Company: TDBCP
Filing Date: 2025-09-10
Form Type: 424B2
Source: 0001140361-25-034580
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-10
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 10, 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 Contingent Interest Barrier Notes with Memory Interest (the “Notes”) linked to the least performing of the common stock of Bank of America Corporation, the common stock of Constellation Energy Corporation and the common stock of Micron Technology, Inc.(each, a “Reference Asset” and together, the “Reference Assets”). 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 at least approximately 12.05%(the “Contingent Interest Rate”, to be determined on the Strike Date) only if, on the related Contingent Interest Observation Date, the Closing Value of each Reference Asset is greater than or equal to its Contingent Interest Barrier Value, which is equal to 50.00% of its Initial Value. If, however, the Closing Value of any Reference Asset is less than its Contingent Interest Barrier Value on a Contingent Interest Observation Date, no Contingent Interest Payment will be payable on the related Contingent Interest Payment Date. The amount we pay at maturity, in addition to any Contingent Interest Payment(s) otherwise due, if anything, 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 50.00% 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 is less than its Barrier Value: |

the sum