道明银行美股招股说明书(2025-10-10版)

Subject to Completion, Dated October 10, 2025. Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-283969 The Toronto-Dominion Bank$ Digital EURO STOXX 50®Index-Linked Notes due The notes do not bear interest.The amount that you will be paid on your notes on the maturity date (expected to be the secondbusiness day after the valuation date) is based on the performance of the EURO STOXX 50®Index as measured from the pricing dateto and including the valuation date (expected to be between 22 and 25 months after the pricing date). If the final level on the valuationdate is greater than or equal to the threshold level of 87.50% of the initial level (equal to the closing level of the index on the pricingdate), you will receive the threshold settlement amount of between $1,137.10 and $1,161.20 (to be determined on the pricing date) foreach $1,000 principal amount of your notes. If the final level on the valuation date is less than the threshold level of 87.50% of the initiallevel, your payment, if any, will be less than the principal amount and you will have a loss equal to the percentage decrease below thethreshold level times the downside multiplier of approximately 1.1429.Specifically, if the final level declines by more than 12.50%from the initial level, you will lose approximately 1.1429% of the principal amount of your notes for every 1% that the final levelhas declined below the threshold level of 87.50% of the initial level. Despite the inclusion of the threshold level, due to thedownside multiplier you may lose your entire principal amount. To determine your payment at maturity, we will calculate the percentage change of the EURO STOXX 50®Index, which is thepercentage increase or decrease in the final level from the initial level. At maturity, for each $1,000 principal amount of your notes, youwill receive an amount in cash, if anything, equal to: ●if the percentage change is greater than or equal to -12.50% (the final level is greater than or equal to 87.50% of the initial level),the threshold settlement amount; or●if the percentage change is negative and is below -12.50% (the final level is less than the initial level by more than 12.50%), thesum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) approximately 1.1429 times (c) the sum of the percentage change plus12.50%.You will receive less than the principal amount of your notes. The notes are unsecured and are not savings accounts or insured deposits of a bank. The notes are not insured or guaranteed by theCanada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency orinstrumentality. Any payments on the notes are subject to our credit risk. The notes will not be listed or displayed on any securitiesexchange or electronic communications network. You should read the disclosure herein to better understand the terms and risks of your investment. See “Additional RiskFactors” beginning on page P-6 of this pricing supplement. Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved ofthese notes or determined that this pricing supplement, the product supplement, the underlier supplement or the prospectusis truthful or complete. Any representation to the contrary is a criminal offense. The initial estimated value of the notes at the time the terms of your notes are set on the pricing date is expected to bebetween $960.00 and $990.00 per $1,000 principal amount, which is less than the public offering price listed below.See“Additional Information Regarding the Estimated Value of the Notes” on the following page and “Additional Risk Factors” beginning onpage P-6 of this document for additional information. The actual value of your notes at any time will reflect many factors and cannot bepredicted with accuracy. Pricing Supplement dated , 2025 The public offering price, underwriting discount and proceeds to TD listed above relate to the notes we issue initially. Wemay decide to sell additional notes after the date of the final pricing supplement, at public offering prices and withunderwriting discounts and proceeds to TD that differ from the amounts set forth above. The return (whether positive ornegative) on your investment in the notes will depend in part on the public offering price you pay for such notes. We, TD Securities (USA) LLC (“TDS”) or any of our affiliates, may use this pricing supplement in the initial sale of thenotes. In addition, we, TDS or any of our affiliates may use this pricing supplement in a market-making transaction in anote after its initial sale.Unless we, TDS or any of our affiliates informs the purchaser otherwise in the confirmationof sale, this pricing supplement will be used in a market-making transaction. Additional Information Regarding the Estimated Value of the Notes The final terms for the Notes will be determined on the date the Notes are initially priced for sale to the publi