SHOPIFY INC

Ticker: SHOP CUSIP: 82509L107 Class: CL A

Note: Option positions (PUT/CALL) are excluded.

InstitutionSharesValue ($000)
VANGUARD GROUP INC50,670,627$8,158,643
FMR LLC48,003,077$7,728,482
Capital World Investors47,822,705$7,698,323
Capital International Investors38,343,155$6,174,038
JPMORGAN CHASE & CO33,418,297$5,379,344
BAILLIE GIFFORD & CO31,206,232$5,023,268
MORGAN STANLEY26,453,143$4,258,163
PRICE T ROWE ASSOCIATES INC /MD/23,531,422$3,788
ROYAL BANK OF CANADA19,735,551$3,176,832
JENNISON ASSOCIATES LLC18,966,407$3,053,023
FIL Ltd18,385,371$2,960,304
NORGES BANK16,224,694$2,611,797
LOOMIS SAYLES & CO L P14,470,169$2,329,263
Invesco Ltd.14,026,193$2,257,796
GOLDMAN SACHS GROUP INC13,180,545$2,121,672
GEODE CAPITAL MANAGEMENT, LLC12,601,476$2,043,365
BANK OF MONTREAL /CAN/12,124,197$1,952,207
BANK OF AMERICA CORP /DE/11,481,591$1,848,192
BlackRock, Inc.10,087,672$1,623,813
MACKENZIE FINANCIAL CORP9,961,097$1,627,352
SANDS CAPITAL MANAGEMENT, LLC9,506,036$1,530,187
NATIONAL BANK OF CANADA /FI/9,417,620$1,512,592
CANADA PENSION PLAN INVESTMENT BOARD8,763,307$1,411,045
CIBC WORLD MARKET INC.8,731,927$1,405,578
TD Asset Management Inc8,713,762$1,404,790
FRANKLIN RESOURCES INC8,544,645$1,375,708
1832 Asset Management L.P.7,813,418$1,257,726
MANUFACTURERS LIFE INSURANCE COMPANY, THE7,758,705$1,251,931
POLEN CAPITAL MANAGEMENT LLC7,201,872$1,159,285
WCM INVESTMENT MANAGEMENT, LLC6,700,679$1,097,169
ALLIANCEBERNSTEIN L.P.6,550,340$1,054,408
WELLINGTON MANAGEMENT GROUP LLP6,452,265$1,039,234
Legal & General Group Plc6,349,261$1,023,638
Newlands Management Operations LLC6,325,050$1,018,143
Connor, Clark & Lunn Investment Management Ltd.6,202,273$998,673
EDGEWOOD MANAGEMENT LLC6,199,459$997,927
Nuveen, LLC6,100,961$982,977
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP6,074,936$977,964
MASSACHUSETTS FINANCIAL SERVICES CO /MA/5,892,833$948,569
JANUS HENDERSON GROUP PLC4,423,410$704,404
Artisan Partners Limited Partnership4,393,240$707,180
CIBC Asset Management Inc4,280,528$691,401
Clearbridge Investments, LLC4,167,267$670,805
ARK Investment Management LLC3,978,898$640,483
Sumitomo Mitsui Trust Holdings, Inc.3,533,102$568,723
DEUTSCHE BANK AG\3,395,345$546,549
WELLS FARGO & COMPANY/MN3,385,404$544,948
Bank of New York Mellon Corp3,336,091$537,011
Nikko Asset Management Americas, Inc.3,293,185$529,841
Swiss National Bank3,239,200$522,623
TORONTO DOMINION BANK3,211,014$517,029
Amundi3,115,972$501,578
Winslow Capital Management, LLC2,956,282$477,554
UBS Group AG2,827,294$455,110
Mirova US LLC2,785,943$448,453
CHARLES SCHWAB INVESTMENT MANAGEMENT INC2,624,776$423,181
BANK OF NOVA SCOTIA2,574,111$414,453
SEI INVESTMENTS CO2,515,035$404,845
ICONIQ Capital, LLC2,456,052$395,351
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt2,339,097$376,527
BAMCO INC /NY/2,288,270$368,343
Federation des caisses Desjardins du Quebec2,269,766$365,064
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp2,257,790$363,544
RAYMOND JAMES FINANCIAL INC2,235,961$359,923
GILDER GAGNON HOWE & CO LLC2,178,396$350,656
AMERIPRISE FINANCIAL INC2,124,749$343,353
Durable Capital Partners LP2,043,219$328,897
Castle Hook Partners LP1,979,636$318,662
PICTON MAHONEY ASSET MANAGEMENT1,932,932$311,669
Capital Research Global Investors1,917,942$308,740
MARSHALL WACE, LLP1,899,719$305,798
ProShare Advisors LLC1,899,632$305,784
MUFG SECURITIES (CANADA), LTD.1,862,000$299,875
ENVESTNET ASSET MANAGEMENT INC1,849,293$297,681
NORTHERN TRUST CORP1,773,610$285,498
Ashe Capital Management, LP1,750,240$281,736
BARCLAYS PLC1,749,625$281,637
BROWN ADVISORY INC1,744,474$280,812
Polar Capital Holdings Plc1,678,793$270,235
Barton Investment Management1,640,426$264,059
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.1,636,407$263,456
Strategy Capital LLC1,635,575$263,279
NATIXIS ADVISORS, L.P.1,586,104$255
Russell Investments Group, Ltd.1,544,992$249,255
LORD, ABBETT & CO. LLC1,423,900$229
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC1,411,721$227,606
Rathbones Group PLC1,401,781$225,645
Voya Investment Management LLC1,392,374$224,130
LPL Financial LLC1,376,322$221,547
Pictet Asset Management Holding SA1,364,459$219,804
CITIGROUP INC1,336,660$215,504
FEDERATED HERMES, INC.1,334,162$214,760
D. E. Shaw & Co., Inc.1,280,169$206,069
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND1,215,033$195,584
SCOTIA CAPITAL INC.1,161,177$186,665
Thrivent Financial for Lutherans1,148,259$185
AXIOM INVESTORS LLC /DE1,098,515$176,828
STEADFAST CAPITAL MANAGEMENT LP1,075,656$173,148
AMERICAN CENTURY COMPANIES INC1,071,332$172,470
BNP PARIBAS ARBITRAGE, SA1,031,124$165,980
1749 other institutions85,026,469$12,505,091
Total (1,849 institutions)829,452,880$127,954,711