The Bank of Nova Scotia filed a free writing prospectus on November 4, 2026, under Registration No. 333-298611, disclosing terms for a structured note offering linked to the lowest-performing of Apple Inc. and Meta Platforms, Inc. common stock, with a stated maturity of November 16, 2029.

Key Highlights

  • Underlying securities: The notes are linked to the lowest-performing of Apple Inc. (AAPL) and Meta Platforms, Inc. (META) common stock on each relevant observation date.
  • Face amount: $1,000 per security, issued in denominations of $1,000 and any integral multiple of $1,000.
  • Call premium: At least 38.10% of face amount, or at least $381.00 per $1,000 security, to be determined on the pricing date of November 12, 2026.
  • Upside participation rate: 125.00% if the securities are not called and the lowest-performing stock ends above its starting price at maturity.
  • Threshold price: 60.00% of each underlying stock's starting price; if the lowest-performing stock falls below this level at maturity, investors face full downside exposure and "will lose more than 40.00%, and possibly all, of the face amount."
  • Estimated value: If the securities priced on November 4, 2026, the estimated value would be between $912.59 (91.259%) and $942.59 (94.259%) per security.
  • Dealer compensation: Wells Fargo Securities, LLC will receive a discount of up to 2.575%; dealers including Wells Fargo Advisors, LLC may receive a selling concession of up to 2.00% and a distribution expense fee of 0.075%.

Bank of Nova Scotia Structured Note Terms: Auto-Call, Contingent Return, and Downside Risk

According to the filing, the Bank of Nova Scotia is offering principal-at-risk securities under its Senior Note Program, Series A. The notes carry a single call date of November 17, 2027, at which point, if the stock closing price of the lowest-performing underlying stock is greater than or equal to its call threshold price (100.00% of its starting price), the securities are automatically called and investors receive the face amount plus the call premium of at least 38.10%. The filing states that if called, investors "will not participate in any appreciation of the lowest performing Underlying Stock, which may be significant."

If the securities are not automatically called, the maturity payment at the November 16, 2029 stated maturity date depends on where the lowest-performing stock closes on the final calculation day of November 13, 2029. The filing describes three scenarios: a leveraged gain at 125.00% participation if above the starting price; a contingent absolute value return if below the starting price but at or above the 60.00% threshold price; and full proportional loss if below the threshold price. The calculation agent is disclosed as Scotia Capital Inc., an affiliate of the Bank.

The filing notes the securities are not bank deposits and are "not insured or guaranteed by the FDIC or any other governmental agency." The CUSIP is 06419UBV6 and the ISIN is US06419UBV61. The filing directs investors to the preliminary pricing supplement for full risk factors, tax consequences, and estimated value methodology, and states this term sheet "does not provide all the information that an investor should consider prior to making an investment decision."

What Was Disclosed

The Bank of Nova Scotia disclosed a term sheet for structured notes due November 16, 2029, linked to the lowest-performing of Apple and Meta common stock, specifying call premium, participation rate, threshold price, estimated value range, dealer compensation, and key risk considerations.