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

$44.5bn reported value -22.1% vs Q4 2024

935positions

37.1%in top 10

74 new 263 added 571 reduced 94 sold out vs Q4 2024

Options: 0 call positions (— notional), 105 put positions ($45.0m 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. – $14.0bn of shares are in both reports
BANK OF NOVA SCOTIA TRUST CO – $897.6m of shares are in both reports
JARISLOWSKY, FRASER Ltd

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

Holdings, Q1 2025

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	KEYCORP COM KEY	KEY	162,953,670	$2.6bn5.85%	5.85%	Added +19.9k	+19,944 0.0%
2	NVIDIA CORPORATION COM NVDA	NVDA	23,498,830	$2.5bn5.72%	5.72%	Reduced -13.0m	-13,041,851 -35.7%
3	APPLE INC COM AAPL	AAPL	11,034,227	$2.5bn5.50%	5.50%	Added +53.7k	+53,707 0.5%
4	MICROSOFT CORP COM MSFT	MSFT	5,637,535	$2.1bn4.75%	4.75%	Reduced -2.7m	-2,749,377 -32.8%
5	ROYAL BK CDA COM RY	RY	16,802,214	$1.9bn4.25%	4.25%	Added +1.2m	+1,249,589 8.0%
6	TORONTO DOMINION BK ONT COM NEW TD	TD	24,311,539	$1.5bn3.27%	3.27%	Reduced -9.1m	-9,090,026 -27.2%
7	CANADIAN IMPERIAL BANK OF CO COM CM	CM	17,967,436	$1.0bn2.27%	2.27%	Added +773.2k	+773,174 4.5%
8	AMAZON COM INC COM AMZN	AMZN	4,280,075	$814.3m1.83%	1.83%	Reduced -146.8k	-146,848 -3.3%
9	BANK MONTREAL QUE COM BMO	BMO	8,409,367	$803.2m1.80%	1.80%	Reduced -498.0k	-498,045 -5.6%
10	TC ENERGY CORP COM TRP	TRP	16,983,443	$802.2m1.80%	1.80%	Added +7.6m	+7,562,887 80.3%
11	CANADIAN NAT RES LTD COM CNQ	CNQ	24,262,707	$746.7m1.68%	1.68%	Added +11.3m	+11,259,267 86.6%
12	ALPHABET INC CAP STK CL A GOOGL	GOOGL	4,784,507	$739.9m1.66%	1.66%	Reduced -2.7m	-2,677,436 -35.9%
13	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	1,277,362	$714.5m1.60%	1.60%	Reduced -1.1m	-1,077,589 -45.8%
14	ALPHABET INC CAP STK CL C GOOG	GOOG	4,366,699	$682.2m1.53%	1.53%	Reduced -650.6k	-650,554 -13.0%
15	BROOKFIELD CORP CL A LTD VT SH BN	BN	11,707,143	$613.1m1.38%	1.38%	Reduced -23.7k	-23,720 -0.2%
16	BROADCOM INC COM AVGO	AVGO	3,157,032	$528.6m1.19%	1.19%	Reduced -1.8m	-1,786,114 -36.1%
17	META PLATFORMS INC CL A META	META	836,349	$482.0m1.08%	1.08%	Reduced -929.1k	-929,103 -52.6%
18	UNITEDHEALTH GROUP INC COM UNH	UNH	859,187	$450.0m1.01%	1.01%	Added +223.7k	+223,732 35.2%
19	MANULIFE FINL CORP COM MFC	MFC	13,990,810	$436.0m0.98%	0.98%	Added +937.8k	+937,794 7.2%
20	BCE INC COM NEW BCE	BCE	18,424,662	$423.0m0.95%	0.95%	Reduced -1.5m	-1,521,137 -7.6%
21	TESLA INC COM TSLA	TSLA	1,593,301	$413.0m0.93%	0.93%	Reduced -59.3k	-59,253 -3.6%
