Shopify Inc.
US ˙ NasdaqGS ˙ CA82509L1076

SecuritySHOP / Shopify Inc.
InstitutionEthic Inc.
Latest Disclosed Ownership12,227 shares
Latest Disclosed Value $ 1,450,331
Ethic Inc. reports 34.66% increase in ownership of SHOP / Shopify Inc.

On April 27, 2026 - Ethic Inc. filed a 13F-HR form disclosing ownership of 12,227 shares of Shopify Inc. (US:SHOP) valued at $1,450,367 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 3, 2026 disclosing 9,080 shares of Shopify Inc.. This represents a change in shares of 34.66% during the quarter. The current value of the position is $1,380,917 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-04-27 2026-03-31 13F SHOPIFY INC CL A CL A SUB VTG SHS 82509L107 12,227 3,147 34.66 1,450 -0.75 0.0227
2026-02-03 2025-12-31 13F SHOPIFY INC CL A CL A SUB VTG SHS 82509L107 9,080 1,109 13.91 1,462 23.40 0.0225
2025-10-17 2025-09-30 13F SHOPIFY INC CL A COM 82509L107 7,971 5,948 294.02 1,185 417.03 0.0195
2025-07-30 2025-06-30 13F SHOPIFY INC CL A COM 82509L107 2,023 2,023 230 0.0041
2022-02-14 2021-12-31 13F SHOPIFY CL A 82509L107 0 -190 -100.00 0 -100.00
2021-11-15 2021-09-30 13F SHOPIFY CL A 82509L107 190 -849 -81.71 258 -83.00 0.0264
2021-08-10 2021-06-30 13F SHOPIFY CL A 82509L107 1,039 328 46.13 1,518 92.88 0.1840
2021-05-13 2021-03-31 13F SHOPIFY CL A 82509L107 711 114 19.10 787 16.42 0.1403
2021-02-10 2020-12-31 13F SHOPIFY CL A 82509L107 597 134 28.94 676 42.62 0.1787
2020-10-27 2020-09-30 13F SHOPIFY CL A 82509L107 463 240 107.62 474 123.58 0.1813
2020-08-12 2020-06-30 13F SHOPIFY CL A 82509L107 223 223 212 0.1206
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.