BANK OF NOVA SCOTIA

TORONTO, A6 · CIK 9631 · 13F filing filed 2025-08-13

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

$48.8bn reported value +9.6% vs Q1 2025

931positions

38.5%in top 10

92 new 419 added 393 reduced 96 sold out vs Q1 2025

Options: 0 call positions (— notional), 77 put positions ($76.8m 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. – $15.9bn of shares are in both reports
BANK OF NOVA SCOTIA TRUST CO – $973.1m of shares are in both reports
JARISLOWSKY, FRASER Ltd

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

Holdings, Q2 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	NVIDIA CORPORATION COM NVDA	NVDA	18,384,757	$2.9bn5.95%	5.95%	Reduced -5.1m	-5,114,073 -21.8%
2	KEYCORP COM KEY	KEY	162,953,822	$2.8bn5.82%	5.82%	Added +152	+152 0.0%
3	APPLE INC COM AAPL	AAPL	12,873,219	$2.6bn5.41%	5.41%	Added +1.8m	+1,838,992 16.7%
4	ROYAL BK CDA COM RY	RY	16,597,145	$2.2bn4.48%	4.48%	Reduced -205.1k	-205,069 -1.2%
5	MICROSOFT CORP COM MSFT	MSFT	4,108,602	$2.0bn4.19%	4.19%	Reduced -1.5m	-1,528,933 -27.1%
6	TORONTO DOMINION BK ONT COM NEW TD	TD	21,508,473	$1.6bn3.24%	3.24%	Reduced -2.8m	-2,803,066 -11.5%
7	ALPHABET INC CAP STK CL A GOOGL	GOOGL	8,285,983	$1.5bn2.99%	2.99%	Added +3.5m	+3,501,476 73.2%
8	CANADIAN IMPERIAL BANK OF CO COM CM	CM	16,608,222	$1.2bn2.42%	2.42%	Reduced -1.4m	-1,359,214 -7.6%
9	AMAZON COM INC COM AMZN	AMZN	4,890,108	$1.1bn2.20%	2.20%	Added +610.0k	+610,033 14.2%
10	ALPHABET INC CAP STK CL C GOOG	GOOG	4,995,774	$886.2m1.82%	1.82%	Added +629.1k	+629,075 14.4%
11	BANK MONTREAL QUE COM BMO	BMO	7,621,886	$844.4m1.73%	1.73%	Reduced -787.5k	-787,481 -9.4%
12	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	1,362,668	$841.9m1.73%	1.73%	Added +85.3k	+85,306 6.7%
13	TC ENERGY CORP COM TRP	TRP	16,831,571	$821.5m1.68%	1.68%	Reduced -151.9k	-151,872 -0.9%
14	BROOKFIELD CORP CL A LTD VT SH BN	BN	13,263,185	$820.6m1.68%	1.68%	Added +1.6m	+1,556,042 13.3%
15	BROADCOM INC COM AVGO	AVGO	2,635,244	$726.4m1.49%	1.49%	Reduced -521.8k	-521,788 -16.5%
16	ISHARES TR CORE S&P500 ETF IVV	IVV	1,166,227	$724.1m1.48%	1.48%	Added +475.4k	+475,393 68.8%
17	META PLATFORMS INC CL A META	META	972,338	$717.7m1.47%	1.47%	Added +136.0k	+135,989 16.3%
18	MANULIFE FINL CORP COM MFC	MFC	14,002,168	$447.6m0.92%	0.92%	Added +11.4k	+11,358 0.1%
19	UNITEDHEALTH GROUP INC COM UNH	UNH	1,414,934	$441.4m0.90%	0.90%	Added +555.7k	+555,747 64.7%
20	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	3,663,351	$422.4m0.87%	0.87%	Reduced -113.5k	-113,469 -3.0%
21	SUN LIFE FINANCIAL INC. COM SLF	SLF	6,157,205	$409.6m0.84%	0.84%	Added +377.2k	+377,204 6.5%
