The Bank of Nova Scotia filed a free writing prospectus on November 4, 2026, disclosing terms for Market Linked Securities linked to the lowest performing of NVIDIA Corporation common stock and Taiwan Semiconductor Manufacturing Company Limited American depositary receipts, due November 16, 2029.

Key Highlights

  • Underlying stocks: The securities are linked to the lowest performing of NVIDIA Corporation (Bloomberg Ticker: NVDA) and Taiwan Semiconductor Manufacturing Company Limited ADRs (Bloomberg Ticker: TSM).
  • Face amount: $1,000 per security, with denominations in multiples of $1,000.
  • Call premium: At least 33.70% of face amount, or at least $337.00 per $1,000 security, to be determined on the pricing date of November 13, 2026.
  • Upside participation rate: 200%, applied only if the securities are not automatically called and the lowest performing underlying stock finishes above its starting price.
  • Threshold price: 60% of each underlying stock's starting price; if the ending price falls below this level at maturity, investors face full downside exposure and may lose more than 40%, and possibly all, of the face amount.
  • Estimated value: If the securities priced on November 4, 2026, the Bank disclosed an estimated value between $907.32 (90.732%) and $937.32 (93.732%) per $1,000 security.
  • Maturity and call dates: The single call date is November 18, 2027; the stated maturity date is November 16, 2029, each subject to postponement.

Terms and Structure of the Bank of Nova Scotia NVDA-TSM Linked Securities

According to the filing, the securities are issued under The Bank of Nova Scotia's Senior Note Program, Series A, and are registered under Registration No. 333-298611. The pricing date is November 13, 2026, and the issue date is November 18, 2026, both subject to change. Scotia Capital Inc., an affiliate of the Bank, is named as the calculation agent. Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC are listed as agents, with Wells Fargo Securities receiving a discount of up to 2.575%, dealers including Wells Fargo Advisors, LLC receiving a selling concession of up to 2.00%, and Wells Fargo Advisors potentially receiving a distribution expense fee of 0.075%.

The filing describes an automatic call feature: if the stock closing price of the lowest performing underlying stock on the call date (November 18, 2027) is greater than or equal to its call threshold price, set at 100% of the starting price, the securities are automatically called and investors receive the face amount plus the call premium. The filing states that if automatically called, "your return will be limited to the call premium" and investors will not participate in further appreciation at the upside participation rate. No periodic interest is paid on the securities.

At maturity, if not called and the lowest performing underlying stock's ending price exceeds its starting price, investors receive $1,000 plus $1,000 multiplied by the underlying stock return and the 200% upside participation rate. If the ending price is at or below the starting price but at or above the 60% threshold, investors receive $1,000. If the ending price is below the threshold, the filing discloses that investors "will lose more than 40%, and possibly all, of the face amount." The CUSIP is 06419UAX3 and the ISIN is US06419UAX37. The filing notes the securities are not bank deposits and are not insured by the FDIC or any other governmental agency.

What Was Disclosed

The Bank of Nova Scotia disclosed a term sheet for principal-at-risk, auto-callable securities linked to NVDA and TSM ADRs, maturing November 16, 2029, with a minimum call premium of 33.70%, a 200% upside participation rate, a 60% downside threshold, and an estimated value between $907.32 and $937.32 per $1,000 security.