 2025-09-11
Form Type: 424B2
Source: 0001140361-25-034680
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-11
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 September 11, 2025.

Pricing Supplement dated, 2025to 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 Buffered Notes (the “Notes”) linked to the S&P 500 ®Index (the “Reference Asset”). The Notes provide unleveraged participation in the positive return of the Reference Asset if the value of the Reference Asset increases from the Initial Value to the Final Value, subject to the Maximum Redemption Amount of at least $1,280.00 per Note (to be determined on the Pricing Date). Investors will receive their Principal Amount at maturity if the Final Value is less than or equal to the Initial Value, but greater than or equal to the Buffer Value, which is equal to 70.00% of the Initial Value. If the Final Value is less than the Buffer Value, investors will lose 1% of the Principal Amount of the Notes for each 1% that the Final Value is less than the Initial Value in excess of 30.00%, and may lose up to 70.00% 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 Value                                                                                                                                      
 is greater than the Initial Value. The Notes do not guarantee the return of the Principal Amount and investors may lose up to 70.00% of their investment in the Notes. Any payment on the Notes is 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 Notes have complex features and investing in the Notes involves a number of risks. See “Additional Risk