Company: TDBCP
Filing Date: 2025-11-12
Form Type: 424B2
Source: 0001140361-25-041554
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-12
Form: 424B2
Chunk 0
---
| 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 11, 2025.

Pricing Supplement dated, 2025to the Product Supplement MLN-EI-1 dated February 26, 2025, Product Supplement MLN-ES-ETF-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 Digital Buffer Notes (the “Notes”) linked to the least performing of the S&P 500 ®Index, the shares of the Technology Select Sector SPDR ®Fund and the shares of the Utilities Select Sector SPDR ®Fund (each, a “Reference Asset” and together, the “Reference Assets”). We also refer to an exchange-traded fund as an “ETF”, a Reference Asset that is a share of an ETF as an “Equity Reference Asset” and a Reference Asset that is an index as an “Index Reference Asset”. The Notes provide a return of 14.90% (the “Digital Return”) if the Final Value of each Reference Asset is greater than or equal to its Buffer Value, which is equal to 85.00% of its Initial Value. If the Final Value of any Reference Asset is less than its Buffer Value, investors will suffer a percentage loss on their initial investment that is equal to the percentage decline of the Reference Asset with the lowest Percentage Change from its Initial Value to its Final Value (the “Least Performing Reference Asset”)in excess of the Buffer Amount. Specifically, investors will lose 1% of the Principal Amount of the Notes for each 1% that the Final Value of the Least Performing Reference Asset is less than its Initial Value in excess of the Buffer Amount, and may lose up to 85.00% of their Principal Amount. Any payment on the Notes is subject to our credit risk.

| Investors are exposed to the market risk of each Reference Asset and any decline in the value of one Reference Asset will not be offset or mitigated                                                                                   
 by a lesser decline or potential increase in the value of any other Reference Asset. The Payment at Maturity will be