SPYUMAX S&P 500 4X Leveraged ETN
Seeks to provide a return linked to a four times leveraged participation in the daily performance of the S&P 500® Total Return Index.
By Bank of Montreal · Launched 2023
0.00%
#5,861 of 5,861 · expensive
$534M
#1,534 of 5,861 · large
+37.9%
2 years
#3,233 of 5,861 · seasoned
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
What's inside
How Beacon categorizes this fundWhat it actually holds
By weightAsset allocation
By sector
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Needs 3+ years of history
Needs 3+ years of history
Listing
- Exchange
- NYSE Arca
Full fund details
- Objective
- Seeks to provide a return linked to a four times leveraged participation in the daily performance of the S&P 500® Total Return Index.
- Strategy
- Offers a four times leveraged exposure to the performance of the S&P 500® Total Return Index, calculated daily. Not suitable for long-term investment; designed for daily trading by sophisticated investors.
- Inception date
- December 4, 2023
- Fund family
- Bank of Montreal
Similar funds
Same asset class, closest by strategy & exposureOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
Your return drifts the longer you hold
Leverage amplifies the index's daily move, by 2x or 3x. The fund resets every day, so over weeks and months your real return drifts from that multiple. It can run ahead in a smooth climb and bleed in a choppy one. Hold one for months and you own a different bet than the label suggests.
Sources: Cheng & Madhavan, 'The Dynamics of Leveraged and Inverse ETFs' (2009)
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
What's next?
You've looked at SPYU. Save it to your watchlist to weigh it against other funds, then turn your shortlist into a portfolio.
Data updated on 2026-08-04