加拿大丰业银行美股招股说明书(2025-11-17版)

Subject to CompletionPRELIMINARY PRICING SUPPLEMENT Dated November 17, 2025Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-282565(To Prospectus dated November 8, 2024,Prospectus Supplement dated November 8, 2024, The Bank of Nova Scotia $• Capped In-GEARS Linked to the S&P 500®Index due on or about November 16, 2029Investment Description The Bank of Nova Scotia Capped In-GEARS (the “Securities”) are senior unsecured debt securities issued by The Bank of Nova Scotia (“BNS” or the “issuer”) linked to the S&P 500®Index(the “underlying asset”). The amount you receive at maturity will be based on the “underlying performance factor” of the underlying asset, which will equal the final leveldivided bythe initiallevel (expressed as a percentage). The “initial level” will be the arithmetic average of the closing level of the underlying asset on each trading day during the initial valuation period, and the“final level” will be the arithmetic average of the closing level of the underlying asset on each trading day during the final valuation period, each as described further on page P-2 herein. ●If the underlying performance factor is equal to or greater than 144%(meaning that the underlying performance factor is 144% or more, which equals an increase in the final level ofat least 44% from the initial level), BNS will pay you a cash payment per Security at maturity resulting in a return equal to the maximum gain of 57.50%.●If the underlying performance factor is equal to or greater than 98% and less than 144%, BNS will pay you a cash payment per Security at maturity resulting in a return equal to1.25timesthe difference between the underlying performance factor and 98%.●If the underlying performance factor is equal to or greater than 96% and less than 98%, BNS will pay you a cash payment per Security at maturity resulting in a return equal to0.00%. Investing in the Securities involves significant risks. The Securities do not pay interest. You may lose some or all of your investment in the Securities.The contingentrepaymentof principal applies only if you hold the Securities to maturity. Any payment on the Securities,including any repayment of principal,is subject to thecreditworthiness of BNS. If BNS were to default on its payment obligations you may not receive any amounts owed to you under the Securities and you could lose your entire Features ◼Exposure to Performance of the Underlying Asset up to the Maximum Gain:If theunderlying performance factor is at least 98%, at maturity the Securities will provide a positivereturn based on the excess of the underlying performance factor over 98% and otherwise as ◼Potential for Full Downside Market Exposure:If the underlying performance factor is equal toor greater than 96% and less than 98%, BNS will pay you a cash payment per Security atmaturity that is equal to the principal amount. If, however, the underlying performance factor isless than 96%, which equals a decrease from the initial level to the final level of more than 4%, oIf the underlying performance factor is less than 96% but equal to or greater than 92%(meaning that there is a decrease from the initial level to the final level of more than 4% but equal to or less than 8%), the percentage loss on your investment in the Securities will beequal to 2.00 times the difference between the underlying performance factor and 96%. In thisscenario, you will suffer a loss of 2.00% for each 1% that the underlying performance factor is **We expect to deliver the Securities against payment on the third business day following the tradedate. Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in thesecondary market generally are required to settle in one business day (T+1), unless the parties toa trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Securities inthe secondary market on any date prior to one business day before delivery of the Securities will oIf the underlying performance factor is less than 92%(meaning that there is a decreasefrom the initial level to the final level of more than 8%), the percentage loss on your investment will be equal to the percentage that the underlying performance factor is less than100%. In other words, you will be fully exposed to the negative performance oftheunderlyingasset from the initial level to the final level and, in extreme situations, you could lose all ofyour investment in the Securities. The contingent repayment of principal applies only if youhold the Securities to maturity. Any payment on the Securities, including any repayment ofprincipal, is subject to the creditworthiness of BNS. Notice to investors: the Securities are significantly riskier than conventional debt instruments. The issuer is not necessarily obligated to repay the principal amount of the Securities at maturity, and theSecurities may have the same downside market risk as that of an investment in the underlying asset. This market risk