BANK OF NOVA SCOTIA

TORONTO, A6 · CIK 9631 · 13F filing filed 2025-07-02

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Legal entityTHE BANK OF NOVA SCOTIA (CA)

Other 13F filers in this group: SCOTIA CAPITAL INC. $26.8bn, SCOTIA CAPITAL (USA) INC files a notice, Scotia Administradora General De Fondos Chile S.A. files a notice

$57.2bn reported value +15.3% vs Q3 2024

955positions

39.6%in top 10

129 new 510 added 290 reduced 101 sold out vs Q3 2024

Options: 1 call positions ($159.2k notional), 93 put positions ($51.1m notional) – listed below, not included above.

This report includes the holdings of 5 other managers that share the investment decisions:

Bank of Nova Scotia Trust Co (Bahamas) Ltd – reports through this filing
Profuturo AFP S.A. – reports through this filing
SCOTIA CAPITAL (USA) INC – reports through this filing
Scotia Administradora General De Fondos Chile S.A. – reports through this filing
Scotia Fondos, S.A. de C.V., Sociedad Operadora de Fondos de Inversion, Grupo Financiero Scotiabank Inverlat – reports through this filing

Also in the report of:

SCOTIA CAPITAL INC. – $15.2bn of shares are in both reports
BANK OF NOVA SCOTIA TRUST CO
JARISLOWSKY, FRASER Ltd

Shares in two reports are counted once in each security's totals.

