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, senior unsecured notes linked to Eli Lilly common stock, maturing on or about December 8, 2028. Each $1,000 security can pay a contingent quarterly coupon of $27.125, equivalent to 10.85% per annum, for any determination date when Eli Lilly’s closing price is at least 65% of the initial share price.
If on any non-final observation date Eli Lilly closes at or above 100% of the initial share price, the notes are automatically called and pay back the $1,000 principal plus that period’s coupon, with no further payments. If held to maturity and the final share price is below 65% of the initial share price, repayment of principal is reduced 1-to-1 with the stock’s decline and may be zero, so investors can lose their entire investment.
Holders forgo dividends and any upside beyond received coupons, face full credit risk of BNS, and the securities will not be listed, so liquidity may be limited. The estimated value on the pricing date is expected to be between $935.06 and $965.06 per $1,000 note, less than the issue price.
The Bank of Nova Scotia (BNS) is offering principal-at-risk, senior unsecured Contingent Income Auto-Callable Securities linked to the common stock of Broadcom Inc. (AVGO), maturing on or about December 8, 2028.
Investors may receive a contingent quarterly coupon of $34.30 per $1,000 note (equivalent to 13.72% per annum) for each determination date on which Broadcom’s closing price is at least 50% of the initial share price, supported by a “memory” feature that can pay previously missed coupons when the condition is later met. The notes are automatically called if, on any non-final determination date, Broadcom’s price is at least 100% of the initial share price, returning principal plus the due coupon and any unpaid coupons.
If the notes are not called and Broadcom’s final share price is below 50% of the initial share price, repayment at maturity is reduced 1-for-1 with Broadcom’s decline and can fall below 50% of principal, down to zero. Investors do not participate in any stock upside, forgo dividends, face limited liquidity, and are fully exposed to BNS credit risk. The estimated value on the pricing date is expected to range from $934.31 to $964.31 per $1,000 issue price.
The Bank of Nova Scotia is offering $7,628,000 of Trigger Autocallable Contingent Yield Notes linked to the least performing of the Russell 2000® Index and the EURO STOXX 50® Index, maturing on November 27, 2030. The notes pay a contingent coupon at an annual rate of 8.03% (about $0.2008 per $10 note per period) only when on an observation date each index is at or above its coupon barrier, set at 70% of its initial level.
The notes may be automatically called quarterly after six months if both indices are at or above their initial levels, in which case investors receive principal plus the applicable coupon and the investment ends. If not called and, at maturity, both indices are at or above their downside thresholds (60% of initial levels), principal is repaid; otherwise, principal is reduced in line with the loss of the worst-performing index, up to a total loss. The initial estimated value is $9.52 per $10 note, the notes are unsecured, not listed, and all payments depend on BNS’s credit.
The Bank of Nova Scotia is issuing senior unsecured Capped Buffer GEARS notes linked to the S&P 500® Index, with a total offering of $4,332,230. Each Security has a $10 principal amount, a term of about two years, and provides 2.0x geared upside to positive index returns, capped at a maximum gain of 18.55% (maximum payment of $11.855 per Security).
The notes offer a 10% downside buffer: if the index decline at maturity is within 10%, investors receive full principal; below the downside threshold at 90% of the initial level, losses match further index declines and investors can lose almost all of their investment. The Securities pay no interest, are subject to BNS credit risk, are not insured or bail-inable, and may have limited or no secondary market. The initial estimated value is $9.72 per $10, less than the issue price due to fees, funding and hedging costs.
The Bank of Nova Scotia is offering Dual Directional Capped Buffered Notes linked to the S&P 500® Index, issued at 100% of a $1,000 principal amount per note and sold in minimum investments of $10,000. The notes provide upside exposure to the index if its final level is at or above the initial level, with a maximum upside return of at least 20.90%. If the index declines but remains at or above 85.00% of the initial level, investors receive a positive return equal to the absolute decline. Below the 15% buffer, losses are magnified: holders lose about 1.1765% of principal for every 1% additional drop and can lose the entire investment.
The notes pay no interest, all payments are made at maturity in cash, and they are unsecured, unsubordinated obligations subject to the credit risk of the Bank. They will not be listed on any exchange, and liquidity may be limited. Underwriting commissions are 1.50%, so proceeds to the Bank are 98.50% of principal, and the initial estimated value is expected between $946.77 and $976.77 per $1,000 note, below the issue price.
The Bank of Nova Scotia is offering $10,402,600 of Capped Buffer GEARS, senior unsecured notes linked to the S&P 500® Index and maturing on November 30, 2027. Each Security has a $10 principal amount and offers 2x leveraged exposure to any positive index return, but gains are capped at a 22.50% maximum gain, or $12.25 per Security.
If the index return is zero or negative but the final level stays at or above the downside threshold of 6,089.29 (90% of the 6,765.88 initial level), investors receive only their $10 principal. If the index ends below the downside threshold, repayment is reduced based on losses beyond the 10% buffer, and investors can lose almost all of their investment. The notes 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 Bank of Nova Scotia (BNS) is offering senior unsecured Contingent Income Auto-Callable Securities linked to the Class A common stock of Alphabet Inc. (GOOGL). These notes target a contingent quarterly coupon of $26.50 per $1,000, equivalent to 10.60% per annum, for each determination date on which Alphabet’s closing price is at or above 60% of the initial share price (the downside threshold), with a "memory" feature that can pay previously missed coupons if the condition is later met.
The notes are auto-callable: on any non-final determination date when Alphabet closes at or above 100% of the initial share price (the call threshold), they are redeemed early at par plus the applicable coupon and any unpaid coupons. At maturity, if not called and Alphabet is at or above the downside threshold, investors receive principal plus the final coupon and any unpaid coupons. If Alphabet’s final price is below the downside threshold, repayment is reduced 1-for-1 with the stock’s decline, and the payment can be less than 60% of principal or zero.
