# SPYU (MAX S&P 500 4X Leveraged ETNs due October 30, 2043)

MAX · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: SPYU returned +4.5% where its own daily promise gave +11.4%, 6.9 points short.

## Key facts

- SPYU, what SPY did: +3.3%, as of Sep 11, 2026.
- SPYU, what +4 times a day gives: +11.4%, as of Sep 11, 2026.
- SPYU, what the fund returned: +4.5%, as of Sep 11, 2026.
- SPYU, the fund itself cost: −6.9 pts, as of Sep 11, 2026.
- SPYU, expense ratio: not read by ETFIQ, as of Sep 11, 2026.
- SPYU, underlying: SPY, as of Sep 11, 2026.

## SPYU over each window to Sep 11, 2026

| Window | Fund | SPY | +4x the move | Difference | SPY moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −6.7% | −1.1% | −4.2% | −2.5 pts | 9% |
| 3 months | +4.5% | +3.3% | +13.2% | −8.7 pts | 12% |
| 6 months | +50.0% | +16.0% | +64.1% | −14.1 pts | 14% |
| 1 year | +31.5% | +17.5% | +70.0% | −38.5 pts | 13% |
| Since launch | +173.7% | +73.1% | +292.5% | −118.9 pts | 16% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +4 times the daily move of SPY, reset daily | ETFIQ |
| Multiple a holder actually got over the window | SPY moved +3.3% over this window, too little to read a multiple from | ETFIQ |
| Underlying | SPY | ETFIQ |
| Segment | broad index, us large cap | ETFIQ |
| Expense ratio | not read by ETFIQ | ETFIQ |
| Launched | Dec 5, 2023 | ETFIQ |
| Underlying volatility over the window | 12% annualized | ETFIQ |

## Questions

### Did SPYU return +4 times SPY?

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.

### Why does SPYU not return +4 times over a year?

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.


## Cite this page

ETFIQ, SPYU, data as of Sep 11, 2026. https://etfiq.com/funds/SPYU
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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