Holdings, Q4 2024

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	NVIDIA CORPORATION COM NVDA	NVDA	36,540,681	$4.9bn8.58%	8.58%	Added +10.5m	+10,462,442 40.1%
2	MICROSOFT CORP COM MSFT	MSFT	8,386,912	$3.5bn6.18%	6.18%	Added +1.9m	+1,872,472 28.7%
3	KEYCORP COM KEY	KEY	162,933,726	$2.8bn4.88%	4.88%	Added +115.0m	+115,007,162 240.0%
4	APPLE INC COM AAPL	AAPL	10,980,520	$2.7bn4.81%	4.81%	Reduced -622.5k	-622,541 -5.4%
5	ROYAL BK CDA COM RY	RY	15,552,625	$1.9bn3.28%	3.28%	Reduced -2.7m	-2,687,035 -14.7%
6	TORONTO DOMINION BK ONT COM NEW TD	TD	33,401,565	$1.8bn3.11%	3.11%	Reduced -3.1m	-3,096,088 -8.5%
7	ALPHABET INC CAP STK CL A GOOGL	GOOGL	7,461,943	$1.4bn2.47%	2.47%	Added +2.6m	+2,579,037 52.8%
8	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	2,354,951	$1.4bn2.41%	2.41%	Added +17.3k	+17,287 0.7%
9	BROADCOM INC COM AVGO	AVGO	4,943,146	$1.1bn2.00%	2.00%	Added +98.5k	+98,510 2.0%
10	CANADIAN IMPERIAL BANK OF CO COM CM	CM	17,194,262	$1.1bn1.90%	1.90%	Reduced -5.6m	-5,632,739 -24.7%
11	META PLATFORMS INC CL A META	META	1,765,452	$1.0bn1.81%	1.81%	Added +274.9k	+274,908 18.4%
12	AMAZON COM INC COM AMZN	AMZN	4,426,923	$971.4m1.70%	1.70%	Reduced -494.7k	-494,745 -10.1%
13	ALPHABET INC CAP STK CL C GOOG	GOOG	5,017,253	$955.6m1.67%	1.67%	Added +2.4m	+2,395,939 91.4%
14	BANK MONTREAL QUE COM BMO	BMO	8,907,412	$864.6m1.51%	1.51%	Reduced -5.1m	-5,117,079 -36.5%
15	ISHARES TR CORE S&P500 ETF IVV	IVV	1,355,711	$798.1m1.40%	1.40%	Reduced -40.1k	-40,066 -2.9%
16	BROOKFIELD CORP CL A LTD VT SH BN	BN	11,730,863	$674.1m1.18%	1.18%	Reduced -2.5m	-2,469,604 -17.4%
17	TESLA INC COM TSLA	TSLA	1,652,554	$667.4m1.17%	1.17%	Added +546.1k	+546,058 49.4%
18	ENBRIDGE INC COM ENB	ENB	10,995,813	$466.6m0.82%	0.82%	Reduced -13.3m	-13,268,537 -54.7%
19	BCE INC COM NEW BCE	BCE	19,945,799	$462.3m0.81%	0.81%	Added +3.6m	+3,624,953 22.2%
20	TC ENERGY CORP COM TRP	TRP	9,420,556	$439.0m0.77%	0.77%	Reduced -11.4m	-11,448,035 -54.9%
21	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	949,462	$430.4m0.75%	0.75%	Added +515.9k	+515,918 119.0%
22	JPMORGAN CHASE & CO COM JPM	JPM	1,753,991	$420.5m0.74%	0.74%	Added +827.2k	+827,164 89.2%
23	TELUS CORPORATION COM TU	TU	30,219,141	$409.7m0.72%	0.72%	Added +6.7m	+6,659,564 28.3%
24	CANADIAN NAT RES LTD COM CNQ	CNQ	13,003,440	$401.4m0.70%	0.70%	Reduced -10.0m	-10,003,416 -43.5%
