Every 424B that Bank of Nova Scotia (BNS) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow BNS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BNS filings page.
The Bank of Nova Scotia is offering Contingent Income Auto-Callable Securities due on or about December 29, 2028, linked to Tesla, Inc. common stock. Each security has a stated principal amount and issue price of $1,000. Investors may receive a contingent quarterly coupon of $38.80 per security (equivalent to 15.52% per annum) for any determination date on which Tesla’s closing price is at or above 50.00% of the initial share price, with missed coupons potentially paid later under a memory feature.
If on any non-final determination date Tesla’s closing price is at or above 100.00% of the initial share price, the notes are automatically redeemed for $1,000 plus the applicable coupon and any unpaid coupons, and no further payments are made. If the notes are not called and Tesla’s final share price is below 50.00% of the initial share price, the maturity payment is $1,000 multiplied by the share performance factor, exposing investors 1-to-1 to Tesla’s decline and potentially reducing the payment to zero.
The securities are senior unsecured debt of BNS, subject to its credit risk, are not principal protected, will not be listed on an exchange and have an estimated value on the pricing date expected between $935.63 and $965.63 per $1,000.
The Bank of Nova Scotia is offering unsecured Digital Notes linked to the iShares® 20+ Year Treasury Bond ETF, maturing on February 3, 2028. Each note has a $1,000 principal amount and does not pay interest. Instead, the payoff depends on the ETF’s price on the valuation date of February 1, 2028, relative to the initial price of $87.40.
If the final price is at least 90.00% of the initial price, investors receive a fixed maximum payment amount of $1,160.50 per $1,000, capping upside at about 16.05%. If the final price falls more than 10% below the initial price, the notes lose value at an accelerated rate, with a buffer rate of approximately 111.11%, and investors can lose up to their entire principal. The initial estimated value is expected between $946.47 and $976.47 per $1,000, below the 100% issue price, reflecting fees, hedging costs and the bank’s internal funding rate. The notes are not listed, have limited liquidity, and all payments depend on the creditworthiness of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering unsecured, unsubordinated autocallable contingent coupon notes linked to the common stock of Robinhood Markets, Inc. The notes have a principal amount of $1,000 per note, are expected to price on December 23, 2025, settle on December 29, 2025, and mature on December 29, 2028 if not called early.
Investors can receive contingent coupons of at least $55.50 per note (at least 22.20% per annum) on scheduled dates, but only if Robinhood’s stock closes at or above a barrier set at 50.00% of its initial value; coupons are not guaranteed. The notes are automatically called, returning principal plus the applicable coupon, if on any call observation date the stock’s closing value is at or above the initial value.
If the notes are not called and the final stock value is at or above the 50.00% barrier, investors receive full principal back (plus any due coupon). If the final value is below the barrier, repayment is reduced one-for-one with the stock’s decline from the initial value, up to a total loss of principal. The initial estimated value is expected between $926.84 and $956.84 per $1,000, below the 100% original issue price, and all payments depend on the creditworthiness of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering unsecured Autocallable Contingent Coupon Notes linked to the common stock of Oracle Corporation. The Notes have a minimum investment of $1,000 per Note and an Original Issue Price of 100% of principal, with an initial estimated value between $931.70 and $961.70 per $1,000 due to selling, structuring and hedging costs.
The Notes can be automatically called on quarterly observation dates if Oracle’s closing price is at or above the Initial Value, returning principal plus any due contingent coupon. If not called, investors receive a quarterly contingent coupon of at least $34.75 per Note (at least 13.90% per annum) only when Oracle’s price is at or above a barrier set at 50% of the Initial Value. At maturity, if the Final Value is below the 50% barrier, the payoff is fully exposed to Oracle’s decline and up to 100% of principal can be lost.
The Notes are senior, unsubordinated obligations of The Bank of Nova Scotia, are not insured by the CDIC or FDIC, and will not be listed on any exchange. Liquidity depends on discretionary market making by an affiliate, and extensive risk and tax disclosures highlight price volatility, credit risk of the Bank, complex valuation, limited secondary market, and uncertain U.S. and Canadian tax treatment.
The Bank of Nova Scotia is offering autocallable contingent coupon buffer notes linked to the common stock of NVIDIA Corporation, maturing on January 7, 2027. Each Note has a $1,000 principal amount and pays a contingent coupon of at least $41.20 per Observation Date only if NVIDIA’s closing value is at or above 75% of its initial value; missed coupons can accrue as “memory” coupons and be paid later if conditions are met.
The Notes are automatically called early if NVIDIA’s closing value on any Observation Date (before maturity) is at or above its initial value, returning principal plus due coupons, with no further payments. At maturity, if not called and NVIDIA is at or above 75% of its initial value, investors receive full principal; below that level, losses are magnified by a 1.3333x downside leverage factor, and up to 100% of principal may be lost. The initial estimated value is between $953.98 and $983.98 per $1,000, reflecting structuring and hedging costs, and all payments are subject to the credit risk of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering unsecured, unsubordinated market-linked notes tied to the Class A common stock of Alphabet Inc., with a scheduled maturity on January 7, 2027 and a term of about 54 weeks. The notes can be automatically called early if Alphabet’s closing value on an observation date is at or above its initial value, in which case investors receive the $1,000 principal per note plus any due coupons and no further payments.
If the notes are not called, investors can receive a contingent coupon of at least $42.10 per note on each observation date when Alphabet closes at or above 85.00% of its initial value, with a “memory” feature that pays previously unpaid coupons once the barrier is met. At maturity, if Alphabet’s final value is at or above 85.00% of the initial value, principal is repaid; if it is below this buffer, repayment is reduced, with losses of about 1.1765% of principal for each 1% decline beyond the 15.00% buffer, up to a total loss.
The notes do not pay guaranteed interest, do not provide upside participation in Alphabet’s share gains, and are subject to the credit risk of The Bank of Nova Scotia. They are not insured by the CDIC, FDIC or any other government agency. The initial estimated value per $1,000 note is expected to be between $955.92 and $985.92, lower than the original issue price.
