{
 "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": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: SPYU returned +1.6% where its own daily promise gave +8.5%, 6.9 points short.",
 "key_facts": [
  {
   "key": "what_spy_did",
   "label": "What SPY did",
   "value": "+2.5%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SPYU, what SPY did: +2.5%, as of Sep 30, 2026."
  },
  {
   "key": "what_4_times_a_day_gives",
   "label": "What 4 times a day gives",
   "value": "+8.5%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SPYU, what 4 times a day gives: +8.5%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+1.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SPYU, what the fund returned: +1.6%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22126.9 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SPYU, the fund itself cost: \u22126.9 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SPYU, net assets: an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt, as of Sep 30, 2026."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SPYU, expense ratio: not read by ETFIQ, as of Sep 30, 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 +2.5% 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": "net_assets",
   "label": "Net assets",
   "value": "an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt",
   "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": "11% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22123.7%",
   "SPY": "\u22120.3%",
   "+4x the move": "\u22121.3%",
   "Difference": "\u22122.4 pts",
   "SPY moved about": "10%"
  },
  {
   "window": "3 months",
   "Fund": "+1.6%",
   "SPY": "+2.5%",
   "+4x the move": "+10.1%",
   "Difference": "\u22128.5 pts",
   "SPY moved about": "11%"
  },
  {
   "window": "6 months",
   "Fund": "+57.1%",
   "SPY": "+17.0%",
   "+4x the move": "+67.9%",
   "Difference": "\u221210.8 pts",
   "SPY moved about": "12%"
  },
  {
   "window": "1 year",
   "Fund": "+24.1%",
   "SPY": "+15.7%",
   "+4x the move": "+62.8%",
   "Difference": "\u221238.8 pts",
   "SPY moved about": "13%"
  },
  {
   "window": "Since launch",
   "Fund": "+170.4%",
   "SPY": "+73.2%",
   "+4x the move": "+292.7%",
   "Difference": "\u2212122.3 pts",
   "SPY moved about": "15%"
  }
 ],
 "questions": [
  {
   "q": "Did SPYU return +4 times SPY?",
   "a": "Over the window to Sep 30, 2026, SPY moved +2.5% and SPYU returned +1.6%. 4 times that move is +10.1%, so the fund came out 8.5 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": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}