The Bank of Nova Scotia filed a free writing prospectus on October 28, 2026, disclosing terms for a structured note offering called Buffered Performance Leveraged Upside Securities linked to the iShares MSCI Brazil ETF, with a maturity date on or about November 2, 2029.

Key Highlights

  • Underlying asset: The securities are linked to the shares of the iShares MSCI Brazil ETF (Bloomberg Ticker: "EWZ UP").
  • Principal at risk: According to the filing, investors could lose up to 85.00% of their investment in the Buffered PLUS.
  • Buffer amount: A 15.00% buffer protects against the first 15.00% of decline in the underlying shares.
  • Leverage factor: The filing specifies a leverage factor of 200.00% on upside performance, subject to a maximum gain of 61.39%.
  • Maximum payment at maturity: $1,613.90 per Buffered PLUS (161.39% of the $1,000.00 stated principal amount).
  • Estimated value on pricing date: The filing states the estimated value is expected to be between $922.27 and $952.27 per Buffered PLUS, below the $1,000.00 issue price.
  • No coupon, no listing: The Buffered PLUS pay no interest and will not be listed on any securities exchange or electronic communications network.

Structure and Terms of the Bank of Nova Scotia Brazil ETF-Linked Buffered PLUS

The Bank of Nova Scotia ("BNS") filed an Issuer Free Writing Prospectus pursuant to Rule 433 under Registration Statement No. 333-298611, describing the terms of senior unsecured structured notes under its Senior Note Program, Series A. The notes carry a stated principal amount of $1,000.00 per Buffered PLUS, with a minimum investment of $1,000.00. The pricing date is October 30, 2026, and the original issue date is November 4, 2026. The valuation date is October 30, 2029, and the maturity date is on or about November 2, 2029, both subject to postponement for market disruption events as described in the accompanying product supplement.

According to the filing, the payment at maturity depends on the performance of the iShares MSCI Brazil ETF shares. If the final share price exceeds the initial share price, investors receive $1,000.00 plus a leveraged upside payment calculated as $1,000.00 multiplied by the 200.00% leverage factor and the underlying return, capped at a maximum payment of $1,613.90. If the final share price is lower than the initial share price but by no more than the 15.00% buffer amount, investors receive $1,000.00. If the final share price falls more than 15.00% below the initial share price, the filing states investors "will lose 1% for every 1% that the final share price falls below the initial share price in excess of the buffer amount" and could lose up to 85.00% of their investment.

The filing discloses a commission of $30.00 per stated principal amount and notes that the estimated value on the pricing date is expected to be between $922.27 and $952.27 per Buffered PLUS, which is lower than the $1,000.00 issue price. The filing identifies BNS as the issuer and notes that all payments are subject to BNS's credit risk. The CUSIP is 06419TW79 and the ISIN is US06419TW794. The filing also states that the Buffered PLUS have "limited liquidity" and that secondary market pricing, if any, would be determined by Scotiabank (USA) Inc. ("SCUSA").

What Was Disclosed

BNS filed a free writing prospectus disclosing the summary terms of Buffered PLUS notes linked to the iShares MSCI Brazil ETF, including a 15.00% buffer, 200.00% leverage, a 61.39% maximum gain, and a maximum loss of 85.00% of principal, with maturity on or about November 2, 2029.