The Bank of Nova Scotia filed an issuer free writing prospectus on November 2, 2026, describing 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 amount and issue price: $1,000.00 per Trigger PLUS, with a minimum investment of $1,000 (1 Trigger PLUS) and no coupon payments.
  • Early redemption: If the auto-call condition is met on the first determination date of November 22, 2027, investors receive $1,275.10 per Trigger PLUS on November 26, 2027.
  • Leverage factor: 150%, applied to upside performance if the final share price exceeds the initial share price at maturity.
  • Trigger price: 65.00% of the initial share price; if the final share price falls below this level, losses track the full decline and investors could lose their entire investment.
  • Estimated value at pricing: Expected to be between $936.03 and $966.03 per Trigger PLUS on the pricing date, which is below the $1,000.00 issue price.
  • Commission and listing: $25.00 per stated principal amount; the Trigger PLUS will not be listed on any securities exchange or electronic communications network.

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

According to the filing, the Trigger PLUS are senior unsecured debt securities issued by The Bank of Nova Scotia under its Senior Note Program, Series A, with Registration Statement No. 333-298611. All payments are subject to the credit risk of BNS. The securities carry a pricing date of November 13, 2026, and an original issue date of November 18, 2026, three business days after pricing. The CUSIP is 06419TY93 and the ISIN is US06419TY931.

The filing describes three distinct payment outcomes at maturity, assuming no prior auto-call. 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 at or below the initial share price but at or above the 65.00% trigger price, investors receive $1,000.00 plus a payment equal to the absolute value of the negative return, capped at $1,350.00 total. If the final share price falls below the trigger price, investors lose 1% for each 1% decline from the initial share price, with the potential for total loss of principal.

The filing also notes that Space Exploration Technologies Corp. has "very limited trading history" for its common stock, and that BNS' initial estimated value is lower than the issue price because it reflects BNS' internal funding rate and other costs, not the public offer price. The filing states the Trigger PLUS have "limited liquidity" and that no secondary market is guaranteed.

What Was Disclosed

The Bank of Nova Scotia disclosed the preliminary terms of a structured note linked to SpaceX common stock, including auto-call mechanics, a 150% leverage factor, a 65.00% trigger price, an estimated value below issue price, and principal-at-risk provisions, via a free writing prospectus dated November 2, 2026.