The securities do not participate in any stock upside beyond coupons, pay no dividends, and carry full principal risk as well as credit risk to BNS. They are not listed, may have limited secondary liquidity, and BNS’ estimated value on the pricing date is expected to be between $935.92 and $965.92 per $1,000 issue price.
The Bank of Nova Scotia is offering unsecured senior Autocallable Contingent Coupon Buffer Notes linked to the Class A common stock of Alphabet Inc. Each Note has a $1,000 principal amount and can be automatically called if Alphabet’s closing value on an observation date is at or above the initial value of $323.44.
If the Notes are not called and Alphabet’s value on an observation date is at least 80.00% of the initial value ($258.75), investors receive a contingent coupon of $15.1667 per Note, with a “memory” feature that can pay previously unpaid coupons. At maturity, if not called and Alphabet’s final value is at or above the 80% buffer level, investors receive full principal; if it is below, principal is reduced at 1.25% for each 1% decline beyond the 20% buffer, up to a total loss.
The initial estimated value is expected to be between $964.03 and $994.03 per $1,000 Note, reflecting internal funding and structuring costs. Payments depend entirely on the credit of The Bank of Nova Scotia, and the Notes will not be listed on any securities exchange.
The Bank of Nova Scotia is offering unsubordinated, unsecured senior Capped Notes linked to the shares of SPDR® Gold Shares (GLD), maturing on January 8, 2027. Each Note has a $1,000 principal amount, with a minimum investment of $10,000, and pays no interest before maturity.
At maturity, if GLD’s final value is above its initial value, investors receive $1,000 plus the percentage gain in GLD, capped at a Maximum Return of at least 11.94% (e.g., up to $1,119.40 per $1,000, to be set on the trade date). If GLD is unchanged, the payout is $1,000. If GLD is lower, investors lose 1% of principal for each 1% decline in GLD, but the payment will not be less than $950, so the maximum loss is 5%.
The Notes are subject to the credit risk of The Bank of Nova Scotia, will not be listed on any exchange, and may have limited or no secondary market. The initial estimated value is expected to be between $953.39 and $983.39 per $1,000, below the 100% original issue price due to funding, hedging and distribution costs.
The Bank of Nova Scotia is offering unsecured Autocallable Trigger Notes linked to the Nasdaq‑100 Index and the Russell 2000 Index, due in December 2027. The notes pay no interest and are not listed on any exchange.
The notes can be automatically called in December 2026 if each index is at or above its initial level, in which case holders receive $1,000 per note plus a call premium expected to be at least 15%. If not called, maturity payment depends on the least performing index: if both finish above their initial levels, holders receive principal plus 250% of that index’s gain; if any index is at or below its initial level but both stay at or above 75% of initial, only principal is returned.
If any index finishes below 75% of its initial level, principal is reduced one‑for‑one with the loss in that index and can fall to zero. The initial estimated value is expected to be $925–$965 per $1,000, reflecting fees, hedging costs and the bank’s internal funding rate. All payments depend on BNS’s credit and the notes are not insured by CDIC or FDIC.
The Bank of Nova Scotia is offering unsecured, unsubordinated Autocallable Trigger Notes linked to the least performing of the Nasdaq‑100 Index® and the Russell 2000® Index, expected to mature on December 23, 2027. The notes pay no interest and will be automatically called on December 18, 2026 if both indices are at or above their initial levels, returning $1,000 per note plus at least an 11% call premium.
If not called, at maturity investors get: upside of 250% of the gain of the worst index if both finish above their initial levels; return of principal if each index is at least 75% of its initial level; or a loss matching the percentage decline of the worst index if any finishes below 75%, up to a full loss of principal. Notes are not insured by CDIC or FDIC, have an initial estimated value of $925–$965 per $1,000 due to fees and funding costs, may have limited or no secondary market, and all payments depend on the creditworthiness of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering Capped Buffered Enhanced Participation Notes linked to the Russell 2000® Index, maturing on September 23, 2027. These unsecured senior notes pay no interest and all return is based on index performance between the expected December 18, 2025 trade date and the September 20, 2027 valuation date.
If the index rises, holders receive 150.00% of the index gain, but the payout is capped by a maximum payment amount expected to be at least $1,191.00 per $1,000 principal amount (at least 119.10%). If the index is flat or down by up to 10.00%, investors receive their $1,000 principal. If the index falls more than 10.00%, losses match the decline beyond that buffer, up to a 90.00% loss of principal.
The initial estimated value is expected between $925.00 and $965.00 per $1,000, below the 100% original issue price due to commissions, structuring fees and hedging costs. The notes will not be listed, may have limited or no secondary market, and any payment depends on the creditworthiness of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering senior unsecured Market Linked Securities tied to the lowest performing of the S&P 500® Index, Russell 2000® Index and Nasdaq‑100 Index®, maturing in June 2027. Each security has a $1,000 face amount and may pay a contingent monthly coupon at a rate of at least 10.00% per annum if, on the relevant calculation day, the lowest performing index is at or above 75% of its starting level. If on any monthly date from June 2026 to May 2027 the lowest performing index is at or above its starting level, the notes are automatically called for $1,000 plus a final contingent coupon.
If the notes are not called, investors receive $1,000 at maturity only if the lowest performing index on the final calculation day is at or above its 75% downside threshold; otherwise, the maturity payment falls in line with the index decline and investors can lose more than 25%, up to their entire principal. The product does not participate in any index upside and pays no dividends. The Bank estimates the initial economic value of each security at between $927.28 and $957.28 per $1,000 price, and all payments are subject to the credit risk of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering unsecured Digital Notes linked to the Russell 2000® and S&P 500® indices, maturing around December 23, 2027. The notes pay no interest and all cash is received at maturity.