The Bank of Nova Scotia (BNS) is offering $31,337,000 of Contingent Income Auto-Callable Securities due December 15, 2028, linked to the common stock of NVIDIA Corporation. Each security has a $1,000 stated principal amount and can pay a quarterly contingent coupon of $27.10 per security, equivalent to 10.84% per annum, if on a determination date NVIDIA’s closing price is at or above the downside threshold of $87.51, which is 50.00% of the $175.02 initial share price.
The notes may be automatically redeemed before maturity if NVIDIA’s closing price on a determination date (other than the final one) is at or above the call threshold of $175.02, paying back principal plus the applicable coupon and any unpaid coupons under the “memory” feature. If the final share price is below the downside threshold, repayment is reduced in line with NVIDIA’s decline and can be as low as zero, meaning investors can lose all principal. The securities are senior unsecured debt of BNS, are not listed on any exchange and carry BNS credit risk; the initial estimated value on the pricing date is $965.02 per $1,000 issue price.
The Bank of Nova Scotia is offering $36,155,000 of Contingent Income Auto-Callable Securities due December 15, 2028, linked to the common stock of Palantir Technologies Inc. These senior unsecured notes can pay a contingent quarterly coupon of $45.10 per $1,000 (equivalent to 18.04% per annum) for any determination date when Palantir’s closing price is at least 50.00% of the initial share price of $183.57, i.e., at or above the downside threshold of $91.785, with missed coupons potentially paid later under a “memory” feature.
If on any non-final determination date the stock closes at or above the call threshold price of $183.57, the notes are automatically redeemed at par plus the applicable coupon and any unpaid coupons, ending further payments. If the final share price is below the downside threshold, investors receive the stated principal amount multiplied by the share performance factor, which can be less than 50% of principal and as low as zero, meaning investors may lose their entire investment. The securities are not principal-protected, do not participate in any stock upside beyond coupons, pay no dividends, will not be listed on an exchange, and all payments are subject to the credit risk of BNS. The initial estimated value on the pricing date is $965.11 per $1,000 note, lower than the issue price, reflecting structuring and distribution costs.
The Bank of Nova Scotia is offering $25,652,000 of Contingent Income Auto-Callable Securities linked to Advanced Micro Devices common stock. These senior unsecured notes pay a contingent quarterly coupon of $35.25 per $1,000 (14.10% per annum) only when AMD’s closing price on a determination date is at or above the downside threshold of $105.39, which is 50.00% of the $210.78 initial share price. If AMD closes at or above the $210.78 call threshold on any non-final determination date, the notes are automatically redeemed for $1,000 plus the applicable coupon and any unpaid coupons under the memory feature.
If the notes are not called and AMD’s final share price is below the downside threshold, repayment of principal is reduced 1-to-1 with AMD’s decline from the initial price, and the maturity payment can be less than 50.00% of principal and may be zero. Investors do not participate in any upside of AMD beyond received coupons, the notes will not be listed, and all payments are subject to BNS’s credit. The estimated value on the pricing date is $965.40 per $1,000 issue price.
The Bank of Nova Scotia is offering $24.534 million of Contingent Income Auto-Callable Securities due December 15, 2028, linked to the common stock of Tesla, Inc.
The notes pay a contingent quarterly coupon of $37.125 per $1,000 (14.85% per annum) for each determination date on which Tesla’s closing price is at or above the downside threshold of $229.48 (50.00% of the $458.96 initial share price). If on any non-final determination date Tesla closes at or above the call threshold of $458.96, the notes are automatically redeemed at par plus the current coupon and any unpaid “memory” coupons.
If the notes are not called and Tesla’s final share price is below the downside threshold, investors receive less than 50% of principal, on a 1-to-1 basis with the stock’s decline, and could lose their entire investment. Investors do not participate in any stock upside beyond coupons, forgo dividends, face credit risk of BNS, limited liquidity, and an initial estimated value of $967.98 per $1,000, below the issue price due to fees and funding costs.
The Bank of Nova Scotia is offering Trigger Autocallable Contingent Yield Notes linked to the least performing of the Russell 2000® Index, S&P 500® Index and EURO STOXX 50® Index, with a term of about 10 years and a minimum investment of 100 Notes at $10 per Note. Investors may receive quarterly contingent coupons at an annual rate of 7.50% to 7.70% only if, on each observation date, every index closes at or above 75% of its initial level, which is both the coupon barrier and downside threshold.
The Notes are automatically called if, on any quarterly observation date after 12 months, all three indices are at or above their initial levels, in which case investors receive principal plus the applicable coupon and the Notes terminate early. If the Notes are not called and, at maturity, any index finishes below its downside threshold, the maturity payment is reduced one-for-one with the decline of the worst index, and investors can lose up to 100% of principal. The Notes are senior unsecured obligations of BNS, not insured or bail-inable, and their initial estimated value of $8.73–$9.03 per $10 is lower than the issue price, highlighting structural costs and potential secondary-market discounts.
The Bank of Nova Scotia is offering $14,096,000 of Contingent Income Auto-Callable Securities due December 17, 2026, linked to Amazon.com, Inc. common stock. Each security has a $1,000 stated principal amount and can pay a contingent quarterly coupon of $30.10 per security (equivalent to 12.04% per annum) if Amazon’s closing price on the relevant determination date is at or above the downside threshold of $158.333, which is 70% of the initial share price of $226.19. If on any non-final determination date the closing price is at or above the call threshold price of $226.19, the notes are automatically redeemed for $1,000 plus the coupon, and no further payments are made.
If the notes are not called and the final share price on the December 14, 2026 determination date is at or above the downside threshold, investors receive $1,000 plus the final coupon. If the final share price is below the downside threshold, the maturity payment is $1,000 multiplied by the share performance factor, exposing investors 1-to-1 to the decline in Amazon’s price and potentially reducing the payment to zero. Investors do not receive dividends or participate in any upside beyond coupons and bear full issuer credit risk of BNS. The notes are not listed, have limited liquidity, and BNS’ estimated value on the pricing date is $978.40 per $1,000 issue price.
