Bank of Nova Scotia Equity Linked Securities linked to MSFT, NFLX, ORCL

Ticker: BNS · Form: 424B2 · Filed: 2026-04-07T14:38:33-04:00

Sentiment: neutral

Topics: structured-products, equity-linked, auto-callable

Related Tickers: MSFT, NFLX, ORCL

TL;DR

ScotiaBank launching auto-callable notes linked to MSFT, NFLX, ORCL – payout depends on the worst performer.

AI Summary

The Bank of Nova Scotia is offering Equity Linked Securities, specifically Market Linked Securities, linked to the lowest performing of Microsoft Corporation, Netflix, Inc., and Oracle Corporation common stock. These securities mature on April 13, 2029, and their payout depends on the performance of the worst-performing stock, with potential for auto-call. This is a preliminary pricing supplement filed on April 7, 2026.

Why It Matters

This filing details a new investment product from a major bank, offering investors exposure to specific tech stocks with a unique payout structure that is sensitive to the worst performer.

Risk Assessment

Risk Level: high — The securities are principal at risk and their return is contingent on the performance of the lowest performing underlying stock, making them highly sensitive to market volatility.

Key Players & Entities

FAQ

What type of securities are being offered by The Bank of Nova Scotia?

The Bank of Nova Scotia is offering Equity Linked Securities, specifically Market Linked Securities—Auto-Callable with Leveraged Upside Participation and Contingent Absolute Return and Contingent Downside.

Which specific stocks are the securities linked to?

The securities are linked to the common stock of Microsoft Corporation, the common stock of Netflix, Inc., and the common stock of Oracle Corporation.

What is the maturity date for these securities?

The maturity date for these securities is April 13, 2029.

What is the key feature that determines the payout of these securities?

The payout of these securities depends on the performance of the lowest performing of the three underlying stocks (Microsoft, Netflix, Oracle).

When was this preliminary pricing supplement dated?

This preliminary pricing supplement is dated April 7, 2026.

Filing Stats: 4,634 words · 19 min read · ~15 pages · Grade level 16 · Accepted 2026-04-07 14:38:33

Key Financial Figures

Filing Documents

From the Filing

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanying product supplement, prospectus supplement and prospectus are not an offer to sell these securities and we are not soliciting an offer to buy these securities in any state where the offer or sale is not permitted. PRELIMINARY PRICING SUPPLEMENT Subject To Completion, dated April 7, 2026 Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-282565 (To Product Supplement No. WF-1 dated November 8, 2024, Prospectus Supplement dated November 8, 2024 and Prospectus dated November 8, 2024) The Bank of Nova Scotia Senior Note Program, Series A Equity Linked Securities Market Linked Securities—Auto-Callable with Leveraged Upside Participation and Contingent Absolute Return and Contingent Downside Principal at Risk Securities Linked to the Lowest Performing of the common stock of Microsoft Corporation, the common stock of Netflix, Inc. and the common stock of Oracle Corporation due April 13, 2029 Linked to the lowest performing of the common stock of Microsoft Corporation, the common stock of Netflix, Inc. and the common stock of Oracle Corporation (each referred to as an "Underlying Stock", and collectively as the "Underlying Stocks") Unlike ordinary debt securities, the securities do not pay interest, do not repay a fixed amount of principal at maturity and are subject to potential automatic call upon the terms described below. Whether the securities are automatically called for a fixed call premium or, if not automatically called, the maturity payment amount, will depend, in each case, on the performance of the lowest performing Underlying Stock. The lowest performing Underlying Stock on the call date or the final calculation day is the Underlying Stock with the lowest underlying stock return on that day, calculated for each Underlying Stock as the percentage change from its starting price to its stock closing price on that day Automatic Call. If the stock closing price of the lowest performing Underlying Stock on the call date occurring approximately one year after issuance is greater than or equal to its starting price, the securities will be automatically called for the face amount plus a call premium of 50.00% of the face amount Maturity Payment Amount. If the securities are not automatically called, you will receive a maturity payment amount that could be greater than, equal to or less than the face amount depending on the ending price of the lowest performing Underlying Stock on the final calculation day as follows: If the ending price of the lowest performing Underlying Stock on the final calculation day is greater than its starting price, you will receive the face amount plus a positive return equal to at least 425% (to be determined on the pricing date) of the percentage increase in the price of the lowest performing Underlying Stock from its starting price If the ending price of the lowest performing Underlying Stock on the final calculation day is less than or equal to its starting price, but greater than or equal to 50% of its starting price (its "threshold price"), you will receive the face amount plus a positive return equal to the absolute value of the percentage decline in the price of the lowest performing Underlying Stock from its starting price to its ending price, which will effectively be capped at a positive return of 50% If the ending price of the lowest performing Underlying Stock on the final calculation day is less than its threshold price, you will have full downside exposure to the decrease in the price of the lowest performing Underlying Stock from its starting price and you will lose more than 50%, and possibly all, of the face amount of your securities Investors may lose a significant portion or all of the face amount If the securities are automatically called, the positive return on the securities will be limited to the call premium, and you will not participate in any appreciation of the lowest performing Underlying Stock, which may be significant. If the securities are automatically called, you will no longer have the opportunity to participate in any appreciation of any Underlying Stock at the upside participation rate Your return on the securities will depend solely on the performance of the Underlying Stock that is the lowest performing Underlying Stock on the call date and the final calculation day. You will not benefit in any way from the performance of a better performing Underlying Stock. Therefore, you will be adversely affected if any Underlying Stock performs poorly, even if the other Underlying Stock performs favorably All payments on the securities are subject to the credit risk of The Bank of Nova Scotia (the "Bank") No periodic interest payments or dividends No exchange listing; designed to be held to maturity If the securities priced today, the estimated value

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