22	ISHARES TR CORE S&P500 ETF IVV	IVV	690,834	$388.2m0.87%	0.87%	Reduced -664.9k	-664,877 -49.0%
23	TELUS CORPORATION COM TU	TU	26,413,598	$378.9m0.85%	0.85%	Reduced -3.8m	-3,805,543 -12.6%
24	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	3,776,820	$359.3m0.81%	0.81%	Added +5.3k	+5,270 0.1%
25	SUN LIFE FINANCIAL INC. COM SLF	SLF	5,780,001	$330.8m0.74%	0.74%	Added +266.7k	+266,732 4.8%
26	JPMORGAN CHASE & CO COM JPM	JPM	1,314,234	$322.4m0.72%	0.72%	Reduced -439.8k	-439,757 -25.1%
27	ENBRIDGE INC COM ENB	ENB	7,144,740	$316.3m0.71%	0.71%	Reduced -3.9m	-3,851,073 -35.0%
28	CISCO SYS INC COM CSCO	CSCO	4,499,038	$277.6m0.62%	0.62%	Added +1.9m	+1,852,357 70.0%
29	FORTIS INC COM FTS	FTS	6,013,304	$273.9m0.62%	0.62%	Reduced -483.6k	-483,555 -7.4%
30	CANADIAN NATL RY CO COM CNI	CNI	2,777,564	$270.3m0.61%	0.61%	Added +20.5k	+20,534 0.7%
31	ADVANCED MICRO DEVICES INC COM AMD	AMD	2,601,468	$267.3m0.60%	0.60%	Reduced -190.3k	-190,288 -6.8%
32	SUNCOR ENERGY INC NEW COM SU	SU	6,873,323	$266.2m0.60%	0.60%	Reduced -2.6m	-2,605,470 -27.5%
33	AGNICO EAGLE MINES LTD COM AEM	AEM	2,369,706	$256.8m0.58%	0.58%	Reduced -203.4k	-203,449 -7.9%
34	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	2,193,458	$254.3m0.57%	0.57%	Added +2.1m	+2,063,258 1584.7%
35	MERCK & CO INC COM MRK	MRK	2,693,721	$241.8m0.54%	0.54%	Added +734.9k	+734,919 37.5%
36	HYATT HOTELS CORP COM CL A H	H	1,877,447	$230.0m0.52%	0.52%	Added +160.5k	+160,461 9.3%
37	MASTERCARD INCORPORATED CL A MA	MA	419,363	$229.9m0.52%	0.52%	Added +239.9k	+239,853 133.6%
38	PEMBINA PIPELINE CORP COM PBA	PBA	5,472,289	$218.9m0.49%	0.49%	Reduced -1.6m	-1,634,228 -23.0%
39	CANADIAN PACIFIC KANSAS CITY COM CP	CP	3,077,871	$216.0m0.49%	0.49%	Added +27.5k	+27,474 0.9%
40	ROGERS COMMUNICATIONS INC CL B RCI	RCI	7,998,907	$213.6m0.48%	0.48%	Added +262.7k	+262,705 3.4%
41	ELI LILLY & CO COM LLY	LLY	246,884	$203.9m0.46%	0.46%	Reduced -119.5k	-119,523 -32.6%
42	PALO ALTO NETWORKS INC NOTE 0.375% 6/0 · principal PANW 0.375 06.01.25 · principal	PANW 0.375 06.01.25	56,176,957	$193.0m0.43%	0.43%	Added +22.8m	+22,812,957 68.4%
43	NUTRIEN LTD COM NTR	NTR	3,672,389	$182.3m0.41%	0.41%	Reduced -1.6m	-1,643,646 -30.9%
44	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	329,742	$175.6m0.39%	0.39%	Reduced -619.7k	-619,720 -65.3%
45	PHILIP MORRIS INTL INC COM PM	PM	1,054,990	$167.5m0.38%	0.38%	Reduced -414.5k	-414,546 -28.2%
46	CREDICORP LTD COM BAP	BAP	867,347	$161.5m0.36%	0.36%	Added +155.2k	+155,162 21.8%
