[Form 4] Credo Technology Group Holding Ltd Insider Trading Activity

Q: What is the participation rate on the BNS Buffered Enhanced Participation Notes?

The notes pay 149% of any positive basket return at maturity.

Q: How much downside protection do investors have?

There is a 10% buffer ; if the basket falls ≤10%, investors receive full principal.

Q: When do the notes mature and will they pay interest before then?

Maturity is July 7, 2027 ; the notes bear no periodic interest .

Q: What is the initial estimated value versus the issue price?

BNS estimated the value at $968.53 per $1,000 , lower than the 100% issue price.

Q: Are the notes insured or covered by deposit insurance schemes?

No. The notes are not insured by CDIC, FDIC or any other agency .

Filing Impact

(High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

The Bank of Nova Scotia (BNS) is offering $1,057,000 of Buffered Enhanced Participation Basket-Linked Notes maturing July 7, 2027. The unsecured senior notes provide no periodic interest and their value at maturity is entirely linked to the performance of a weighted equity basket: EURO STOXX 50 (38%), TOPIX (26%), FTSE 100 (17%), Swiss Market Index (11%) and S&P/ASX 200 (8%). The initial basket level is 100; the final level is measured on the valuation date of July 5, 2027.

Return profile:

If the final basket level > initial level, holders receive principal plus 149% participation of the basket’s gain.
If the basket declines ≤10% (final level ≥90), investors receive full principal (10% buffer).
If the basket declines >10%, repayment is reduced by approximately 1.1111% for every 1% decline beyond the buffer, exposing investors to up to 100% loss of principal.

The initial estimated value is $968.53 per $1,000 note, below the 100% issue price, reflecting selling commissions (1.50%) and hedging/structuring costs. Proceeds to BNS are 98.5% of face. The notes will not be listed on any exchange; Scotia Capital (USA) Inc. and Goldman Sachs & Co. LLC may make a market but are not obligated.

Key terms:

Participation rate: 149%
Buffer level: 90% of initial basket
Buffer rate: ~111.11%
Trade date / issue date: Jul 3 2025 / Jul 11 2025 (T+5 settlement)
Maturity: Jul 7 2027 (≈24 months)
Denominations: $1,000 and multiples thereof
Calculation agent: Scotia Capital Inc. (affiliate of issuer)

Risks disclosed: credit risk of BNS; market risk of basket components; lack of liquidity; potential total loss beyond the 10% buffer; issuer’s internal funding rate makes economic terms less favorable than conventional debt; conflicts of interest in hedging and market-making; no dividend participation; currency movements not hedged; initial price exceeds estimated value.

The notes suit investors seeking leveraged upside to a diversified international equity basket, willing to forgo income and accept credit and market risks as well as limited secondary liquidity.

La Bank of Nova Scotia (BNS) offre 1.057.000 dollari in Note Collegate a un Basket di Partecipazione Potenziata con Buffer, con scadenza il 7 luglio 2027. Le note senior non garantite non prevedono interessi periodici e il loro valore a scadenza è interamente legato alla performance di un paniere azionario ponderato: EURO STOXX 50 (38%), TOPIX (26%), FTSE 100 (17%), Swiss Market Index (11%) e S&P/ASX 200 (8%). Il livello iniziale del paniere è 100; il livello finale sarà calcolato alla data di valutazione del 5 luglio 2027.

Profilo di rendimento:

Se il livello finale del paniere è superiore a quello iniziale, i detentori ricevono il capitale più una partecipazione del 149% al guadagno del paniere.
Se il paniere scende fino al 10% (livello finale ≥90), gli investitori ricevono il capitale completo (buffer del 10%).
Se il paniere scende oltre il 10%, il rimborso viene ridotto di circa l'1,1111% per ogni 1% di calo oltre il buffer, esponendo gli investitori a una perdita massima del 100% del capitale.

Il valore stimato iniziale è di 968,53 dollari per ogni nota da 1.000 dollari, inferiore al prezzo di emissione del 100%, riflettendo commissioni di vendita (1,50%) e costi di copertura/strutturazione. I proventi per BNS sono il 98,5% del valore nominale. Le note non saranno quotate in alcun mercato; Scotia Capital (USA) Inc. e Goldman Sachs & Co. LLC potrebbero fare mercato ma non sono obbligati.

