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The Bank of Nova Scotia (BNS) is offering unsecured Autocallable Contingent Coupon Notes due August 3, 2028 that are linked to the common stock of Palantir Technologies Inc. (PLTR). The preliminary pricing supplement outlines a three-year product (trade date: July 31 2025; settlement: Aug 5 2025) with quarterly observation dates. Investors purchase in $1,000 denominations and face the full credit risk of BNS; the notes rank pari passu with the Bank鈥檚 other senior unsecured debt and are not CDIC/FDIC insured.

Return mechanics

• Contingent coupon: at least $59.375 per note per quarter (鈮� 23.75% p.a.) if, on an observation date, PLTR鈥檚 closing value is 鈮� 60 % of the initial value (the 鈥淐ontingent Coupon Barrier鈥�). Coupons are not guaranteed.
• Automatic call: the notes redeem early at $1,000 plus the applicable coupon if PLTR closes 鈮� its initial value on any observation date. Early redemption can occur as soon as the first quarter.
• Principal protection: none. If not called and PLTR鈥檚 final value is < 60 % of initial, repayment is $1,000 + ($1,000 脳 return), exposing the investor to up to 100 % loss.

Key risk-return features

• Initial estimated value: $924.60 鈥� $954.60 (92.46 % 鈥� 95.46 % of issue price) due to distribution costs, hedging and the Bank鈥檚 internal funding rate.
• Liquidity: the notes will not be listed; secondary trading, if any, will rely on Scotia Capital (USA) Inc. and may be at materially discounted prices.
• Barrier and coupon thresholds are set at 60 % of initial value, giving a 40 % downside cushion but concentrating risk in a single equity with high volatility.
• Complex tax treatment with uncertain U.S. tax characterisation; Section 871(m) and FATCA considerations highlighted.
• Conflicts of interest: Scotia Capital is both underwriter and calculation agent; hedging activities may affect PLTR鈥檚 price.

The product appeals to investors seeking elevated income and willing to accept equity, issuer credit, liquidity and structural risks, as well as potential loss of principal. Suitability requires the ability to hold to maturity and comfort with PLTR鈥檚 volatility and BNS鈥檚 credit profile.

The Bank of Nova Scotia (BNS) is offering US$2.961 million of senior unsecured Digital Notes linked to the EURO STOXX 50庐 Index, maturing on 21 May 2027 (approx. 22-month tenor from 16 Jul 2025 issue date).

Key economic terms

• Principal per note: US$1,000; minimum investment US$1,000.
• Initial index level: 5,445.65 (9 Jul 2025 close).
• Downside buffer: Investors are fully protected down to 85% of the initial level; below that, losses accelerate at 117.65% of any decline beyond -15%.
• Upside payoff: If the final index level is 鈮�85% of the initial level, the investor receives a fixed threshold settlement amount of US$1,156.20 (15.62% gross return, equivalent to ~8.5% annualised).
• Cap level: 115.62% of the initial index level; any index appreciation above this level does not increase the payout.
• No periodic coupons; payment occurs only at maturity.
• Initial estimated value: US$988.70 per US$1,000 (1.13% below issue price) due to internal funding rate and hedging costs.
• No underwriting commissions; Scotia Capital (USA) Inc. distributes on a principal basis and may act as market-maker.
• Not listed on any exchange; secondary liquidity solely dependent on dealer interest.

Risk highlights

• Investors may lose up to 100% of principal if the index falls more than 15%.
• Return is capped at 15.62%; investors forego all dividends and any upside beyond the cap.
• Credit exposure to BNS; notes are unsubordinated, unsecured, and not CDIC/FDIC insured.
• Estimated value < issue price; secondary market likely at a discount, especially before 9 Oct 2025 when dealer premium amortises to zero.
• Eurozone equity and FX risks (index components priced in euros, payout in USD).

Strategic use: Suitable only for investors seeking short-dated, buffered access to European equities with a defined maximum return, who can tolerate credit risk, illiquidity and a potential full loss of capital.

