The Bank of Nova Scotia filed an Issuer Free Writing Prospectus on October 29, 2026, disclosing terms for Auto-Callable Dual Directional Trigger Performance Leveraged Upside Securities linked to the common stock of Space Exploration Technologies Corp., with a maturity date on or about December 5, 2028.

Key Highlights

  • Underlying asset: Common stock of Space Exploration Technologies Corp. (Bloomberg Ticker: "SPCX UW"), with no affiliation between the underlying stock issuer and The Bank of Nova Scotia, according to the filing.
  • Principal at risk: The filing states that the Trigger PLUS "do not guarantee any return of principal at maturity and you could lose up to your entire investment."
  • Stated principal and issue price: $1,000.00 per Trigger PLUS, with a minimum investment of $1,000 (1 Trigger PLUS).
  • Early redemption payment: If the closing price on November 22, 2027 is at or above the initial share price, holders receive $1,275.10 per Trigger PLUS on November 26, 2027.
  • Leverage factor: 150%, applied to upside scenarios at maturity if the final share price exceeds the initial share price.
  • Trigger price: 65.00% of the initial share price; if the final share price falls below this level, investors lose 1% for every 1% decline from the initial share price.
  • Estimated value at pricing: Expected to be between $936.03 and $966.03 per Trigger PLUS, which the filing notes will be lower than the $1,000.00 issue price.

Structure and Payment Terms of the Bank of Nova Scotia SpaceX-Linked Notes

According to the filing, The Bank of Nova Scotia (NYSE:BNS) is offering senior unsecured debt securities under its Senior Note Program, Series A, with CUSIP 06419TY93 / ISIN US06419TY931. The Trigger PLUS are registered under Registration Statement No. 333-298611. All payments are subject to the credit risk of BNS. The securities carry no coupon, and the pricing date is November 13, 2026, with an original issue date of November 18, 2026. The Trigger PLUS will not be listed on any securities exchange or electronic communications network, and a commission of $25.00 per stated principal amount applies.

The filing describes three payment scenarios at maturity for holders who are not redeemed early. 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 150% leverage factor and the underlying return. If the final share price is below the initial share price but at or above the trigger price (65.00% of the initial share price), investors receive $1,000.00 plus an amount equal to $1,000.00 multiplied by the absolute underlying return, meaning a negative stock return produces a positive payout, subject to a cap of the stated principal amount plus $350.00. If the final share price falls below the trigger price, investors receive $1,000.00 plus $1,000.00 multiplied by the (negative) underlying return, resulting in a loss that could reach 100% of principal.

The filing includes hypothetical payout illustrations. For example, a -35% underlying return is shown to produce a $1,350.00 payment, while a -36% return produces only $640.00, reflecting the abrupt change when the final share price crosses below the trigger price. The filing cautions that "the return on the Trigger PLUS may change significantly despite only a small difference in the degree of change of the final share price relative to the initial share price." The filing also notes there is "very limited trading history for the underlying stock."

What Was Disclosed

The Bank of Nova Scotia filed an Issuer Free Writing Prospectus describing the terms of principal-at-risk structured notes linked to SpaceX common stock, including auto-call provisions, leverage, trigger mechanics, estimated value range, commission, and key risk factors.