The Bank of Nova Scotia is offering senior unsecured market-linked securities tied to the worst performer among Broadcom, Alphabet Class A, NVIDIA and Shopify, maturing in December 2028. The notes pay a contingent coupon of 14.75% per annum, credited monthly only when the lowest-performing stock on each calculation day closes at or above 40% of its starting price, with a memory feature for previously missed coupons.
Beginning in June 2026, the notes are auto-callable monthly if the lowest-performing stock is at or above its starting price, returning the $1,000 face amount plus due coupons. If not called, principal is protected at maturity only if the lowest-performing stock ends at or above 40% of its starting price; otherwise, investors lose more than 60% and up to all of principal based on that stock’s decline. The estimated value is $944.99 per $1,000, the securities are not listed, and all payments depend on the credit of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering digital notes linked to the iShares 20+ Year Treasury Bond ETF, maturing on February 3, 2028. These unsecured senior notes pay no interest; your result depends entirely on the ETF’s price on the February 1, 2028 valuation date versus the $87.34 initial price.
If the final price is at least 90.00% of the initial price, you receive a fixed maximum payment of $1,160.50 per $1,000 principal (a 16.05% total gain). If the ETF falls more than 10% below the initial price, your payoff drops linearly, with a buffer rate of about 111.11%, and you can lose up to your entire principal.
The notes’ initial estimated value is $944.46–$974.46 per $1,000, below the 100% issue price, reflecting dealer compensation, hedging costs and the bank’s internal funding rate. Underwriting commissions are 1.57%, proceeds to the bank are 98.43%, and the notes will not be listed on any exchange. All payments are subject to the credit risk of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering Auto-Callable Trigger PLUS, principal-at-risk notes linked to the Nasdaq-100 Index®, maturing on or about January 4, 2029. Each security has a $1,000 stated principal amount and does not pay interest or dividends.
The notes are automatically redeemed if, on the determination date before the final one, the index closing value is at least the initial index value, paying an early redemption amount of $1,096.90 per security. If not called and the final index value is above the initial value, investors receive $1,000 plus 150.00% of the index’s positive return. If the final index value is at or below the initial value but at or above the trigger level of 80% of the initial value, repayment is $1,000.
If the final index value is below the trigger level, repayment is $1,000 plus the index return, so investors lose 1% for every 1% index decline and could lose their entire investment. The notes are senior unsecured obligations of BNS, are not listed, and have an estimated value on the pricing date between $934.14 and $964.14 per $1,000, reflecting embedded costs and hedging.
The Bank of Nova Scotia is offering senior unsecured Trigger Autocallable Contingent Yield Notes linked to the least performing of the Russell 2000® Index, the S&P 500® Index and the EURO STOXX 50® Index, with a term of about 10 years and quarterly observation dates, callable after 12 months.
Investors may receive a contingent coupon at an annual rate of 7.50% to 7.70% (paid quarterly) only if on an observation date the closing level of each index is at or above its coupon barrier, set at 75% of its initial level. The notes are automatically called if all three indices are at or above their initial levels on an observation date, returning principal plus the applicable coupon.
If the notes are not called and at maturity any index finishes below its downside threshold (also 75% of initial), the redemption amount is reduced one-for-one with the worst index’s decline, and investors can lose up to their entire principal. The initial estimated value is expected to be $8.73–$9.03 per $10 note, below the $10 issue price, and the notes will not be listed, with any secondary liquidity dependent on the dealer. All payments are subject to BNS credit risk.
The Bank of Nova Scotia is offering senior unsecured Trigger Autocallable Notes linked to the Russell 2000® Index, maturing on or about December 24, 2030. The notes can be automatically called quarterly after 12 months if the index closes at or above the initial level, paying back principal plus a call return based on an annual rate of 8.00%–8.85%, with the total call return rising the longer the notes remain outstanding.
If the notes are not called and the final index level is at or above a downside threshold set at 75% of the initial level, investors receive only their $10 principal per note. If the final level is below this threshold, repayment is reduced dollar-for-dollar with the index decline, and investors can lose their entire investment. The notes pay no interest or dividends, have limited or no secondary market liquidity, an initial estimated value of $9.246–$9.546 per $10 note, and all payments depend on the creditworthiness of BNS.
The Bank of Nova Scotia is offering unsecured Autocallable Digital Buffer Notes linked to the common stock of Snowflake Inc., maturing December 23, 2027. The notes may be automatically called on January 4, 2027 if Snowflake’s stock is at least 100% of its initial level, paying back principal plus a call premium of at least $230.60 (23.06%) per $1,000 note.
If not called and the stock is at or above its initial level at maturity, investors receive principal plus the greater of a fixed digital return of at least 46.12% or the stock’s positive price return. A 25.00% buffer protects against moderate declines, but below that level principal losses are magnified by a downside leverage factor of about 1.3333, up to total loss. The notes pay no interest, require a minimum $10,000 investment, are not listed on an exchange, and all payments depend on the creditworthiness of The Bank of Nova Scotia. The initial estimated value is expected between $947.98 and $977.98 per $1,000.
The Bank of Nova Scotia is offering unsecured Autocallable Contingent Coupon Buffer Notes with Memory Coupon linked to the Class A common stock of Alphabet Inc., maturing on January 7, 2027. Each $1,000 Note can pay a quarterly Contingent Coupon of at least $42.10 if Alphabet’s closing price on an Observation Date is at or above 85.00% of its initial level, with unpaid coupons carried forward to future qualifying dates.