The Bank of Nova Scotia (BNS) is offering US $7.482 million of three-year Autocallable Contingent Coupon Notes linked to UnitedHealth Group Inc. (UNH) common stock. The notes are senior, unsecured and unsubordinated obligations of BNS and are subject to the bank鈥檚 credit risk; they are not CDIC- or FDIC-insured and will not be listed on any exchange.

Key economic terms

• Principal Amount: US $1,000 per note (minimum purchase US $1,000).
• Issue price: 100% of principal; initial estimated value: US $955.90 (4.4% below offering price).
• Reference Asset: UNH common stock (Initial Value $299.51).
• Coupons: Contingent, US $52.00 per note per quarter (20.80% p.a.) payable only if UNH鈥檚 closing price on the observation date 鈮� 80% of Initial Value.
• Automatic call: Occurs on any quarterly observation date if UNH closes 鈮� Initial Value; investor receives principal + due coupon, no further payments.
• Barrier/Contingent Coupon Barrier: 80% of Initial Value (US $239.61).
• Maturity payment (if not called): 100% principal if Final Value 鈮� Barrier; otherwise principal is reduced 1-for-1 with UNH decline below Initial Value, down to total loss.
• Trade date: 10-Jul-2025; Issue date: 15-Jul-2025 (T+3); Maturity: 6-Jul-2028.
• Underwriting discount: 2.0% (US $20 per note); net proceeds to BNS 98%.

Main risk factors

• No guaranteed coupons; investors may receive zero income.
• 100% downside exposure below the 20% protection barrier.
• Secondary market is expected to be illiquid; SCUSA may discontinue market-making at any time.
• The internal funding rate and hedging costs make initial fair value lower than issue price.
• Tax treatment is uncertain; investors should consult advisers.

Because the issuance size (US $7.5 million) is small relative to BNS鈥檚 balance sheet, the transaction is not expected to be material to the bank鈥檚 financial condition, but it presents typical structured-product risks to note purchasers.

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.

Bank of Nova Scotia (BNS) is offering $4.646 million of senior unsecured Autocallable Contingent Coupon Notes due 6 July 2028, linked to the price performance of Coinbase Global, Inc. (COIN). The notes settle on 15 July 2025, carry a minimum denomination of $1,000 and will not be listed on any exchange.

Coupon mechanics: Each quarter, investors receive a fixed $45.20 per $1,000 note (18.08% p.a.) only if COIN鈥檚 closing price on the relevant Contingent Coupon Observation Date is at or above the Contingent Coupon Barrier of $194.48 (50% of the $388.96 initial price). Missed barriers mean no coupon for that quarter.

Automatic call: On any observation date before maturity, if COIN closes at or above its initial value, the notes are automatically redeemed for 100% principal + the current coupon, terminating further payments. The earliest call can occur roughly three months after issuance.

Principal protection: None. If the notes are not called and COIN鈥檚 final value on 30 June 2028 is below the Barrier Value ($194.48), investors incur a dollar-for-dollar loss beyond the 50% threshold, potentially losing their entire principal.

Credit & pricing details: The notes are direct, unsubordinated obligations of BNS and rank pari passu with its other senior debt. Initial estimated value is $959.60 per $1,000 (鈮�95.96% of issue price) reflecting a 2% underwriting discount. Scotia Capital (USA) Inc., an affiliate, is the calculation agent and market-maker, creating potential conflicts of interest. The product is neither CDIC nor FDIC insured.

• Trade Date: 10 July 2025 | Maturity: 6 July 2028
• Barrier & Coupon barrier: 50% of initial value
• Quarterly observation/payment schedule from 30 Sep 2025 to maturity
• CUSIP / ISIN: 06419DAE3 / US06419DAE31

Key risks: (1) exposure to COIN single-stock volatility; (2) contingent, non-guaranteed coupons; (3) potential loss of up to 100% principal; (4) limited liquidity and pricing transparency; (5) BNS credit risk; (6) conflicts arising from affiliate roles in structuring, hedging and making a market.

The Bank of Nova Scotia (BNS) is offering unlisted, senior unsecured Autocallable Contingent Coupon Notes maturing 14 July 2028 that are linked to the price performance of Amazon.com, Inc. (AMZN). Investors pay 100% of principal but the bank estimates fair value between 93.7%-96.7%, reflecting selling and hedging costs.

