Company: TDBCP
Filing Date: 2025-07-28
Form Type: 424B2
Source: 0001140361-25-027544
Chunk: 0

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-28
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 28, 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 Capped Contingent Absolute Return Buffered Notes (the “Notes”) linked to the S&P 500 ®Index (the “Reference Asset”). The Notes provide unleveraged participation in any percentage increase in the Reference Asset from the Initial Level to the Final Level, subject to the Maximum Upside Redemption Amount of $1,183.00, and also provide unleveraged inverse participation in any percentage decrease from the Initial Level to the Final Level but only if the Final Level is greater than or equal to 80.00% of the Initial Level (the “Buffer Level”). If the Final Level of the Reference Asset is greater than the Initial Level, then the percentage return on the Notes will be positive and equal to the percentage change in the Reference Asset from the Initial Level to the Final Level (the “Percentage Change”), subject to the Maximum Upside Redemption Amount. If the Final Level is less than or equal to the Initial Level but greater than or equal to the Buffer Level, then the percentage return on the Notes will be positive and equal to the absolute value of the Percentage Change (the “Contingent Absolute Return”). If, however, the Final Level is less than the Buffer Level, investors will lose 1% of the Principal Amount of the Notes for each 1% decrease from the Initial Level to the Final Level in excess of 20.00% (the “Buffer Amount”), and may lose up to 80.00% of the Principal Amount of the Notes. In this scenario, investors will suffer a loss on their initial investment that is equal to the percentage decline of the Reference Asset from the Initial Level to the Final Level in excess of the Buffer Amount. Specifically, investors will lose 1% of the Principal Amount of the Notes for each 1% that the Final Level is less