For each $1,000 note, if on the valuation date the final level of both indices is at or above its initial level, investors receive a fixed maximum payment amount, expected to be at least $1,107.50 (a 10.75% gain), based on a cap level expected to be at least 110.75% of each initial index level. If either index finishes below its initial level, the payout is limited to the $1,000 principal, so upside is capped and downside (before issuer credit risk) is limited to zero return.
The initial estimated value is expected between $925 and $965 per $1,000, below the 100% issue price, reflecting internal funding and fees. Underwriting and structuring compensation are up to 0.50% of principal. The notes are not insured by CDIC or FDIC, will not be listed, and expose investors to equity market volatility, liquidity risk, complex pricing and the credit risk of Scotiabank.
The Bank of Nova Scotia is offering capped buffered index-linked notes tied to the worst performer of the Russell 2000 and S&P 500 indexes, maturing in June 2027. The notes pay no interest and all return comes at maturity based on index performance.
Investors get 120% participation in the price return of the worst-performing index when both finish above their initial levels, but gains are capped by a maximum upside payment expected to be at least $1,182.50 per $1,000 note. If any index finishes below its initial level but at or above 90% of it, investors earn 120% of the absolute decline, turning moderate losses into gains.
If any index ends below 90% of its initial level, principal is reduced one-for-one beyond the 10% buffer, with up to 90% of principal at risk. The notes are unsecured obligations of The Bank of Nova Scotia, not insured or exchange-listed. The initial estimated value is expected between $925 and $965 per $1,000, below the issue price, reflecting fees, hedging and the bank’s internal funding rate, and secondary market liquidity may be limited.
The Bank of Nova Scotia is issuing $13,370,000 of senior unsecured digital notes linked to the S&P 500® Index, maturing on November 8, 2027. Each $1,000 note pays no interest and at maturity will return a fixed $1,173.00 if the index final level is at least 90.00% of the initial level of 6,538.76. If the final level is below 90.00% of the initial level, repayment is reduced with an accelerated downside of approximately 1.1111% loss for every 1% decline beyond the 10.00% buffer, and investors can lose up to their entire principal. The initial estimated value is $982.16 per $1,000, below the issue price, and payments are subject to the credit risk of The Bank of Nova Scotia, with no listing or deposit insurance.
The Bank of Nova Scotia is offering senior unsecured Market Linked Securities tied to an unequally weighted basket of five equity indices: EURO STOXX 50 (38%), TOPIX (26%), FTSE 100 (17%), Swiss Market Index (11%) and S&P/ASX 200 (8%). The notes have a $1,000 face amount, no periodic interest, no dividends, and are designed to be held to the stated maturity in 2031.
At maturity, if the basket ending level is above the 100.00 starting level, investors receive $1,000 plus at least 167.00% of the basket’s positive return. If the ending level is between 75% and 100% of the starting level, investors receive only the $1,000 face amount. Below the 75% threshold level, repayment is reduced one-for-one with the basket loss, so investors can lose more than 25%, up to their entire investment.
The original offering price is $1,000 per security, with dealer discounts of up to $38.70 and issuer proceeds of $961.30 per security. The Bank’s estimated value is between $887.00 and $916.97 per security, reflecting selling costs and hedging profits. The notes are not listed, may have limited liquidity, and all payments are subject to the credit risk of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering $3,400,000 of Enhanced Participation Basket-Linked Notes due November 26, 2029 under its Senior Note Program, Series A. These unsecured, unsubordinated notes pay no interest and their value at maturity depends on a weighted equity basket: EURO STOXX 50® (38%), TOPIX (26%), FTSE® 100 (17%), Swiss Market Index (11%) and S&P/ASX 200 (8%).
The initial basket level is 100. At maturity, each $1,000 note pays $1,000 plus 175.70% of any positive basket return, but loses principal one-for-one with any negative basket return, down to zero. The initial estimated value is $926.85 per $1,000, below the 100% issue price. Underwriting commissions are 3.20% of the offering, 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 Capped Buffered Enhanced Participation Notes linked to the Russell 2000® Index, maturing on or about September 23, 2027. These unsecured senior notes pay no interest and all returns depend on index performance between the trade and valuation dates.
If the index rises, holders receive 150.00% of the price return, capped by a maximum payment amount expected to be at least $1,222.50 per $1,000. If the index is flat or down by up to 10.00%, investors receive their principal back. Below that buffer, losses resume on a 1-for-1 basis in excess of 10%, with up to 90.00% of principal at risk.
The initial estimated value is expected to be between $925.00 and $965.00 per $1,000, reflecting internal funding and structuring costs. The notes are not insured by the CDIC or FDIC, will not be listed on an exchange, and any payment depends on the creditworthiness of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering capped buffered index-linked notes tied to the worst performer of the Russell 2000® and S&P 500® indices, maturing in June 2027. The notes pay no interest; instead, the maturity payment depends on index performance between the trade and valuation dates, with a 120% participation rate.
If both indices finish above their initial levels, gains are boosted but capped by a maximum payment expected to be at least $1,260 per $1,000. If any index is down but not below 90% of its initial level, investors earn a positive return based on the absolute decline, also at 120%. If any index falls below 90% of its initial level, principal is reduced one-for-one beyond the 10% buffer, with up to 90% loss of principal possible.