47	ISHARES TR CHINA LG-CAP ETF FXI	FXI	4,346,972	$155.8m0.35%	0.35%	Reduced -1.9m	-1,943,057 -30.9%
48	SELECT SECTOR SPDR TR FINANCIAL XLF	XLF	3,065,675	$152.7m0.34%	0.34%	Added +3.0m	+2,996,882 4356.4%
49	SALESFORCE INC COM CRM	CRM	556,523	$149.3m0.34%	0.34%	Reduced -338.6k	-338,605 -37.8%
50	ADOBE INC COM ADBE	ADBE	386,945	$148.4m0.33%	0.33%	Added +58.3k	+58,330 17.8%
51	BOSTON SCIENTIFIC CORP COM BSX	BSX	1,465,914	$147.9m0.33%	0.33%	Added +1.1m	+1,080,937 280.8%
52	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	278,136	$137.7m0.31%	0.31%	Added +90.5k	+90,513 48.2%
53	COSTCO WHSL CORP NEW COM COST	COST	140,375	$132.8m0.30%	0.30%	Reduced -160.5k	-160,528 -53.4%
54	NETFLIX INC COM NFLX	NFLX	140,195	$130.7m0.29%	0.29%	Reduced -71.6k	-71,564 -33.8%
55	COMPANIA DE MINAS BUENAVENTU SPONSORED ADR BVN	BVN	8,356,620	$130.6m0.29%	0.29%	Reduced -2.2m	-2,173,726 -20.6%
56	BANK AMERICA CORP COM BAC	BAC	3,108,148	$129.7m0.29%	0.29%	Reduced -3.0m	-3,026,676 -49.3%
57	DISCOVER FINL SVCS COM DFS	DFS	752,113	$128.4m0.29%	0.29%	Added +190.7k	+190,708 34.0%
58	CATERPILLAR INC COM CAT	CAT	387,362	$127.7m0.29%	0.29%	Reduced -66.5k	-66,483 -14.7%
59	DATADOG INC CL A COM DDOG	DDOG	1,279,656	$127.0m0.29%	0.29%	Added +1.3m	+1,269,788 12867.7%
60	CITIGROUP INC COM NEW C	C	1,769,672	$125.6m0.28%	0.28%	Reduced -913.4k	-913,394 -34.0%
61	WALMART INC COM WMT	WMT	1,415,559	$124.3m0.28%	0.28%	Reduced -950.2k	-950,194 -40.2%
62	ARISTA NETWORKS INC COM SHS ANET	ANET	1,513,348	$117.2m0.26%	0.26%	Added +1.0m	+1,012,783 202.3%
63	VISA INC COM CL A V	V	333,928	$117.0m0.26%	0.26%	Reduced -92.6k	-92,621 -21.7%
64	MICRON TECHNOLOGY INC COM MU	MU	1,335,759	$116.1m0.26%	0.26%	Added +781.1k	+781,135 140.8%
65	GILEAD SCIENCES INC COM GILD	GILD	1,025,650	$114.9m0.26%	0.26%	Added +251.8k	+251,803 32.5%
66	AKAMAI TECHNOLOGIES INC COM AKAM	AKAM	1,420,735	$114.4m0.26%	0.26%	Added +1.2m	+1,236,419 670.8%
67	BARRICK GOLD CORP COM COM		5,834,366	$113.3m0.25%	0.25%	Added +138.0k	+137,951 2.4%
68	DOORDASH INC CL A DASH	DASH	610,002	$111.5m0.25%	0.25%	Added +495.6k	+495,583 433.1%
69	RESTAURANT BRANDS INTL INC COM QSR	QSR	1,668,748	$111.3m0.25%	0.25%	Added +450.4k	+450,364 37.0%
70	BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS BAM	BAM	2,269,833	$109.9m0.25%	0.25%	Added +27.9k	+27,913 1.2%
71	THE CIGNA GROUP COM CI	CI	333,435	$109.7m0.25%	0.25%	Added +206.7k	+206,739 163.2%
72	WHEATON PRECIOUS METALS CORP COM WPM	WPM	1,411,181	$109.5m0.25%	0.25%	Added +165	+165 0.0%
