[FWP] Bank of Nova Scotia Free Writing Prospectus
The Bank of Nova Scotia (BNS) is offering Series A senior, unsecured ETF-Linked Securities that blend equity exposure with contingent income. Each $1,000 note references three sector ETFs鈥攖he Communication Services, Energy and Financial Select Sector SPDR Funds. Investors may earn a contingent coupon of at least 9.70% p.a., paid quarterly, but only when the lowest-performing fund on the relevant calculation day closes at or above 70% of its starting price.
The notes can be automatically called on any quarterly observation from January 2026 through April 2028 if the lowest-performing fund is at or above its starting price; in that case, holders receive the $1,000 face value plus the final coupon. If not called, the notes mature on 27 July 2028. At maturity, full principal is returned only if the lowest-performing fund is at or above the 70% downside threshold; otherwise repayment equals $1,000 multiplied by that fund鈥檚 performance factor, exposing holders to losses greater than 30% and up to 100% of principal.
The preliminary estimated value is $912.33-$942.33 (91.233%-94.233% of face), reflecting dealer spreads of up to 2.575% and hedging costs. The securities lack FDIC insurance, carry the issuer鈥檚 credit risk, and may be illiquid. Comprehensive risk factors鈥攃redit, market correlation, reinvestment, tax uncertainty and potential conflicts鈥攁re highlighted in the accompanying prospectus documents.
La Bank of Nova Scotia (BNS) offre titoli senior di Serie A non garantiti collegati a ETF che combinano esposizione azionaria con un reddito condizionato. Ogni nota da $1.000 fa riferimento a tre ETF settoriali: Communication Services, Energy e Financial Select Sector SPDR Funds. Gli investitori possono guadagnare un coupon condizionato di almeno il 9,70% annuo, pagato trimestralmente, ma solo se il fondo con la performance pi霉 bassa nel giorno di calcolo rilevante chiude a o sopra il 70% del prezzo iniziale.
Le note possono essere richiamate automaticamente in qualsiasi data di osservazione trimestrale da gennaio 2026 ad aprile 2028 se il fondo con la performance pi霉 bassa 猫 pari o superiore al prezzo iniziale; in tal caso, i detentori ricevono il valore nominale di $1.000 pi霉 l鈥檜ltimo coupon. Se non richiamate, le note scadono il 27 luglio 2028. Alla scadenza, il capitale viene restituito integralmente solo se il fondo con la performance pi霉 bassa 猫 pari o superiore alla soglia del 70%; in caso contrario, il rimborso sar脿 pari a $1.000 moltiplicato per il fattore di performance di quel fondo, esponendo i detentori a perdite superiori al 30% e fino al 100% del capitale.
Il valore stimato preliminare 猫 compreso tra $912,33 e $942,33 (91,233%-94,233% del valore nominale), riflettendo spread dealer fino al 2,575% e costi di copertura. I titoli non sono assicurati dalla FDIC, comportano il rischio di credito dell鈥檈mittente e potrebbero essere illiquidi. I fattori di rischio completi 鈥� credito, correlazione di mercato, reinvestimento, incertezza fiscale e potenziali conflitti 鈥� sono evidenziati nei documenti di prospetto allegati.
El Banco de Nueva Escocia (BNS) ofrece valores senior no garantizados Serie A vinculados a ETF que combinan exposici贸n a acciones con ingresos contingentes. Cada nota de $1,000 hace referencia a tres ETF sectoriales: Communication Services, Energy y Financial Select Sector SPDR Funds. Los inversores pueden ganar un cup贸n contingente de al menos 9.70% anual, pagado trimestralmente, pero solo si el fondo con peor rendimiento en el d铆a de c谩lculo relevante cierra en o por encima del 70% de su precio inicial.
Las notas pueden ser llamadas autom谩ticamente en cualquier fecha de observaci贸n trimestral desde enero de 2026 hasta abril de 2028 si el fondo con peor rendimiento est谩 en o por encima de su precio inicial; en ese caso, los tenedores reciben el valor nominal de $1,000 m谩s el cup贸n final. Si no se llaman, las notas vencen el 27 de julio de 2028. Al vencimiento, se devuelve el principal completo solo si el fondo con peor rendimiento est谩 en o por encima del umbral del 70%; de lo contrario, el reembolso ser谩 igual a $1,000 multiplicado por el factor de rendimiento de ese fondo, exponiendo a los tenedores a p茅rdidas superiores al 30% y hasta el 100% del principal.
El valor estimado preliminar es de $912.33-$942.33 (91.233%-94.233% del valor nominal), reflejando m谩rgenes de intermediarios de hasta 2.575% y costos de cobertura. Los valores no cuentan con seguro FDIC, conllevan el riesgo crediticio del emisor y pueden ser il铆quidos. Los factores de riesgo completos 鈥� cr茅dito, correlaci贸n de mercado, reinversi贸n, incertidumbre fiscal y posibles conflictos 鈥� se detallan en los documentos del prospecto adjuntos.