Income mechanics: A fixed contingent coupon of at least 9.90% p.a. (鈮� $24.75 per $1,000) is paid only if AMZN鈥檚 closing price on each quarterly observation date is 鈮� 70% of the initial price (the 鈥淐ontingent Coupon Barrier鈥�). Missed coupons are not made up.

Autocall feature: If AMZN closes at or above its initial price on any observation date, the notes are automatically called at par plus the contingent coupon, terminating further payments. First call can occur three months after issuance, exposing holders to reinvestment risk.

Downside protection: If not called, principal is protected only so long as AMZN鈥檚 final price on 11 July 2028 is 鈮� 70% of the initial price (the 鈥淏arrier鈥�). Below that level, repayment equals $1,000 脳 (Final鈥�/鈥奍nitial), creating 1-for-1 downside exposure that may lead to a total loss of principal.

Key dates: Trade 11 Jul 2025, settle 16 Jul 2025 (T+3). Quarterly observation/payment dates run from Oct-2025 through Apr-2028. Final valuation on 11 Jul 2028 with maturity payment on 14 Jul 2028.

Other considerations: Notes are subject to the credit risk of BNS, will not be listed, and market-making (if any) will be by affiliate Scotia Capital (USA) Inc., creating potential conflicts of interest. Liquidity could be limited and secondary prices may be well below issue price, especially after a four-month window in which the dealer may temporarily support prices.

Minimum investment: $1,000 (CUSIP 06419DBE2). Investors forgo AMZN dividends and any upside above coupons.

The Bank of Nova Scotia (NYSE: BNS) has filed a Rule 424(b)(2) pricing supplement for the issuance of US$4.965 million aggregate principal amount of Digital Notes linked to the S&P 500 Index, maturing 9 June 2027. The zero-coupon notes are unsecured, unsubordinated senior obligations issued under the Bank鈥檚 Senior Note Program, Series A. They offer a binary payoff structure: if on the 7 June 2027 valuation date the S&P 500庐 closes at or above 87.5 % of the initial level (6,263.26), each US$1,000 note pays a fixed Maximum Payment Amount of US$1,159 (15.9 % upside cap). If the index finishes below the 87.5 % threshold, principal is exposed to downside at an accelerated Buffer Rate of ~114.29 %, translating to a loss of ~1.1429 % for every 1 % decline beyond the 12.5 % buffer鈥攑otentially down to total loss.

Key commercial terms

• Trade date: 9 July 2025; issue date: 16 July 2025 (T+5 settlement)
• CUSIP/ISIN: 06419DAD5 / US06419DAD57
• Original issue price: 100 % of principal; no underwriting commission disclosed
• Initial estimated value: US$990.50 per US$1,000 (鈮�0.95 % discount to par) driven by the bank鈥檚 internal funding rate
• Listing: none 鈥� the notes are expected to trade OTC, if at all, through Scotia Capital (USA) Inc. acting as market-maker
• Credit: direct obligations of BNS, ranking pari passu with other senior unsecured debt; not insured by CDIC or FDIC

Investor considerations

• Upside is capped at 15.9 % over ~23 months; any index gain above 15.9 % is forfeited.
• Partial downside buffer (12.5 %) offers limited capital protection only at maturity; interim market value can be volatile.
• No periodic coupons; return comprises a single maturity payment subject to BNS credit.
• Secondary liquidity likely thin; bid/ask levels determined by Scotia鈥檚 pricing models and could be well below intrinsic value, especially before 9 Oct 2025 when the built-in issuance premium amortises.
• Initial estimated value below par highlights embedded fees, hedging costs and funding spread.
• Tax treatment is uncertain; issuer and investors intend to treat the note as a prepaid derivative contract, but the IRS could require alternative treatment.

Issuer impact

The US$4.965 million raise is de-minimis relative to BNS鈥檚 balance sheet but provides low-cost, interest-free funding for 23 months and deepens the bank鈥檚 structured-products franchise in the U.S. retail market.

