道明银行美股招股说明书(2025-09-29版)

The information in this preliminary pricing supplement is not complete and may be changed. We may not sell these securities until the pricing supplement, the accompanying product supplement, underliersupplement and prospectus (collectively, the “Offering Documents”) are delivered in final form. The Offering Documents are not an offer to sell these securities and we are not soliciting offers to buy thesesecurities in any state where the offer or sale is not permitted. September 2025Preliminary Pricing SupplementDated September 26, 2025Registration Statement No. 333-283969Filed pursuant to Rule 424(b)(2)(To Prospectus dated February 26, 2025,Underlier Supplement dated February 26, 2025, and Product Supplement MLN-EI-1 dated February 26, 2025) STRUCTURED INVESTMENTS Callable Contingent Income Securities with Daily Coupon Observation due October 5, 2027Based on the Worst Performing of the Nasdaq-100 Index®, the Russell 2000®Index and the S&P 500®Index Principal at Risk Securities Callable Contingent Income Securities with Daily Coupon Observation (the “securities”) do not guarantee the repayment of principal and do not provide for the regular payment of interest. Instead, the securities offer the opportunity for investors toearn a contingent quarterly coupon on a contingent coupon payment date if the index closing value ofeachunderlying index oneach trading dayduring the applicable quarterly observation period is greater than or equal to 75.00% of its initialindex value, which we refer to as its coupon threshold level. However, if the index closing value ofanyunderlying index isless thanits coupon threshold level onany trading dayduring the applicable quarterly observation period, you will notreceive any contingent quarterly coupon with respect to the applicable quarterly observation period. As a result, investors must be willing to accept the risk of not receiving any contingent quarterly coupons during the term of the securities. Inaddition, The Toronto-Dominion Bank (“TD”) may elect, on or before any applicable observation period end-date (other than the final observation period end-date), to redeem the securities at its discretion in whole, but not in part (an “issuer call”),on the contingent coupon payment date corresponding to such observation period end-date (the “redemption date”), regardless of the index closing values of the underlying indices on such observation period end-date. If TD elects to redeem thesecurities prior to maturity, the securities will be redeemed on the redemption date for an amount per security equal to (i) the stated principal amountplus(ii) any contingent quarterly coupon otherwise payable with respect to the applicablequarterly observation period. No further payments will be made on the securities once they have been redeemed.Furthermore, if the final index value ofanyunderlying index isless than70.00% of its initial index value, which we refer to as itsdownside threshold level, TD will pay you a cash payment per security that will beless than70.00% of the stated principal amount of the securities and could be zero and you will be exposed on a 1-to-1 basis to the decline of the worstperforming underlying index. In this scenario, you will lose a significant portion or all of your investment in the securities. Accordingly, the securities do not guarantee any return of principal at maturity. Investors will not participate in anyappreciation of the underlying indices and will not realize a return beyond the returns represented by the contingent quarterly coupons received, if any, during the term of the securities. Because all payments on the securities are based on theworst performing underlying index, a decline beyond the respective coupon threshold level ofanyunderlying index onany trading dayduring the quarterly observation periods will result in few or no contingent quarterly coupons, and a declinebeyond the respective downside threshold level ofanyunderlying index on the final observation period end-date will result in a loss of a significant portion and up to your entire investment in the securities, even if the other underlying indicesappreciate or have not declined as much. The securities are for investors who are willing to risk their entire investment based on the worst performing of each of the underlying indices and who seek an opportunity to earn interest at a potentiallyabove-market rate in exchange for the risk of receiving no interest over the entire term of the securities. The securities are senior unsecured debt securities issued by TD. The securities are notes issued as part of TD’s Senior Debt Securities,Series H.All payments on the securities are subject to the credit risk of TD. If TD were to default on its payment obligations, you may not receive any amounts owed to you under the securities and you could lose your entireinvestment in the securities. These securities are not secured obligations and you will not have any security interest in, or otherwise