25	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	3,771,550	$401.3m0.70%	0.70%	Reduced -2.0m	-2,017,540 -34.9%
26	MANULIFE FINL CORP COM MFC	MFC	13,053,016	$400.9m0.70%	0.70%	Reduced -3.4m	-3,376,670 -20.6%
27	SUNCOR ENERGY INC NEW COM SU	SU	9,478,793	$338.3m0.59%	0.59%	Reduced -2.7m	-2,650,217 -21.9%
28	ADVANCED MICRO DEVICES INC COM AMD	AMD	2,791,756	$337.2m0.59%	0.59%	Added +1.1m	+1,135,421 68.5%
29	SUN LIFE FINANCIAL INC. COM SLF	SLF	5,513,269	$327.3m0.57%	0.57%	Reduced -1.5m	-1,533,469 -21.8%
30	UNITEDHEALTH GROUP INC COM UNH	UNH	635,455	$321.5m0.56%	0.56%	Added +345.8k	+345,799 119.4%
31	QUALCOMM INC COM QCOM	QCOM	2,031,344	$312.1m0.55%	0.55%	Added +947.8k	+947,815 87.5%
32	SALESFORCE INC COM CRM	CRM	895,128	$299.3m0.52%	0.52%	Added +199.9k	+199,938 28.8%
33	ELI LILLY & CO COM LLY	LLY	366,407	$282.9m0.49%	0.49%	Added +177.8k	+177,831 94.3%
34	CANADIAN NATL RY CO COM CNI	CNI	2,757,030	$279.9m0.49%	0.49%	Reduced -160.9k	-160,874 -5.5%
35	COSTCO WHSL CORP NEW COM COST	COST	300,903	$275.8m0.48%	0.48%	Added +21.6k	+21,622 7.7%
36	FORTIS INC COM FTS	FTS	6,496,859	$269.9m0.47%	0.47%	Reduced -1.8m	-1,825,297 -21.9%
37	BANK AMERICA CORP COM BAC	BAC	6,134,824	$269.6m0.47%	0.47%	Added +2.7m	+2,700,965 78.7%
38	HYATT HOTELS CORP COM CL A H	H	1,716,986	$269.5m0.47%	0.47%	Added +37.1k	+37,057 2.2%
39	PEMBINA PIPELINE CORP COM PBA	PBA	7,106,517	$262.5m0.46%	0.46%	Reduced -1.2m	-1,152,763 -14.0%
40	LAM RESEARCH CORP COM NEW LRCX	LRCX	3,390,249	$244.9m0.43%	0.43%	New
41	NUTRIEN LTD COM NTR	NTR	5,316,035	$238.9m0.42%	0.42%	Added +596.0k	+595,994 12.6%
42	ROGERS COMMUNICATIONS INC CL B RCI	RCI	7,736,202	$237.8m0.42%	0.42%	Added +1.3m	+1,320,200 20.6%
43	CANADIAN PACIFIC KANSAS CITY COM CP	CP	3,050,397	$220.8m0.39%	0.39%	Reduced -1.4m	-1,434,122 -32.0%
44	WALMART INC COM WMT	WMT	2,365,753	$213.7m0.37%	0.37%	Added +237.1k	+237,087 11.1%
45	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	704,099	$206.1m0.36%	0.36%	Added +380.8k	+380,834 117.8%
46	AGNICO EAGLE MINES LTD COM AEM	AEM	2,573,155	$201.3m0.35%	0.35%	Reduced -163.9k	-163,892 -6.0%
47	MERCK & CO INC COM MRK	MRK	1,958,802	$194.9m0.34%	0.34%	Added +744.5k	+744,509 61.3%
48	ISHARES TR CHINA LG-CAP ETF FXI	FXI	6,290,029	$191.5m0.33%	0.33%	Added +6.1m	+6,145,443 4250.4%
49	SHERWIN WILLIAMS CO COM SHW	SHW	556,731	$189.3m0.33%	0.33%	Added +235.6k	+235,608 73.4%