The initial estimated value is expected between $925 and $965 per $1,000, below the 100% issue price, reflecting fees, hedging costs and the bank’s internal funding rate. The notes are unsecured, unsubordinated obligations of The Bank of Nova Scotia, not listed on any exchange, and all payments are subject to the bank’s credit risk.
The Bank of Nova Scotia is offering senior unsecured Market Linked Securities tied to the common stock of Palantir Technologies Inc., maturing on December 21, 2028. Each note has a $1,000 face amount and pays a contingent quarterly coupon at a rate of at least 19.70% per annum only if Palantir’s stock closes on the relevant calculation day at or above a coupon threshold set at 50% of the starting price. Missed coupons can be “remembered” and paid later if the threshold is met on a future calculation day.
The notes are auto-callable from March 2026 to September 2028 if Palantir’s stock closes at or above the starting price on a calculation day, in which case investors receive the $1,000 face amount plus the applicable coupon(s). If not called, principal repayment at maturity depends on the final stock price. If the ending price is at or above the 50% downside threshold, investors receive $1,000; if it is below, the payoff is $1,000 times the stock’s performance factor, so investors can lose more than 50% and up to all of principal.
The original offering price is $1,000 per note, including an agent discount of $25.75, with estimated value between $939.32 and $969.32 per note. The securities are not listed, may have limited liquidity, pay no dividends on Palantir stock, and all payments are subject to the credit risk of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering principal-at-risk Auto-Callable Trigger PLUS notes linked to the Russell 2000® Index, maturing on or about January 4, 2028. Each security has a stated principal amount and issue price of $1,000, with an early redemption payment of $1,139.30 per security if the index closing value on the December 23, 2026 determination date is at or above the initial index value.
If not redeemed early, at maturity investors receive $1,000 plus a leveraged upside payment based on 125% of the index’s positive return. If the final index value is at or below the initial index value but at or above the trigger level of 80% of the initial value, repayment is limited to $1,000. If the final index value falls below the trigger level, repayment is reduced 1% for each 1% decline, and the payment can be zero.
The securities pay no interest or dividends, are unsecured senior debt of BNS under its Senior Note Program, Series A, and all payments depend on BNS’s credit. The estimated value on the pricing date is expected to be between $942.11 and $972.11 per $1,000, reflecting sales commissions, structuring fees and hedging costs, and the notes will not be listed on any exchange.
The Bank of Nova Scotia is offering $11,753,000 of unsecured, unsubordinated capped notes linked to the shares of SPDR® Gold Shares (GLD), maturing on December 10, 2026. Each $1,000 Note pays no interest and at maturity delivers the price return of GLD from an Initial Value of $380.20, capped at a Maximum Return of 12.57%, so the maximum payment is $1,125.70 per Note. If GLD finishes below the Initial Value, investors lose 1% of principal for each 1% decline, but the payment will not be less than $950 per Note, limiting loss to 5%.
The Original Issue Price is 100% of principal, with 1.00% underwriting commissions and 99.00% of proceeds, or $11,635,470, to the Bank. The initial estimated value is $985.81 per $1,000, reflecting internal funding and hedging costs, and the Notes will not be listed on any exchange, so liquidity may be limited. The Notes carry the credit risk of The Bank of Nova Scotia; if the Bank defaults, investors may lose some or all of their investment. The minimum investment is $10,000 in $1,000 increments.
The Bank of Nova Scotia (BNS) is offering Dual Directional Buffered Performance Leveraged Upside Securities (“Buffered PLUS”) linked to the Russell 2000® Index, maturing on or about January 4, 2028. Each note has a $1,000 stated principal amount, pays no interest and offers leveraged equity exposure with principal at risk.
If the final index value is above the initial value, holders receive $1,000 plus 150% of the index gain, capped at a maximum gain of 19.25% and a maximum payment of $1,192.50. If the index is down by up to the 15.00% buffer, investors still get a positive, unleveraged return equal to the absolute decline, up to +15%. If the index falls by more than 15%, investors lose 1% of principal for each 1% drop beyond the buffer, with a minimum payment of $150.00 and up to 85.00% loss of principal.
The notes pay no dividends or coupons, are senior unsecured obligations of BNS and are not insured or bail-inable. Liquidity may be limited because the Buffered PLUS will not be listed, and secondary market prices may be materially below $1,000. The estimated value on the pricing date is expected to be $934.96–$964.96 per $1,000, reflecting selling, structuring and hedging costs.
The Bank of Nova Scotia is issuing $860,000 of Autocallable Contingent Coupon Trigger Notes linked to the common stock of UnitedHealth Group Incorporated (UNH), maturing on December 24, 2026. Each $1,000 note can pay a monthly contingent coupon of $10.667 (about 12.80% per annum) if UNH’s closing price on the observation date is at least 69.00% of the initial price of $319.97.
The notes are automatically called, starting in May 2026, if UNH closes at or above the initial price on a call observation date, returning $1,000 plus the coupon for that month. If not called, at maturity you receive $1,000 plus the final coupon if UNH is at least 69.00% of the initial price; otherwise you lose 1% of principal for every 1% UNH has fallen from the initial price, up to a total loss of your investment and no coupon.
The initial estimated value is $966.97 per $1,000, below the issue price, reflecting fees, hedging and the bank’s internal funding rate. The notes are senior unsecured obligations of The Bank of Nova Scotia, are not insured, will not be listed on any exchange and expose holders to both UNH share price risk and Bank of Nova Scotia credit risk.
