道明银行美股招股说明书(2026-01-14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 January 14, 2026. Pricing Supplement dated, 2026to theProduct Supplement MLN-ES-ETF-1 dated February 26, 2025 andProspectus dated February 26, 2025 The Toronto-Dominion Bank $•Callable Fixed Interest Barrier Notes Linked to the Least Performing of the Class A common stock of Alphabet Inc., the common stock of NVIDIA Corporation and the common stock of Tesla, Inc. Due on or about January 31, 2028 The Toronto-Dominion Bank (“TD” or “we”) is offering the Callable Fixed Interest Barrier Notes (the “Notes”) linked to the least performing of the Class A common stock ofAlphabet Inc., the common stock of NVIDIA Corporation and the common stock of Tesla, Inc. (each, a “Reference Asset” and together, the “Reference Assets”). The Notes will pay you an Interest Payment on each Interest Payment Date (including the Maturity Date) at a per annum rate of 18.60% (the “Interest Rate”) regardless of theperformance of the Reference Assets, unless the Notes have previously been subject to an Issuer Call. TD may, in its discretion, elect to call the Notes (an “Issuer Call”) in whole, but not in part, on any Call Payment Date (monthly, commencing on the sixth Interest Payment Dateand other than the Maturity Date) upon at least three Business Days’ prior written notice, regardless of the Closing Values of the Reference Assets. If TD elects to call theNotes prior to maturity, the Call Payment Date will be the corresponding Interest Payment Date and, on such date, we will pay you a cash payment per Note equal to thePrincipal Amount, plus the Interest Payment otherwise due. No further amounts will be owed under the Notes following an Issuer Call. If TD does not elect to call the Notes prior to maturity, the amount we pay at maturity, if anything, in addition to the Interest Payment otherwise due will depend on the ClosingValue of each Reference Asset on its Final Valuation Date (each, its “Final Value”) relative to its Barrier Value, which is equal to 65.00% of its Initial Value, calculated as •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 TD does not elect to call the Notes prior to maturity and the Final Value of any Reference Asset is less than its Barrier Value, investors will suffer a percentageloss on their initial investment that is equal to the percentage decline of the Reference Asset with the lowest Percentage Change from its Initial Value to its FinalValue (the “Least Performing Reference Asset”). Specifically, investors will lose 1% of the Principal Amount of the Notes for each 1% that the Final Value of theLeast Performing Reference Asset is less than its Initial Value, and may lose the entire Principal Amount.Any payments on 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 on the Final Valuation Dateand any decline 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 other ReferenceAsset. If the Final Value of any Reference Asset is less than its Barrier Value, investors may lose up to their entire investment in the Notes. Any payments onthe 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 Insurance Corporation,the U.S. Federal Deposit Insurance Corporation or any other governmental agency or instrumentality of Canada or the United States. The Notes will not be listed or displayedon 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 this pricing supplement, “Additional Risk Factors Specific to the Notes” beginning on page PS-7 of the product supplement MLN-ES-ETF-1 dated February 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 these Notes or determinedthat this pricing supplement, the product supplement or the prospectus is truthful or complete. Any representation to the contrary is a criminal offense. We will deliver the Notes in book-entry only form thro