22	JPMORGAN CHASE & CO COM JPM	JPM	1,400,825	$406.1m0.83%	0.83%	Added +86.6k	+86,591 6.6%
23	BCE INC COM NEW BCE	BCE	16,784,340	$372.1m0.76%	0.76%	Reduced -1.6m	-1,640,322 -8.9%
24	BOSTON SCIENTIFIC CORP COM BSX	BSX	3,025,519	$325.0m0.67%	0.67%	Added +1.6m	+1,559,605 106.4%
25	TELUS CORPORATION COM TU	TU	19,771,788	$317.5m0.65%	0.65%	Reduced -6.6m	-6,641,810 -25.1%
26	CANADIAN NATL RY CO COM CNI	CNI	2,774,099	$289.0m0.59%	0.59%	Reduced -3.5k	-3,465 -0.1%
27	FORTIS INC COM FTS	FTS	5,825,882	$278.1m0.57%	0.57%	Reduced -187.4k	-187,422 -3.1%
28	INVESCO EXCH TRADED FD TR II NASDAQ 100 ETF QQQM	QQQM	1,222,890	$277.7m0.57%	0.57%	New
29	AGNICO EAGLE MINES LTD COM AEM	AEM	2,168,380	$258.3m0.53%	0.53%	Reduced -201.3k	-201,326 -8.5%
30	SELECT SECTOR SPDR TR FINANCIAL XLF	XLF	4,767,241	$249.6m0.51%	0.51%	Added +1.7m	+1,701,566 55.5%
31	ROGERS COMMUNICATIONS INC CL B RCI	RCI	8,279,443	$245.5m0.50%	0.50%	Added +280.5k	+280,536 3.5%
32	HYATT HOTELS CORP COM CL A H	H	1,746,310	$243.9m0.50%	0.50%	Reduced -131.1k	-131,137 -7.0%
33	CANADIAN PACIFIC KANSAS CITY COM CP	CP	3,068,959	$243.7m0.50%	0.50%	Reduced -8.9k	-8,912 -0.3%
34	TESLA INC COM TSLA	TSLA	741,998	$235.7m0.48%	0.48%	Reduced -851.3k	-851,303 -53.4%
35	CREDICORP LTD COM BAP	BAP	1,015,409	$227.0m0.47%	0.47%	Added +148.1k	+148,062 17.1%
36	EMERA INC COM EMA	EMA	4,568,030	$209.2m0.43%	0.43%	New
37	COSTCO WHSL CORP NEW COM COST	COST	208,040	$205.9m0.42%	0.42%	Added +67.7k	+67,665 48.2%
38	PEPSICO INC COM PEP	PEP	1,548,751	$204.5m0.42%	0.42%	Added +1.1m	+1,052,107 211.8%
39	ENBRIDGE INC COM ENB	ENB	4,369,350	$198.1m0.41%	0.41%	Reduced -2.8m	-2,775,390 -38.9%
40	ELI LILLY & CO COM LLY	LLY	248,260	$193.5m0.40%	0.40%	Added +1.4k	+1,376 0.6%
41	NETFLIX INC COM NFLX	NFLX	142,602	$191.0m0.39%	0.39%	Added +2.4k	+2,407 1.7%
42	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	347,491	$188.8m0.39%	0.39%	Added +69.4k	+69,355 24.9%
43	HONEYWELL INTL INC COM COM		806,053	$187.7m0.38%	0.38%	Added +509.5k	+509,456 171.8%
44	ADOBE INC COM ADBE	ADBE	483,672	$187.1m0.38%	0.38%	Added +96.7k	+96,727 25.0%
45	ISHARES TR MSCI EAFE ETF EFA	EFA	2,090,922	$186.9m0.38%	0.38%	Added +1.5m	+1,496,680 251.9%
46	PHILIP MORRIS INTL INC COM PM	PM	1,025,606	$186.8m0.38%	0.38%	Reduced -29.4k	-29,384 -2.8%
47	AKAMAI TECHNOLOGIES INC COM AKAM	AKAM	2,335,490	$186.3m0.38%	0.38%	Added +914.8k	+914,755 64.4%
48	INTUIT COM INTU	INTU	234,960	$185.1m0.38%	0.38%	Added +83.9k	+83,856 55.5%
49	GOLDMAN SACHS GROUP INC COM GS	GS	258,256	$182.8m0.37%	0.37%	Added +93.1k	+93,094 56.4%
50	PEMBINA PIPELINE CORP COM PBA	PBA	4,690,303	$176.1m0.36%	0.36%	Reduced -782.0k	-781,986 -14.3%
