道明银行美股招股说明书(2025-11-10版)

Subject to Completion, Dated November 10, 2025. Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-283969 The Toronto-Dominion Bank$Digital iShares® 20+ Year Treasury Bond ETF-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 shares of the iShares®20+ Year Treasury Bond ETF (thereference asset) as measured from the pricing date to and including the valuation date (expected to be between 14 and 16 months afterthe pricing date). The return on your notes, if any, is linked to the performance of the reference asset, and not to that of the ICE U.S. Treasury 20+ YearBond Index (the target index) on which the reference asset is based. The performance of the reference asset may significantly divergefrom that of the target index. If the final price on the valuation date is greater than or equal to the threshold price of 90.00% of the initial price (equal to the closingprice of the reference asset on the pricing date), you will receive the threshold settlement amount of between $1,060.00 and $1,070.50(to be determined on the pricing date) for each $1,000 principal amount of your notes. If the final price on the valuation date is less thanthe threshold price of 90.00% of the initial price, your payment, if any, will be less than the principal amount and you will have a lossequal to the percentage decrease below the threshold pricetimesthe downside multiplier of approximately 1.1111.Specifically, if thefinal price declines by more than 10.00% from the initial price, you will lose approximately 1.1111% of the principal amount ofyour notes for every 1% that the final price has declined below the threshold price of 90.00% of the initial price. Despite theinclusion of the threshold price, due to the downside multiplier you may lose your entire principal amount. To determine your payment at maturity, we will calculate the percentage change of the reference asset, which is the percentageincrease or decrease in the final price from the initial price. At maturity, for each $1,000 principal amount of your notes, you will receivean amount in cash, if anything, equal to: ●if the percentage change is greater than or equal to -10.00% (the final price is greater than or equal to 90.00% of the initial price),the threshold settlement amount; or●if the percentage change is negative and is below -10.00% (the final price is less than the initial price by more than 10.00%), thesumof (i) $1,000plus(ii) the product of (a) $1,000times(b) approximately 1.1111times(c) thesumof the percentage changeplus10.00%.You will receive less than the principal amount of your notes. The notes do not guarantee the return of principal at maturity. 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 or the prospectus is truthful or complete. Anyrepresentation 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 $950.60 and $980.60 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. TD Securities (USA) LLC Pricing Supplement dated , 2025 The public offering price, underwriting discount and proceeds to TD listed above relate to the notes we issue initially. We may decide tosell additional notes after the date of the final pricing supplement, at public offering prices and with underwriting discounts and proceedsto TD that differ from the amounts set forth above. The return (whether positive or negative) on your investment in the notes will dependin 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 the notes. In addition,we, TDS or any of our affiliates may use this prici