Company: TDBCP
Filing Date: 2025-08-22
Form Type: 424B2
Source: 0001140361-25-032314
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-22
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 August 22, 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 SPDR®Gold Trust (the “Reference Asset”) from the Initial Price                                       
 (as defined below) to the Closing Price of the Reference Asset on the Valuation Date (the “Final Price”) and (ii) are willing to forgo interest and any distributions on the assets comprising the Reference Asset, which consist primarily of 
 gold (the “Reference Asset Constituents”).                                                                                                                                                                                                     |

| • | The Payment at Maturity will be greater than the Principal Amount only if the Final Price is greater than the Initial Price. Payment on the Notes is subject to our credit risk. |

Key Terms

| Issuer:              | The Toronto-Dominion Bank (“TD”)                                                                                                                                        |
| Reference Asset:     | The shares of the SPDR®Gold Trust (Bloomberg ticker: “GLD”)                                                                                                             |
| 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 7 months.                                                                                                                                                 |
| Strike Date:         | August 20, 2025                                                                                                                                                         |
| Pricing Date:        | August 22, 2025                                                                                                                                                         |
| Issue Date:          | August 28, 2025, which is the fourth DTC settlement day following the Pricing Date. See “Supplemental Plan of Distribution (Conflicts of Interest)” herein.             |
| Valuation Date:      | March 20, 2026, subject to postponement upon the occurrence of a market disruption event as described in the accompanying product supplement.                           |
| Maturity Date:       | March 25, 2026, subject to postponement upon the occurrence of