73	BROOKFIELD INFRAST PARTNERS LP INT UNIT BIP	BIP	3,582,026	$106.6m0.24%	0.24%	Reduced -14.0k	-13,991 -0.4%
74	RTX CORPORATION COM RTX	RTX	796,850	$105.6m0.24%	0.24%	Reduced -350.2k	-350,244 -30.5%
75	ORACLE CORP COM ORCL	ORCL	753,706	$105.4m0.24%	0.24%	Added +88.5k	+88,462 13.3%
76	CENOVUS ENERGY INC COM CVE	CVE	7,569,869	$105.2m0.24%	0.24%	Added +234.8k	+234,840 3.2%
77	KINROSS GOLD CORP COM KGC	KGC	8,192,497	$103.2m0.23%	0.23%	Reduced -167.9k	-167,861 -2.0%
78	SCHWAB CHARLES CORP COM SCHW	SCHW	1,300,281	$101.8m0.23%	0.23%	Added +28.6k	+28,557 2.2%
79	ISHARES TR RUS 1000 VAL ETF IWD	IWD	539,180	$101.5m0.23%	0.23%	Reduced -2.5k	-2,477 -0.5%
80	DANAHER CORPORATION COM DHR	DHR	494,415	$101.4m0.23%	0.23%	Reduced -2.7k	-2,694 -0.5%
81	JOHNSON & JOHNSON COM JNJ	JNJ	604,171	$100.2m0.23%	0.23%	Added +151.6k	+151,554 33.5%
82	ISHARES TR MSCI ACWI ETF ACWI	ACWI	833,168	$97.0m0.22%	0.22%	Added +428.7k	+428,735 106.0%
83	FRANCO NEV CORP COM FNV	FNV	614,075	$96.6m0.22%	0.22%	Reduced -7.2k	-7,205 -1.2%
84	APPLIED MATLS INC COM AMAT	AMAT	642,691	$93.3m0.21%	0.21%	Reduced -188.2k	-188,222 -22.6%
85	INTUIT COM INTU	INTU	151,104	$92.8m0.21%	0.21%	Reduced -15.3k	-15,334 -9.2%
86	WASTE CONNECTIONS INC COM WCN	WCN	467,791	$91.2m0.20%	0.20%	Reduced -15.5k	-15,472 -3.2%
87	PROGRESSIVE CORP COM PGR	PGR	321,450	$91.0m0.20%	0.20%	Reduced -202.7k	-202,749 -38.7%
88	HESS CORP COM HES	HES	569,069	$90.9m0.20%	0.20%	Reduced -25.4k	-25,356 -4.3%
89	GOLDMAN SACHS GROUP INC COM GS	GS	165,162	$90.2m0.20%	0.20%	Reduced -82.2k	-82,208 -33.2%
90	MCDONALDS CORP COM MCD	MCD	285,185	$89.1m0.20%	0.20%	Added +136.7k	+136,685 92.0%
91	NEWMONT CORP COM NEM	NEM	1,841,829	$88.9m0.20%	0.20%	Added +882.6k	+882,620 92.0%
92	MORGAN STANLEY COM NEW MS	MS	744,231	$86.8m0.20%	0.20%	Added +504.4k	+504,390 210.3%
93	INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT RSP	RSP	500,000	$86.6m0.19%	0.19%	Unchanged
94	HOME DEPOT INC COM HD	HD	230,313	$84.4m0.19%	0.19%	Reduced -146.5k	-146,495 -38.9%
95	ISHARES TR RUS 1000 GRW ETF IWF	IWF	229,000	$82.7m0.19%	0.19%	Unchanged
96	SELECT SECTOR SPDR TR SBI CONS STPLS XLP	XLP	1,009,410	$82.4m0.19%	0.19%	Reduced -1.0k	-1,000 -0.1%
97	THOMSON REUTERS CORP COM COM		477,632	$82.4m0.19%	0.19%	Reduced -17.7k	-17,692 -3.6%
98	PROCTER AND GAMBLE CO COM PG	PG	481,483	$82.0m0.18%	0.18%	Reduced -340.6k	-340,644 -41.4%
99	SELECT SECTOR SPDR TR SBI HEALTHCARE XLV	XLV	560,285	$81.8m0.18%	0.18%	Reduced -1.4k	-1,449 -0.3%
100	BERRY GLOBAL GROUP INC COM BERY	BERY	1,164,900	$81.3m0.18%	0.18%	New