Termini chiave:

Tasso di partecipazione: 149%
Livello buffer: 90% del paniere iniziale
Aliquota buffer: ~111,11%
Data di negoziazione / emissione: 3 luglio 2025 / 11 luglio 2025 (regolamento T+5)
Scadenza: 7 luglio 2027 (circa 24 mesi)
Tagli: 1.000 dollari e multipli
Agente di calcolo: Scotia Capital Inc. (affiliata all’emittente)

Rischi evidenziati: rischio di credito di BNS; rischio di mercato dei componenti del paniere; scarsa liquidità; potenziale perdita totale oltre il buffer del 10%; il tasso interno di finanziamento dell’emittente rende i termini economici meno vantaggiosi rispetto al debito convenzionale; conflitti di interesse nelle attività di copertura e market making; nessuna partecipazione ai dividendi; movimenti valutari non coperti; prezzo iniziale superiore al valore stimato.

Le note sono adatte a investitori che cercano un'esposizione potenziata a un paniere azionario internazionale diversificato, disposti a rinunciare al reddito e ad accettare rischi di credito, di mercato e una liquidità secondaria limitata.

El Banco de Nueva Escocia (BNS) ofrece 1.057.000 dólares en Notas Vinculadas a una Canasta con Participación Mejorada y Buffer, con vencimiento el 7 de julio de 2027. Las notas senior no garantizadas no pagan intereses periódicos y su valor al vencimiento está completamente vinculado al desempeño de una canasta ponderada de acciones: EURO STOXX 50 (38%), TOPIX (26%), FTSE 100 (17%), Swiss Market Index (11%) y S&P/ASX 200 (8%). El nivel inicial de la canasta es 100; el nivel final se medirá en la fecha de valoración del 5 de julio de 2027.

Perfil de rendimiento:

Si el nivel final de la canasta es mayor que el inicial, los tenedores reciben el capital más una participación del 149% en la ganancia de la canasta.
Si la canasta baja ≤10% (nivel final ≥90), los inversores reciben el capital completo (buffer del 10%).
Si la canasta baja >10%, el reembolso se reduce aproximadamente un 1,1111% por cada 1% de caída más allá del buffer, exponiendo a los inversores a una pérdida total del 100% del capital.

El valor estimado inicial es de 968,53 dólares por cada nota de 1.000 dólares, por debajo del precio de emisión del 100%, reflejando comisiones de venta (1,50%) y costos de cobertura/estructuración. Los ingresos para BNS son el 98,5% del valor nominal. Las notas no estarán listadas en ninguna bolsa; Scotia Capital (USA) Inc. y Goldman Sachs & Co. LLC pueden hacer mercado pero no están obligados.

Términos clave:

Tasa de participación: 149%
Nivel de buffer: 90% de la canasta inicial
Tasa de buffer: ~111,11%
Fecha de negociación / emisión: 3 de julio de 2025 / 11 de julio de 2025 (liquidación T+5)
Vencimiento: 7 de julio de 2027 (aprox. 24 meses)
Denominaciones: 1.000 dólares y múltiplos
Agente de cálculo: Scotia Capital Inc. (afiliada al emisor)

Riesgos divulgados: riesgo crediticio de BNS; riesgo de mercado de los componentes de la canasta; falta de liquidez; posible pérdida total más allá del buffer del 10%; la tasa interna de financiamiento del emisor hace que los términos económicos sean menos favorables que la deuda convencional; conflictos de interés en cobertura y creación de mercado; no hay participación en dividendos; movimientos de divisas no cubiertos; precio inicial superior al valor estimado.

Las notas son adecuadas para inversores que buscan una exposición apalancada a una canasta diversificada de acciones internacionales, dispuestos a renunciar a ingresos y aceptar riesgos de crédito, mercado y liquidez secundaria limitada.

노바스코샤은행(BNS)은 2027년 7월 7일 만기인 버퍼드 강화 참여 바스켓 연계 노트 1,057,000달러를 제공합니다. 무담보 선순위 채권으로 정기 이자가 없으며 만기 시 가치는 가중 주식 바스켓의 성과에 전적으로 연동됩니다: EURO STOXX 50 (38%), TOPIX (26%), FTSE 100 (17%), 스위스 마켓 지수 (11%), S&P/ASX 200 (8%). 초기 바스켓 수준은 100이며, 최종 수준은 2027년 7월 5일 평가일에 측정됩니다.

수익 구조:

최종 바스켓 수준이 초기 수준보다 높으면, 투자자는 원금과 바스켓 상승분의 149% 참여를 받습니다.
바스켓이 최대 10% 하락(최종 수준 ≥90)하면, 투자자는 전액 원금을 돌려받습니다(10% 버퍼 적용).
바스켓이 10% 이상 하락하면, 버퍼를 초과하는 1% 하락마다 약 1.1111%씩 상환금이 감소하여 원금 최대 100% 손실 위험에 노출됩니다.