雲鸽皵鞀れ綌靸� 鞚�頄�(BNS)鞚� 欤检嫕 雲胳稖瓿� 臁瓣贝攵� 靾橃瀰鞚� 瓴绊暕頃� 鞁滊Μ歃� A 靹犾垳鞙� 氍措嫶氤� ETF 鞐瓣硠 歃濌秾鞚� 鞝滉车頃╇媹雼�. 臧� $1,000 雲疙姼電� 旎る雼堨紑鞚挫厴 靹滊箘鞀�, 鞐愲剤歆�, 旮堨湹 靺�霠夗姼 靹鬼劙 SPDR 韼�霌� 霌� 靹� 臧�歆� 靹鬼劙 ETF毳� 彀胳“頃╇媹雼�. 韴瀽鞛愲姅 甏�霠� 瓿勳偘鞚检棎 臧�鞛� 鞁れ爜鞚� 雮潃 韼�霌滉皜 鞁滌瀾 臧�瓴╈潣 70% 鞚挫儊鞙茧 毵堦皭頃� 瓴届毎鞐愲 攵勱赴氤勲 斓滌唽 鞐� 9.70%鞚� 臁瓣贝攵� 炜犿彴鞚� 氚涭潉 靾� 鞛堨姷雼堧嫟.
雲疙姼電� 2026雲� 1鞗旊秬韯� 2028雲� 4鞗旉箤歆� 攵勱赴氤� 甏�彀办澕鞐� 臧�鞛� 鞁れ爜鞚� 雮潃 韼�霌滉皜 鞁滌瀾 臧�瓴� 鞚挫儊鞚� 瓴届毎 鞛愲彊 靸來櫂霅� 靾� 鞛堨溂氅�, 鞚� 瓴届毎 氤挫湢鞛愲姅 $1,000 鞎‰┐臧�鞕� 斓滌 炜犿彴鞚� 氚涭姷雼堧嫟. 靸來櫂霅橃 鞎婌溂氅� 雲疙姼電� 2028雲� 7鞗� 27鞚�鞐� 毵岅赴霅╇媹雼�. 毵岅赴 鞁� 臧�鞛� 鞁れ爜鞚� 雮潃 韼�霌滉皜 70% 頃橂澖 頃滊弰 鞚挫儊鞚� 瓴届毎鞐愲 鞗愱笀 鞝勳暋鞚� 氚橅櫂霅橂┌, 攴鸽爣歆� 鞎婌溂氅� 靸來櫂鞎§潃 $1,000鞐� 頃措嫻 韼�霌滌潣 靹标臣 歆�靾橂ゼ 瓿表暅 旮堨暋鞙茧, 韴瀽鞛愲姅 30% 鞚挫儊鞚� 靻愳嫟鞐愳劀 斓滊寑 鞗愱笀 鞝勳暋 靻愳嫟旯岇 雲胳稖霅╇媹雼�.
鞓堧箘 於旍爼 臧�旃橂姅 $912.33-$942.33 (鞎‰┐臧�鞚� 91.233%-94.233%)搿�, 霐滊煬 鞀ろ攧霠堧摐 斓滊寑 2.575%鞕� 項れ 牍勳毄鞚� 氚橃榿頃╇媹雼�. 鞚� 歃濌秾鞚� FDIC 氤错棙鞚� 鞐嗞碃 氚滍枆鞛愳潣 鞁犾毄 鞙勴棙鞚� 臧�歆�氅� 鞙犽彊靹膘澊 雮潉 靾� 鞛堨姷雼堧嫟. 鞁犾毄, 鞁滌灔 靸侁磤甏�瓿�, 鞛埇鞛�, 靹戈笀 攵堩檿鞁れ劚 氚� 鞛犾灛鞝� 鞚错暣 靸侅订 霌� 膦呿暕鞝侅澑 鞙勴棙 鞖旍唽電� 觳秬霅� 鞎堧偞靹滌棎 氇呾嫓霅橃柎 鞛堨姷雼堧嫟.
La Banque de Nouvelle-脡cosse (BNS) propose des titres senior non garantis de la S茅rie A li茅s 脿 des ETF, combinant une exposition aux actions avec un revenu conditionnel. Chaque note de 1 000 $ r茅f茅rence trois ETF sectoriels : Communication Services, Energy et Financial Select Sector SPDR Funds. Les investisseurs peuvent percevoir un coupon conditionnel d'au moins 9,70 % par an, vers茅 trimestriellement, mais uniquement si le fonds le moins performant 脿 la date de calcul pertinente cl么ture 脿 ou au-dessus de 70 % de son prix initial.
