ETF Evaluator:
MAX S&P 500 4X Leveraged ETN (SPYU)
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(as of Sep 02)
Best Performing in Trading--Leveraged Equity Over the Last Year
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ETF Details
MAX S&P 500 4X Leveraged ETN Overview
MAX S&P 500 4X Leveraged ETN (SPYU) is a passively managed Miscellaneous Trading--Leveraged Equity exchange-traded fund (ETF). Bank of Montreal launched the ETF in 2023.
The investment seeks to achieve a four times leveraged participation in the daily performance of the S&P 500® Total Return Index.
The notes are intended to be daily trading tools for sophisticated investors to manage daily trading risks as part of an overall diversified portfolio. They are designed to achieve their stated investment objectives on a daily basis. The notes are designed to reflect a 4x leveraged long exposure to the performance of the index on a daily basis (as described below), before taking into account the negative effect of the Daily Investor Fee, the Daily Financing Charge and the Redemption Fee Amount, if applicable.
About MAX S&P 500 4X Leveraged ETN (SPYU)
There are 1 members of the management team with an average tenure of 2.66 years: Management Team (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 400%. MAX S&P 500 4X Leveraged ETN has 1 securities in its portfolio. The top 10 holdings constitute 100.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
MAX S&P 500 4X Leveraged ETN is part of the Other global asset class and is within the Miscellaneous ETF group. MAX S&P 500 4X Leveraged ETN has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 100.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). MAX S&P 500 4X Leveraged ETN has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $515 million in total assets, which is above the $251 million average for the Trading--Leveraged Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SPYU Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The MAX S&P 500 4X Leveraged ETN expense ratio is low compared to funds in the Trading--Leveraged Equity category. MAX S&P 500 4X Leveraged ETN has an expense ratio of 0.00%, which is 100% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. MAX S&P 500 4X Leveraged ETN has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 396% for the Trading--Leveraged Equity category.
Recently, in the month of July 2026, MAX S&P 500 4X Leveraged ETN returned -3.4%, which earned it a grade of B, as the Trading--Leveraged Equity category had an average return of -18.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
MAX S&P 500 4X Leveraged ETN has a trailing yield of 0.00%, which is below the 5.84% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
MAX S&P 500 4X Leveraged ETN Grades
Year to date, the ETF has returned 17.5%, 13.7 percentage points better than the category, which translates into a grade of B. The fund has returned 39.9% over the past year (grade of B).
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SPYU Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SPYU Return (NAV) | -3.4% | 7.0% | 39.9% | na | na | na |
| SPYU Return (Price) | -2.8% | 7.2% | 40.1% | na | na | na |
| NAV +/- Price Return | -0.570% | -0.277% | -0.203% | na | na | na |
| Trading--Leveraged Equity Avg | -18.2% | -10.8% | 47.2% | 18.3% | 6.2% | 9.2% |
| SPYU Grade (NAV) | B | B | B | na | na | na |
| +/- Category (NAV) | 14.8% | 17.8% | -7.3% | na | na | na |
| SPYU Tax-Cost Ratio | na | na | 0.0% | na | na | na |
SPYU Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SPYU Return (NAV) | 17.5% | 17.6% | 61.1% | na | na | na | na | na | na | na | na |
| SPYU Return (Price) | 17.8% | 17.4% | 86.9% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.016% | -0.015% | 0.423% | na | na | na | na | na | na | na | na |
| Trading--Leveraged Equity Avg | 3.8% | 41.3% | 29.5% | 62.2% | -36.7% | 45.0% | 6.2% | 64.1% | -31.9% | 61.0% | 29.3% |
| SPYU Grade (NAV) | B | C | A | na | na | na | na | na | na | na | na |
| +/- Category | 13.7% | -23.7% | 31.6% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 516 Mil |
| Share Class Assets: | $ 516 Mil |
| Turnover: | na |
| Expense Ratio: | 0.00% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 400% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 2.7 years | |||
| Average Tenure: 2.7 years | |||
| Managers (Year): Team Management (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 1 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 100.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Uncollateralized Debt Instrument |
| Fund Family: | Bank of Montreal |
| Phone Number: | 877-369-5412 |
| Website: | |
| Inception Date: | December 4, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.00% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.95% |