초기 예상 가치는 1,000달러 노트당 968.53달러로, 100% 발행가보다 낮으며 판매 수수료(1.50%) 및 헤지/구조화 비용을 반영합니다. BNS가 받는 수익은 액면가의 98.5%입니다. 이 노트는 어떤 거래소에도 상장되지 않으며, Scotia Capital (USA) Inc.와 Goldman Sachs & Co. LLC가 시장 조성을 할 수 있으나 의무는 없습니다.

주요 조건:

참여율: 149%
버퍼 수준: 초기 바스켓의 90%
버퍼 비율: 약 111.11%
거래일 / 발행일: 2025년 7월 3일 / 2025년 7월 11일 (T+5 결제)
만기: 2027년 7월 7일 (약 24개월)
액면 단위: 1,000달러 및 그 배수
계산 대리인: Scotia Capital Inc. (발행사 계열사)

공개된 위험: BNS의 신용 위험; 바스켓 구성요소의 시장 위험; 유동성 부족; 10% 버퍼를 초과하는 전액 손실 가능성; 발행사의 내부 자금 조달율로 인해 경제 조건이 일반 채무보다 불리함; 헤지 및 시장 조성에서 이해 상충; 배당금 참여 없음; 환율 변동 헤지 없음; 초기 가격이 예상 가치보다 높음.

이 노트는 배당 수익을 포기하고 신용 및 시장 위험, 제한된 2차 유동성을 감수하며, 국제 분산 주식 바스켓에 레버리지 상승을 원하는 투자자에게 적합합니다.

La Banque de Nouvelle-Écosse (BNS) propose 1 057 000 $ de billets liés à un panier d'actions avec participation renforcée et buffer, arrivant à échéance le 7 juillet 2027. Ces billets seniors non garantis ne versent pas d’intérêts périodiques et leur valeur à l’échéance est entièrement liée à la performance d’un panier d’actions pondéré : EURO STOXX 50 (38 %), TOPIX (26 %), FTSE 100 (17 %), Swiss Market Index (11 %) et S&P/ASX 200 (8 %). Le niveau initial du panier est de 100 ; le niveau final sera mesuré à la date d’évaluation du 5 juillet 2027.

Profil de rendement :

Si le niveau final du panier est supérieur au niveau initial, les détenteurs reçoivent le capital plus une participation de 149 % à la hausse du panier.
Si le panier baisse ≤10 % (niveau final ≥90), les investisseurs récupèrent la totalité du capital (buffer de 10 %).
Si le panier baisse de plus de 10 %, le remboursement est réduit d’environ 1,1111 % pour chaque 1 % de baisse au-delà du buffer, exposant les investisseurs à une perte totale pouvant atteindre 100 % du capital.

La valeur estimée initiale est de 968,53 $ par billet de 1 000 $, inférieure au prix d’émission de 100 %, reflétant les commissions de vente (1,50 %) et les coûts de couverture/structuration. Les produits nets pour BNS sont de 98,5 % de la valeur nominale. Les billets ne seront pas cotés en bourse ; Scotia Capital (USA) Inc. et Goldman Sachs & Co. LLC peuvent assurer un marché, sans obligation.

Principaux termes :

Taux de participation : 149 %
Niveau du buffer : 90 % du panier initial
Taux du buffer : ~111,11 %
Date de négociation / émission : 3 juillet 2025 / 11 juillet 2025 (règlement T+5)
Échéance : 7 juillet 2027 (environ 24 mois)
Montants : 1 000 $ et multiples
Agent de calcul : Scotia Capital Inc. (filiale de l’émetteur)

Risques divulgués : risque de crédit de BNS ; risque de marché des composants du panier ; manque de liquidité ; perte totale possible au-delà du buffer de 10 % ; le taux de financement interne de l’émetteur rend les conditions économiques moins favorables que la dette classique ; conflits d’intérêts dans la couverture et le market making ; pas de participation aux dividendes ; mouvements de change non couverts ; prix initial supérieur à la valeur estimée.

Ces billets conviennent aux investisseurs recherchant une exposition à effet de levier à un panier d’actions internationales diversifié, prêts à renoncer aux revenus et à accepter les risques de crédit, de marché ainsi qu’une liquidité secondaire limitée.