The Notes are automatically called early if Alphabet’s price on any Observation Date before maturity is at or above the initial level, returning the $1,000 principal plus the current and any unpaid coupons, after which no further payments are made. At maturity, if the Notes have not been called and Alphabet’s final price is at or above 85.00% of its initial level, investors receive full principal back plus any due coupons. If the final price is below this 15.00% buffer, principal loss is magnified by a downside leverage factor of approximately 1.1765, and up to 100% of principal can be lost.
The Notes do not pay guaranteed interest, do not provide any upside participation in Alphabet’s share gains, and do not convey voting rights or dividends. They are subject to the credit risk of The Bank of Nova Scotia, will not be listed on an exchange, and their initial estimated value is expected to range between $955.92 and $985.92 per $1,000 Original Issue Price.
The Bank of Nova Scotia is offering dual directional capped buffered notes linked to the S&P 500 Index, maturing in December 2027, as unsecured senior debt subject to the Bank’s credit risk. The notes provide upside exposure to positive index performance up to a Maximum Upside Return of at least 17.44% and can also generate positive returns if the index declines but stays at or above 80% of its initial level. If the index falls below this 20% buffer, losses are magnified at 1.25% of principal for each additional 1% decline, and investors may lose their entire investment. The notes pay no interest, are not insured by CDIC or FDIC, will not be listed on an exchange, and have an initial estimated value of $949.87–$979.87 per $1,000, below the issue price, reflecting structuring, distribution and hedging costs.
The Bank of Nova Scotia is offering $2,400,000 of senior unsecured Capped In-GEARS linked to the S&P 500 Index, maturing on November 16, 2029. Each $10 Security tracks the index’s average level over defined initial and final valuation periods and provides leveraged upside if the index ends at least 2% above its initial level, up to a maximum gain of 57.50% (maximum payment of $15.75 per Security).
If the index performance factor is between 96% and 98%, investors receive only their principal back. Between 92% and 96%, losses are magnified at 2% for each 1% index decline beyond 4%. Below 92%, investors are fully exposed to index losses and could lose their entire investment. The Securities pay no interest, are not insured or bail-inable, will not be listed on an exchange, and all payments depend on BNS’s creditworthiness. The initial estimated value is $9.71 per $10 Security, below the issue price.
The Bank of Nova Scotia is offering principal-at-risk structured notes linked to Alphabet Inc.’s Class A stock, maturing December 21, 2026. Each $1,000 security can pay a contingent monthly coupon of $12.50, equivalent to 15.00% per annum, whenever Alphabet’s closing price is at or above 80% of the $308.22 initial share price, a downside threshold of $246.576. If on any monthly determination date before maturity the stock closes at or above the 100% call threshold of $308.22, the notes are automatically redeemed for principal plus the due coupon and any unpaid memory coupons.
If the notes are not called and Alphabet’s final price is at or above the downside threshold, investors receive principal plus the final and any unpaid coupons. If the final price is below the threshold, repayment equals an exchange-ratio cash amount, causing a 1.25% principal loss for every 1% Alphabet finishes below the threshold, up to a total loss of principal. Holders do not participate in any stock upside, forgo dividends, face limited secondary-market liquidity, and bear BNS credit risk, with estimated initial value expected between $964.57 and $994.57 per $1,000 security.
The Bank of Nova Scotia plans to issue autocallable contingent coupon buffer notes linked to the common stock of NVIDIA Corporation, maturing on January 7, 2027. These senior unsecured notes pay a contingent coupon of at least $41.20 per $1,000 note on each observation date if NVIDIA’s closing value is at or above 75.00% of its initial level, with any missed coupons potentially paid later under a memory feature.
The notes are automatically called, returning principal plus due coupons, if NVIDIA’s closing value on an observation date before maturity is at or above its initial value. If the notes are not called and NVIDIA finishes at or above 75.00% of the initial value, investors receive full principal back, but no upside beyond coupons. If the final value falls more than 25.00% below the initial level, principal is reduced by about 1.3333% for each additional 1% decline, up to a total loss.
The minimum investment is $10,000, the notes will not be listed on an exchange, and all payments depend on the creditworthiness of The Bank of Nova Scotia. The initial estimated value is expected between $953.98 and $983.98 per $1,000, below the 100% issue price, reflecting structuring, distribution and hedging costs.
The Bank of Nova Scotia is offering $1,468,000 of Trigger Autocallable Contingent Yield Notes linked to the common stock of Broadcom Inc. The Notes pay a quarterly contingent coupon at an annual rate of 11.25% only if Broadcom’s share price on each observation date is at or above the coupon barrier of $179.97, which is 50% of the initial level of $359.93. If the stock is at or above the initial level on any observation date, the Notes are automatically called and investors receive $10 per Note plus the applicable coupon.
If the Notes are not called and Broadcom’s final share price on the December 14, 2026 valuation date is at or above the $179.97 downside threshold, investors receive their $10 principal back at maturity. If the final level is below the downside threshold, the maturity payment is reduced one-for-one with Broadcom’s percentage decline, and investors can lose their entire investment. The Notes are unsecured obligations of BNS, will not be listed on any exchange, and the initial estimated value of $9.77 per $10 Note is below the $10 issue price.
The Bank of Nova Scotia is issuing $1,290,000 of Buffered Contingent Income Auto-Callable Securities with Memory Coupon and Downside Leverage linked to Micron Technology common stock, maturing on December 17, 2029. The notes pay a contingent quarterly coupon of $34.375 per $1,000 (13.75% per annum) for any determination date when Micron’s closing price is at or above the downside threshold of $120.57, equal to 50% of the $241.14 initial share price, with missed coupons potentially paid later under a memory feature.
The securities are automatically redeemed at par plus the applicable coupon and any unpaid coupons if Micron closes at or above $241.14 on any non-final determination date. If held to maturity and the final share price is below $120.57, investors receive a cash value that causes a 2.00% loss for every 1% drop below the threshold, up to a complete loss of principal. Payments depend on BNS’s credit, the securities are not insured or principal-protected, and they will not be listed on any exchange.