Les notes peuvent 锚tre appel茅es automatiquement 脿 toute date d'observation trimestrielle entre janvier 2026 et avril 2028 si le fonds le moins performant est au moins 茅gal 脿 son prix initial ; dans ce cas, les d茅tenteurs re莽oivent la valeur nominale de 1 000 $ plus le coupon final. Si elles ne sont pas appel茅es, les notes arrivent 脿 茅ch茅ance le 27 juillet 2028. 脌 l'茅ch茅ance, le capital int茅gral est rembours茅 uniquement si le fonds le moins performant est au moins 茅gal au seuil de 70 % ; sinon, le remboursement correspond 脿 1 000 $ multipli茅 par le facteur de performance de ce fonds, exposant les d茅tenteurs 脿 des pertes sup茅rieures 脿 30 % et pouvant aller jusqu'脿 100 % du capital.
La valeur estim茅e pr茅liminaire est comprise entre 912,33 $ et 942,33 $ (91,233 % 脿 94,233 % de la valeur nominale), refl茅tant des marges de n茅gociation allant jusqu'脿 2,575 % et des co没ts de couverture. Les titres ne b茅n茅ficient pas de l'assurance FDIC, comportent le risque de cr茅dit de l'茅metteur et peuvent 锚tre illiquides. Les facteurs de risque complets 鈥� cr茅dit, corr茅lation de march茅, r茅investissement, incertitude fiscale et conflits potentiels 鈥� sont d茅taill茅s dans les documents du prospectus joints.
Die Bank of Nova Scotia (BNS) bietet Series A Senior unbesicherte ETF-gebundene Wertpapiere an, die Aktienexposure mit bedingtem Einkommen kombinieren. Jede $1.000-Anleihe bezieht sich auf drei Sektor-ETFs 鈥� Communication Services, Energy und Financial Select Sector SPDR Funds. Anleger k枚nnen einen bedingten Coupon von mindestens 9,70 % p.a. erhalten, der viertelj盲hrlich gezahlt wird, jedoch nur, wenn der 蝉肠丑飞盲肠丑蝉迟别 Fonds am relevanten Berechnungstag bei oder 眉ber 70 % seines Startpreises 蝉肠丑濒颈别脽迟.
Die Anleihen k枚nnen automatisch zu jedem viertelj盲hrlichen Beobachtungstag von Januar 2026 bis April 2028 gek眉ndigt werden, sofern der 蝉肠丑飞盲肠丑蝉迟别 Fonds bei oder 眉ber seinem Startpreis liegt; in diesem Fall erhalten die Inhaber den Nennwert von $1.000 plus den letzten Coupon. Wenn nicht gek眉ndigt, laufen die Anleihen bis zum 27. Juli 2028. Bei F盲lligkeit wird das volle Kapital nur zur眉ckgezahlt, wenn der 蝉肠丑飞盲肠丑蝉迟别 Fonds mindestens die 70%-Abschwungschwelle erreicht; andernfalls entspricht die R眉ckzahlung $1.000 multipliziert mit dem Performancefaktor dieses Fonds, wodurch Inhaber einem Verlust von 眉ber 30 % bis hin zu 100 % des Kapitals ausgesetzt sind.
Der vorl盲ufig gesch盲tzte Wert liegt bei $912,33 bis $942,33 (91,233%-94,233% des Nennwerts) und ber眉cksichtigt H盲ndler-Spreads von bis zu 2,575 % sowie Absicherungskosten. Die Wertpapiere sind nicht durch FDIC versichert, tragen das Kreditrisiko des Emittenten und k枚nnen illiquide sein. Umfassende Risikofaktoren 鈥� Kredit, Marktkorrelation, Reinvestition, steuerliche Unsicherheiten und potenzielle Interessenkonflikte 鈥� sind in den beigef眉gten Prospektunterlagen hervorgehoben.
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Insights
TL;DR: High 9.7%+ coupon offsets 30% buffer; return hinges on worst ETF, estimated value 6-9% below par, standard risk-reward for sector-linked notes.
The term sheet describes a typical U.S. market structured note. The 70% coupon and downside thresholds give moderate protection, yet the use of the lowest-performing ETF concentrates risk. Automatic call features lower Scotiabank鈥檚 funding cost if equities rally, while investors鈥� upside is capped at coupons. The 91-94% estimated value implies an initial mark-to-market loss, and dealer concessions total up to 4.4%. From BNS鈥檚 standpoint, the transaction provides relatively inexpensive, callable funding; from an investor鈥檚 view, it is appropriate only for those who can absorb sector volatility and illiquidity.
TL;DR: Note holders face full credit risk of BNS and potential 100% principal loss if any linked ETF falls >30% by July 2028.
