道明银行美股招股说明书(2025-11-13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 13, 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 Fixed Interest Barrier Notes Linked to the Least Performing of the common stock of Amazon.com, Inc., the Class A common stock of Alphabet Inc., the common stock of Netflix, Inc. and the common stock of QUALCOMMIncorporated Due on or about November 26, 2027 The Toronto-Dominion Bank (“TD” or “we”) is offering the Autocallable Fixed Interest Barrier Notes (the “Notes”) linked to the least performing of the common stockof Amazon.com, Inc., the Class A common stock of Alphabet Inc., the common stock of Netflix, Inc. and the common stock of QUALCOMM Incorporated (each, a“Reference Asset” and together, the “Reference Assets”). The Notes will pay you an Interest Payment of $87.917 on an Interest Payment Date (including the Maturity Date), corresponding to a per annum rate ofapproximately 10.55% (the “Interest Rate”), regardless of the performance of the Reference Assets, unless the Notes have previously been subject to an automaticcall. The Notes will be automatically called if, on any Call Observation Date, the Closing Value of each Reference Asset is greater than or equal to its CallThreshold Value, which is equal to 100.00% of its Initial Value. If the Notes are automatically called, the Call Payment Date will be the first following InterestPayment Date (the “Call Payment Date”) and, on such date, we will pay you a cash payment per Note equal to the Principal Amount, plus the Interest Paymentotherwise due. No further amounts will be owed under the Notes. If the Notes are not automatically called, the payment or delivery you receive at maturity, ifanything, in addition to the Interest Payment otherwise due, will depend on the Closing Value of each Reference Asset on its Final Valuation Date (each, its “FinalValue”) relative to its Barrier Value, which is equal to 50.00% of its Initial Value, calculated as follows: •If the Final Value of each Reference Asset is greater than or equal to its Barrier Value, you will receive an amount in cash per Note equal to:the Principal Amount of $10,000•If the Final Value of any Reference Asset is less than its Barrier Value, you will receive a number of shares (and/or cash in lieu of any fractional share) ofthe Least Performing Reference Asset per Note equal to:the Physical Delivery Amount of the Least Performing Reference Asset If the Notes are not automatically called and the Final Value of any Reference Asset is less than its Barrier Value, investors will suffer a percentage losson their initial investment that, based on the Final Value, will be equal to the percentage decline in the Reference Asset with the lowest PercentageChange from its Initial Value to its Final Value (the “Least Performing Reference Asset”). Specifically, if the Notes are not automatically called and theFinal Value of any Reference Asset is less than its Barrier Value, investors will receive a number of shares (and/or cash in lieu of any fractional shares)per Note of the Least Performing Reference Asset equal to its Physical Delivery Amount, the value of which is expected to be worth significantly lessthan the Principal Amount and may even be worthless. If the Final Value of any Reference Asset is less than its Barrier Value, investors may lose up totheir entire investment in the Notes. Any payments on or deliveries in respect of the Notes are subject to our credit risk. The Notes do not guarantee the return of the Principal Amount. Investors are exposed to the market risk of each Reference Asset and anydecline in the value of one Reference Asset will not be offset or mitigated by a lesser decline or potential increase in the value of any otherReference Asset. Any payments on or deliveries in respect of the Notes are subject to our 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