The Bank of Nova Scotia is offering $500,000 of digital notes linked to the common stock of Broadcom Inc., maturing on January 13, 2027. These senior unsecured notes pay no interest and all returns come at maturity.
For each $1,000 note, if Broadcom’s final stock price on the January 11, 2027 valuation date is at least 85.00% of the $406.29 initial price, holders receive a fixed $1,267.50, a capped gain of 26.75%. If the final price is more than 15.00% below the initial price, repayment drops below principal, with losses of about 1.1765% for every additional 1% decline, up to a total loss.
The initial estimated value is $982.35 per $1,000, below the issue price, reflecting the bank’s internal funding rate, hedging costs and a 1.09% selling concession. The notes are not insured by CDIC or FDIC, will not be listed on an exchange, and their value and any payment depend on Broadcom’s share performance and the creditworthiness of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering Trigger Autocallable GEARS, senior unsecured notes linked to an unequally weighted basket of five equity indices: EURO STOXX 50 (40%), Nikkei 225 (25%), FTSE 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%). Each Security has a $10 principal amount and a term of about five years, maturing on or about December 31, 2030.
The notes may be automatically called on January 4, 2027 if the basket level is at or above the autocall barrier, set at 100% of the initial basket level. In that case, investors receive the call price of $11.40 per Security, reflecting a 14.00% call return, and the investment ends early.
If not called, the maturity payout depends on the basket’s performance. With a positive basket return, the payoff is boosted by upside gearing in a range of 1.40–1.59. If the basket is flat or down but above the downside threshold of 75% of the initial basket level, principal is repaid. If the basket finishes below that threshold, repayment is reduced one-for-one with the basket loss, up to a total loss of principal. The Securities pay no interest, offer no dividends, may have limited liquidity, and all payments depend on BNS’s creditworthiness.
The Bank of Nova Scotia is offering 839,142 units of autocallable notes with a $10 principal amount each, linked to the Global X Uranium ETF.
The notes can be automatically called on five annual observation dates if the ETF price is at or above the $49 starting value, paying call amounts from $11.461 per unit on the first date up to $17.305 on the final date, equal to call premiums of 14.61% to 73.05% over principal. If the notes are not called and the ETF ends at or above the $41.65 threshold (85% of the starting value), investors receive their $10 principal back; below that level, losses match the ETF decline beyond the 15% buffer, with up to 85% of principal at risk.
The notes pay no periodic interest, have limited secondary market liquidity, and all payments depend on BNS credit. The public offering price is $10 per unit, including a $0.20 underwriting discount and a $0.05 hedging-related charge, while the initial estimated value is $9.05 per unit, reflecting selling costs and the bank’s internal funding rate. The structure also embeds concentrated exposure to the uranium sector, foreign currency and emerging-market risks, and complex U.S. and Canadian tax treatment.
The Bank of Nova Scotia is issuing 2,936,764 senior unsecured Autocallable Strategic Accelerated Redemption Securities® linked to the S&P 500® Index, each with a $10 principal amount, for a total public offering price of $29,352,640.00. The notes can be automatically called on Observation Dates if the Index is at or above the Starting Value of 6,901.00, paying preset Call Amounts from $10.677 (a 6.77% Call Premium) up to $14.062 (a 40.62% Call Premium) per unit.
If the notes are not called, investors receive full principal at maturity only if the Index has not fallen more than 15.00% below the Starting Value; below this Threshold Value of 5,865.85, repayment is reduced 1-to-1, with up to 85.00% of principal at risk. The notes pay no periodic interest, do not provide dividends, are not listed on an exchange, and all payments depend on BNS’s credit. The initial estimated value is $9.63 per unit, less than the $10.00 public offering price, reflecting BNS’s internal funding rate, a $0.20 per unit underwriting discount and a $0.05 per unit hedging-related charge.
The Bank of Nova Scotia is offering 5,810,752 Autocallable Strategic Accelerated Redemption Securities linked to the S&P 500 Index, at $10 principal amount per unit, maturing January 2, 2029.
The notes can be automatically called if the Index on scheduled Observation Dates equals or exceeds the Starting Value of 6,901.00, paying fixed call amounts of $10.911, $11.822 or $12.733 per unit depending on when they are called. If never called and the Ending Value is below the Threshold Value (equal to the Starting Value), repayment of principal is reduced 1-to-1 with the Index decline, up to a full loss of the $10 principal.
The notes pay no periodic interest, are unsecured senior obligations of BNS, and are not insured by the CDIC or FDIC. The initial estimated value is $9.69 per unit, below the $10 public offering price, reflecting BNS’s internal funding rate, a $0.20 underwriting discount and a $0.05 per-unit hedging-related charge, and secondary market liquidity is expected to be limited.
The Bank of Nova Scotia is offering Trigger Autocallable Contingent Yield Notes linked to the worst performer of the SPDR S&P Bank ETF (KBE) and the SPDR S&P 500 ETF Trust (SPY), maturing around December 20, 2030. Each Note has a $10 principal amount and pays a quarterly contingent coupon only if both ETFs are at or above 70.00% of their initial levels on the observation date. The indicative contingent coupon rate ranges from 9.00% to 9.30% per annum, but payments can be skipped entirely if either ETF is below its barrier.
The Notes are automatically called after 6 months and on later quarterly dates if both ETFs are at or above their initial levels, returning principal plus the applicable coupon. If not called, full principal is repaid at maturity only if both final levels are at or above their downside thresholds (70.00% of initial). Otherwise, repayment is reduced in line with the loss on the worst ETF, up to 100% loss of principal. The initial estimated value is expected between $9.17 and $9.47 per $10 Note, they will not be listed, and all payments depend on BNS’s credit.
The Bank of Nova Scotia is offering $6,714,000 of autocallable contingent buffered return notes linked to the common stock of Blue Owl Capital Inc., maturing December 16, 2027. Each Note has a $1,000 principal amount, no interest payments, a minimum investment of $10,000, and is an unsubordinated, unsecured obligation of the Bank.