The product embeds several layers of risk: (1) equity downside beyond the 30% buffer, (2) no guaranteed income, (3) correlation risk among three volatile sector funds, and (4) credit risk of an A- rated Canadian bank. Liquidity may be poor; secondary prices will reflect spreads, hedging costs and market dislocations. Tax treatment is uncertain. Overall, the risk/return profile is complex and suitable only for sophisticated investors.
La Bank of Nova Scotia (BNS) offre titoli senior di Serie A non garantiti collegati a ETF che combinano esposizione azionaria con un reddito condizionato. Ogni nota da $1.000 fa riferimento a tre ETF settoriali: Communication Services, Energy e Financial Select Sector SPDR Funds. Gli investitori possono guadagnare un coupon condizionato di almeno il 9,70% annuo, pagato trimestralmente, ma solo se il fondo con la performance pi霉 bassa nel giorno di calcolo rilevante chiude a o sopra il 70% del prezzo iniziale.
Le note possono essere richiamate automaticamente in qualsiasi data di osservazione trimestrale da gennaio 2026 ad aprile 2028 se il fondo con la performance pi霉 bassa 猫 pari o superiore al prezzo iniziale; in tal caso, i detentori ricevono il valore nominale di $1.000 pi霉 l鈥檜ltimo coupon. Se non richiamate, le note scadono il 27 luglio 2028. Alla scadenza, il capitale viene restituito integralmente solo se il fondo con la performance pi霉 bassa 猫 pari o superiore alla soglia del 70%; in caso contrario, il rimborso sar脿 pari a $1.000 moltiplicato per il fattore di performance di quel fondo, esponendo i detentori a perdite superiori al 30% e fino al 100% del capitale.
Il valore stimato preliminare 猫 compreso tra $912,33 e $942,33 (91,233%-94,233% del valore nominale), riflettendo spread dealer fino al 2,575% e costi di copertura. I titoli non sono assicurati dalla FDIC, comportano il rischio di credito dell鈥檈mittente e potrebbero essere illiquidi. I fattori di rischio completi 鈥� credito, correlazione di mercato, reinvestimento, incertezza fiscale e potenziali conflitti 鈥� sono evidenziati nei documenti di prospetto allegati.
El Banco de Nueva Escocia (BNS) ofrece valores senior no garantizados Serie A vinculados a ETF que combinan exposici贸n a acciones con ingresos contingentes. Cada nota de $1,000 hace referencia a tres ETF sectoriales: Communication Services, Energy y Financial Select Sector SPDR Funds. Los inversores pueden ganar un cup贸n contingente de al menos 9.70% anual, pagado trimestralmente, pero solo si el fondo con peor rendimiento en el d铆a de c谩lculo relevante cierra en o por encima del 70% de su precio inicial.
Las notas pueden ser llamadas autom谩ticamente en cualquier fecha de observaci贸n trimestral desde enero de 2026 hasta abril de 2028 si el fondo con peor rendimiento est谩 en o por encima de su precio inicial; en ese caso, los tenedores reciben el valor nominal de $1,000 m谩s el cup贸n final. Si no se llaman, las notas vencen el 27 de julio de 2028. Al vencimiento, se devuelve el principal completo solo si el fondo con peor rendimiento est谩 en o por encima del umbral del 70%; de lo contrario, el reembolso ser谩 igual a $1,000 multiplicado por el factor de rendimiento de ese fondo, exponiendo a los tenedores a p茅rdidas superiores al 30% y hasta el 100% del principal.
El valor estimado preliminar es de $912.33-$942.33 (91.233%-94.233% del valor nominal), reflejando m谩rgenes de intermediarios de hasta 2.575% y costos de cobertura. Los valores no cuentan con seguro FDIC, conllevan el riesgo crediticio del emisor y pueden ser il铆quidos. Los factores de riesgo completos 鈥� cr茅dito, correlaci贸n de mercado, reinversi贸n, incertidumbre fiscal y posibles conflictos 鈥� se detallan en los documentos del prospecto adjuntos.
雲鸽皵鞀れ綌靸� 鞚�頄�(BNS)鞚� 欤检嫕 雲胳稖瓿� 臁瓣贝攵� 靾橃瀰鞚� 瓴绊暕頃� 鞁滊Μ歃� A 靹犾垳鞙� 氍措嫶氤� ETF 鞐瓣硠 歃濌秾鞚� 鞝滉车頃╇媹雼�. 臧� $1,000 雲疙姼電� 旎る雼堨紑鞚挫厴 靹滊箘鞀�, 鞐愲剤歆�, 旮堨湹 靺�霠夗姼 靹鬼劙 SPDR 韼�霌� 霌� 靹� 臧�歆� 靹鬼劙 ETF毳� 彀胳“頃╇媹雼�. 韴瀽鞛愲姅 甏�霠� 瓿勳偘鞚检棎 臧�鞛� 鞁れ爜鞚� 雮潃 韼�霌滉皜 鞁滌瀾 臧�瓴╈潣 70% 鞚挫儊鞙茧 毵堦皭頃� 瓴届毎鞐愲 攵勱赴氤勲 斓滌唽 鞐� 9.70%鞚� 臁瓣贝攵� 炜犿彴鞚� 氚涭潉 靾� 鞛堨姷雼堧嫟.