The Bank of Nova Scotia is offering Performance Leveraged Upside Securities (PLUS), senior unsecured notes linked to the S&P 500® Index and maturing on or about April 5, 2027. Each PLUS has a $1,000 stated principal amount, offers 300% leveraged upside on any positive index return, but is capped at a maximum payment of $1,143.50 (a 14.35% maximum gain). If the final index value is at or below the initial index value, investors lose 1% of principal for every 1% decline in the index, with no minimum payment, so the entire investment can be lost. The notes pay no coupons or dividends, are not listed on any exchange, and all payments depend on BNS’s credit, with an estimated initial value between $938.39 and $968.39 per $1,000.
The Bank of Nova Scotia is offering $12,781,000 of Contingent Income Auto-Callable Securities due November 27, 2028, linked to the American depositary receipts of Taiwan Semiconductor Manufacturing Company Limited (TSM).
Each $1,000 security can pay a quarterly contingent coupon of $25.75 (10.30% per annum) for any determination date when the TSM ADR closing price is at or above the downside threshold price of $137.53, which is 50.00% of the $275.06 initial share price. If on any non-final determination date the closing price is at or above the $275.06 call threshold price (100.00% of the initial share price), the notes are automatically redeemed at par plus that quarter’s coupon.
At maturity, if the notes have not been called and the final share price is below the downside threshold, investors receive less than 50.00% of principal, down to zero, matching TSM’s decline on a 1-to-1 basis. Investors do not participate in any upside of TSM beyond coupons, forgo dividends, face limited liquidity, and are fully exposed to BNS’ senior unsecured credit risk, with an estimated value at pricing of $962.60 per $1,000.
The Bank of Nova Scotia is offering $15,311,000 of Autocallable Contingent Coupon Trigger Notes linked to the common stock of NVIDIA Corporation, maturing on December 24, 2026. These unsecured senior notes can be automatically called starting in May 2026 if NVIDIA’s share price on a call observation date is at or above the initial price of $178.88, returning $1,000 per note plus the applicable contingent coupon.
A monthly contingent coupon of $9.875 per $1,000 (0.9875% monthly, up to 11.85% per year) is paid only when NVIDIA’s closing price on an observation date is at or above 59% of the initial price; otherwise no coupon is paid. If the notes are not called and the final price is at or above this 59% trigger, holders receive $1,000 in cash per note plus the final contingent coupon. If the final price is below the trigger, holders receive NVIDIA shares worth less than 59% of principal and no final coupon, meaning a loss of all or a substantial portion of the investment.
The notes are not listed on any exchange and all payments depend on the creditworthiness of The Bank of Nova Scotia. The original issue price is 100% of principal, while the bank’s initial estimated value is $965.15 per $1,000, reflecting embedded fees, commissions and hedging costs.
The Bank of Nova Scotia is offering unsecured Buffered Index-Linked Notes tied to the S&P 500® Index, maturing on March 24, 2027. Each note has a principal amount of $1,000, pays no interest and is designed for investors willing to trade current income for equity-linked payoff at maturity.
At maturity, investors participate in S&P 500 price gains one-for-one up to a maximum upside payment amount expected to be at least $1,120 per $1,000. If the index is flat or down by up to 10%, the payoff is based on the absolute move, so a 5% decline would return 105% of principal. If the index falls by more than 10%, losses resume beyond a 10% buffer and investors can lose up to 90% of principal.
The notes are not insured by the CDIC or FDIC, will not be listed, and all payments depend on the creditworthiness of The Bank of Nova Scotia. The initial estimated value is expected between $925 and $965 per $1,000, below the 100% issue price, reflecting structuring fees (including up to 0.50% to dealers) and hedging costs that may depress any secondary market price.
The Bank of Nova Scotia is offering unsecured Autocallable Digital Trigger Notes linked to the Russell 2000 and S&P 500, maturing in December 2028. The notes pay no interest and are backed only by the bank’s credit. On the December 2026 call observation date, if both indices are at or above their initial levels, the notes are automatically redeemed for $1,000 plus at least a 9.00% call premium per $1,000.
If not called, the maturity payment depends on the worst-performing index. If both final index levels are at or above their initial levels, investors receive the greater of $1,400 per $1,000 or $1,000 plus leveraged upside to the weaker index. If any index finishes below its initial level but both stay at or above 85% of initial, only principal is returned. If either index ends below 85% of its initial level, repayment falls one-for-one with the loss in the weaker index, up to a total loss of principal. The bank’s initial estimated value is between $925 and $965 per $1,000, reflecting embedded costs, and the notes will not be listed, so liquidity may be limited.
The Bank of Nova Scotia is offering senior unsecured Market Linked Securities tied to the common stock of Oklo Inc. These $1,000 face amount notes pay a contingent monthly coupon at a rate of at least 36.15% per annum only if Oklo’s stock closes at or above a coupon threshold equal to 50% of the starting price on the relevant calculation day, with a memory feature that can repay previously missed coupons when the condition is later met.
From June 2026 to November 2026, if Oklo’s stock closes at or above the starting price on any monthly calculation day, the notes are automatically called for 100% of face value plus the applicable coupon and any unpaid coupons. If not called, principal at maturity is fully protected only if the final stock price is at or above a downside threshold set at 50% of the starting price; below that level, repayment is reduced in proportion to the stock’s decline and can result in losing most or all of principal.
The notes do not participate in any upside of Oklo’s stock and pay no dividends. They are not listed on any exchange and all payments are subject to the credit risk of The Bank of Nova Scotia. The Bank’s estimated value is between $894.73 and $924.73 per $1,000 note, reflecting selling costs and hedging profits. Agent discount is up to $15.75 per note, with proceeds to the Bank of $984.25 per note before hedging profits.
The Bank of Nova Scotia is offering senior unsecured Market Linked Securities tied to the EURO STOXX 50® Index, with a face amount of $1,000 per security and total offering of $649,000. These notes mature on May 30, 2029 and pay no interest. At maturity, holders receive $1,000 plus 120.50% of any positive index return; if the index falls by up to the 25% buffer, investors get back the face amount.