The Notes are automatically called on December 28, 2026 if Blue Owl’s stock is at or above the $15.65 Initial Value, paying $1,345.00 per Note including a $345.00 (34.50%) call premium. If not called, at maturity investors participate in positive stock performance, receive full principal back if the Final Value is between 85.00% and 100.00% of the Initial Value, and face leveraged downside below the $13.30 Buffer Value, losing about 1.1765% of principal for each 1% drop beyond the 15.00% buffer. The initial estimated value is $943.28 per $1,000, the Notes are not insured or exchange-listed, and all payments depend on the creditworthiness of the Bank.
The Bank of Nova Scotia is offering $4,034,000 of senior unsecured Autocallable Digital Buffer Notes linked to the common stock of Vistra Corp., maturing on December 16, 2027. Each $1,000 Note may be automatically called on December 28, 2026 if Vistra’s share price is at or above the Initial Value of $170.10, paying $1,237.40 per Note (a 23.74% call premium) with no further payments.
If not called and Vistra’s Final Value is at or above the Initial Value, investors receive $1,000 plus the greater of a 47.48% digital return or the stock’s actual gain. If the Final Value is below the Initial Value but at or above 70% of it ($119.07), principal is returned. Below that 70% buffer, losses are leveraged at about 1.4286% for each additional 1% decline, up to a total loss of principal. The Notes pay no interest, are not listed on any exchange, and all payments depend on the credit of The Bank of Nova Scotia. The initial estimated value is $973.61 per $1,000, lower than the issue price.
The Bank of Nova Scotia is offering $1,036,000 of Autocallable Contingent Coupon Trigger Notes linked to Alibaba Group Holding Limited American depositary receipts, maturing on January 14, 2027. The initial price of the ADR is $158.82, with a coupon barrier and trigger price set at 61.00% of that level.
Investors may receive monthly contingent coupons of $7.959 per $1,000 note (0.7959% monthly, up to about 9.55% per year) only if the ADR closes at or above the barrier on each observation date; missed coupons are not paid later unless a future observation is above the barrier, via a "memory" feature. Starting in June 2026, the notes are automatically called if the ADR closes at or above the initial price on a call observation date, returning $1,000 plus the applicable coupon.
If the notes are not called and the final ADR price is at least 61% of the initial price, investors receive $1,000 per note plus the last coupon. If it is below 61%, holders receive Alibaba ADRs worth less than 61% of principal and no coupon, risking a substantial or total loss. The notes are unsecured, unsubordinated obligations of The Bank of Nova Scotia, not insured by CDIC or FDIC. The initial estimated value is $975.99 per $1,000, below the issue price, and secondary market liquidity may be limited.
The Bank of Nova Scotia is offering $4.536 million of S&P 500®-linked Capped Trigger GEARS, senior unsecured notes that do not pay interest and expose holders to both equity and issuer credit risk.
Each $10 Security offers 1.50x leveraged upside on any positive S&P 500® return, capped at a maximum gain of 42.50%, for a maximum payment of $14.25 at maturity in December 2029. If the index is flat or down but at or above the downside threshold of 5,175.75 (75% of the 6,901.00 initial level), investors receive their $10 principal. If the final level is below the threshold, repayment is reduced one-for-one with the index loss and can fall to zero, so investors may lose their entire investment. The notes are not listed, have limited liquidity, and their initial estimated value of $9.57 is below the $10 issue price, reflecting selling, structuring and hedging costs.
The Bank of Nova Scotia is offering contingent income auto-callable senior notes due on or about December 22, 2028, linked to the common stock of Netflix, Inc. Each security has a $1,000 stated principal amount and may pay a quarterly contingent coupon of $32.10 (12.84% per annum) if, on the relevant determination date, the Netflix closing price is at least 65.00% of the initial share price. If on any non-final determination date the stock is at or above 100.00% of the initial share price, the notes are automatically redeemed for $1,000 plus the applicable coupon.
If the notes are not called and the final share price is below the 65.00% downside threshold, repayment of principal is reduced 1-to-1 with the stock decline and can fall to zero, so investors can lose their entire investment. All payments are subject to the credit risk of BNS, the notes are not insured or bail-inable, and they are not listed, with only limited secondary market making expected. The initial estimated value is expected to range from $934.87 to $964.87 per $1,000, reflecting embedded fees and hedging costs.
The Bank of Nova Scotia is offering three series of Trigger Autocallable Contingent Yield Notes linked separately to the common stock of Microsoft, NextEra Energy and Smurfit Westrock. These are senior unsecured debt securities with a principal amount of $10 per Note and a term of about three years, maturing on or about December 15, 2028.
Holders receive quarterly contingent coupons only if the underlying stock is at or above a preset coupon barrier on the observation date. The contingent coupon rates are 9.00% per annum for the Microsoft and NextEra notes and 10.25% per annum for the Smurfit Westrock note. The Notes are automatically called if, after six months, the underlying closes at or above its initial level on an observation date, in which case investors receive principal plus the applicable coupon and no further payments.
If the Notes are not called and the final stock level is at or above the downside threshold, principal is repaid at maturity; if it is below the threshold, repayment is reduced one-for-one with the stock’s decline, and investors can lose their entire investment. The Notes are not listed, may have limited liquidity, are not insured or bail‑inable, and all payments depend on the creditworthiness of BNS.
The Bank of Nova Scotia is offering unsecured Autocallable Contingent Coupon Notes linked to the common stock of NVIDIA Corporation. Each $1,000 note is scheduled to be issued on December 24, 2025 and, if not called earlier, will mature on December 22, 2028.
The notes may be automatically called on quarterly observation dates if NVIDIA’s closing price is at or above the initial level, in which case holders receive $1,000 plus the applicable contingent coupon and the notes terminate. If the notes are outstanding and NVIDIA’s price on a coupon observation date is at or above 70% of the initial level, investors receive a contingent coupon of at least $44.50 per note, equal to at least 17.80% per year.
