Entering this year, retail traders expected big things of SoFi Technologies (SOFI). The fintech stock was commanding plenty of adulation in social media investing circles. Things haven’t gone according to plan, as the stock has shed nearly a third of its value year-to-date.

But SoFi is up 12.4% over the past 90 days, and if that turns into a more substantial rally, aggressive traders may want to join the party via the Direxion Daily SOFI Bull 2X ETF (SOFA). The Direxion ETF attempts to deliver 200% of the daily performance of SoFi stock.

Given the dour 2026 performance delivered by the stock, it could take some time for chastened investors to revisit the SoFi story. That said, SOFA should be treated as the short-term instrument that it is. However, there are reasons both the stock and the leveraged ETF may offer some upside over the final several months of 2026.

If Wall Street Views Change, SOFA Could Be Comfortable

Broadly speaking, sell-side analysts are tepid on the fintech stock, with most viewing it as a “hold.” Perhaps that’s generous, considering the stock’s aforementioned 2026 slump. However, in what could be good news for the shares and SOFA, some analysts see SoFi in a more bullish light.

On Monday, August 17, Piper Sandler analyst Patrick Moley initiated coverage of SoFi with an “outperform” rating and a price target of $22. That implies upside of more than 20% from where the shares currently reside.

Of note to traders considering the geared SOFA, Moley highlights SoFi’s ongoing transition — one successfully employed by some fintech rivals — into a financial services firm that provides clients with everything they need in one place. That includes banking, credit cards, insurance, investing services and more under one umbrella.

No one is saying SoFi is going to become the next big brick-and-mortar bank. That’s not the company’s style and SOFA doesn’t need such an evolution to occur to potentially rally. What’s vital to the SoFi thesis, and thus occasional deployment of SOFA? That the company executes on cross-selling new and existing clients on additional services.

There’s evidence that’s happening. SoFi CEO Anthony Noto recently told Barron’s that existing clients “accounted for more than half of all new products opened in the second quarter.” That’s a step in the right direction and a Moley puts it, SoFi is making moves to bolster client engagement. If those efforts pay-off, investors and SOFA traders may be rewarded.

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