雲疙姼電� 2026雲� 1鞗旊秬韯� 2028雲� 4鞗旉箤歆� 攵勱赴氤� 甏�彀办澕鞐� 臧�鞛� 鞁れ爜鞚� 雮潃 韼�霌滉皜 鞁滌瀾 臧�瓴� 鞚挫儊鞚� 瓴届毎 鞛愲彊 靸來櫂霅� 靾� 鞛堨溂氅�, 鞚� 瓴届毎 氤挫湢鞛愲姅 $1,000 鞎‰┐臧�鞕� 斓滌 炜犿彴鞚� 氚涭姷雼堧嫟. 靸來櫂霅橃 鞎婌溂氅� 雲疙姼電� 2028雲� 7鞗� 27鞚�鞐� 毵岅赴霅╇媹雼�. 毵岅赴 鞁� 臧�鞛� 鞁れ爜鞚� 雮潃 韼�霌滉皜 70% 頃橂澖 頃滊弰 鞚挫儊鞚� 瓴届毎鞐愲 鞗愱笀 鞝勳暋鞚� 氚橅櫂霅橂┌, 攴鸽爣歆� 鞎婌溂氅� 靸來櫂鞎§潃 $1,000鞐� 頃措嫻 韼�霌滌潣 靹标臣 歆�靾橂ゼ 瓿表暅 旮堨暋鞙茧, 韴瀽鞛愲姅 30% 鞚挫儊鞚� 靻愳嫟鞐愳劀 斓滊寑 鞗愱笀 鞝勳暋 靻愳嫟旯岇 雲胳稖霅╇媹雼�.
鞓堧箘 於旍爼 臧�旃橂姅 $912.33-$942.33 (鞎‰┐臧�鞚� 91.233%-94.233%)搿�, 霐滊煬 鞀ろ攧霠堧摐 斓滊寑 2.575%鞕� 項れ 牍勳毄鞚� 氚橃榿頃╇媹雼�. 鞚� 歃濌秾鞚� FDIC 氤错棙鞚� 鞐嗞碃 氚滍枆鞛愳潣 鞁犾毄 鞙勴棙鞚� 臧�歆�氅� 鞙犽彊靹膘澊 雮潉 靾� 鞛堨姷雼堧嫟. 鞁犾毄, 鞁滌灔 靸侁磤甏�瓿�, 鞛埇鞛�, 靹戈笀 攵堩檿鞁れ劚 氚� 鞛犾灛鞝� 鞚错暣 靸侅订 霌� 膦呿暕鞝侅澑 鞙勴棙 鞖旍唽電� 觳秬霅� 鞎堧偞靹滌棎 氇呾嫓霅橃柎 鞛堨姷雼堧嫟.
La Banque de Nouvelle-脡cosse (BNS) propose des titres senior non garantis de la S茅rie A li茅s 脿 des ETF, combinant une exposition aux actions avec un revenu conditionnel. Chaque note de 1 000 $ r茅f茅rence trois ETF sectoriels : Communication Services, Energy et Financial Select Sector SPDR Funds. Les investisseurs peuvent percevoir un coupon conditionnel d'au moins 9,70 % par an, vers茅 trimestriellement, mais uniquement si le fonds le moins performant 脿 la date de calcul pertinente cl么ture 脿 ou au-dessus de 70 % de son prix initial.
Les notes peuvent 锚tre appel茅es automatiquement 脿 toute date d'observation trimestrielle entre janvier 2026 et avril 2028 si le fonds le moins performant est au moins 茅gal 脿 son prix initial ; dans ce cas, les d茅tenteurs re莽oivent la valeur nominale de 1 000 $ plus le coupon final. Si elles ne sont pas appel茅es, les notes arrivent 脿 茅ch茅ance le 27 juillet 2028. 脌 l'茅ch茅ance, le capital int茅gral est rembours茅 uniquement si le fonds le moins performant est au moins 茅gal au seuil de 70 % ; sinon, le remboursement correspond 脿 1 000 $ multipli茅 par le facteur de performance de ce fonds, exposant les d茅tenteurs 脿 des pertes sup茅rieures 脿 30 % et pouvant aller jusqu'脿 100 % du capital.
