多伦多道明银行美股招股说明书(2026-06-29版)

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 June 29, 2026. Pricing Supplement dated, 2026to theProduct Supplement MLN-EI-1 dated February 26, 2025,Product Supplement MLN-ES-ETF-1 dated February 26, 2025,Underlier Supplement dated February 26, 2025 andProspectus dated February 26, 2025 The Toronto-Dominion Bank $•Autocallable Leveraged Buffer Notes Linked to the Least Performing of the shares of the iShares® MSCI EmergingMarkets ETF and the Russell 2000®Index Due on or about July 12, 2028 The Toronto-Dominion Bank (“TD” or “we”) is offering the Autocallable Leveraged Buffer Notes (the “Notes”) linked to the least performing of the shares of theiShares®MSCI Emerging Markets ETF and the Russell 2000®Index (each, a “Reference Asset” and together, the “Reference Assets”). We also refer to anexchange-traded fund as an “ETF”, a Reference Asset that is a share of an ETF as an “Equity Reference Asset” and a Reference Asset that is an index as an“Index Reference Asset”. The Notes will be automatically called if, on the Call Observation Date, the Closing Value ofeachReference Asset isgreater than or equal toits Call ThresholdValue, which is equal to 100.00% of its Initial Value. If the Notes are automatically called, on the Call Payment Date we will pay a cash payment per Note equal tothe Call Price. The “Call Price” is $1,238.00 which is equal to the Principal Amount plus a percentage return equal to the “Call Rate” of 23.80% per annum.Following an automatic call, no further amounts will be owed under the Notes.If the Notes are not automatically called (meaning that the Closing Value ofanyReference Asset on the Call Observation Date isless thanits Call Threshold Value), the amount we pay at maturity will depend on the Closing Value of each Reference Asset on its Final Valuation Date (its “Final Value”) relative to its InitialValue and/or its Buffer Value, which is equal to 90.00% of its Initial Value, and the lowest percentage change of the Reference Assets from their respective InitialValues to Final Values (the “Least Performing Percentage Change”), calculated as follows:•If the Final Value ofeachReference Asset isgreater thanits Initial Value: $1,000 + ($1,000 × Least Performing Percentage Change × Leverage Factor)•If the Final Value ofanyReference Asset isless than or equal toits Initial Value and the Final Value ofeachReference Asset isgreater than or equal toitsBuffer Value:$1,000•If, however, the Final Value ofanyReference Asset isless thanits Buffer Value:$1,000 + [$1,000 × (Least Performing Percentage Change + Buffer Amount)] If the Notes are not automatically called and the Final Value of any Reference Asset is less than its Buffer Value, investors will suffer a percentage loss 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 itsFinal Value (the “Least Performing Reference Asset”) in excess of the Buffer Amount. Specifically, investors will lose 1% of the Principal Amount of theNotes for each 1% that the Final Value of the Least Performing Reference Asset is less than its Initial Value in excess of the Buffer Amount, and maylose up to 90.00% of their Principal Amount. Any payment on the Notes are subject to our credit risk. The Notes do not pay periodic interest and do not guarantee the payment of the Call Price or the return of the Principal Amount. Investorsare exposed to the market risk of each Reference Asset on the Call Observation Date and the Final Valuation Date and any decline in thevalue 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 Notes are not automatically called and the Final Value of any Reference Asset is less than its Buffer Value, investors may loseup to 90.00% 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 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-EI-1 and the productsupplement MLN-ES-ETF-1, each dated February 26, 2025 (together, the “product supplements”) and “Risk Factors” on page 1 of the prospectus datedFe