SPYU +4x MAX S&P 500 4x Leveraged ETN

SPYU

ETN +4x BULL extreme
MAX S&P 500 4x Leveraged ETN
Issuer: MAX · Tracks: S&P 500 (SPY) · Listed: 2023-12-05
Implied AUM
—
Last Close
$31.92
20260720
30d Avg Vol
863,343
Options
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Realized return vs theoretical +4x S&P 500
Other leveraged products tracking S&P 500
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
SPXL +3x BULL Direxion Direxion Daily S&P 500 Bull 3x ETF $6.68B 2,061,525
UPRO +3x BULL ProShares ProShares UltraPro S&P 500 $5.18B 2,520,358
HIBL +3x BULL Direxion Direxion Daily S&P 500 High Beta Bull 3X ETF $77.3M 66,082
SSO +2x BULL ProShares ProShares Ultra S&P500 $7.90B 3,640,287
SPUU +2x BULL Direxion Direxion Daily S&P 500 Bull 2X ETF $250.9M 25,882
URSP +2x BULL ProShares ProShares Ultra S&P 500 Equal Weight $38.0M 60,948
SDS -2x BEAR ProShares ProShares UltraShort S&P500 $402.2M 3,320,714
SPXU -3x BEAR ProShares ProShares UltraPro Short S&P 500 $430.1M 9,745,714
SPXS -3x BEAR Direxion Direxion Daily S&P 500 Bear 3x ETF $327.0M 12,525,511
HIBS -3x BEAR Direxion Direxion Daily S&P 500 High Beta Bear 3X ETF $25.0M 241,949

How SPYU works

SPYU targets +4x the daily return of S&P 500 — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.

Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a +4x product on an underlying with 25% annualized vol, expected annual drag is around 37.5%. Add expense ratio and the realized number is typically worse.

  • Short-term tactical: daily and intraday holds are where these products were designed to live.
  • Premium selling: options on SPYU carry very rich IV — see the quote page for IV rank and straddle pricing.
  • Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.