Company: TDBCP
Filing Date: 2025-11-24
Form Type: 424B2
Source: 0001140361-25-043064
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-24
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 24, 2025.
Pricing Supplement dated, 2025 to 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 Contingent Interest Barrier Notes with Memory Interest (the “Notes”) linked to the shares of the SPDR ® S&P
    500 ® ETF Trust (the “Reference Asset”). We also refer to an exchange-traded fund as an “ETF”.

The Notes will pay a Contingent Interest Payment, plus any previously unpaid Contingent Interest Payment(s) with respect to any previous Contingent Interest
    Observation Date(s) pursuant to the Memory Interest Feature, on a Contingent Interest Payment Date (including the Maturity Date) at a per annum rate of 6.00% (the “Contingent Interest Rate”) only if, on the related Contingent Interest Observation Date,
    the Closing Value of the Reference Asset is greater than or equal to the Contingent Interest Barrier Value, which is equal to 60.00% of the Initial Value. If, however, the Closing Value of the Reference Asset is less than the Contingent Interest
    Barrier Value on a Contingent Interest Observation Date, no Contingent Interest Payment will be payable on the related Contingent Interest Payment Date.

TD may, in its discretion, elect to call the Notes (an “Issuer Call”) in whole, but not in part, on any Call Payment Date (quarterly, commencing on the first
    Contingent Interest Payment Date and other than the Maturity Date) upon at least three Business Days’ prior written notice, regardless of the Closing Value of the Reference Asset. If TD elects to call the Notes prior to maturity, the Call Payment Date
    will be the corresponding Contingent Interest Payment Date and, on such date, we will pay you a cash payment per Note equal to the Principal Amount, plus any Contingent Interest Payment otherwise