道明银行美股招股说明书(2025-12-19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 19, 2025. Pricing Supplement dated, 2025 to theProduct Supplement MLN-EI-1 dated February 26, 2025,Underlier Supplement dated February 26, 2025 andProspectus dated February 26, 2025 The Toronto-Dominion Bank $[●]Leveraged Barrier Notes Linked to the Least Performing of the Dow Jones Industrial Average®, the Nasdaq-100 Index ®and the Russell 2000®Index Due on or about January 3, 2031 The Toronto-Dominion Bank (“TD” or “we”) is offering the Leveraged Barrier Notes (the “Notes”) linked to the least performing of the Dow Jones IndustrialAverage®, the Nasdaq-100 Index®and the Russell 2000®Index (each, a “Reference Asset” and together, the “Reference Assets”). The Notes provide at least 173.00% (to be determined on the Pricing Date) leveraged participation in the positive return of the Least PerformingReference Asset if the value ofeachReference Asset increases from its Initial Value to its Final Value. The “Least Performing Reference Asset” is theReference Asset with the lowest Percentage Change (the “Least Performing Percentage Change”). The “Percentage Change” for each Reference Assetis the quotient, expressed as a percentage, of (i) its Final Valueminusits Initial Valuedividedby (ii) its Initial Value. Investors will receive their Principal Amount at maturity if the Final Value ofanyReference Asset isless than or equal toits Initial Value, but the FinalValue ofeachReference Asset isgreater than or equal toits Barrier Value, which is equal to 70.00% of its Initial Value. If, however, the Final Value ofanyReference Asset isless thanits Barrier Value, investors will suffer a percentage loss on their initial investment that isequal to the Least Performing Percentage Change, and may lose their entire Principal Amount.Specifically, investors will lose 1% of the PrincipalAmount of the Notes for each 1% that the Final Value of the Least Performing Reference Asset is less than its Initial Value, and may lose theentire Principal Amount. Any payment on the Notes is subject to our credit risk. Investors are exposed to the market risk of each Reference Asset on the Final Valuation Date and any decline in the value of one ReferenceAsset will not be offset or mitigated by a lesser decline or potential increase in the value of any other Reference Asset. The Payment atMaturity will be greater than the Principal Amount only if the Final Value of each Reference Asset is greater than its Initial Value. The Notesdo not guarantee the return of the Principal Amount and investors may lose up to their entire investment in the Notes if the Final Value ofany Reference Asset is less than its Barrier Value. Any payment on the Notes is 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 DepositInsurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency or instrumentality of Canada or the UnitedStates. The Notes will not 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-6of this pricing supplement, “Additional Risk Factors Specific to the Notes” beginning on page PS-7 of the product supplement MLN-EI-1 datedFebruary 26, 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 theseNotes or determined that this pricing supplement, the product supplement, the underlier supplement or the prospectus is truthful orcomplete. Any representation to the contrary is a criminal 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 inimmediately available 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 $900.00 and $935.00 per Note, as discussed further under “Additional Risk Factors — Risks Relating to Estimated Value and Liquidity” beginning on page P-7 and “AdditionalInformation Regarding the Estimated Value of the Notes” on page P-20 of this pricing supplement. The estimated value is expected to be less than thepublic offering price of the Notes. 1Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forgo some or all of their selling concessions, fees orcommissions. The public off