50	CITIGROUP INC COM NEW C	C	2,683,066	$188.9m0.33%	0.33%	Added +1.6m	+1,594,950 146.6%
51	NETFLIX INC COM NFLX	NFLX	211,759	$188.7m0.33%	0.33%	Added +111.2k	+111,153 110.5%
52	DISNEY WALT CO COM DIS	DIS	1,657,581	$184.6m0.32%	0.32%	Added +1.2m	+1,208,156 268.8%
53	HONEYWELL INTL INC COM COM		797,180	$180.1m0.31%	0.31%	Added +69.6k	+69,578 9.6%
54	PHILIP MORRIS INTL INC COM PM	PM	1,469,536	$176.9m0.31%	0.31%	Added +1.2m	+1,181,222 409.7%
55	WELLS FARGO CO NEW COM WFC	WFC	2,428,697	$170.6m0.30%	0.30%	Added +796.3k	+796,328 48.8%
56	CATERPILLAR INC COM CAT	CAT	453,845	$164.6m0.29%	0.29%	Reduced -130.5k	-130,533 -22.3%
57	VANECK ETF TRUST SEMICONDUCTR ETF SMH	SMH	679,428	$164.5m0.29%	0.29%	Reduced -175.6k	-175,570 -20.5%
58	VERIZON COMMUNICATIONS INC COM VZ	VZ	4,042,137	$161.6m0.28%	0.28%	Reduced -220.9k	-220,866 -5.2%
59	INVESCO EXCH TRADED FD TR II NASDAQ 100 ETF QQQM	QQQM	754,110	$158.7m0.28%	0.28%	New
60	ABBVIE INC COM ABBV	ABBV	888,702	$157.9m0.28%	0.28%	Added +51.6k	+51,554 6.2%
61	CISCO SYS INC COM CSCO	CSCO	2,646,681	$156.7m0.27%	0.27%	Added +1.1m	+1,121,857 73.6%
62	AT&T INC COM T	T	6,733,727	$153.3m0.27%	0.27%	Added +403.3k	+403,275 6.4%
63	PEPSICO INC COM PEP	PEP	992,900	$151.0m0.26%	0.26%	Added +560.7k	+560,702 129.7%
64	HUBSPOT INC NOTE 0.375% 6/0 · principal HUBS 0.375 06.01.25 · principal	HUBS 0.375 06.01.25	59,837,000	$149.2m0.26%	0.26%	New
65	BOEING CO COM BA	BA	837,043	$148.2m0.26%	0.26%	Added +737.9k	+737,872 744.0%
66	HOME DEPOT INC COM HD	HD	376,808	$146.6m0.26%	0.26%	Added +95.6k	+95,586 34.0%
67	ADOBE INC COM ADBE	ADBE	328,615	$146.1m0.26%	0.26%	Added +20.1k	+20,086 6.5%
68	GOLDMAN SACHS GROUP INC COM GS	GS	247,370	$141.7m0.25%	0.25%	Added +64.7k	+64,690 35.4%
69	WILLIAMS COS INC COM WMB	WMB	2,613,284	$141.4m0.25%	0.25%	Added +477.3k	+477,309 22.4%
70	PROCTER AND GAMBLE CO COM PG	PG	822,127	$137.8m0.24%	0.24%	Reduced -137.8k	-137,803 -14.4%
71	APPLIED MATLS INC COM AMAT	AMAT	830,913	$135.1m0.24%	0.24%	Added +342.0k	+341,959 69.9%
72	VISA INC COM CL A V	V	426,549	$134.9m0.24%	0.24%	Added +20.4k	+20,389 5.0%
73	RTX CORPORATION COM RTX	RTX	1,147,094	$132.7m0.23%	0.23%	Added +762.3k	+762,308 198.1%
74	CADENCE DESIGN SYSTEM INC COM CDNS	CDNS	436,139	$131.1m0.23%	0.23%	Added +268.6k	+268,609 160.3%
75	CREDICORP LTD COM BAP	BAP	712,185	$130.6m0.23%	0.23%	Reduced -185.2k	-185,184 -20.6%
76	GE AEROSPACE COM NEW GE	GE	772,795	$128.9m0.23%	0.23%	Added +545.4k	+545,379 239.8%
