{
 "ticker": "SPYU",
 "name": "MAX S&P 500 4X Leveraged ETNs due October 30, 2043",
 "issuer": "MAX",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/SPYU",
 "html": "https://etfiq.com/funds/SPYU",
 "markdown": "https://etfiq.com/funds/SPYU.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: SPYU returned +4.5% where its own daily promise gave +11.4%, 6.9 points short.",
 "key_facts": [
  {
   "key": "what_spy_did",
   "label": "What SPY did",
   "value": "+3.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SPYU, what SPY did: +3.3%, as of Sep 11, 2026."
  },
  {
   "key": "what_4_times_a_day_gives",
   "label": "What +4 times a day gives",
   "value": "+11.4%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SPYU, what +4 times a day gives: +11.4%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+4.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SPYU, what the fund returned: +4.5%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22126.9 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SPYU, the fund itself cost: \u22126.9 pts, as of Sep 11, 2026."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SPYU, expense ratio: not read by ETFIQ, as of Sep 11, 2026."
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "SPY",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SPYU, underlying: SPY, as of Sep 11, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+4 times the daily move of SPY, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "SPY moved +3.3% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "SPY",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "broad index, us large cap",
   "source": null
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Dec 5, 2023",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "12% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22126.7%",
   "SPY": "\u22121.1%",
   "+4x the move": "\u22124.2%",
   "Difference": "\u22122.5 pts",
   "SPY moved about": "9%"
  },
  {
   "window": "3 months",
   "Fund": "+4.5%",
   "SPY": "+3.3%",
   "+4x the move": "+13.2%",
   "Difference": "\u22128.7 pts",
   "SPY moved about": "12%"
  },
  {
   "window": "6 months",
   "Fund": "+50.0%",
   "SPY": "+16.0%",
   "+4x the move": "+64.1%",
   "Difference": "\u221214.1 pts",
   "SPY moved about": "14%"
  },
  {
   "window": "1 year",
   "Fund": "+31.5%",
   "SPY": "+17.5%",
   "+4x the move": "+70.0%",
   "Difference": "\u221238.5 pts",
   "SPY moved about": "13%"
  },
  {
   "window": "Since launch",
   "Fund": "+173.7%",
   "SPY": "+73.1%",
   "+4x the move": "+292.5%",
   "Difference": "\u2212118.9 pts",
   "SPY moved about": "16%"
  }
 ],
 "questions": [
  {
   "q": "Did SPYU return +4 times SPY?",
   "a": "Over the window to Sep 11, 2026, SPY moved +3.3% and SPYU returned +4.5%. 4 times that move is +13.2%, so the fund came out 8.7 points short of it."
  },
  {
   "q": "Why does SPYU not return +4 times over a year?",
   "a": "Because it resets daily. SPYU aims at +4 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +4 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}