Die Bank of Nova Scotia (BNS) bietet 1.057.000 USD an gepufferten, verstärkten Partizipations-Indexanleihen mit Fälligkeit am 7. Juli 2027 an. Die unbesicherten Senior Notes zahlen keine periodischen Zinsen und ihr Rückzahlungswert ist vollständig an die Performance eines gewichteten Aktienkorbs gebunden: EURO STOXX 50 (38%), TOPIX (26%), FTSE 100 (17%), Swiss Market Index (11%) und S&P/ASX 200 (8%). Der Anfangswert des Korbs beträgt 100; der Endwert wird am Bewertungstag, dem 5. Juli 2027, ermittelt.

Renditeprofil:

Liegt der Endwert des Korbs über dem Anfangswert, erhalten die Inhaber das Kapital plus eine 149%ige Partizipation an der Wertsteigerung des Korbs.
Fällt der Korb um ≤10% (Endwert ≥90), erhalten Anleger das volle Kapital zurück (10% Buffer).
Fällt der Korb um mehr als 10%, wird die Rückzahlung um etwa 1,1111% für jeden weiteren 1% Rückgang über den Buffer hinaus reduziert, was ein Totalverlustrisiko bis zu 100% des Kapitals bedeutet.

Der geschätzte Anfangswert beträgt 968,53 USD pro 1.000 USD Note und liegt unter dem Ausgabepreis von 100%, was Verkaufsprovisionen (1,50%) und Absicherungs-/Strukturierungskosten widerspiegelt. Die Erlöse für BNS betragen 98,5% des Nennwerts. Die Notes werden nicht an einer Börse gehandelt; Scotia Capital (USA) Inc. und Goldman Sachs & Co. LLC können einen Markt stellen, sind dazu aber nicht verpflichtet.

Wesentliche Bedingungen:

Partizipationsrate: 149%
Buffer-Level: 90% des Anfangskorbs
Buffer-Rate: ca. 111,11%
Handels-/Ausgabetag: 3. Juli 2025 / 11. Juli 2025 (T+5 Abwicklung)
Fälligkeit: 7. Juli 2027 (ca. 24 Monate)
Stückelung: 1.000 USD und Vielfache davon
Berechnungsstelle: Scotia Capital Inc. (Tochtergesellschaft des Emittenten)

Bekannte Risiken: Kreditrisiko von BNS; Marktrisiko der Korbkomponenten; mangelnde Liquidität; potenzieller Totalverlust über den 10% Buffer hinaus; interne Finanzierungsrate des Emittenten führt zu weniger günstigen wirtschaftlichen Bedingungen als konventionelle Schuldverschreibungen; Interessenkonflikte bei Absicherung und Market Making; keine Dividendenbeteiligung; keine Währungsabsicherung; anfänglicher Preis über dem geschätzten Wert.

Die Notes eignen sich für Anleger, die eine gehebelte Aufwärtsbeteiligung an einem diversifizierten internationalen Aktienkorb suchen, bereit sind auf laufende Erträge zu verzichten und Kredit-, Markt- sowie eingeschränkte Sekundärliquiditätsrisiken zu akzeptieren.

Positive

149% participation rate offers leveraged upside compared with direct basket ownership.
10% downside buffer protects principal against modest market declines.
Diversified international basket spanning Eurozone, Japan, UK, Switzerland and Australia reduces single-market risk.

Negative

Initial estimated value ($968.53) is below issue price, highlighting embedded fees and funding costs.
Principal at risk beyond 10% decline; losses accelerate at ~111% rate, up to total loss.
No secondary listing and market-making only on a best-efforts basis constrain liquidity.
Unsecured credit exposure to BNS; notes not covered by CDIC or FDIC insurance.
No coupon or dividend entitlement, resulting in negative carry for income-focused investors.

Insights

TL;DR — 149% upside leverage with 10% buffer, but full downside beyond buffer and liquidity/valuation concerns.

The note offers enhanced participation versus direct equity exposure, attractive for bullish investors over a two-year horizon. The fixed 149% payout on gains magnifies returns if the basket rises, while the 10% buffer provides limited protection. However, investors face accelerated losses (111.11% rate) past the buffer, receive no coupons, and could lose all capital. The initial estimated value is 3.1% below issue price, indicating embedded costs. No exchange listing and reliance on dealer market-making restrict exit flexibility. Credit exposure to BNS remains, though the notes rank pari passu with other senior unsecured debt. Overall impact neutral: terms are standard for retail structured notes.