77	PROGRESSIVE CORP COM PGR	PGR	524,199	$125.7m0.22%	0.22%	Reduced -13.9k	-13,884 -2.6%
78	PALO ALTO NETWORKS INC NOTE 0.375% 6/0 · principal PANW 0.375 06.01.25 · principal	PANW 0.375 06.01.25	33,364,000	$122.5m0.21%	0.21%	New
79	BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS BAM	BAM	2,241,920	$121.5m0.21%	0.21%	Reduced -621.2k	-621,188 -21.7%
80	COMPANIA DE MINAS BUENAVENTU SPONSORED ADR BVN	BVN	10,530,346	$121.3m0.21%	0.21%	Reduced -2.3m	-2,332,363 -18.1%
81	AMGEN INC COM AMGN	AMGN	464,512	$121.1m0.21%	0.21%	Added +311.6k	+311,604 203.8%
82	ISHARES TR RUSSELL 2000 ETF IWM	IWM	539,463	$119.2m0.21%	0.21%	Added +519.2k	+519,240 2567.6%
83	S&P GLOBAL INC COM SPGI	SPGI	235,560	$117.3m0.21%	0.21%	Added +133.0k	+133,018 129.7%
84	PFIZER INC COM PFE	PFE	4,313,639	$114.5m0.20%	0.20%	Added +984.8k	+984,840 29.6%
85	BROOKFIELD INFRAST PARTNERS LP INT UNIT BIP	BIP	3,596,017	$114.3m0.20%	0.20%	Reduced -749.7k	-749,733 -17.2%
86	ANALOG DEVICES INC COM ADI	ADI	537,623	$114.2m0.20%	0.20%	Added +431.1k	+431,125 404.8%
87	DANAHER CORPORATION COM DHR	DHR	497,109	$114.1m0.20%	0.20%	Added +279.0k	+278,975 127.9%
88	MARVELL TECHNOLOGY INC COM MRVL	MRVL	1,027,661	$113.5m0.20%	0.20%	Added +986.6k	+986,628 2404.5%
89	CENOVUS ENERGY INC COM CVE	CVE	7,335,029	$111.2m0.19%	0.19%	Reduced -1.7m	-1,665,757 -18.5%
90	ORACLE CORP COM ORCL	ORCL	665,244	$110.9m0.19%	0.19%	Added +376.4k	+376,363 130.3%
91	EXXON MOBIL CORP COM XOM	XOM	982,295	$105.7m0.18%	0.18%	Added +44.3k	+44,300 4.7%
92	SSGA ACTIVE ETF TR BLACKSTONE SENR SRLN	SRLN	2,525,900	$105.4m0.18%	0.18%	Added +726.6k	+726,645 40.4%
93	CHUBB LIMITED COM CB	CB	378,641	$104.6m0.18%	0.18%	Added +329.8k	+329,797 675.2%
94	INTUIT COM INTU	INTU	166,438	$104.6m0.18%	0.18%	Added +76.9k	+76,880 85.8%
95	ISHARES TR RUS 1000 VAL ETF IWD	IWD	541,657	$100.3m0.18%	0.18%	Added +142.3k	+142,326 35.6%
96	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	187,623	$98.0m0.17%	0.17%	Added +18.4k	+18,391 10.9%
97	DISCOVER FINL SVCS COM DFS	DFS	561,405	$97.3m0.17%	0.17%	Added +379.7k	+379,673 208.9%
98	UNION PAC CORP COM UNP	UNP	422,485	$96.3m0.17%	0.17%	Added +335.9k	+335,855 387.7%
99	MONOLITHIC PWR SYS INC COM MPWR	MPWR	161,800	$95.7m0.17%	0.17%	Added +150.4k	+150,406 1320.0%
100	MASTERCARD INCORPORATED CL A MA	MA	179,510	$94.6m0.17%	0.17%	Reduced -71.7k	-71,737 -28.6%