If the index declines by more than 25%, investors have 1‑to‑1 downside exposure beyond the buffer and can lose up to 75% of principal. The starting index level is 5,528.67 and the threshold level is 75% of that. The Bank’s estimated value is $952.92 (95.292%) per $1,000 security, reflecting selling costs and hedging. The securities are not listed, carry the credit risk of Bank of Nova Scotia, and are not insured by Canadian or U.S. deposit insurance schemes.
The Bank of Nova Scotia is offering unsecured Capped Trigger Participation Notes linked to the worst performer of the Russell 2000® and S&P 500® indices, maturing in December 2028. The notes pay no interest and all returns come at maturity based on index performance.
If both indices finish above their observation-period lows, you participate in the upside of the weaker index, capped by a maximum payment amount expected to be at least 142.50% of principal. If any index finishes below 80.00% of its initial level, repayment is reduced one-for-one with the loss of the worst index, which can result in a full loss of principal.
The initial estimated value is expected between $925.00 and $965.00 per $1,000, reflecting fees, hedging costs and the bank’s internal funding rate. The notes are not insured, will not be listed on an exchange, and their value is subject to the credit risk of The Bank of Nova Scotia and to market, liquidity and structural risks described in the risk sections.
The Bank of Nova Scotia is offering senior unsecured Auto-Callable Trigger PLUS notes linked to the S&P 500® Index, each with a $1,000 stated principal amount and no interest or dividend payments. The notes may be automatically redeemed on December 17, 2026 for an early redemption payment of $1,096.70 per security if the S&P 500 closing value on the prior determination date is at or above the initial index value.
If not redeemed early and the final index value on December 6, 2027 is above the initial index value, holders receive $1,000 plus a 125% leveraged participation in the index gain. If the final index value is at or below the initial index value but at or above the 80% trigger level, investors receive only the $1,000 principal. If the final index value falls below the trigger, repayment is reduced 1% for each 1% decline from the initial index value, and the payment can be zero.
The notes are subject to the credit risk of BNS, are not insured or bail-inable, and will not be listed on any exchange, so liquidity may be limited. The bank’s estimated value on the pricing date is expected to be $938.87–$968.87 per $1,000 note, reflecting embedded fees and hedging costs.
The Bank of Nova Scotia is offering Buffered Index-Linked Notes tied to the S&P 500® Index, maturing in March 2027, that pay no interest and are unsecured, unsubordinated obligations of the bank.
At maturity, each $1,000 note pays based on the index move from the December 2025 trade date to the March 2027 valuation date. If the index rises, you participate one-for-one in the price gain, but your total payment is capped at a maximum upside payment amount expected to be at least $1,082.50 per $1,000. If the index falls by up to 10%, you earn a positive return equal to the absolute loss (for example, a -5% index move produces a +5% return).
If the index declines more than 10%, you lose 1% of principal for each 1% drop beyond that buffer, up to a maximum loss of 90% of principal. The notes do not provide dividends or a total return on the S&P 500®, will not be listed on an exchange, and their value is affected by the bank’s credit. The initial estimated value is expected to be between $925 and $965 per $1,000, below the issue price due to fees, hedging and the bank’s internal funding rate.
The Bank of Nova Scotia is issuing $76,000 of Capped Buffered Return Notes linked to the S&P 500® Index, maturing on November 27, 2030. These senior unsecured notes have a $1,000 denomination and were priced at 100% of principal, with underwriting commissions of 3.50% and net proceeds of $73,340 to the Bank. The initial estimated value is $935.65 per $1,000, below the issue price due to internal funding and structuring costs.
If the index finishes above the initial level of 6,705.12, investors receive the positive index return up to a 55.00% Maximum Return, for a maximum payment of $1,550 per $1,000 note. If the final value is between 85.00% and 100% of the initial level, investors get back $1,000. Below the 85.00% Buffer Value (5,699.35), principal is reduced 1% for each 1% further decline, with losses up to 85%. The notes pay no interest, are not insured, are not bail-inable, are subject to the Bank’s credit risk, and are not expected to have a liquid secondary market.
The Bank of Nova Scotia is offering senior unsecured market-linked securities tied to the common stock of UnitedHealth Group Incorporated. Each security has a $1,000 face amount and can pay a contingent monthly coupon at a rate of at least 10.00% per annum, but only if the UNH stock closing price on the relevant calculation day is at or above 65% of the starting price.
From June 2026 to November 2026, if UNH closes at or above the starting price on any monthly calculation day, the notes are automatically called for $1,000 plus the final coupon. If not called, principal is protected at maturity only if the final UNH price is at or above the downside threshold, also set at 65% of the starting price; otherwise, repayment is reduced in line with UNH’s decline and investors can lose more than 35%, up to their entire principal. The notes do not participate in any upside of UNH, pay no dividends, are not listed on an exchange, and all payments are subject to the credit risk of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering senior unsecured Market Linked Securities tied to the S&P 500® Index under its Series A program. Each note has a $1,000 face amount, no periodic interest and matures on January 4, 2030, with principal repayment at maturity subject to the Bank’s credit risk.
At maturity, if the Index is above its starting level, investors receive $1,000 plus 100% of the Index gain, capped by a maximum return of at least 23.00%, giving a maximum maturity payment of at least $1,230 per note. If the Index is flat or lower, the payment is $1,000.
The preliminary estimated value is between $921.02 and $951.02 per $1,000 note, reflecting selling commissions, structuring and hedging costs. The notes will not be listed, and secondary market liquidity, if any, is expected to be limited. Agent compensation includes up to $38.25 per note in discounts and concessions. The notes are not insured by Canadian or U.S. deposit insurance schemes and include complex tax and market risk features.