La valeur estim茅e pr茅liminaire est comprise entre 912,33 $ et 942,33 $ (91,233 % 脿 94,233 % de la valeur nominale), refl茅tant des marges de n茅gociation allant jusqu'脿 2,575 % et des co没ts de couverture. Les titres ne b茅n茅ficient pas de l'assurance FDIC, comportent le risque de cr茅dit de l'茅metteur et peuvent 锚tre illiquides. Les facteurs de risque complets 鈥� cr茅dit, corr茅lation de march茅, r茅investissement, incertitude fiscale et conflits potentiels 鈥� sont d茅taill茅s dans les documents du prospectus joints.
Die Bank of Nova Scotia (BNS) bietet Series A Senior unbesicherte ETF-gebundene Wertpapiere an, die Aktienexposure mit bedingtem Einkommen kombinieren. Jede $1.000-Anleihe bezieht sich auf drei Sektor-ETFs 鈥� Communication Services, Energy und Financial Select Sector SPDR Funds. Anleger k枚nnen einen bedingten Coupon von mindestens 9,70 % p.a. erhalten, der viertelj盲hrlich gezahlt wird, jedoch nur, wenn der 蝉肠丑飞盲肠丑蝉迟别 Fonds am relevanten Berechnungstag bei oder 眉ber 70 % seines Startpreises 蝉肠丑濒颈别脽迟.
Die Anleihen k枚nnen automatisch zu jedem viertelj盲hrlichen Beobachtungstag von Januar 2026 bis April 2028 gek眉ndigt werden, sofern der 蝉肠丑飞盲肠丑蝉迟别 Fonds bei oder 眉ber seinem Startpreis liegt; in diesem Fall erhalten die Inhaber den Nennwert von $1.000 plus den letzten Coupon. Wenn nicht gek眉ndigt, laufen die Anleihen bis zum 27. Juli 2028. Bei F盲lligkeit wird das volle Kapital nur zur眉ckgezahlt, wenn der 蝉肠丑飞盲肠丑蝉迟别 Fonds mindestens die 70%-Abschwungschwelle erreicht; andernfalls entspricht die R眉ckzahlung $1.000 multipliziert mit dem Performancefaktor dieses Fonds, wodurch Inhaber einem Verlust von 眉ber 30 % bis hin zu 100 % des Kapitals ausgesetzt sind.
Der vorl盲ufig gesch盲tzte Wert liegt bei $912,33 bis $942,33 (91,233%-94,233% des Nennwerts) und ber眉cksichtigt H盲ndler-Spreads von bis zu 2,575 % sowie Absicherungskosten. Die Wertpapiere sind nicht durch FDIC versichert, tragen das Kreditrisiko des Emittenten und k枚nnen illiquide sein. Umfassende Risikofaktoren 鈥� Kredit, Marktkorrelation, Reinvestition, steuerliche Unsicherheiten und potenzielle Interessenkonflikte 鈥� sind in den beigef眉gten Prospektunterlagen hervorgehoben.
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Filed Pursuant to Rule 433 Dated July 11, 2025 Registration No. 333-282565 |
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The Bank of Nova Scotia Senior Note Program, Series A ETF Linked Securities |
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Summary of Terms
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Issuer |
The Bank of Nova Scotia (the “Bank”) |
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Market Measures |
The Communication Services Select Sector SPDR® Fund, the Energy Select Sector SPDR® Fund and the Financial Select Sector SPDR® Fund (each referred to as a “Fund,” and collectively as the “Funds”). |
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Fund Underlying Indices |
With respect to the Communication Services Select Sector SPDR® Fund: the Communication Services Select Sector Index With respect to the Energy Select Sector SPDR® Fund: the Energy Select Sector Index With respect to the Financial Select Sector SPDR® Fund: the Financial Select Sector Index |
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Pricing Date* |
July 30, 2025 |
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Issue Date* |
August 4, 2025 |
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Face Amount (Original Offering Price) |
$1,000 per security |
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Contingent Coupon Payment |
On each contingent coupon payment date, you will receive a contingent coupon payment at a per annum rate equal to the contingent coupon rate if, and only if, the fund closing price of the lowest performing Fund on the related calculation day is greater than or equal to its coupon threshold price. Each “contingent coupon payment,” if any, will be calculated per security as follows: ($1,000 × contingent coupon rate) / 4. Any contingent coupon payment will be rounded to the nearest cent, with one-half cent rounded upward. |
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Contingent Coupon Rate |
At least 9.70% per annum, to be determined on the pricing date |
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Calculation Days* |
Quarterly, on the 24th calendar day of each January, April, July and October, commencing in October 2025 and ending in July 2028, each subject to postponement. We refer to the calculation day scheduled to occur in July 2028 (expected to be July 24, 2028) as the “final calculation day”. |
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Contingent Coupon Payment Dates |
Three business days after the applicable calculation day (the contingent coupon payment date with respect to the final calculation day will be the stated maturity date), each subject to postponement |
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Automatic Call |