Sold out since Q3 2024

Security	Ticker	Shares held before	Value then
PALO ALTO NETWORKS INC PANW 0.375 06.01.25	PANW 0.375 06.01.25	92,130,000	$317.3m92.1m shares
CATALENT INC CTLT	CTLT	1,538,562	$93.2m1.5m shares
BOOKING HOLDINGS INC BKNG 0.75 05.01.25	BKNG 0.75 05.01.25	40,000,000	$89.9m40.0m shares
SPDR SER TR XRT	XRT	1,000,000	$77.7m1.0m shares
ISHARES TR INDA	INDA	1,161,300	$68.0m1.2m shares
HUBSPOT INC HUBS 0.375 06.01.25	HUBS 0.375 06.01.25	30,000,000	$56.7m30.0m shares
ARISTA NETWORKS INC		577,416	$55.4m577.4k shares
LAM RESEARCH CORP		556,560	$45.4m556.6k shares
MONGODB INC MDB 0.25 01.15.26	MDB 0.25 01.15.26	27,000,000	$37.5m27.0m shares
GLOBAL X FDS COPX	COPX	761,575	$36.0m761.6k shares
KRANESHARES TRUST KWEB	KWEB	964,053	$32.8m964.1k shares
ISHARES TR IEI	IEI	166,400	$19.9m166.4k shares
BLACKROCK INC BLK	BLK	19,690	$18.7m19.7k shares
VANECK ETF TRUST EMLC	EMLC	693,000	$17.6m693.0k shares
WINGSTOP INC WING	WING	31,081	$12.9m31.1k shares
SHARKNINJA INC SN	SN	113,700	$12.4m113.7k shares
MARATHON OIL CORP MRO	MRO	429,812	$11.4m429.8k shares
SOUTHWESTERN ENERGY CO SWN	SWN	1,488,000	$10.6m1.5m shares
CLOUDFLARE INC NET 0 08.15.26	NET 0 08.15.26	11,000,000	$10.2m11.0m shares
SUPER MICRO COMPUTER INC		21,308	$8.9m21.3k shares
CME GROUP INC CME	CME	40,000	$8.8m40.0k shares
ALCOA CORP AA	AA	189,201	$7.3m189.2k shares
TKO GROUP HOLDINGS INC TKO	TKO	57,411	$7.1m57.4k shares
QUIDELORTHO CORP QDEL	QDEL	139,338	$6.4m139.3k shares
BROOKFIELD RENEWABLE CORP		194,504	$6.4m194.5k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
NVIDIA CORPORATION NVDA · Put	NVDA	Put	98,330	$13.2m98.3k shares	Added
MICROSOFT CORP MSFT · Put	MSFT	Put	24,725	$10.4m24.7k shares	Added
TESLA INC TSLA · Put	TSLA	Put	8,245	$3.3m8.2k shares	Added
INVESCO EXCHANGE TRADED FD T RSP · Put	RSP	Put	12,500	$2.2m12.5k shares	Added
ALPHABET INC GOOGL · Put	GOOGL	Put	11,500	$2.2m11.5k shares	Unchanged
APPLE INC AAPL · Put	AAPL	Put	8,553	$2.1m8.6k shares	Reduced
ADVANCED MICRO DEVICES INC AMD · Put	AMD	Put	17,396	$2.1m17.4k shares	Added
BANK AMERICA CORP BAC · Put	BAC	Put	38,978	$1.7m39.0k shares	Added
QUALCOMM INC QCOM · Put	QCOM	Put	7,439	$1.1m7.4k shares	Added
CITIGROUP INC C · Put	C	Put	16,043	$1.1m16.0k shares	Reduced
MORGAN STANLEY MS · Put	MS	Put	8,690	$1.1m8.7k shares	Added
AMAZON COM INC AMZN · Put	AMZN	Put	4,609	$1.0m4.6k shares	Reduced
BOEING CO BA · Put	BA	Put	3,250	$575.2k3.2k shares	New
WELLS FARGO CO NEW WFC · Put	WFC	Put	7,919	$556.2k7.9k shares	Added
MCDONALDS CORP MCD · Put	MCD	Put	1,745	$505.9k1.7k shares	Added
ISHARES TR IWM · Put	IWM	Put	2,200	$486.1k2.2k shares	Unchanged
ROYAL CARIBBEAN GROUP RCL · Put	RCL	Put	1,800	$415.2k1.8k shares	Unchanged
INVESCO QQQ TR QQQ · Put	QQQ	Put	650	$332.3k650 shares	Added
VERIZON COMMUNICATIONS INC VZ · Put	VZ	Put	7,700	$307.9k7.7k shares	Reduced
ISHARES TR ITB · Put	ITB	Put	2,600	$268.8k2.6k shares	Unchanged
LIVE NATION ENTERTAINMENT IN LYV · Put	LYV	Put	2,000	$259.0k2.0k shares	New
AT&T INC T · Put	T	Put	11,200	$255.0k11.2k shares	Added
CROWDSTRIKE HLDGS INC CRWD · Put	CRWD	Put	708	$242.2k708 shares	Added
ALPHABET INC GOOG · Put	GOOG	Put	1,225	$233.3k1.2k shares	New
DISNEY WALT CO DIS · Put	DIS	Put	1,720	$191.5k1.7k shares	Unchanged

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
KEYCORP KEY · 13D · filed 2025-01-06	KEY	14.9%≈ $3.8bn	new	13D	2025-01-06
JELD-WEN HLDG INC JELD · 13G · filed 2026-10-19	JELD	5.8%≈ $7.5m	+2.4 pts	13G	2026-10-19
SABLE OFFSHORE CORP SOC · 13G · filed 2026-10-19	SOC	5.5%≈ $34.0m	new	13G	2026-10-19
VOYAGER TECHNOLOGIES INC VOYG · 13G · filed 2026-10-19	VOYG	5.0%≈ $93.2m	-1.4 pts	13G	2026-10-19