If the notes are not called and NVIDIA’s final price is at or above 70% of the initial level, investors receive full principal back plus any due coupon; if it is below the 70% barrier, repayment is reduced one-for-one with NVIDIA’s decline, up to a total loss of principal. The notes are not listed, have no guaranteed secondary market, provide no dividends or voting rights in NVIDIA, and all payments depend on the credit of The Bank of Nova Scotia. The bank’s initial estimated value is between $930.72 and $960.72 per $1,000 note, reflecting fees, funding and hedging costs.
The Bank of Nova Scotia is offering $3,000,000 of Capped In-GEARS notes linked to the Dow Jones Industrial Average, maturing April 3, 2031. These senior unsecured securities pay no interest and repay at maturity based on the ratio of the final index level to an initial level set as the average Dow close during an initial valuation period.
If the index performs well, investors earn a positive return up to a maximum gain of 83.4512%, corresponding to a maximum payment of $18.34512 per $10 Security. If the underlying performance factor falls below 96%, investors begin to lose principal, with losses doubling index declines between 4% and 8% and matching the index’s loss beyond an 8% drop, so all invested principal can be lost. The notes are sold at $10 each with a $1,000 minimum, had an initial estimated value of $9.67 per $10, are not insured or bail-inable, and will not be listed on any exchange.
The Bank of Nova Scotia is offering $7,538,000 of Contingent Income Auto-Callable Securities due December 8, 2028, linked to Eli Lilly common stock. These senior unsecured notes pay a quarterly contingent coupon of $27.125 per $1,000 (equivalent to 10.85% per annum) only when Eli Lilly’s closing price on a determination date is at or above 65% of the initial share price of $1,010.31.
If on any non-final determination date the stock closes at or above 100% of the initial share price, the notes are automatically redeemed at $1,000 plus that quarter’s coupon and no further payments are made. If the notes are not called and the final share price is at or above the 65% downside threshold, investors receive $1,000 plus the last coupon; if it is below that level, repayment is reduced one-for-one with the stock’s decline and can fall to zero.
The notes do not participate in any share price appreciation, pay no dividends from Eli Lilly, and are not listed on an exchange, so secondary market liquidity may be limited. All payments depend on BNS’s credit, and the estimated value on the pricing date is $967 per $1,000 note, below the issue price because of selling, structuring and hedging costs.
The Bank of Nova Scotia is issuing $2,446,000 of Buffered Enhanced Participation Basket-Linked Notes due December 8, 2027. These unsecured notes pay no interest and repay cash at maturity based on a weighted basket of five equity indices: EURO STOXX 50 (38.00%), TOPIX (26.00%), FTSE 100 (17.00%), Swiss Market Index (11.00%) and S&P/ASX 200 (8.00%).
If the basket rises, holders gain 125.00% of the basket’s percentage increase. If it falls by up to 10.00%, investors receive only the $1,000 principal per note. Below a 10.00% decline, losses accelerate at approximately 111.11% of further downside and investors can lose their entire investment. The notes are not insured, depend on the Bank’s credit, will not be listed and may have limited liquidity. The initial estimated value is $969.35 per $1,000 principal amount, below the 100.00% issue price due to commissions, hedging and internal funding costs.
The Bank of Nova Scotia is offering Autocallable Contingent Coupon Trigger Notes linked to the common stock of Amazon.com, Inc., expected to mature on January 22, 2027. These unsecured senior notes pay a monthly contingent coupon of 0.8834% ($8.834 per $1,000), only if Amazon’s closing price on each observation date is at or above 70.00% of the initial price, creating a potential yield of up to approximately 10.60% per annum.
The notes can be automatically called on monthly call observation dates from June through December 2026 if Amazon’s price is at or above the initial price, in which case investors receive $1,000 per note plus the applicable coupon and the notes terminate early.
If the notes are not called and the final price on January 19, 2027 is at or above 70.00% of the initial price, investors receive $1,000 per note plus the final coupon. If the final price is below 70.00%, investors receive Amazon shares (or cash equivalent) worth less than 70% of principal and no final coupon, risking loss of most or all of their investment. All payments depend on the creditworthiness of The Bank of Nova Scotia, and the initial estimated value is expected to be between $900 and $930 per $1,000 note, below the original issue price.
The Bank of Nova Scotia is offering $2,357,000 of Capped Buffered Enhanced Participation Notes linked to the S&P 500® Index, maturing on November 10, 2027. The notes pay no interest and all value comes at maturity based on index performance from the initial level of 6,849.72 on December 3, 2025 to the valuation date on November 8, 2027.
If the index rises, holders receive 160.00% of the index gain, capped at a maximum payment of $1,228.80 per $1,000 of principal (a 22.880% maximum return). If the index falls by up to 12.50%, investors get back principal; beyond that buffer, losses accelerate at a buffer rate of approximately 114.29%, and investors can lose up to their entire investment.
The initial estimated value is $990.80 per $1,000, below the issue price, reflecting internal funding and hedging costs. The notes are unsecured, unsubordinated obligations of The Bank of Nova Scotia, are not insured by any deposit insurer, will not be listed on an exchange, and expose investors both to S&P 500 market risk and to the Bank’s credit risk.
The Bank of Nova Scotia is offering senior unsecured Contingent Income Auto-Callable Securities maturing around December 10, 2029, linked to the common stock of NVIDIA Corporation. These notes are principal-at-risk and pay a contingent quarterly coupon of $27.80 per $1,000 (11.12% per year) only if NVIDIA’s closing price on the relevant determination date is at least 55% of the initial share price. Missed coupons can be paid later under a memory feature if this condition is later met.
The notes are automatically called if, on any non-final determination date, NVIDIA’s closing price is at or above 100% of the initial share price, returning principal plus the due coupon and any unpaid coupons, after which no further payments are made. If held to maturity and the final share price is below 55% of the initial level, investors receive the principal multiplied by the share performance factor, exposing them 1-for-1 to downside and potentially losing their entire investment. The notes are not listed, have limited liquidity, carry BNS credit risk, and have an initial estimated value between $932.71 and $962.71 per $1,000, below the issue price.