If the fund closing price of the lowest performing Fund on any of the calculation days from January 2026 to April 2028, inclusive, is greater than or equal to its starting price, the securities will be automatically called, and on the related call settlement date you will be entitled to receive a cash payment per security in U.S. dollars equal to the face amount plus a final contingent coupon payment. The securities will not be subject to automatic call until the second calculation day, which is approximately six months after the issue date. |
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Call Settlement Date |
Three business days after the applicable calculation day, subject to postponement |
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Maturity Payment Amount (per Security) |
If the securities are not automatically called prior to the stated maturity date: ●if the ending price of the lowest performing Fund on the final calculation day is greater than or equal to its downside threshold price: $1,000; or ●if the ending price of the lowest performing Fund on the final calculation day is less than its downside threshold price: $1,000 × performance factor of the lowest performing Fund on the final calculation day |
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Lowest Performing Fund |
For any calculation day, the “lowest performing Fund” will be the Fund with the lowest performance factor on that calculation day |
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Performance Factor |
With respect to a Fund on any calculation day, its fund closing price on such calculation day divided by its starting price (expressed as a percentage) |
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Stated Maturity Date* |
July 27, 2028, subject to postponement |
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Starting Price |
For each Fund, its fund closing price on the pricing date |
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Ending Price |
For each Fund, its fund closing price on the final calculation day |
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Coupon Threshold Price |
For each Fund, 70.00% of its starting price |
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Downside Threshold Price |
For each Fund, 70.00% of its starting price |
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Calculation Agent |
Scotia Capital Inc., an affiliate of the Bank |
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Denominations |
$1,000 and any integral multiple of $1,000 |
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Agents** |
Scotia Capital (USA) Inc. and Wells Fargo Securities, LLC (“WFS”). WFS will receive a discount of up to 2.575%; dealers, including Wells Fargo Advisors, LLC (“WFA”), may receive a selling concession of up to 1.75%, and WFA may receive a distribution expense fee of 0.075%. |
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CUSIP / ISIN |
06419DBG7/ US06419DBG79 |
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Material Canadian and U.S. Tax Consequences |
See the preliminary pricing supplement. |
* Subject to change.
** In respect of certain securities, we may pay a fee of up to $3.00 per security to selected securities dealers for marketing and other services in connection with the distribution of the securities to other securities dealers.
Hypothetical Payout Profile
If the securities are not automatically called prior to stated maturity and the ending price of the lowest performing Fund on the final calculation day is less than its downside threshold price, you will lose more than 30%, and possibly all, of the face amount of your securities at stated maturity.
Any return on the securities will be limited to the sum of your contingent coupon payments, if any. You will not participate in any appreciation of any Fund, but you will have full downside exposure to the lowest performing Fund on the final calculation day if the ending price of that Fund is less than its downside threshold price.
If the securities priced today, the estimated value of the securities would be between $912.33 (91.233%) and $942.33 (94.233%) per security. See “The Bank’s Estimated Value of the Securities” in the preliminary pricing supplement.
Preliminary pricing supplement: http://www.sec.gov/Archives/edgar/data/9631/000183988225038281/bns_424b2-20913.htm
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The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See “Selected Risk Considerations” in this term sheet, “Selected Risk Considerations” in the preliminary pricing supplement and “Risk Factors” in the product supplement, prospectus supplement and prospectus. This introductory term sheet does not provide all the information that an investor should consider prior to making an investment decision. This term sheet should be read in conjunction with the preliminary pricing supplement, underlier supplement, product supplement, prospectus supplement, and prospectus. NOT A BANK DEPOSIT AND NOT INSURED OR GUARANTEED BY THE FDIC OR ANY OTHER GOVERNMENTAL AGENCY |
Selected Risk Considerations
The risks set forth below are discussed in detail in “Selected Risk Considerations” in the preliminary pricing supplement and “Risk Factors” in the product supplement, prospectus supplement and prospectus. Please review those risk disclosures carefully.
