道明银行美股招股说明书(2025-10-14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. Subject to CompletionOctober 2025Preliminary Pricing SupplementDated October 13, 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 Contingent Income Auto-Callable Securities with Daily Coupon Observation due October 21, 2027Based on the Worst Performing of the Nasdaq-100 Index®, the Russell 2000®Index and the S&P 500®Index Principal at Risk Securities Contingent Income Auto-Callable 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 forinvestors to earn 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% ofits initial index 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, youwill not receive 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.In addition, if the index closing values of all of the underlying indices on any observation period end-date other than the final observation period end-date are greater than or equal to their respective call threshold levels, the securities will beautomatically redeemed for an amount per security equal to (i) the stated principal amount plus (ii) any contingent quarterly coupon otherwise payable with respect to the applicable quarterly observation period. No further payments will be madeon the securities once they have been redeemed. However, if the index closing value of any underlying index on any observation period end-date is less than its call threshold level, the securities will not be automatically redeemed. As a result,investors must be willing to accept the risk of not receiving any contingent quarterly coupons during the term of the securities. Furthermore, if the final index value ofanyunderlying index isless than75% of its initial index value, which we refer toas its downside threshold level, The Toronto-Dominion Bank (“TD”) will pay you a cash payment per security that will beless than75% of the stated principal amount of the securities and could be zero and you will be exposed on a 1-to-1 basisto the decline of the worst performing 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 notparticipate in any appreciation 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 arebased on the worst 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 decline beyond 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 otherunderlying indices appreciate 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 earninterest at a potentially above-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’sSenior 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 youcould lose your entire investment in the securities. These securities are not secured o