The Bank of Nova Scotia is offering unsecured Autocallable Contingent Coupon Trigger Notes linked to the VanEck Semiconductor ETF (SMH), maturing in March 2027. The notes pay a quarterly contingent coupon of at least $25.625 per $1,000 (at least 2.5625% per quarter, up to at least 10.25% per annum) only when SMH’s closing price on an observation date is at or above 70% of its initial price.
The notes can be automatically called on observation dates from June to December 2026 if SMH is at or above its initial price, in which case investors receive $1,000 per note plus the applicable coupon and the notes terminate. If not called and the final price is at least 70% of the initial price, investors receive $1,000 plus a final coupon; if the final price is below 70%, repayment is $1,000 plus $1,000 times the reference asset return, causing a 1% loss for every 1% SMH falls from its initial level and up to a complete loss of principal. The initial estimated value is expected between $925 and $965 per $1,000, the notes are not insured, will not be listed, and all payments depend on Bank of Nova Scotia’s credit.
The Bank of Nova Scotia is offering primary autocallable contingent coupon trigger notes linked to the shares of the VanEck Semiconductor ETF, expected to mature on March 24, 2027. These are unsecured, unsubordinated obligations of the bank.
Investors may receive quarterly contingent coupons of at least $31.25 per $1,000 (3.125% per quarter, up to at least 12.50% per year) only when the ETF’s closing price on an observation date is at or above 70.00% of its initial price. The notes can be automatically called starting in June 2026 if the ETF is at or above its initial price, in which case investors receive $1,000 plus the due coupon. If the notes are not called and the final ETF price is below 70.00% of the initial level, repayment of principal is reduced one-for-one with the ETF’s decline, up to a total loss. The initial estimated value is expected to be between $925.00 and $965.00 per $1,000, the notes will not be listed on an exchange, and all payments depend on the creditworthiness of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering $11,328,700 of Trigger Autocallable GEARS, senior unsecured notes linked to an equally weighted basket of 34 large-cap equities such as Apple, Microsoft, NVIDIA and Amazon, maturing on November 29, 2030.
Each Security has a $10 principal amount, with a minimum investment of $1,000. The notes do not pay interest. If on the December 2, 2026 observation date the basket level is at or above the autocall barrier of 100% of the initial basket level, the notes are automatically called and pay a fixed 12.00% call return ($11.20 per Security), with no further payments.
If not called, at maturity investors receive: geared upside of 1.50x any positive basket return; a full principal return if the final basket level is at or above the 75.00% downside threshold; or a loss matching the basket’s negative return if the final level is below the threshold, up to a 100% loss of principal.
The initial estimated value is $9.67 per $10 Security, below the issue price, reflecting selling, structuring and hedging costs. The notes are not insured by CDIC or FDIC, are not bail-inable, will not be listed on an exchange, and all payments depend on BNS’s creditworthiness.
The Bank of Nova Scotia is offering $23,129,220 of Trigger Autocallable GEARS, senior unsecured notes linked to the Russell 2000 Index, maturing on November 27, 2030. Each Security has a $10 principal amount and does not pay interest.
The notes may be automatically called on December 2, 2026 if the index is at or above the initial level of 2,465.979. In that case, holders receive the call price of $11.20 per Security, reflecting a 12.00% call return, and the investment ends.
If not called, at maturity investors receive $10 plus any positive index return multiplied by 1.45. If the final index level is at or above the 75.00% downside threshold of 1,849.484 and the return is zero or negative, principal is repaid. If the final level is below the downside threshold, repayment is reduced one-for-one with the index loss, and the entire principal can be lost.
The Securities are subject to BNS credit risk, will not be listed on an exchange, and may have limited liquidity. The initial estimated value is $9.67 per $10 Security, below the issue price, reflecting structuring, distribution and hedging costs. Underwriting discounts total $578,230.50, with net proceeds to BNS of $22,550,989.50.
The Bank of Nova Scotia is offering $1,107,000 of Capped Barrier Return Enhanced Notes linked to the Russell 2000 Index, maturing on December 31, 2026. Each Note has a $1,000 principal amount and provides 200% participation in any positive index performance, capped at a 16.60% maximum return, so the most an investor can receive at maturity is $1,166 per $1,000 Note.
If the final index level is at or below the initial level but at or above the barrier of 2,096.082 (85% of the initial value of 2,465.979), investors receive back their principal. If the final level falls below the barrier, repayment is reduced one-for-one with index losses and investors can lose up to 100% of principal.
The Notes pay no interest or coupons, are unsecured and unsubordinated obligations of the Bank, and are not insured by CDIC or FDIC. They will not be listed on any exchange. The initial estimated value is $974.26 per $1,000, below the issue price, reflecting structuring, hedging and distribution costs, including a 2.00% underwriting commission.
The Bank of Nova Scotia is issuing Trigger Autocallable GEARS, senior unsecured notes linked to the TOPIX index, in a $6,742,760 offering at $10 per Security. The notes run for about five years and may be automatically called after roughly one year if TOPIX on the observation date is at or above the initial level of 3,290.89, paying a call price of $11.50 per Security based on a 15.00% call return rate.
If not called and TOPIX finishes above its initial level, investors receive the principal plus the index gain multiplied by 2.25x upside gearing. If TOPIX is flat or down but at or above the downside threshold of 2,468.17 (75.00% of the initial level), principal is repaid. If TOPIX ends below that threshold, repayment is reduced one-for-one with the index loss, up to a total loss of principal.
The Securities pay no interest, do not provide dividends, are not listed, and have limited expected liquidity. They are senior unsecured debt of BNS, not insured by CDIC or FDIC, and all payments depend on BNS’s credit. The initial estimated value is $9.45 per $10 Security, below the issue price, reflecting structuring, distribution and hedging costs.