SHOPIFY INC

Ticker: SHOP CUSIP: 82509L107 Class: CL A

GF FUND MANAGEMENT CO. LTD.'s Holding History (CIK: 0002057060)

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

Q4 2025

Shares 307,697 Value ($000) $49,530 Avg Close $160.56 Range $136.18 - $182.19

Q3 2025

Shares 230,500 Value ($000) $34,255 Avg Close $135.57 Range $111.33 - $159.01

Q2 2025

Shares 120,000 Value ($000) $13,842 Avg Close $100.02 Range $69.84 - $117.36

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	307,697	$49,530	$160.56	$136.18 - $182.19
Q3 2025	230,500	$34,255	$135.57	$111.33 - $159.01
Q2 2025	120,000	$13,842	$100.02	$69.84 - $117.36