1) Make a new document, I used 380x380 for this tutorial. Make sure your background is BLACK.
2) Now select the Custom Shape Tool and go to the Custom Shape menu and select:
Make a new layer, now hold shift and start your drag from the top left corner to make the custom shape the same size as the canvas.
3) Go to Filter>Blur>Radial Blur and use these settings:
Now go to Filter>Distort>Ripple and use these settings:
Once done adding these 2 filters we want to right click the custom shape layer and go to Blending Options. Apply all these blending options:
    
There ya go your done.
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