Bank of Nova Scotia (BNS) is offering senior unsecured Market-Linked Securities (Series A) that combine three complex features: (1) quarterly contingent coupons of at least 9.70% p.a.; (2) a quarterly auto-call mechanism beginning January 2026; and (3) contingent downside principal at risk tied to the lowest performing of three Select Sector SPDR ETFs 鈥� Communication Services (XLC), Energy (XLE) and Financials (XLF). The notes price on 30 July 2025, issue on 4 August 2025 and mature (unless earlier called) on 27 July 2028.

Cash-flow mechanics

• Face amount: $1,000 per security, offered at par.
• Contingent coupon: paid only if the lowest ETF closes 鈮� 70 % of its starting price on the quarterly calculation day (coupon threshold). Missed observations are forgone.
• Auto-call: if the lowest ETF closes 鈮� 100 % of its starting price on any calculation day from Jan-2026 through Apr-2028, holders receive $1,000 plus that quarter鈥檚 coupon and the notes terminate early.
• Maturity payment: if not called, investors receive:
    鈥� $1,000 if the lowest ETF closes 鈮� 70 % of its start level (downside threshold).
    鈥� $1,000 脳 performance factor if the lowest ETF is < 70 %, exposing investors to losses > 30 % and up to 100 % of principal.

Pricing economics

• Estimated value: $912.33鈥�$942.33 (91.233 %鈥�94.233 % of face), reflecting dealer spread (2.575 %) and hedging costs.
• Distribution: Scotia Capital (USA) sells to Wells Fargo Securities at up to $25.75 discount; selected dealers earn up to $17.50 concession plus $0.75 distribution fee.
• No exchange listing; secondary liquidity, if any, will be provided solely by Scotia Capital (USA).

Risk highlights (excerpted)

• Principal risk: if not called and any ETF falls > 30 %, loss mirrors the full decline from start level.
• Coupon risk: investors may receive few or no coupons if the lowest ETF closes < 70 % on observation dates.
• Concentration risk: return depends entirely on the weakest ETF, with no benefit from stronger sectors.
• Credit risk: payments are subject to BNS creditworthiness; the notes are not CDIC/FDIC-insured.
• Liquidity & pricing risk: secondary prices likely below par due to built-in spread and hedge unwind costs.

The securities suit investors seeking high potential income and willing to accept complex structure, potential early redemption, sector concentration, limited upside (no participation in ETF gains or dividends) and the possibility of losing more than 30 % of principal at maturity.

UBS AG is offering unsubordinated, unsecured Trigger Callable Contingent Yield Notes due 21 October 2027, linked to the Russell 2000 Index (RTY) and the S&P 500 Index (SPX). Each US$1,000 note pays a contingent coupon of 7.90% p.a. (US$19.75 per quarter) only if, on any quarterly observation date, the closing level of each index is at or above its coupon barrier (60 % of its initial level). If the requirement is not met, the coupon for that quarter is forfeited.

UBS may, at its sole discretion, call the notes in whole (not in part) on any observation date beginning nine months after issuance. Holders then receive the principal plus any due coupon on the related call-settlement date and the notes terminate.

If the notes are not called, the final payment at maturity depends on index performance: (i) if the final level of each index 鈮� downside threshold (also 60 % of initial level), investors receive the full principal; (ii) if the final level of any index < downside threshold, repayment equals principal multiplied by (1 + least-performing index return), exposing investors to a dollar-for-dollar loss below the threshold and potentially a total loss of principal.

Key dates include Trade Date 16 July 2025, Settlement 21 July 2025 (T+3), quarterly observations, Final Valuation 18 October 2027, and Maturity 21 October 2027. Estimated initial value is expected between US$950.50 鈥� US$980.50, below the issue price, reflecting dealer compensation (US$2.50 per note), hedging, and funding costs.

Principal risks highlight potential loss of principal, non-payment of coupons, reinvestment risk if called, liquidity limitations (no exchange listing), credit risk of UBS AG, market risk of each individual index, and Swiss resolution-authority powers that could impose write-downs in a UBS restructuring.

The product suits investors who understand structured-note risk, can tolerate loss of capital, and seek enhanced conditional income linked to U.S. equity indices. It is unsuitable for investors needing principal protection, guaranteed income, or broad market upside participation.