道明银行美股招股说明书(2025-11-07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 November 7, 2025. Pricing Supplement dated, 2025to theProduct Supplement MLN-ES-ETF-1 dated February 26, 2025 andProspectus dated February 26, 2025 The Toronto-Dominion Bank Autocallable Contingent Interest Barrier Notes Linked to the common stock of Pfizer Inc. Due on or about May 18,2027 The Toronto-Dominion Bank (“TD” or “we”) is offering the Autocallable Contingent Interest Barrier Notes (the “Notes”) linked to the common stock of Pfizer Inc. (the“Reference Asset”). The Notes will pay a Contingent Interest Payment on a Contingent Interest Payment Date (including the Maturity Date) at a per annum rate of 10.50% to 11.50%(the “Contingent Interest Rate”, to be determined on the Pricing Date) only if, on the related Contingent Interest Observation Date, the Closing Value of theReference Asset is greater than or equal to the Contingent Interest Barrier Value, which is equal to 80.00% of the Initial Value. If, however, the Closing Value of theReference Asset is less than the Contingent Interest Barrier Value on a Contingent Interest Observation Date, no Contingent Interest Payment will accrue or bepayable on the related Contingent Interest Payment Date. The Notes will be automatically called if, on any Call Observation Date, the Closing Value of theReference Asset is greater than or equal to the Call Threshold Value, which is equal to 100.00% of the Initial Value. If the Notes are automatically called, on the firstfollowing Contingent Interest Payment Date (the “Call Payment Date”), we will pay a cash payment per Note equal to the Principal Amount, plus any ContingentInterest Payment otherwise due. No further amounts will be owed under the Notes. If the Notes are not automatically called, the payment or delivery you receive atmaturity, in addition to any Contingent Interest Payment otherwise due, if anything, will depend on the Closing Value of the Reference Asset on the Final ValuationDate (the “Final Value”) relative to the Barrier Value, which is equal to 80.00% of the Initial Value, calculated as follows: •If the Final Value is greater than or equal to the Barrier Value, you will receive an amount in cash per Note equal to:the Principal Amount of $1,000•If the Final Value is less than the Barrier Value, you will receive a number of shares (and/or cash in lieu of any fractional shares) of the Reference Assetper Note equal to:the Physical Delivery Amount If the Notes are not automatically called and the Final Value is less than the Barrier Value, investors will suffer a percentage loss on their initialinvestment that, based on the Final Value, will be equal to the percentage decline in the Reference Asset from the Initial Value to the Final Value.Specifically, investors will receive a number of shares (and/or cash in lieu of any fractional shares) per Note of the Reference Asset equal to thePhysical Delivery Amount, the value of which is expected to be worth significantly less than the Principal Amount and may even be worthless.Anypayments on or deliveries in respect of 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. If the Final Value is less thanthe Barrier Value, investors may lose up to their entire investment in the Notes. Any payments on or deliveries in respect of the Notes are subject toour 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 Issue Date against payment in immediatelyavail