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Bank of Nova Scotia (BNS) is marketing a new 12-month structured note鈥斺�淎irbag Autocallable Contingent Yield Notes with Memory Interest鈥濃�嗏�攍inked to Meta Platforms, Inc. (META) common stock. The $1,000-denominated senior unsecured notes offer a high contingent coupon of 16.80% p.a. (monthly $14) that is paid only when META鈥檚 closing price on each monthly observation date is at or above the Coupon Barrier of $575.38 (80% of the $719.22 Initial Level). Any missed coupons may be recovered later under the Memory Interest feature.

Early redemption (鈥淎utomatic Call鈥�): if META closes at or above the Initial Level on any observation date before maturity, BNS will call the notes and pay (i) principal, (ii) the current coupon, and (iii) any unpaid coupons. After a call, no further payments are due.

Principal repayment risk: if the notes are not called and META ends below the Conversion Level ($575.38) on the final valuation date (2 Jul 2026), investors receive physical settlement of 1.7380 META shares per note (cash for fractions). The share package will be worth less than the $1,000 face value鈥攑otentially a total loss鈥攅xposing investors to 100% downside from the Conversion Level.

Credit & liquidity considerations: payments depend on BNS鈥檚 credit; the notes are senior unsecured, not CDIC- or FDIC-insured, and will not be listed on an exchange. BNS estimates initial fair value at $962.60鈥�$992.60, below the $1,000 issue price due to selling and hedging costs. Secondary market trading, if any, will occur via affiliates and may involve significant bid/ask spreads.

Key dates: Strike 1 Jul 2025; Trade 2 Jul 2025; Settlement 8 Jul 2025; monthly observations Aug 2025鈥揓un 2026; Final Valuation 2 Jul 2026; Maturity 8 Jul 2026.

Principal risks highlighted: contingent coupons may never be paid; loss of principal below Conversion Level; exposure to META single-stock volatility; potential conflicts in BNS hedging; uncertain tax treatment; and limited liquidity.

In short, the notes exchange high headline yield for significant equity-, credit-, and liquidity-risk, appropriate only for investors comfortable with potential full loss and complex payoff mechanics.

NuScale Power Corp. (SMR) filed a Form 4 indicating that director Kent Kresa received 695 Class A common shares on 30 June 2025. The shares were issued in lieu of quarterly director fees, so the transaction represents compensation rather than an open-market purchase. After the grant, Kresa鈥檚 trust now holds 81,316 shares indirectly. The form lists the transaction code 鈥淎鈥� (acquisition) and records a reference price of $39.56 per share, but because the award is fee-related, the cash outlay to the insider is zero. No derivative securities were involved, and there is no indication of additional sales or purchases. The filing is routine and does not alter NuScale鈥檚 capital structure or provide new financial guidance.

NuScale Power Corp. (SMR) Form 4 filing: Director Alan L. Boeckmann received 919 Class A common shares on 30 June 2025, issued in lieu of his quarterly director fees.

The shares were booked under transaction code A at a stated price of $39.56 per share, giving the equity payment an approximate value of $36.4 thousand. Following the award, the director鈥檚 direct ownership increases to 73,050 shares.

No derivative securities were involved, and the filing was submitted on 2 July 2025. The transaction modestly strengthens insider alignment but is not large enough to materially affect NuScale鈥檚 share count or market sentiment.

Transaction summary: Morgan Stanley Finance LLC, with a full guarantee from Morgan Stanley, is offering Worst-of Contingent Income Securities tied to the S&P 500 (SPX), Nasdaq-100 (NDX) and Russell 2000 (RTY). The notes price on 28 July 2025 and mature on 2 August 2028.

Income profile: Investors may receive a contingent coupon of 7.00%-9.00% per annum, paid quarterly, but only if the closing level of each index is at least 70% of its initial level on the relevant observation date. Miss the barrier on any date and the entire coupon for that quarter is forfeited.

Principal repayment: At maturity the investor is repaid the full $1,000 principal only if the worst-performing index has not fallen below the 70% downside threshold. Should the worst index finish below that threshold, repayment is reduced 1-for-1 with the index decline (e.g., 鈥�31% worst performance -> $690 return). There is no upside participation beyond par.

Valuation & liquidity: The issuer鈥檚 estimated value is $944.90, implying roughly a 5% original-issue discount due to structuring and hedging costs. The notes will not be listed on any exchange and secondary trading may be limited.

Key risks highlighted: principal is at risk, coupons are non-guaranteed, performance is based on the worst index, investors are exposed to Morgan Stanley credit risk, and U.S. tax treatment remains uncertain.