At a glance
It has $157.7M in assets, the 4th largest of that group. Over the past year it returned +15.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 6 funds.
The short version
MAX S&P 500 4X Leveraged ETN (SPYU) is an exchange-traded note from BMO Financial Group that aims to return four times the S&P 500's daily move. It is unsecured bank debt, not a fund, so it owns no stocks and depends on BMO's ability to pay. It may interest short-term traders who want more leverage than 2x or 3x S&P 500 funds, but it fell 62.3% between December 2024 and April 2025.
Price history
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SPYU +15.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SPYU price data to Oct 27, 2026 | +23.9% | +15.3% | — | — | — | +26.5% |
- Over the year to Oct 27, 2026, SPYU returned +15.3%, 6th of 6 among similar funds.
- Its worst full calendar year was 2025 (+17.4%); its best was 2025 (+17.4%).
- The deepest fall in its price history was 62.3% (Dec 4, 2024 to Apr 8, 2025), recovered by Oct 2, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +23.9% |
| 2025 | +17.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
How it works
SPYU is linked to the S&P 500, an index of large US companies weighted by market value. It is an exchange-traded note (ETN), not a fund, so there is no portfolio to pick or rebalance. BMO Financial Group promises to pay the index's return, multiplied by four each day, minus fees. There is no fund prospectus or holdings report. Holders rely on the terms of the note and on BMO's credit, and the issuer can redeem the notes early.
The leverage resets every day. On a day the index rises, the note aims to rise four times as much in percentage terms, and losses work the same way. Over longer periods, compounding means results can differ sharply from four times the index, usually for the worse in choppy markets. The record shows this drag. Over the year to October 27, 2026, SPYU returned 15.3%, while the 3x funds SPXL and UPRO returned 26.4% and 25.9%.
SPYU has made no distributions. Its price moves are extreme: its one-year volatility was 50.5% and its one-year beta, a measure of how strongly it moves with the market, was 3.96 as of October 27, 2026.
What it really costs
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 4× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- An exchange-traded note: unsecured debt of the issuing bank, not a fund. It owns no assets on investors’ behalf; it pays the index return minus fees only as long as the issuer can pay, so the bank’s credit matters, and the issuer can redeem the notes early.
In a retirement portfolio
Its 4x exposure resets daily, it pays no income, and as an ETN it depends on BMO's credit, so it is built for short-term trading rather than long-term holding.
SPYU launched on December 5, 2023, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its price records begin May 28, 2024. Its deepest drop was 62.3%, from December 4, 2024 to April 8, 2025. It took about 5.8 months from that low to regain its old high, on October 2, 2025. Its only full calendar year, 2025, returned 17.4%. Someone who had to sell shares or raise cash near that low would have locked in losses far deeper than an unleveraged S&P 500 fund would have caused. SPYU pays no income, and no expense ratio was available. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want four times the S&P 500's daily move over short holding periods and who monitor positions every day.
- Traders who accept BMO's credit risk and the chance of early redemption, since this ETN is unsecured bank debt, not a fund.
- People who can tolerate swings like the 62.3% drop from December 2024 to April 2025 in exchange for amplified short-term moves.
Look elsewhere if
- Retirees and long-term savers seeking a core S&P 500 holding; daily resets make multi-year results drift far from four times the index.
- Income seekers: SPYU has made no distributions, so it offers nothing for drawing regular cash.
- Investors wanting a fund that owns stocks; this note holds no assets for investors and has no fund prospectus or holdings reports.
Close alternatives
Matched by leveraged/inverse funds on the same index (s&p 500), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SPYU this fund | 4× | — | $157.7M | +15.3% | — |
| SPXL Direxion Daily S&P 500 Bull 3X Shares | 3× | — | $4.00B | +26.4% | +62.6% |
| UPRO ProShares UltraPro S&P500 | 3× | — | $3.30B | +25.9% | +62.3% |
| HIBL Direxion Daily S&P 500 High Beta Bull 3X Sh… | 3× | — | $32.2M | +34.8% | +65.9% |
| SSO ProShares Ultra S&P 500 | 2× | — | $4.80B | +20.1% | +13.9% |
| SPUU Direxion Daily S&P 500 Bull 2x Shares | 2× | — | $116.8M | +20.8% | +44.0% |
Questions investors ask
Is SPYU good for long-term investing or retirement?
No. SPYU is built for short-term trading, not long-term holding. Its 4x exposure resets every day, so over months or years compounding can make returns differ sharply from four times the S&P 500, usually for the worse in choppy markets. It fell 62.3% from December 4, 2024 to April 8, 2025 and pays no income. It is also unsecured debt of BMO Financial Group, so the bank's credit matters.
What's the difference between SPYU and SPXL?
SPYU targets four times the S&P 500's daily return, while Direxion's SPXL targets three times. SPYU is an exchange-traded note, BMO debt that owns no assets, while SPXL is a leveraged ETF. Over the year to October 27, 2026, SPXL returned 26.4% and SPYU returned 15.3%, even though SPYU has more leverage. SPXL is also much larger, with about $4 billion in net assets against about $157.7 million for SPYU.
Does SPYU pay dividends?
No. SPYU has never made a distribution. As an exchange-traded note, it does not own the stocks in the S&P 500, and it has paid no income to holders. Any return comes only from changes in the note's price, which tracks four times the index's daily move, minus fees. Investors looking for income from S&P 500 companies may want to compare traditional index funds, which own the stocks directly.
Who issues SPYU and what happens if the bank has trouble?
BMO Financial Group issues SPYU. Because it is an exchange-traded note, holders own unsecured debt of the bank, not a share of a portfolio. The note pays its index-linked return, minus fees, only as long as BMO can pay. If the issuer ran into financial trouble, holders could lose money no matter how the S&P 500 performed. BMO can also redeem the notes early, which could end a position at an inconvenient time.
Why did SPYU return less than 3x S&P 500 funds?
Daily resets and compounding are the main reasons. Over the year to October 27, 2026, SPYU returned 15.3%, last among six comparable leveraged S&P 500 products. Over the same year, UPRO returned 25.9% and even the 2x SSO returned 20.1%. In volatile, back-and-forth markets, higher leverage makes the compounding drag bigger. SPYU's one-year volatility was 50.5%, and at its worst point in that year it was down 37.3%. Fees also reduce returns.