TL;DR — Provides equity-linked return in bond format, but valuation discount and issuer credit risk limit appeal.

From a portfolio viewpoint, the instrument replaces interest income with contingent equity participation. While the 10% buffer tempers mild declines, stress scenarios demonstrate rapid capital erosion. The 1.50% underwriting fee plus internal funding spread explain the $968.53 initial value, meaning investors pay above model price. Absence of CDIC/FDIC insurance and lack of listing reduce defensive characteristics relative to traditional bonds. Given the short 24-month tenor, correlation among European and Asian indices can raise volatility. I view the note as a tactical vehicle rather than a core holding; impact on BNS credit metrics is immaterial, impact to investors is balanced.

Profilo di rendimento:

Se il livello finale del paniere è superiore a quello iniziale, i detentori ricevono il capitale più una partecipazione del 149% al guadagno del paniere.
Se il paniere scende fino al 10% (livello finale ≥90), gli investitori ricevono il capitale completo (buffer del 10%).
Se il paniere scende oltre il 10%, il rimborso viene ridotto di circa l'1,1111% per ogni 1% di calo oltre il buffer, esponendo gli investitori a una perdita massima del 100% del capitale.

Termini chiave:

Tasso di partecipazione: 149%
Livello buffer: 90% del paniere iniziale
Aliquota buffer: ~111,11%
Data di negoziazione / emissione: 3 luglio 2025 / 11 luglio 2025 (regolamento T+5)
Scadenza: 7 luglio 2027 (circa 24 mesi)
Tagli: 1.000 dollari e multipli
Agente di calcolo: Scotia Capital Inc. (affiliata all’emittente)

Perfil de rendimiento:

Si el nivel final de la canasta es mayor que el inicial, los tenedores reciben el capital más una participación del 149% en la ganancia de la canasta.
Si la canasta baja ≤10% (nivel final ≥90), los inversores reciben el capital completo (buffer del 10%).
Si la canasta baja >10%, el reembolso se reduce aproximadamente un 1,1111% por cada 1% de caída más allá del buffer, exponiendo a los inversores a una pérdida total del 100% del capital.

Términos clave:

Tasa de participación: 149%
Nivel de buffer: 90% de la canasta inicial
Tasa de buffer: ~111,11%
Fecha de negociación / emisión: 3 de julio de 2025 / 11 de julio de 2025 (liquidación T+5)
Vencimiento: 7 de julio de 2027 (aprox. 24 meses)
Denominaciones: 1.000 dólares y múltiplos
Agente de cálculo: Scotia Capital Inc. (afiliada al emisor)

수익 구조:

최종 바스켓 수준이 초기 수준보다 높으면, 투자자는 원금과 바스켓 상승분의 149% 참여를 받습니다.
바스켓이 최대 10% 하락(최종 수준 ≥90)하면, 투자자는 전액 원금을 돌려받습니다(10% 버퍼 적용).
바스켓이 10% 이상 하락하면, 버퍼를 초과하는 1% 하락마다 약 1.1111%씩 상환금이 감소하여 원금 최대 100% 손실 위험에 노출됩니다.

주요 조건:

참여율: 149%
버퍼 수준: 초기 바스켓의 90%
버퍼 비율: 약 111.11%
거래일 / 발행일: 2025년 7월 3일 / 2025년 7월 11일 (T+5 결제)
만기: 2027년 7월 7일 (약 24개월)
액면 단위: 1,000달러 및 그 배수
계산 대리인: Scotia Capital Inc. (발행사 계열사)

Profil de rendement :

Si le niveau final du panier est supérieur au niveau initial, les détenteurs reçoivent le capital plus une participation de 149 % à la hausse du panier.
Si le panier baisse ≤10 % (niveau final ≥90), les investisseurs récupèrent la totalité du capital (buffer de 10 %).
Si le panier baisse de plus de 10 %, le remboursement est réduit d’environ 1,1111 % pour chaque 1 % de baisse au-delà du buffer, exposant les investisseurs à une perte totale pouvant atteindre 100 % du capital.

