Share-split context: A forward split was recorded on Feb 24, 2026 with coefficient 2. A forward split turns each old share into multiple new shares and lowers the quoted price per share proportionally. Proportional ownership is unchanged at the split moment, so the split itself creates neither a gain nor a loss. The price-return figures in this report are already split-adjusted.

Understanding the MAX S&P 500 4X Leveraged ETN (SPYU)

What this ETF is trying to do

The SPYU, known as the MAX S&P 500 4X Leveraged ETN, is a leveraged fund. This means it is designed to seek returns that are four times (4X) the performance of the S&P 500 index. Because it is leveraged, its price movements are much larger and more intense than the standard S&P 500.

What the numbers show

The data shows significant price movement for this fund. As of October 7, 2026, the current price is $35.96.

Looking at recent performance:

• Year-to-Date (YTD) Price Return: The share price has increased by approximately 31.15%.

• One-Year Price Return: The share price has increased by approximately 30.88%.

Because this fund does not pay distributions, the price return and the total return are the same. The total return reflects only the change in the share price.

It is important to note that this fund has a history of forward splits. The most recent split occurred on February 24, 2026, with a coefficient of 2. In a forward split, each old share becomes multiple new shares. While this makes the price per share look lower, it does not change the total value of your investment at the moment the split happens.

Income and distribution explanation

Based on the supplied data, SPYU does not currently provide income to investors. There are no trailing distributions, the distribution yield is 0%, and no payouts were detected in the last 12 months.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value (the actual value of the fund's underlying assets). The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

However, regarding price-based evidence, the fund has an erosion score of 100, which is labeled as "No price erosion detected." The erosion severity is rated as "good," and there is no severe erosion-risk flag present.

Pros

• High Potential Returns: The 4X leverage is designed to multiply the gains of the S&P 500.

• Strong Recent Performance: The fund has shown significant positive price returns both year-to-date and over the last year.

Cons

• High Volatility: Because it is a leveraged fund, price swings will be much larger than the broader market.

• No Income: This fund does not pay dividends or distributions to investors.

Beginner takeaway

SPYU is a highly leveraged tool designed for aggressive price movement rather than steady income. While it has shown strong price growth recently, the 4X leverage means it can also experience very sharp declines. Investors should understand that this fund is built for price returns, not for collecting regular cash payments.