SPYU ETN — MAX S P 500 4X Leveraged ETN

MAX S P 500 4X Leveraged ETN (SPYU)

Updated October 16, 2026.

SPYU is a low-cost ETN. its expense ratio is 0.00%. Total return is 212.1% over the past 2.9 years, 138.8 points ahead of SPY at 73.3%.

MAX S P 500 4X Leveraged ETN is a leveraged exchange-traded note issued by Bank of Montreal that aims to deliver four times the daily performance of the S&P 500 index, before accounting for investor fees and financing charges. The note does not distribute income and carries no stated expense ratio, though investors incur daily investor fees and financing charges that reduce returns. This product is structured as a daily trading tool for sophisticated investors managing short-term portfolio exposures rather than as a buy-and-hold income investment.

SPYU performance versus SPY

Price and return data through 2026-10-16.

Total return is 212.1% over the past 2.9 years, 138.8 points ahead of SPY at 73.3%. Over the past year its total return — price change plus distributions reinvested — is 28.7%. Its deepest 1-year drawdown was 37.2%.

SPYU key facts

Issuer

Bank of Montreal

Asset type

ETN

Asset class

Equity

Inception date

12/04/2023

Expense ratio

0.00%

Distribution frequency

None

Last close

$33.15 (as of 2026-10-16)

AUM

$575,900,473

Average volume

891083.0

Beta

3.9376

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Bank of Montreal; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

SPYU risks and drawbacks

The deepest 1-year drawdown on record here is 37.2%.

Who may consider SPYU — and who may not

SPYU may suit someone looking for low-cost broad dividend exposure. It is a weaker fit for investors who need monthly cash flow (SPYU does not currently distribute). This is educational context, not a recommendation to buy or sell.

More on SPYU

• All tickers starting with S

Tagged: Leverage.

Frequently asked questions

More securities from Bank of Montreal.