The Bank of Nova Scotia is offering unsubordinated, unsecured Dual Directional Capped Buffered Notes linked to the S&P 500 Index, maturing on December 2, 2027. Each Note has a $1,000 principal amount, with a minimum investment of $10,000.
If the S&P 500 Final Value is at or above its Initial Value, investors receive the positive index return, capped at a Maximum Upside Return of at least 18.92%. If the Final Value is below the Initial Value but at or above 80% of the Initial Value, investors earn the absolute value of the negative performance, up to a maximum payment of $1,200 per $1,000 Note. Below the 80% buffer, investors lose 1.25% of principal for each 1% drop beyond the 20% buffer and can lose all principal.
The Notes pay no interest, all payments occur at maturity, and returns depend entirely on the index and the credit of the Bank. The initial estimated value is expected to be between $949.31 and $979.31 per $1,000, below the 100% Original Issue Price, reflecting structuring, distribution and hedging costs. The Notes will not be listed, may have limited liquidity, and are not insured by the CDIC or FDIC.
The Bank of Nova Scotia is offering $3,543,720 of Trigger Autocallable Notes linked to the EURO STOXX 50® Index, issued at $10 per Note under its Senior Note Program, Series A. The Notes have a term of about five years, are callable quarterly after 12 months, and pay a fixed "call return" if automatically called, based on a 9.30% per annum call return rate.
The initial index level is 5,515.09, which is both the call threshold and the reference for a downside threshold set at 4,136.32 (75% of the initial level). If the Notes are never called and the final index level is at or above the downside threshold, investors receive only their principal back. If the final level is below the downside threshold, repayment is reduced in line with the index loss and investors can lose their entire investment.
The Notes pay no interest or dividends, are not listed on any exchange, and may have limited or no secondary market. All payments depend on the creditworthiness of BNS, and the pricing supplement highlights significant market, liquidity, structural and tax risks relative to conventional debt.
The Bank of Nova Scotia is offering unsecured Autocallable Contingent Coupon Buffer Notes with Memory Coupon linked to the common stock of Vistra Corp. (VST), maturing December 16, 2026, unless called earlier. Each Note has a $1,000 principal amount and a minimum investment of $10,000.
The Notes may be automatically called on quarterly Observation Dates if the stock closes at or above its Initial Value, returning principal plus any due coupons. If not called, investors receive a contingent coupon of at least $49.50 per Note for each Observation Date where the stock is at or above 70% of the Initial Value, with unpaid coupons “memorized” and paid on later qualifying dates.
At maturity, if the Final Value is at or above 70% of the Initial Value, investors receive full principal back plus any due coupons. If it is below that level, principal is reduced by about 1.4286% for each 1% decline beyond the 30% buffer, down to a potential total loss. All payments depend on the creditworthiness of The Bank of Nova Scotia, and the Notes are not listed or insured.
The Bank of Nova Scotia (BNS) is offering Contingent Income Auto-Callable Securities due on or about December 1, 2026, linked to the worst performing of CVS Health and UnitedHealth Group common stock. Each security has a $1,000 stated principal amount and may pay a contingent quarterly coupon of $51.50 per security (equivalent to 20.60% per annum) if on a determination date the closing price of each stock is at least 70% of its initial share price.
If on any non-final determination date the closing price of both stocks is at least 100% of their initial share prices, the notes are automatically redeemed for the stated principal plus that period’s coupon, and no further payments are made. At maturity, if the final price of every stock is at or above its respective 70% downside threshold, investors receive principal plus the final coupon; otherwise, the payoff is reduced 1-to-1 with the decline of the worst performer, potentially to zero.
The securities are senior unsecured debt of BNS, not principal protected, not insured by CDIC or FDIC, will not be listed on any exchange, and have an estimated value on the pricing date expected between $944.25 and $974.25 per $1,000 issue price.
The Bank of Nova Scotia is offering $27,894,000 of senior unsecured digital notes linked to the S&P 500® Index, maturing on March 22, 2028. The notes pay no interest and all value comes from the index level on the valuation date of March 20, 2028.
For each $1,000 note, if the final index level is at least 85.00% of the initial level of 6,538.76, holders receive a fixed $1,202.50, capping upside even if the index rises more. If the index falls more than 15% from the initial level, repayment drops by about 1.1765% for every 1% decline beyond that, up to a total loss of principal.
The initial estimated value is $988.70 per $1,000, below the issue price, reflecting internal funding and hedging costs. The notes are not insured by CDIC or FDIC, will not be listed on an exchange, and secondary market liquidity, if any, would be provided mainly by an affiliate, Scotia Capital (USA) Inc.
The Bank of Nova Scotia is offering $12,000,000 of Buffered Contingent Income Auto-Callable Securities, Series A, linked to the SPDR® S&P 500® ETF Trust (SPY) and maturing on November 25, 2026. Each security has a $1,000 stated principal amount and can pay a contingent monthly coupon of $10.50, equivalent to 12.60% per annum, for any determination date on which SPY closes at or above 90% of the $662.63 initial share price (the $596.367 downside threshold).
If on a non-final determination date SPY closes at or above the 100% call threshold price of $662.63, the notes are automatically redeemed at par plus the applicable coupon and any unpaid coupons under the memory feature. If held to maturity and SPY finishes below the downside threshold, repayment is reduced by about 1.1111% for every 1% SPY falls below that level, and principal can be fully lost.
The notes are senior unsecured obligations of BNS, are not insured or bail-inable, will not be listed on any exchange, and had an estimated value on the pricing date of $996 per $1,000 issue price, reflecting selling, structuring and hedging costs and BNS’ internal funding rate.