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
INVESCO EXCH TRADED FD TR II QQQM	QQQM	754,110	$158.7m754.1k shares
HUBSPOT INC HUBS 0.375 06.01.25	HUBS 0.375 06.01.25	59,837,000	$149.2m59.8m shares
ISHARES TR IYR	IYR	500,000	$46.5m500.0k shares
ISHARES TR ICVT	ICVT	399,700	$34.0m399.7k shares
AKAMAI TECHNOLOGIES INC AKAM 0.125 05.01.25	AKAM 0.125 05.01.25	29,150,000	$31.4m29.1m shares
HASHICORP INC HCP	HCP	836,400	$28.6m836.4k shares
WISDOMTREE TR DXJ	DXJ	250,348	$27.6m250.3k shares
BURLINGTON STORES INC BURL	BURL	80,374	$22.9m80.4k shares
TOLL BROTHERS INC TOL	TOL	139,107	$17.5m139.1k shares
ISHARES TR IGV	IGV	146,950	$14.7m146.9k shares
SOFI TECHNOLOGIES INC SOFI	SOFI	936,332	$14.4m936.3k shares
ENPHASE ENERGY INC ENPH 0.25 03.01.25	ENPH 0.25 03.01.25	10,000,000	$10.6m10.0m shares
RALPH LAUREN CORP RL	RL	45,098	$10.4m45.1k shares
ASPEN TECHNOLOGY INC AZPN	AZPN	40,838	$10.2m40.8k shares
SMARTSHEET INC SMAR	SMAR	177,000	$9.9m177.0k shares
PERFORMANCE FOOD GROUP CO PFGC	PFGC	111,855	$9.5m111.9k shares
ZOOMINFO TECHNOLOGIES INC GTM	GTM	893,156	$9.4m893.2k shares
PIMCO ETF TR HYS	HYS	96,973	$9.1m97.0k shares
WESCO INTL INC WCC	WCC	47,648	$8.6m47.6k shares
RANGE RES CORP RRC	RRC	229,719	$8.3m229.7k shares
SAREPTA THERAPEUTICS INC SRPT	SRPT	67,666	$8.2m67.7k shares
GUIDEWIRE SOFTWARE INC GWRE 1.25 03.15.25	GWRE 1.25 03.15.25	4,682,000	$6.9m4.7m shares
VANGUARD INTL EQUITY INDEX F VSS	VSS	55,700	$6.4m55.7k shares
HOWARD HUGHES HOLDINGS INC HHH	HHH	73,921	$5.7m73.9k shares
LINCOLN NATL CORP IND LNC	LNC	173,585	$5.5m173.6k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
NVIDIA CORPORATION NVDA · Put	NVDA	Put	67,090	$7.3m67.1k shares	Reduced
MICROSOFT CORP MSFT · Put	MSFT	Put	18,810	$7.1m18.8k shares	Reduced
APPLE INC AAPL · Put	AAPL	Put	17,713	$3.9m17.7k shares	Added
TESLA INC TSLA · Put	TSLA	Put	12,218	$3.2m12.2k shares	Added
AMAZON COM INC AMZN · Put	AMZN	Put	11,511	$2.2m11.5k shares	Added
INVESCO EXCHANGE TRADED FD T RSP · Put	RSP	Put	12,500	$2.2m12.5k shares	Unchanged
ALPHABET INC GOOGL · Put	GOOGL	Put	11,650	$1.8m11.7k shares	Added
ALPHABET INC GOOG · Put	GOOG	Put	10,225	$1.6m10.2k shares	Added
ADVANCED MICRO DEVICES INC AMD · Put	AMD	Put	14,933	$1.5m14.9k shares	Reduced
MORGAN STANLEY MS · Put	MS	Put	11,350	$1.3m11.3k shares	Added
DATADOG INC DDOG · Put	DDOG	Put	13,049	$1.3m13.0k shares	Added
AKAMAI TECHNOLOGIES INC AKAM · Put	AKAM	Put	14,000	$1.1m14.0k shares	New
BANK AMERICA CORP BAC · Put	BAC	Put	15,450	$644.7k15.4k shares	Reduced
PALO ALTO NETWORKS INC PANW · Put	PANW	Put	3,500	$597.2k3.5k shares	New
MCDONALDS CORP MCD · Put	MCD	Put	1,745	$545.1k1.7k shares	Unchanged
AT&T INC T · Put	T	Put	17,100	$483.6k17.1k shares	Added
VERIZON COMMUNICATIONS INC VZ · Put	VZ	Put	9,888	$448.5k9.9k shares	Added
INVESCO QQQ TR QQQ · Put	QQQ	Put	850	$398.6k850 shares	Added
SUPER MICRO COMPUTER INC SMCI · Put	SMCI	Put	10,000	$342.4k10.0k shares	New
WELLS FARGO CO NEW WFC · Put	WFC	Put	4,600	$330.2k4.6k shares	Reduced
CENCORA INC COR · Put	COR	Put	1,000	$278.1k1.0k shares	New
LIVE NATION ENTERTAINMENT IN LYV · Put	LYV	Put	2,000	$261.2k2.0k shares	Unchanged
ISHARES TR ITB · Put	ITB	Put	2,600	$247.5k2.6k shares	Unchanged
ISHARES TR IWM · Put	IWM	Put	1,200	$239.4k1.2k shares	Reduced
ISHARES TR ITA · Put	ITA	Put	1,200	$183.7k1.2k 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

Trades reported as a company insider in Q1 2025

Owning 10% or more of a company, or having someone on its board, makes this manager an insider there: it reports its trades in that company's shares on Form 4 within two business days. Open-market and private purchases and sales only.

Date	Company	Ticker	Trade	Shares	Value	Their holding
2025-02-05	KEYCORP Director	KEY	Bought	50,000	$892.5k50.0k shares	+<1%