The stock for Shopify SHOP, one of the most widely held companies in Canada, skyrocketed 21% on Tuesday following its third-quarter earnings report. This gave a big boost to some mutual funds and exchange-traded funds holding shares in the e-commerce firm.

Leading Canadian ETFs with significant Shopify exposure surged alongside the stock. The iShares S&P/TSX Capped Info Tech ETF closed at C$67.05, up C$3.76 for a 5.94% gain, while the iShares Canadian Growth ETF rose 2.52% to close at C$56.46. The BMO MSCI Canada ESG Leaders ETF ended the day up 1.72% at C$40.13.

Strong Shopify Earnings Outlook Lifts Stock

Shopify’s stock rose C$26.89 on Tuesday, closing at C$152.26, clocking the biggest intraday surge in over a year, fueled by better-than-expected revenue and a cheery forecast for the upcoming holiday shopping season.

Shopify is up more than 15% for the year to date as of Nov. 12. This rally pushed the S&P/TSX Composite Index past the 25,000 mark for the first time, reaching a new record.

“Third-quarter revenue strength was impressive, in our view, as Shopify continues to gather more merchants, expand internationally, succeed in offline sales, and drive overall gross merchandise volume expansion,” says Morningstar equity analyst Dan Romanoff, who forecasts the company is “well positioned as a leader in e-commerce and has a variety of irons in the fire to sustain durable growth.”

Shopify, which competes with e-commerce heavyweights such as Amazon AMZN and Walmart WMT, has announced it expects revenue growth for the current quarter to reach a mid-to-high-20s percentage. The guidance exceeds Wall Street projections of 22.8% revenue growth, estimated by FactSet.

Funds With Largest Shopify Stake

The stock is one of the largest holdings in many Canadian stock ETFs and mutual funds. Here’s a look at the strategies with the heaviest weightings in Shopify according to Morningstar Direct.

With the surge in Shopify stock, some of those ETFs and funds saw big gains on Tuesday

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