The Bank of Nova Scotia filed a free writing prospectus on November 12, 2026, disclosing terms for principal-at-risk, auto-callable securities linked to the lowest performing of Dell Technologies Inc. (DELL) and NVIDIA Corporation (NVDA) common stock, with a stated maturity of November 23, 2029.

Key Highlights

  • Face amount: $1,000 per security, with denominations of $1,000 and any integral multiple of $1,000.
  • Auto-call feature: If the lowest performing underlying stock closes at or above 90% of its starting price on November 24, 2027, the securities are automatically called at face amount plus a 40.00% call premium ($400.00 per $1,000).
  • Upside participation rate: At least 500%, to be determined on the pricing date of November 19, 2026.
  • Downside threshold: Set at 50% of each underlying stock's starting price; if the lowest performer falls below this level at maturity, investors face full downside exposure and "will lose more than 50%, and possibly all, of the face amount."
  • Estimated value: If the securities priced on November 12, 2026, the Bank estimated their value at between $883.73 (88.373%) and $913.73 (91.373%) per $1,000 security.
  • Agent discounts: 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%.
  • CUSIP / ISIN: 06419UDH5 / US06419UDH59.

Terms and Risk Profile of the Bank of Nova Scotia's Linked Securities

According to the filing, The Bank of Nova Scotia is offering Market Linked Securities under its Senior Note Program, Series A. The securities are linked to the lowest performing of two underlying stocks: the Class C common stock of Dell Technologies Inc. (Bloomberg Ticker: DELL) and the common stock of NVIDIA Corporation (Bloomberg Ticker: NVDA). The pricing date is set for November 19, 2026, with an issue date of November 24, 2026. Scotia Capital Inc., an affiliate of the Bank, is designated as the calculation agent.

The filing discloses that the securities carry an automatic call feature evaluated on November 24, 2027. If the lowest performing underlying stock's closing price on that date is greater than or equal to 90% of its starting price, the securities will be called and investors will receive the face amount plus the 40.00% call premium. The filing notes that if automatically called, "you will not participate in any appreciation of the lowest performing Underlying Stock, which may be significant," and investors will no longer have the opportunity to participate in appreciation at the upside participation rate.

If the securities are not called and reach the final calculation day of November 19, 2029, the maturity payment depends on the ending price of the lowest performing underlying stock relative to its starting price and threshold price (50% of starting price). The filing states that if the ending price falls below the threshold price, investors "will have full downside exposure to the decrease in the price of the lowest performing Underlying Stock from its starting price." The filing also notes that the Bank's estimated value of the securities will be lower than the original offering price, and that no periodic interest will be paid on the securities. The securities are described as "NOT A BANK DEPOSIT AND NOT INSURED OR GUARANTEED BY THE FDIC OR ANY OTHER GOVERNMENTAL AGENCY."

What Was Disclosed

The Bank of Nova Scotia filed a free writing prospectus setting out the full term sheet for auto-callable, principal-at-risk securities linked to DELL and NVDA, maturing November 23, 2029, with a 40.00% call premium, at least 500% upside participation, and a 50% downside threshold.