道明银行美股招股说明书(2025-12-18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 December 17, 2025. Pricing Supplement dated , 2025 to 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 Moderna, Inc., the common stock of Palantir Technologies Inc. and the common stock of Tesla, Inc. Due on or about December 28, 2026 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 Moderna, Inc., the common stock of Palantir Technologies Inc. and the common stock of Tesla, Inc. (each, a “Reference Asset” and together, the “ReferenceAssets”). The Notes will pay you an Interest Payment of $21.667 on an Interest Payment Date (including the Maturity Date), corresponding to a per annum rate ofapproximately 26.00% (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 amount we pay at maturity, if anything, in addition tothe Interest Payment otherwise due, will depend on the Closing Value of each Reference Asset on its Final Valuation Date (each, its “Final Value”) relative to itsBarrier 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:the Principal Amount of $1,000•If the Final Value of any Reference Asset is less than its Barrier Value: the sum of (1) $1,000 plus (2) the product of (i) $1,000 times (ii) the Least Performing Percentage Change 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 is equal to the percentage decline of the Reference Asset with the lowest Percentage Change from its Initial Value to itsFinal Value (the “Least Performing Reference Asset”). Specifically, investors will lose 1% of the Principal Amount of the Notes for each 1% that theFinal Value of the Least Performing Reference Asset is less than its Initial Value, and may lose the entire Principal Amount. Any payments on the Notesare 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 any decline inthe value of one Reference Asset will not be offset or mitigated by a lesser decline or potential increase in the value of any other Reference Asset.Any payments on 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-6 of this pricing 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 ordetermined 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 immediatelyavailable funds.The estimated value of your Notes at the time the terms of your Notes are set on the Pricing Date is expected to be between $915.00 and $