道明银行美股招股说明书(2025-09-10版)

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 itseek an offer to buy these Notes in any state where the offer or sale is not permitted.Subject to Completion. Dated September 10, 2025. Pricing Supplement dated, 2025to theProduct Supplement MLN-ES-ETF-1 dated February 26, 2025 andProspectus dated February 26, 2025 The Toronto-Dominion Bank $•Contingent Interest Barrier Notes with Memory Interest Linked to the Least Performing of the common stock of Bank of America Corporation, the common stock of Constellation Energy Corporation and the common stock of MicronTechnology, Inc.Due on or about September 25, 2028 The Toronto-Dominion Bank (“TD” or “we”) is offering the Contingent Interest Barrier Notes with Memory Interest (the “Notes”) linked to the least performing of thecommon stock of Bank of America Corporation, the common stock of Constellation Energy Corporation and the common stock of Micron Technology, Inc.(each, a“Reference Asset” and together, the “Reference Assets”). The Notes will pay a Contingent Interest Payment, plus any previously unpaid Contingent Interest Payment(s) with respect to any previous Contingent InterestObservation Date(s) pursuant to the Memory Interest Feature, on a Contingent Interest Payment Date (including the Maturity Date) at a per annum rate of at leastapproximately 12.05%(the “Contingent Interest Rate”, to be determined on the Strike Date) only if, on the related Contingent Interest Observation Date, theClosing Value of each Reference Asset is greater than or equal to its Contingent Interest Barrier Value, which is equal to 50.00% of its Initial Value. If, however, theClosing Value of any Reference Asset is less than its Contingent Interest Barrier Value on a Contingent Interest Observation Date, no Contingent Interest Paymentwill be payable on the related Contingent Interest Payment Date. The amount we pay at maturity, in addition to any Contingent Interest Payment(s) otherwise due,if anything, 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 equalto 50.00% of its Initial Value, calculated as follows: •If the Final Value of each Reference Asset is greater than or equal to 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 tothe percentage decline of the Reference Asset with the lowest Percentage Change from its Initial Value to its Final Value (the “Least PerformingReference Asset”). Specifically, investors will lose 1% of the Principal Amount of the Notes for each 1% that the Final Value of the Least PerformingReference Asset is less than its Initial Value, and may lose the entire Principal Amount.Any payments on the Notes are subject to our credit risk. The Notes do not guarantee the payment of any Contingent Interest Payments or the return of the Principal Amount. Investors are exposedto the market risk of each Reference Asset on each Contingent Interest Observation Date (including the Final Valuation Date) and anydecline 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 otherReference Asset. If the Final Value of any Reference Asset is less than its Barrier Value, investors may lose up to their entire investment inthe Notes. Any payments on the Notes are subject to our credit risk. The Notes are unsecured and are not savings accounts or insured deposits of a bank. The Notes are not insured or guaranteed by the Canada Deposit InsuranceCorporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency or instrumentality of Canada or the United States. The Notes willnot be listed or displayed on any securities exchange or electronic communications network. The Notes have complex features and investing in the Notes involves a number of risks. See “Additional Risk Factors” beginning on page P-7 of thispricing supplement, “Additional Risk Factors Specific to the Notes” beginning on page PS-7 of the product supplement MLN-ES-ETF-1 dated February26, 2025 (the “product supplement”)and “Risk Factors” on page 1 of the prospectus dated February 26, 2025 (the “prospectus”).Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of these Notes or determined that this pricing supplement, the product supplement or the prospectus is truthful or complete. Any representation to the contrary is acriminal offense. We will deliver the Notes in book-entry only form through the facilities of The Depository Trust Company on the