The Direxion Daily SHOP Bull 2X ETF (NASDAQ:SHPU) soared nearly 40% on Wednesday, emerging as one of the session's top-performing U.S.-listed ETFs after Shopify Inc's (NASDAQ:SHOP) stronger-than-expected quarterly results sparked a sharp rally in the stock.
SHPU is a single-stock leveraged ETF designed to deliver 200% of Shopify's daily price performance before fees and expenses.
The fund is intended for short-term tactical trading, with daily compounding meaning returns can diverge from twice the stock's performance over longer holding periods.
The rally came after shares of Shopify shares jumped around 20% on better-than-expected second-quarter fiscal 2026 results and upbeat third-quarter revenue guidance, easing investor concerns over AI spending and growing competition.
Shopify reported adjusted earnings of 42 cents per share, beating analysts' estimates of 40 cents, while revenue climbed 34.3% year over year to $3.58 billion, ahead of the $3.45 billion consensus.