51	ADVANCED MICRO DEVICES INC COM AMD	AMD	1,215,506	$172.5m0.35%	0.35%	Reduced -1.4m	-1,385,962 -53.3%
52	NUTRIEN LTD COM NTR	NTR	2,830,518	$164.9m0.34%	0.34%	Reduced -841.9k	-841,871 -22.9%
53	CATERPILLAR INC COM CAT	CAT	413,061	$160.4m0.33%	0.33%	Added +25.7k	+25,699 6.6%
54	CANADIAN NAT RES LTD COM CNQ	CNQ	5,093,231	$160.0m0.33%	0.33%	Reduced -19.2m	-19,169,476 -79.0%
55	SALESFORCE INC COM CRM	CRM	581,817	$158.7m0.33%	0.33%	Added +25.3k	+25,294 4.5%
56	ARISTA NETWORKS INC COM SHS ANET	ANET	1,534,352	$157.0m0.32%	0.32%	Added +21.0k	+21,004 1.4%
57	MCDONALDS CORP COM MCD	MCD	497,977	$145.5m0.30%	0.30%	Added +212.8k	+212,792 74.6%
58	PROCTER AND GAMBLE CO COM PG	PG	902,217	$143.7m0.29%	0.29%	Added +420.7k	+420,734 87.4%
59	ISHARES TR CHINA LG-CAP ETF FXI	FXI	3,864,882	$142.1m0.29%	0.29%	Reduced -482.1k	-482,090 -11.1%
60	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	281,010	$136.5m0.28%	0.28%	Reduced -48.7k	-48,732 -14.8%
61	BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS BAM	BAM	2,402,604	$132.9m0.27%	0.27%	Added +132.8k	+132,771 5.8%
62	KINROSS GOLD CORP COM KGC	KGC	8,419,109	$131.5m0.27%	0.27%	Added +226.6k	+226,612 2.8%
63	REGENERON PHARMACEUTICALS COM REGN	REGN	249,278	$130.9m0.27%	0.27%	Added +126.7k	+126,689 103.3%
64	AIRBNB INC COM CL A ABNB	ABNB	956,188	$126.5m0.26%	0.26%	Added +884.0k	+883,979 1224.2%
65	COMPANIA DE MINAS BUENAVENTU SPONSORED ADR BVN	BVN	7,470,315	$122.7m0.25%	0.25%	Reduced -886.3k	-886,305 -10.6%
66	BANK AMERICA CORP COM BAC	BAC	2,547,302	$120.5m0.25%	0.25%	Reduced -560.8k	-560,846 -18.0%
67	WHEATON PRECIOUS METALS CORP COM WPM	WPM	1,324,707	$119.1m0.24%	0.24%	Reduced -86.5k	-86,474 -6.1%
68	JOHNSON & JOHNSON COM JNJ	JNJ	778,643	$118.9m0.24%	0.24%	Added +174.5k	+174,472 28.9%
69	VISA INC COM CL A V	V	334,508	$118.8m0.24%	0.24%	Added +580	+580 0.2%
70	GLOBAL PMTS INC COM GPN	GPN	1,475,582	$118.1m0.24%	0.24%	Added +1.4m	+1,401,485 1891.4%
71	CISCO SYS INC COM CSCO	CSCO	1,698,307	$117.8m0.24%	0.24%	Reduced -2.8m	-2,800,731 -62.2%
72	SCHWAB CHARLES CORP COM SCHW	SCHW	1,268,772	$115.8m0.24%	0.24%	Reduced -31.5k	-31,509 -2.4%
73	SUNCOR ENERGY INC NEW COM SU	SU	3,075,955	$115.2m0.24%	0.24%	Reduced -3.8m	-3,797,368 -55.2%
74	MERCK & CO INC COM MRK	MRK	1,430,802	$113.3m0.23%	0.23%	Reduced -1.3m	-1,262,919 -46.9%
75	THE CIGNA GROUP COM CI	CI	342,247	$113.1m0.23%	0.23%	Added +8.8k	+8,812 2.6%
76	CAMECO CORP COM CCJ	CCJ	1,510,603	$112.2m0.23%	0.23%	Reduced -41.1k	-41,051 -2.6%
77	BROOKFIELD INFRAST PARTNERS LP INT UNIT BIP	BIP	3,317,616	$111.1m0.23%	0.23%	Reduced -264.4k	-264,410 -7.4%
78	INTERCONTINENTAL EXCHANGE IN COM ICE	ICE	598,726	$109.8m0.23%	0.23%	Added +474.9k	+474,949 383.7%
