Company: TDBCP
Filing Date: 2025-07-22
Form Type: 424B2
Source: 0001140361-25-026701
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-22
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 July 22, 2025.

Pricing Supplement dated , 2025 to 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 Contingent Absolute Return Buffer Notes (the “Notes”) linked to the least performing of the Dow Jones Industrial Average ®and the S&P 500 ®Index (each, a “Reference Asset” and together, the “Reference Assets”). If the Final Value of each Reference Asset increases from its Initial Value, the Notes provide unleveraged participation in the positive return of the Least Performing Reference Asset. The “Least Performing Reference Asset” is the Reference Asset with the lowest “Percentage Change” which, for a Reference Asset, is the quotient, expressed as a percentage, of (i) its Final Value minusits Initial Value dividedby (ii) its Initial Value. If the Final Value of any Reference Asset is less than or equal to its Initial Value, but the Final Value of each Reference Asset is greater than or equal to its Buffer Value of 85.00% of its Initial Value, the Notes provide a positive return equal to the absolute value of the negative return of the Least Performing Reference Asset (the “Contingent Absolute Return”). If the Final Value of any Reference Asset is less than its Buffer Value, investors will not receive a Contingent Absolute Return and, instead, 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 Percentage of 15.00%, and may lose up to 85.00% of the Principal Amount of the Notes. 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 Percentage, and may lose up to 85.00% of the Principal Amount of the Notes. Any