Principaux termes :

Taux de participation : 149 %
Niveau du buffer : 90 % du panier initial
Taux du buffer : ~111,11 %
Date de négociation / émission : 3 juillet 2025 / 11 juillet 2025 (règlement T+5)
Échéance : 7 juillet 2027 (environ 24 mois)
Montants : 1 000 $ et multiples
Agent de calcul : Scotia Capital Inc. (filiale de l’émetteur)

Renditeprofil:

Liegt der Endwert des Korbs über dem Anfangswert, erhalten die Inhaber das Kapital plus eine 149%ige Partizipation an der Wertsteigerung des Korbs.
Fällt der Korb um ≤10% (Endwert ≥90), erhalten Anleger das volle Kapital zurück (10% Buffer).
Fällt der Korb um mehr als 10%, wird die Rückzahlung um etwa 1,1111% für jeden weiteren 1% Rückgang über den Buffer hinaus reduziert, was ein Totalverlustrisiko bis zu 100% des Kapitals bedeutet.

Wesentliche Bedingungen:

Partizipationsrate: 149%
Buffer-Level: 90% des Anfangskorbs
Buffer-Rate: ca. 111,11%
Handels-/Ausgabetag: 3. Juli 2025 / 11. Juli 2025 (T+5 Abwicklung)
Fälligkeit: 7. Juli 2027 (ca. 24 Monate)
Stückelung: 1.000 USD und Vielfache davon
Berechnungsstelle: Scotia Capital Inc. (Tochtergesellschaft des Emittenten)

07/08/2025 - 05:11 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Cheng Chi Fung

(Last)

(First)

(Middle)

110 RIO ROBLES

(Street)

SAN JOSE

95134

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Credo Technology Group Holding Ltd [ CRDO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Technology Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Ordinary Shares	07/05/2025		F⁽¹⁾		2,460	D	$93.61	116,890	D
Ordinary Shares	07/07/2025		S⁽²⁾		3,311	D	$90.773⁽³⁾	7,380,650	I	Cheng Huang Family Trust⁽⁴⁾
Ordinary Shares	07/07/2025		S⁽²⁾		40,550	D	$91.883⁽⁵⁾	7,340,100	I	Cheng Huang Family Trust⁽⁴⁾
Ordinary Shares	07/07/2025		S⁽²⁾		11,139	D	$92.4941⁽⁶⁾	7,328,961	I	Cheng Huang Family Trust⁽⁴⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents shares withheld by the Issuer to satisfy tax withholding obligations in connection with the vesting and settlement of RSUs.

2. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Cheng Huang Family Trust on September 6, 2024.

3. This transaction was executed in multiple trades at prices ranging from $90.31 to $91.30. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

4. Represents ordinary shares held by the Cheng Huang Family Trust of which the Reporting Person and his spouse are trustees and the Reporting Person, his spouse and their children are beneficiaries. The Reporting Person disclaims beneficial ownership except to the extent of his and his spouse's pecuniary interest therein. The full name of the trust is the Cheng Huang Family Trust U/T/A DTD 12/22/2003.

5. This transaction was executed in multiple trades at prices ranging from $91.32 to $92.31. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

6. This transaction was executed in multiple trades at prices ranging from $92.32 to $92.72. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

Remarks:

	/s/ James Laufman, attorney-in-fact	07/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What is the participation rate on the BNS Buffered Enhanced Participation Notes?

The notes pay 149% of any positive basket return at maturity.

How much downside protection do investors have?

There is a 10% buffer; if the basket falls ≤10%, investors receive full principal.

Which indices make up the basket and what are their weightings?

EURO STOXX 50 (38%), TOPIX (26%), FTSE 100 (17%), Swiss Market Index (11%), S&P/ASX 200 (8%).

When do the notes mature and will they pay interest before then?

Maturity is July 7, 2027; the notes bear no periodic interest.

What is the initial estimated value versus the issue price?

BNS estimated the value at $968.53 per $1,000, lower than the 100% issue price.

Are the notes insured or covered by deposit insurance schemes?

No. The notes are not insured by CDIC, FDIC or any other agency.

[Form 4] Credo Technology Group Holding Ltd Insider Trading Activity

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FAQ

What is the participation rate on the BNS Buffered Enhanced Participation Notes?

How much downside protection do investors have?

Which indices make up the basket and what are their weightings?

When do the notes mature and will they pay interest before then?

What is the initial estimated value versus the issue price?

Are the notes insured or covered by deposit insurance schemes?

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[Form 4] Credo Technology Group Holding Ltd Insider Trading Activity

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Structured Products Analyst neutral

Fixed-Income Portfolio Manager neutral

FAQ

What is the participation rate on the BNS Buffered Enhanced Participation Notes?

How much downside protection do investors have?

Which indices make up the basket and what are their weightings?

When do the notes mature and will they pay interest before then?

What is the initial estimated value versus the issue price?

Are the notes insured or covered by deposit insurance schemes?

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