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Risks Relating To The Securities Generally ●If The Securities Are Not Automatically Called Prior To Stated Maturity, You May Lose Some Or All Of The Face Amount Of Your Securities At Stated Maturity. ●The Securities Do Not Provide For Fixed Payments Of Interest And You May Receive No Coupon Payments On One Or More Contingent Coupon Payment Dates, Or Even Throughout The Entire Term Of The Securities. ●The Securities Are Subject To The Full Risks Of Each Fund And Will Be Negatively Affected If Any Fund Performs Poorly, Even If Another Fund Performs Favorably. ●Your Return On The Securities Will Depend Solely On The Performance Of The Fund That Is The Lowest Performing Fund On Each Calculation Day, And You Will Not Benefit In Any Way From The Performance Of A Better Performing Fund. ●You Will Be Subject To Risks Resulting From The Relationship Among The Funds. ●You May Be Fully Exposed To The Decline In The Lowest Performing Fund On The Final Calculation Day From Its Starting price, But Will Not Participate In Any Positive Performance Of Any Fund. ●Higher Contingent Coupon Rates Are Associated With Greater Risk. ●You Will Be Subject To Reinvestment Risk. Risks Relating To An Investment In the Bank’s Debt Securities, Including The Securities ●Your Investment Is Subject To The Credit Risk Of The Bank. Risks Relating To The Estimated Value Of The Securities And Any Secondary Market ●The Inclusion Of Dealer Spread And Projected Profit From Hedging In The Original Offering Price Is Likely To Adversely Affect Secondary Market Prices. ●The Bank's Estimated Value Of The Securities Will Be Lower Than The Original Offering Price Of The Securities. ●The Bank's Estimated Value Does Not Represent Future Values Of The Securities And May Differ From Others' Estimates. ●The Bank's Estimated Value Is Not Determined By Reference To Credit Spreads For Our Conventional Fixed-Rate Debt. ●If The Prices Of The Funds Or Their Constituent Stocks Change, The Market Value Of Your Securities May Not Change In The Same Manner. ●The Price At Which The Securities May Be Sold Prior To Maturity Will Depend On A Number Of Factors And May Be Substantially Less Than The Amount For Which They Were Originally Purchased. ●The Securities Lack Liquidity. |
Risks Relating To The Funds ●Investing In The Securities Is Not The Same As Investing In The Funds. ●Historical Values Of A Market Measure Should Not Be Taken As An Indication Of The Future Performance Of Such Market Measure During The Term Of The Securities. ●Changes That Affect A Fund Or Its Fund Underlying Index May Adversely Affect The Value Of The Securities And Any Payments On The Securities. ●We, The Agents And Our Respective Affiliates Cannot Control Actions By Any Of The Unaffiliated Companies Whose Securities Are Included In A Fund Or Its Fund Underlying Index. ●We, The Agents And Our Respective Affiliates Have No Affiliation With Any Fund Sponsor Or Fund Underlying Index Sponsor And Have Not Independently Verified Their Public Disclosure Of Information. ●An Investment Linked To The Shares Of A Fund Is Different From An Investment Linked To Its Fund Underlying Index. ●There Are Management And Liquidity Risks Associated With A Fund. ●Anti-dilution Adjustments Relating To The Shares Of A Fund Do Not Address Every Event That Could Affect Such Shares. ●The Securities Are Subject To Risks Associated With The Sector Tracked By Each Fund. Risks Relating To Hedging Activities And Conflicts Of Interest ●A Participating Dealer Or Its Affiliates May AG真人官方ize Hedging Profits Projected By Its Proprietary Pricing Models In Addition To Any Selling Concession And/Or Any Distribution Expense Fee, Creating A Further Incentive For The Participating Dealer To Sell The Securities To You. ●Hedging Activities By The Bank And/Or The Agents May Negatively Impact Investors In The Securities And Cause Our Respective Interests And Those Of Our Clients And Counterparties To Be Contrary To Those Of Investors In The Securities. ●Market Activities By The Bank Or The Agents For Their Own Respective Accounts Or For Their Respective Clients Could Negatively Impact Investors In The Securities. ●The Bank, The Agents And Their Respective Affiliates Regularly Provide Services To, Or Otherwise Have Business Relationships With, A Broad Client Base, Which Has Included And May Include Issuers Of An Underlying Stock, The Sponsor Or Investment Advisor For A Fund And/Or The Issuers Of Securities Included In An Index Or Held By A Fund. ●Other Investors In The Securities May Not Have The Same Interests As You. ●There Are Potential Conflicts Of Interest Between You And The Calculation Agent. ●A Contingent Coupon Payment Date, A Call Settlement Date And The Stated Maturity Date May Be Postponed If A Calculation Day Is Postponed. Risks Relating to Canadian and U.S. Federal Income Taxation ●The Tax Consequences Of An Investment In The Securities Are Unclear. Significant aspects of the tax treatment of the securities are uncertain. You should consult your tax advisor about your tax situation. See “Canadian Income Tax Consequences” and “U.S. Federal Income Tax Consequences” in the preliminary pricing supplement. |
The Bank has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Bank has filed with the SEC for more complete information about the Bank and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Bank, any Underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling your financial advisor or by calling Wells Fargo Securities, LLC at 866-346-7732.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.
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