Company: TDBCP
Filing Date: 2025-09-12
Form Type: 424B2
Source: 0001140361-25-034832
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-12
Form: 424B2
Chunk 0
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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 September 12, 2025.

| Pricing Supplement dated , 2025 to the                      
 Product Supplement MLN-ES-ETF-1 dated February 26, 2025 and 
 Prospectus 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) seek unleveraged exposure to a limited range of the percentage increase of the shares of the iShares®Russell 2000 ETF (the“Reference                                                                  
 Asset”) from the Initial Price (as defined below) to the arithmetic average of the Closing Price of the Reference Asset on each Averaging Date (the “Final Price”), (ii) seek unleveraged inverse exposure to a limited range of the percentage    
 decline in the price of the Reference Asset, but only if the Final Price is greater than or equal to the Barrier Price, (iii) are willing to accept the risk of losing a significant portion or all of their Principal Amount and (iv) are willing 
 to forgo interest and dividend payments.                                                                                                                                                                                                           |

| • | If 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 shares of the iShares®Russell 2000 ETF (Bloomberg ticker: “IWM”)                                                                                                                                   |
| Principal Amount:           | $1,000 per Note, subject to a minimum investment of $10,000 and integral multiples of $1,000 in excess thereof.                                                                                        |
| Term:                       | Approximately 17 months. In the event that we make any change to the expected Pricing Date and Issue Date, the Calculation Agent may adjust each Averaging Date (including the                         
 Final Averaging Date) and the Maturity Date