79	LAM RESEARCH CORP COM NEW LRCX	LRCX	1,120,512	$109.1m0.22%	0.22%	Added +442.9k	+442,860 65.3%
80	ISHARES TR MSCI EMG MKT ETF EEM	EEM	2,240,422	$108.1m0.22%	0.22%	Added +1.7m	+1,700,100 314.6%
81	ISHARES TR RUS 1000 VAL ETF IWD	IWD	540,810	$105.0m0.22%	0.22%	Added +1.6k	+1,630 0.3%
82	SPDR DOW JONES INDL AVERAGE UT SER 1 DIA	DIA	237,407	$104.6m0.21%	0.21%	New
83	ORACLE CORP COM ORCL	ORCL	471,998	$103.2m0.21%	0.21%	Reduced -281.7k	-281,708 -37.4%
84	FRANCO NEV CORP COM FNV	FNV	624,850	$102.6m0.21%	0.21%	Added +10.8k	+10,775 1.8%
85	PROGRESSIVE CORP COM PGR	PGR	382,377	$102.0m0.21%	0.21%	Added +60.9k	+60,927 18.9%
86	MICRON TECHNOLOGY INC COM MU	MU	804,643	$99.2m0.20%	0.20%	Reduced -531.1k	-531,116 -39.8%
87	ISHARES TR RUS 1000 GRW ETF IWF	IWF	229,000	$97.2m0.20%	0.20%	Unchanged
88	VANGUARD INTL EQUITY INDEX F FTSE EUROPE ETF VGK	VGK	1,238,700	$96.0m0.20%	0.20%	Added +370.3k	+370,300 42.6%
89	KLA CORP COM NEW KLAC	KLAC	105,984	$94.9m0.19%	0.19%	Reduced -2.5k	-2,466 -2.3%
90	WASTE CONNECTIONS INC COM WCN	WCN	504,240	$94.2m0.19%	0.19%	Added +36.4k	+36,449 7.8%
91	BARRICK MNG CORP COM SHS B	B	4,494,282	$93.5m0.19%	0.19%	New
92	COCA COLA CO COM KO	KO	1,315,506	$93.1m0.19%	0.19%	Added +868.7k	+868,698 194.4%
93	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	301,780	$93.1m0.19%	0.19%	Added +51.4k	+51,392 20.5%
94	DANAHER CORPORATION COM DHR	DHR	459,945	$90.9m0.19%	0.19%	Reduced -34.5k	-34,470 -7.0%
95	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	701,674	$90.2m0.18%	0.18%	Reduced -1.5m	-1,491,784 -68.0%
96	MASTERCARD INCORPORATED CL A MA	MA	155,221	$87.2m0.18%	0.18%	Reduced -264.1k	-264,142 -63.0%
97	S&P GLOBAL INC COM SPGI	SPGI	165,387	$87.2m0.18%	0.18%	Added +83.7k	+83,745 102.6%
98	RESTAURANT BRANDS INTL INC COM QSR	QSR	1,302,022	$86.3m0.18%	0.18%	Reduced -366.7k	-366,726 -22.0%
99	MAGNA INTL INC COM MGA	MGA	2,232,616	$86.3m0.18%	0.18%	Reduced -2.9k	-2,903 -0.1%
100	MORGAN STANLEY COM NEW MS	MS	610,282	$86.0m0.18%	0.18%	Reduced -133.9k	-133,949 -18.0%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
PALO ALTO NETWORKS INC PANW 0.375 06.01.25	PANW 0.375 06.01.25	56,176,957	$193.0m56.2m shares
DISCOVER FINL SVCS DFS	DFS	752,113	$128.4m752.1k shares
BARRICK GOLD CORP		5,834,366	$113.3m5.8m shares
INVESCO EXCHANGE TRADED FD T RSP	RSP	500,000	$86.6m500.0k shares
BERRY GLOBAL GROUP INC BERY	BERY	1,164,900	$81.3m1.2m shares
ZSCALER INC ZS 0.125 07.01.25	ZS 0.125 07.01.25	35,386,000	$47.2m35.4m shares
DATADOG INC DDOG 0.125 06.15.25	DDOG 0.125 06.15.25	41,000,000	$46.2m41.0m shares
SELECT SECTOR SPDR TR XLB	XLB	500,000	$43.0m500.0k shares
CAVA GROUP INC CAVA	CAVA	399,189	$34.5m399.2k shares
ISHARES TR TIP	TIP	300,000	$33.3m300.0k shares
