The Bank of Nova Scotia filed a free writing prospectus on November 12, 2026, disclosing the summary terms of Trigger Performance Leveraged Upside Securities linked to the S&P 500 Index, with a maturity date of December 3, 2032, under Registration Statement No. 333-298611.

Key Highlights

  • Structure: The securities are senior unsecured debt of The Bank of Nova Scotia, with a stated principal amount and issue price of $1,000.00 per Trigger PLUS and no coupon payments.
  • Leverage factor: The leverage factor is 145.01%, applied to any positive underlying return at maturity.
  • Maximum gain: The maximum gain is capped at 85.00%, making the maximum payment at maturity $1,850.00 per Trigger PLUS (185.00% of stated principal).
  • Trigger level: The trigger level is set at 85.00% of the initial index value; if the final index value falls below this level, investors lose 1% for every 1% the final index value falls below the initial index value.
  • Estimated value: The estimated value on the pricing date is expected to be between $906.78 and $936.78 per Trigger PLUS, below the $1,000.00 issue price.
  • Commission: The commission is $35.00 per stated principal amount.
  • Pricing and issuance dates: The pricing date is November 30, 2026, and the original issue date is December 3, 2026.

Terms and Risk Profile of BNS Trigger PLUS Linked to the S&P 500 Index

According to the filing, The Bank of Nova Scotia is offering Trigger Performance Leveraged Upside Securities under its Senior Note Program, Series A, with the CUSIP 06419UER2 and ISIN US06419UER23. The securities are linked to the S&P 500 Index (Bloomberg Ticker: SPX) and mature on or about December 3, 2032. The valuation date is November 30, 2032, subject to postponement for market disruption events as described in the accompanying product supplement.

The filing discloses that payment at maturity depends on the relationship between the final index value and the initial index value. If the final index value exceeds the initial index value, investors receive $1,000.00 plus a leveraged upside payment calculated as $1,000.00 multiplied by 145.01% multiplied by the underlying return, subject to the maximum payment at maturity of $1,850.00. If the final index value is at or below the initial index value but at or above the trigger level of 85.00% of the initial index value, investors receive $1,000.00. If the final index value falls below the trigger level, the filing states investors "will lose 1% for every 1% that the final index value falls below the initial index value" and could lose up to their entire investment.

The filing notes that the Trigger PLUS will not be listed on any securities exchange or electronic communications network, and that liquidity is limited. It also discloses that the estimated value at pricing is expected to be between $906.78 and $936.78 per Trigger PLUS, which is lower than the $1,000.00 issue price. The filing states that all payments on the Trigger PLUS are subject to the credit risk of BNS. The tax treatment is described as uncertain, and the filing states investors "should consult your tax advisor about your tax situation."

What Was Disclosed

The Bank of Nova Scotia disclosed the summary terms of a structured note offering linked to the S&P 500 Index, including the leverage factor, trigger level, maximum gain, estimated value range, commission, pricing date, and maturity date, via a free writing prospectus filed pursuant to Rule 433.