The Bank of Nova Scotia is offering Capped Enhanced Participation Notes linked to the EURO STOXX 50® Index. Each note has a $1,000 principal amount, a term of approximately 13 to 15 months, and pays no interest.
At maturity, if the index is above its initial level, holders receive $1,000 plus 150.00% of the index gain, capped at a maximum payment expected to be between $1,355.95 and $1,417.60 per $1,000. If the index is flat, the payout is $1,000. If the index is below the initial level, losses match the index decline point-for-point, down to a total loss of principal.
The notes are unsecured, unsubordinated obligations of The Bank of Nova Scotia and are not insured by CDIC or FDIC and will not be listed on an exchange. The initial estimated value is expected to be between $954.32 and $984.32 per $1,000, below the 100% original issue price, reflecting selling commissions of $10.60 per $1,000 and hedging and structuring costs.
The Bank of Nova Scotia is issuing senior unsecured market-linked notes tied to the lowest performer among Alphabet, Intel, Meta and Netflix, maturing on November 17, 2028. Each $1,000 security offers a contingent coupon of 10.25% per annum, paid monthly only when the lowest-performing stock on a calculation day is at or above 40% of its starting price. From May 2026 to October 2028 the notes are auto-callable at par plus coupon if the lowest-performing stock is at or above its starting price.
If the notes are not called and, on the final calculation day, the lowest-performing stock is below 40% of its starting price, investors lose more than 60% and up to all of principal; if it is at or above 40%, they receive only the $1,000 face amount. The Bank’s estimated value is $884.80 per $1,000 security, below the $1,000 issue price, reflecting selling costs and hedging profits. The total offering is $871,000, with approximately $850,749.25 in proceeds to the Bank.
The Bank of Nova Scotia filed a preliminary pricing supplement for Capped Buffer GEARS, senior unsecured notes linked to the S&P 500 index with an approximately 2‑year term, due on or about November 30, 2027. The notes offer 2.00x upside exposure to positive index returns, subject to a maximum gain of 21.70%–23.70%.
The structure includes a 10% buffer via a downside threshold set at 90% of the initial level. The notes pay no interest and are not listed. Issue price is $10 per Security (minimum investment $1,000). The initial estimated value is expected to be $9.55–$9.85 per Security. If the final level is below the downside threshold, repayment is reduced based on losses beyond the buffer; in severe declines, investors could lose almost all principal. All payments depend on the creditworthiness of BNS.
Bank of Nova Scotia proposes to offer Autocallable Contingent Coupon Trigger Notes linked to the common stock of Amazon.com, Inc., issued under its Senior Note Program and filed pursuant to Rule 424(b)(2). These unsecured, unsubordinated notes may pay a $8.834 contingent coupon per $1,000 (0.8834% monthly, approximately 10.60% per annum) on each monthly observation date if Amazon’s closing price is at or above 70.00% of the initial price.
The notes can be automatically called on monthly call observation dates from May 2026 through November 2026 if Amazon’s price is at or above the initial price; if called, holders receive $1,000 plus the applicable coupon. If not called, at maturity on December 31, 2026 holders receive $1,000 plus the final coupon if Amazon’s final price is at or above 70.00% of the initial price; otherwise, repayment is reduced one-for-one with Amazon’s decline from the initial price, up to a total loss of principal and no coupon. The initial estimated value is expected between $900 and $930 per $1,000. Underwriting commissions are up to 2.15%, proceeds to the issuer at least 97.85%, use of proceeds for general corporate purposes. Payments depend on the creditworthiness of Bank of Nova Scotia; the notes will not be listed.
The Bank of Nova Scotia is offering Autocallable Contingent Coupon Trigger Notes linked to the common stock of Dell Technologies Inc., maturing on June 2, 2027. These unsecured senior notes pay a contingent coupon only when Dell’s closing price on an observation date is at or above 50.00% of the initial price. The coupon equals $8.959 per $1,000 times the number of elapsed observation dates, less coupons already paid, implying up to approximately 10.75% per annum.
The notes can be automatically called on monthly call observation dates from May 2026 through April 2027 if Dell’s price is at or above the initial price; investors then receive $1,000 plus the applicable coupon and no further payments. If not called and Dell’s final price is at or above 50.00% of the initial price, investors receive $1,000 plus the final coupon. If the final price is below 50.00%, investors receive shares of Dell worth less than 50% of principal (or cash equivalent if under one share), resulting in a substantial or total loss. The initial estimated value is expected to be $900–$930 per $1,000, below the issue price, and the notes are not insured by CDIC or FDIC and depend entirely on the creditworthiness of The Bank of Nova Scotia.
The Bank of Nova Scotia is offering unsecured, unsubordinated structured notes linked to the price return of the Russell 2000® Index. The notes can be automatically called after about one year if the index closes at or above its initial level, in which case holders receive the $1,000 principal plus a fixed call premium of $120 (12%) and the notes terminate.
If the notes are not called and the index finishes above its initial level at maturity, investors receive $1,000 plus at least 143% of any positive index return. If the final index level is at or below the initial level but at or above 75% of the initial level, principal is repaid. If the final index level falls below 75% of the initial level, repayment is reduced one-for-one with the index loss, and investors can lose their entire principal.
The notes pay no interest or dividends, do not provide ownership in index constituents, and will not be listed on an exchange, so liquidity may be limited. The initial estimated value is expected to be $936.66–$966.66 per $1,000, reflecting fees, hedging costs and the issuer’s internal funding rate, and underwriting commissions may be up to 2.50%. All payments are subject to the credit risk of The Bank of Nova Scotia.