Amazon (AMZN - Free Report) is now the second U.S. trillion-dollar company, trailing Apple (AAPL - Free Report), which crossed the threshold on Aug 2. Shares of AMZN jumped as much as $2,050.50 per share on the first day of trading in September, lifting the market cap of the e-commerce powerhouse to more than $1 trillion.

The recent rally was driven by a bullish call from analysts as well as earnings strength.

Bullish Calls

Morgan Stanley (MS ) last week lifted Amazon’s price target from $1,850 per share to $2,500 per share, citing huge growth for the e-commerce giant's traditional retail as well as web service units. This represents the highest price target on the Wall Street. In fact, 31 of 47 analysts surveyed by FactSet have stock price targets above Amazon’s $1 trillion market cap threshold of $2,050.27.

According to Baron Capital analyst, Ashim Mehra, Amazon could double its value to about $2 trillion in three to five years driven by growth in advertising revenues and its cloud business.

Earnings Strength

Amazon delivered massive Q2 earnings beat of 103.61% and the biggest quarterly profit of $2.5 billion in its history, powered by the fast-growing cloud computing business and strength in online sales. Earnings per share came in at $5.07, more than double the Zacks Consensus Estimate of $2.49 and up significantly from the year-ago earnings of 40 cents. Revenues climbed 39% year over year to $52.9 billion but fell short of the estimated $53.4 billion.

In particular, revenues from the cloud computing business — Amazon Web Services (AWS) — surged 49% year over year to $6.1 billion. For the third quarter of 2018, the company expects total revenues to grow 23-31% to $54-$57.5 billion (read: 31 of 47 analysts surveyed by FactSet have stock price targets above Amazon’s $1 trillion market cap threshold of $2,050.27).

The Journey to the Trillion Dollar Club

Amazon went public in 1997 at $18 per share and took almost 21 years to achieve the trillion-dollar milestone, much faster than Apple, which took 38 years. Shares of AMZN rose to $100 by October 2009 and then crossed $1,000 on May 30, 2017. After 10 months on Aug 30, the shares hit another milestone of $2,000. In fact, Amazon was worth just $580 billion at the beginning of this year and has surged more than 70% since then.

The e-commerce giant has skyrocketed about 135867% since its initial public offering, dwarfing the S&P 500's 755% increase. With the latest milestone, the stock now accounts for 4% of the S&P 500.

Solid Fundamentals

Amazon has seen whopping earnings estimate revisions of $4.95 to $17.69 for this year in the past 60 days. This indicates substantial year-over-year growth of 289%. Revenues are expected to grow 32%. Additionally, Amazon sports a Zacks Rank #1 (Strong Buy) and has a Growth Score of A. However, it belongs to a bottom-ranked Zacks industry (bottom 24%).   

ETFs to Tap

Given this, investors seeking to tap the bullishness in the Internet giant could consider the following ETFs. These funds have Amazon as their top firm with a double-digit allocation.

Consumer Discretionary Select Sector SPDR Fund (XLY - Free Report) — The fund carries a Zacks ETF Rank #2 (Buy), with a Medium risk outlook. Amazon accounts for 25.4% share.

ProShares Online Retail ETF (ONLN - Free Report) - This fund debuted in the space on Jul 13 and has accumulated $15.9 million in its asset base. Amazon makes up for 24.2% in the fund’s basket.   

Vanguard Consumer Discretionary ETF (VCR - Free Report) - This ETF has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. Amazon has 23.1% allocation.

iShares U.S. Consumer Services ETF (IYC - Free Report) — It carries a Zacks ETF Rank #2 with a Medium risk outlook. Here, AMZN takes 22% share.

VanEck Vectors Retail ETF (RTH - Free Report) — The fund has a Zacks ETF Rank #3 with a Medium risk outlook. Amazon makes up for 20.4% of the assets.

Fidelity MSCI Consumer Discretionary Index ETF (FDIS - Free Report) – It has a Zacks ETF Rank #2 with a Medium risk outlook. Amazon makes up for 21% in the fund’s basket

iShares Global Consumer Discretionary ETF (RXI - Free Report) - AMZN accounts for 16.5% share in the basket.

iShares Evolved U.S. Discretionary Spending ETF (IEDI - Free Report) - This fund debuted in the space on Mar 21 and has accumulated $5.7 million in its asset base. Amazon has a 12.2% allocation.

First Trust Dow Jones Internet Index Fund (FDN - Free Report) - This ETF allocates 10.8% share in Amazon and has a Zacks ETF Rank #1 with a High-risk outlook.