Company: TDBCP
Filing Date: 2025-06-26
Form Type: 424B2
Source: 0001140361-25-023774
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-06-26
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 June 26, 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 Fixed Interest Barrier Notes (the “Notes”) linked to the least performing of the common stock of CrowdStrike Holdings, Inc., the common stock of Fortinet, Inc. and the common stock of Palo Alto Networks, Inc. (each, a “Reference Asset” and together, the “Reference Assets”). The Notes will pay you an Interest Payment on each Interest Payment Date (including the Maturity Date) at a per annum rate of 13.85% (the “Interest Rate”) regardless of the performance of the Reference Assets. The amount we pay at maturity, if anything, in addition to the Interest Payment otherwise due, 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 60.00% of its Initial Value. The payment at maturity will be 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 of (1) $1,000 plus (2) the product of (i) $1,000 times (ii) the Least Performing Percentage Change If the Final Value of any Reference Asset is less than its Barrier 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”). 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, and may lose the entire Principal Amount. Any payments on the Notes are