Key Highlights

  • Adobe 2X Long ETF (NASDAQ:ADBG) was quoted up 11.57% at USD 4.63 on October 22, 2026, while Adobe reported fiscal third quarter Revenue of USD 6.76 billion, up 13%, and will change chief executives on December 1, 2026.
  • Figma 2x Long ETF (NASDAQ:FIGG) was quoted up 12.32% at USD 19.88, with Figma's second quarter revenue up 48% to USD 370.1 million and full year revenue guidance raised to USD 1.463 billion to USD 1.467 billion.
  • Palo Alto 2X Long ETF (NASDAQ:PANG) was quoted up 7.04% at USD 30.65, with Palo Alto Networks' next-generation security annual Recurring Revenue at USD 9.10 billion, up 63%, and fiscal 2027 revenue guided to USD 14.10 billion to USD 14.20 billion.
  • Duolingo 2X Long ETF (NASDAQ:DUOG) was quoted up 8.81% at USD 51.08, with Duolingo daily active users up 23%, second quarter free Cash Flow of USD 79 million and third quarter results due on November 3, 2026.

Adobe 2X Long ETF (NASDAQ:ADBG): Adobe, a software incumbent

Adobe (NASDAQ:ADBE) sells creative, document and Marketing software on subscription. Its fiscal third quarter ended August 28, 2026 delivered revenue of USD 6.76 billion, up 13%, GAAP Earnings of USD 4.62 per share and Operating Cash Flow of USD 2.52 billion. Annualized recurring revenue reached USD 27.50 billion. On October 15, 2026 the company said it expanded its work with NVIDIA on agentic creation. The company also said Anil Chakravarthy will become chief executive on December 1, 2026, with Shantanu Narayen moving to executive chair, so the strategy for competing with AI image and video tools will pass to a new leader within just a few weeks. Adobe 2X Long ETF (NASDAQ:ADBG) aims for twice Adobe's daily return. For Adobe 2X Long ETF (NASDAQ:ADBG), the December 1, 2026 handover is the next marker. No Adobe-specific release explains the quoted gain. Software stocks rose in the October 21, 2026 session, with the iShares Expanded Tech-Software ETF up about 2% in published coverage, and Adobe shares appear to have moved with that rebound. Analyst opinion is divided: Wells Fargo has an underweight rating with a USD 225 target, while HSBC lowered its target to USD 267 from USD 310 but kept a higher level than Wells Fargo.

Figma 2x Long ETF (NASDAQ:FIGG): Figma, high growth design software

Figma (NYSE:FIG) reported second quarter 2026 results on August 5, 2026. Revenue grew 48% to USD 370.1 million, Gross Profit was USD 309.6 million at an 84% GAAP margin, and free cash flow was USD 53.2 million. The gap between GAAP and non-GAAP profit is large: a GAAP loss from operations of USD 117.3 million against non-GAAP Operating Income of USD 36.1 million, which the company linked to higher sales and marketing spending around its Config conference. The net loss was USD 112.2 million, or USD 0.21 per share. Cash, equivalents and marketable securities were USD 1.7 billion, giving a long runway despite the GAAP loss. Figma 2x Long ETF (NASDAQ:FIGG) aims for twice Figma's daily return using swaps, so the implied stock move is about 6.2%. For Figma 2x Long ETF (NASDAQ:FIGG), the third quarter report in early November is the next marker. Customer metrics point to deepening use. Paid customers above USD 10,000 of annual recurring revenue reached 15,964, up 34%, and those above USD 100,000 reached 1,635, up 46%.

Palo Alto 2X Long ETF (NASDAQ:PANG): Palo Alto Networks, security platform

Palo Alto Networks (NASDAQ:PANW) reported fiscal fourth quarter and fiscal 2026 results on September 1, 2026. Revenue was USD 3.41 billion, up 34%, next-generation security annual recurring revenue reached USD 9.10 billion, up 63%, and remaining performance obligations were USD 21.2 billion, up 34%. Non-GAAP earnings were USD 1.02 per share compared with USD 0.95 a year earlier, while GAAP results showed a loss of USD 0.35 per share, reflecting Acquisition and integration costs. Chief executive Nikesh Arora highlighted nearly USD 1 billion of net new annual recurring revenue in a single quarter, a figure that shows platform consolidation is still pulling customers into larger contracts. Palo Alto 2X Long ETF (NASDAQ:PANG) aims for twice Palo Alto's daily return, so the quoted 7.04% gain implies a stock move near 3.5%. For Palo Alto 2X Long ETF (NASDAQ:PANG), the fiscal first quarter report is the next marker. Fiscal 2027 guidance is revenue of USD 14.10 billion to USD 14.20 billion, annual recurring revenue of USD 11.075 billion to USD 11.175 billion and non-GAAP earnings of USD 4.16 to USD 4.19 per share. The release referenced integration costs for CyberArk, an identity security company it agreed to acquire, so the deal appears to have closed.

Duolingo 2X Long ETF (NASDAQ:DUOG): Duolingo, subscription learning

Duolingo (NASDAQ:DUOL) reported second quarter 2026 results on August 5, 2026. Daily active users grew 23% from a year earlier, and management said retention reached an all-time high. Free cash flow was USD 79 million, cash and investments were USD 1.3 billion, and the company repurchased USD 44 million of stock in the quarter. Full year guidance calls for bookings growth of 10% to 12%, revenue growth of 15% to 18%, a gross Margin near 70% and free cash flow above USD 375 million. Third quarter guidance is revenue of USD 302 million, up 11%, and bookings of about USD 307 million, up 9%. Growth in bookings is slowing, which is the central investor concern. Duolingo 2X Long ETF (NASDAQ:DUOG) aims for twice Duolingo's daily return, so the quoted 8.81% gain implies a stock move near 4.4%. For Duolingo 2X Long ETF (NASDAQ:DUOG), the November 3, 2026 report is the next marker. Management is cutting AI costs, with video call cost falling from about USD 0.30 to under USD 0.01 per call, and testing an ad-supported tier priced at about half of Super, along with longer free trials. On October 21, 2026 a law firm issued a reminder that investors have until December 7, 2026 to seek lead plaintiff status in a securities class action against the company.

Where Things Stand

The answer is that software shares rebounded on October 21, 2026, with the iShares Expanded Tech-Software ETF up about 2% in published coverage, and each fund doubled its stock's move. Adobe 2X Long ETF (NASDAQ:ADBG) tracks a slow-growth incumbent in a Leadership transition. Figma 2x Long ETF (NASDAQ:FIGG) tracks faster growth with GAAP losses. Palo Alto 2X Long ETF (NASDAQ:PANG) follows a platform story with acquisition costs. Duolingo 2X Long ETF (NASDAQ:DUOG) carries legal and bookings risk. No single company release explained the day for most of them.