道明银行美股招股说明书(2026-01-22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 22, 2026. Pricing Supplement dated, 2026to theProduct Supplement MLN-EI-1 dated February 26, 2025,Underlier Supplement dated February 26, 2025 andProspectus dated February 26, 2025 The Toronto-Dominion Bank $•Capped Buffered Notes Linked to the S&P 500®Index Due on or about August 4, 2027 The Toronto-Dominion Bank (“TD” or “we”) is offering the Capped Buffered Notes (the “Notes”) linked to the S&P 500®Index (the “Reference Asset”). The Notes provide unleveraged participation in the positive return of the Reference Asset if the value of the Reference Asset increases from the Initial Value to the Final Value,subject to the Maximum Redemption Amount of $1,173.50 per Note. Investors will receive their Principal Amount at maturity if the Final Value is less than or equal to the InitialValue, but greater than or equal to the Buffer Value, which is equal to 85.00% of the Initial Value. If the Final Value is less than the Buffer Value, investors will lose 1% of thePrincipal Amount of the Notes for each 1% that the Final Value is less than the Initial Value in excess of 15.00%, and may lose up to 85.00% of the Principal Amount of theNotes.Any payment on the Notes is subject to our credit risk. The Payment at Maturity will be greater than the Principal Amount only if the Final Value is greater than the Initial Value. The Notes do not guarantee the returnof the Principal Amount and investors may lose up to 85.00% of their investment in the Notes. 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 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-6 of this pricingsupplement, “Additional Risk Factors Specific to the Notes” beginning on page PS-7 of the product supplement MLN-EI-1 dated February 26, 2025 (the “productsupplement”)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, the underlier 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 immediately 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 $955.00 and $990.00 per Note, as discussedfurther under “Additional Risk Factors — Risks Relating to Estimated Value and Liquidity” beginning on page P-7 and “Additional Information Regarding the Estimated Value ofthe Notes” on page P-17 of this pricing supplement. The estimated value is expected to be less than the public 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 or commissions. The publicoffering price for investors purchasing the Notes in these accounts may be as low as $997.50 (99.75%) per Note. 2TD Securities (USA) LLC (“TDS”) will receive a commission of up to $2.50 (0.25%) per Note and may use all or a portion of that commission to allow selling concessions toother dealers in connection with the distribution of the Notes. Such other dealers may resell the Notes to other securities dealers at the Principal Amount less a concessionnot in excess of $2.50 per Note. The total “Underwriting Discount” and “Proceeds to TD” to be specified above will reflect the aggregate of the underwriting discount at thetime TD established any hedge positions on or prior to the Pricing Date, which may be variable and fluctuate depending on market conditions at such times.TD willreimburse TDS for certain expenses in connection with its role in the offer and sale of the Notes, and TD will pay TDS a fee in connection with its role in the offer and sale ofthe Notes. See “Supplemental Plan of Distribution (Conflicts of Interest)” herein. The public offering price, underwriting discount and proceeds to TD listed above relate to the Notes we issue initially. W