BOOKING HOLDINGS INC BKNG 0.75 05.01.25	BKNG 0.75 05.01.25	11,483,000	$28.3m11.5m shares
SSGA ACTIVE ETF TR SRLN	SRLN	645,900	$26.6m645.9k shares
GLOBAL X FDS COPX	COPX	558,600	$21.8m558.6k shares
VANGUARD INDEX FDS VTV	VTV	121,400	$21.0m121.4k shares
BAIDU INC BIDU	BIDU	200,029	$18.4m200.0k shares
ARAMARK ARMK	ARMK	473,000	$16.3m473.0k shares
LIGHT & WONDER INC LNWO	LNWO	119,159	$10.3m119.2k shares
VANGUARD SCOTTSDALE FDS VGSH	VGSH	162,085	$9.5m162.1k shares
PAYCOR HCM INC		308,100	$6.9m308.1k shares
LYFT INC LYFT 0.625 03.01.29	LYFT 0.625 03.01.29	6,886,000	$6.7m6.9m shares
FIVE BELOW INC FIVE	FIVE	87,517	$6.6m87.5k shares
ISHARES TR USMV	USMV	67,400	$6.3m67.4k shares
COMFORT SYS USA INC FIX	FIX	16,913	$5.5m16.9k shares
ZILLOW GROUP INC Z 2.75 05.15.25	Z 2.75 05.15.25	4,500,000	$4.7m4.5m shares
DROPBOX INC DBX	DBX	172,218	$4.6m172.2k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
TESLA INC TSLA · Put	TSLA	Put	37,942	$12.1m37.9k shares	Added
NVIDIA CORPORATION NVDA · Put	NVDA	Put	65,455	$10.3m65.5k shares	Reduced
AMAZON COM INC AMZN · Put	AMZN	Put	33,938	$7.4m33.9k shares	Added
ALPHABET INC GOOGL · Put	GOOGL	Put	41,700	$7.3m41.7k shares	Added
MICROSOFT CORP MSFT · Put	MSFT	Put	13,800	$6.9m13.8k shares	Reduced
APPLE INC AAPL · Put	AAPL	Put	17,550	$3.6m17.6k shares	Reduced
ALPHABET INC GOOG · Put	GOOG	Put	17,950	$3.2m17.9k shares	Added
BROADCOM INC AVGO · Put	AVGO	Put	10,250	$2.8m10.2k shares	Added
MORGAN STANLEY MS · Put	MS	Put	18,600	$2.6m18.6k shares	Added
INVESCO EXCHANGE TRADED FD T RSP · Put	RSP	Put	12,500	$2.3m12.5k shares	Unchanged
BANK AMERICA CORP BAC · Put	BAC	Put	30,200	$1.4m30.2k shares	Added
ISHARES TR IWM · Put	IWM	Put	5,600	$1.2m5.6k shares	Added
AKAMAI TECHNOLOGIES INC AKAM · Put	AKAM	Put	14,300	$1.1m14.3k shares	Added
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	1,775	$1.1m1.8k shares	Added
WELLS FARGO CO NEW WFC · Put	WFC	Put	13,300	$1.1m13.3k shares	Added
TARGET CORP TGT · Put	TGT	Put	10,000	$986.5k10.0k shares	Added
PALO ALTO NETWORKS INC PANW · Put	PANW	Put	4,550	$931.1k4.5k shares	Added
GLOBAL PMTS INC GPN · Put	GPN	Put	10,000	$800.4k10.0k shares	New
CITIGROUP INC C · Put	C	Put	8,250	$702.2k8.2k shares	New
DATADOG INC DDOG · Put	DDOG	Put	5,000	$671.6k5.0k shares	Reduced
UNITEDHEALTH GROUP INC UNH · Put	UNH	Put	2,000	$623.9k2.0k shares	New
MCDONALDS CORP MCD · Put	MCD	Put	2,100	$613.6k2.1k shares	Added
INVESCO QQQ TR QQQ · Put	QQQ	Put	1,007	$555.5k1.0k shares	Added
AT&T INC T · Put	T	Put	17,900	$518.0k17.9k shares	Added
MICRON TECHNOLOGY INC MU · Put	MU	Put	4,000	$493.0k4.0k shares	New

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