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

MAX · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: SPYU returned +1.6% where its own daily promise gave +8.5%, 6.9 points short.

## Key facts

- SPYU, what SPY did: +2.5%, as of Sep 30, 2026.
- SPYU, what 4 times a day gives: +8.5%, as of Sep 30, 2026.
- SPYU, what the fund returned: +1.6%, as of Sep 30, 2026.
- SPYU, the fund itself cost: −6.9 pts, as of Sep 30, 2026.
- SPYU, net assets: an exchange traded note holds no assets; it is the issuing bank’s unsecured debt, as of Sep 30, 2026.
- SPYU, expense ratio: not read by ETFIQ, as of Sep 30, 2026.

## SPYU over each window to Sep 30, 2026

| Window | Fund | SPY | +4x the move | Difference | SPY moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −3.7% | −0.3% | −1.3% | −2.4 pts | 10% |
| 3 months | +1.6% | +2.5% | +10.1% | −8.5 pts | 11% |
| 6 months | +57.1% | +17.0% | +67.9% | −10.8 pts | 12% |
| 1 year | +24.1% | +15.7% | +62.8% | −38.8 pts | 13% |
| Since launch | +170.4% | +73.2% | +292.7% | −122.3 pts | 15% |

## 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 +2.5% over this window, too little to read a multiple from | ETFIQ |
| Underlying | SPY | ETFIQ |
| Segment | broad index, US large cap | ETFIQ |
| Net assets | an exchange traded note holds no assets; it is the issuing bank’s unsecured debt | ETFIQ |
| Expense ratio | not read by ETFIQ | ETFIQ |
| Launched | Dec 5, 2023 | ETFIQ |
| Underlying volatility over the window | 11% annualized | ETFIQ |

## Questions

### Did SPYU return +4 times SPY?

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.

### 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 30, 2026. https://etfiq.com/funds/spyu
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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