At a glance
DPST charges 0.92% a year. It has $427.1M in assets; it paid 1.71% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +44.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned +45.9% a year. At its worst it fell 91.9% in the 2020 crash (S&P 500: 33.7%) and 66.8% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high. Its ten largest positions make up 9.4% of the fund, out of 159 in all.
The short version
Direxion Daily Regional Banks Bull 3X Shares (DPST) aims to return 300% of one day's move in a modified equal-weighted index of US regional bank stocks. It gets there with a mix of bank shares and swaps. Because it resets its leverage every day, returns over longer periods can drift far from three times the index. The fund fell 97.8% from its March 2018 peak to its May 2023 low and had not recovered as of October 27, 2026.
Price history
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DPST +44.0% 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 | |
|---|---|---|---|---|---|---|
| DPST official prospectus, to Dec 31, 2025 | — | -5.84% | — | -14.38% | -15.74% | — |
| DPST price data to Oct 27, 2026 | +23.4% | +44.0% | +45.9% | -22.6% | -15.0% | -14.1% |
- Over the year to Oct 27, 2026, DPST returned +44.0%.
- Its 5-year annualized return was -22.6% and its 10-year -15.0%.
- In the 2020 COVID crash it fell 91.9%, and had not regained its old high by the end of the data.
- Its worst full calendar year was 2020 (-76.7%); its best was 2021 (+108.4%).
- The deepest fall in its price history was 97.8% (Mar 9, 2018 to May 11, 2023), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +23.4% | — |
| 2025 | -5.9% | -5.84% |
| 2024 | +15.5% | +15.41% |
| 2023 | -55.8% | -55.84% |
| 2022 | -54.1% | -53.96% |
| 2021 | +108.4% | +108.20% |
| 2020 | -76.7% | -76.62% |
| 2019 | +68.6% | +69.19% |
| 2018 | -57.2% | -56.21% |
| 2017 | +7.0% | +6.82% |
| 2016 | +107.3% | +111.92% |
| 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 | Lost 91.7% over that stretch · deepest drop along the way 91.9%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 51.7% over that stretch · deepest drop along the way 66.8%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.4800 | |
| 2025 | $2.2100 | +30.0% |
| 2024 | $1.7000 | -3.4% |
| 2023 | $1.7600 | -49.7% |
| 2022 | $3.5000 | +18.2% |
| 2021 | $2.9600 | +97.3% |
| 2020 | $1.5000 | -44.0% |
| 2019 | $2.6800 | 0.0% |
| 2018 | $2.6800 | +204.5% |
| 2017 | $0.8800 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (32.19% of net assets), with its exposure coming from 7 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| CULLEN/FROST BANKERS INC | 0.97% | |
| PINNACLE FINANCIAL PARTNERS | 0.96% | |
| HOME BANCSHARES INC | 0.95% | |
| POPULAR INC | 0.95% | |
| UMB FINANCIAL CORP | 0.93% | |
| CITIZENS FINANCIAL GROUP INC | 0.93% | |
| M&T BANK CORP | 0.93% | |
| OLD NATIONAL BANCORP | 0.92% | |
| SOUTHSTATE BANK CORP | 0.92% | |
| HANCOCK HOLDING CO | 0.92% | |
| COMMERCE BANCSHARES INC | 0.92% | |
| ATLANTIC UNION BANKSHARES CO | 0.92% | |
| REGIONS FINANCIAL CORP | 0.92% | |
| UNITED BANKSHARES INC | 0.91% | |
| ASSOCIATED BANC-CORP | 0.91% |
By country
United States 65.56%Puerto Rico 2.01%By asset type
Stocks 67.57%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $170.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.73%, +24.23%, +3.45%.
How it works
The fund is run by Rafferty Asset Management. It follows a modified equal-weighted index of stocks in the S&P Total Market Index that are classified as regional banks. Equal weighting means a smaller bank counts about as much as a large one, so no single name dominates. Stocks must pass size and trading tests. For example, one test requires a float-adjusted market value above $300 million plus a minimum trading ratio. The index is rebalanced quarterly and had 147 constituents as of December 31, 2025.
To reach three times the daily move, the fund combines bank shares with swaps. A swap is a contract in which a financial firm, called the counterparty, pays the fund the index's return. As of July 31, 2026, stocks made up about 68% of assets and cash about 32%. Swaps on the S&P Regional Banks Select Industry Index added roughly 27%. The largest stock positions, such as Cullen/Frost Bankers, Pinnacle Financial Partners and Home BancShares, were each just under 1%.
At each day's close, Rafferty resets the fund's exposure. It adds exposure after up days and trims it after down days. Because of this, returns compound daily and will very likely differ from 3X the index over longer periods. The prospectus warns that the fund will lose money if the index ends flat. It could even lose money while the index rises. Portfolio turnover was 152%.
What it really costs
- DPST charges 0.92% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $94 in the first year and $1,131 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DPST | $94 | $293 | $509 | $1,131 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
DPST is built to deliver three times a single day's move, and its prospectus says it does not aim for that result over longer periods.
DPST's history shows why it fits poorly in a long-term plan. It fell 91.9% between February 20 and March 23, 2020. It fell 66.8% between January 14 and June 16, 2022. Its worst calendar year was 2020, when it lost 76.62%. From its March 2018 peak to its May 2023 low it lost 97.8%, and it had not regained that peak as of October 27, 2026. Anyone who had to sell shares or draw income in those stretches would have locked in steep losses. The fund launched in 2015, so it has no 2008 record.
The trailing yield was 1.71% as of October 27, 2026, paid quarterly. That is small next to the fund's price swings. Under the SEC's standard example, the 0.92% expense ratio costs $1,131 over 10 years on $10,000. Past results don't predict the future, and any 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 three times one day's move in US regional bank stocks and can monitor positions every trading day.
- Short-term traders who understand swaps, daily resets and compounding, and accept that drops of more than 90% have happened.
- Traders seeking leveraged bank exposure spread across 159 holdings, with no single stock near 1% or more as of July 31, 2026.
Look elsewhere if
- Long-term holders: the fund lost an average of 15.74% a year over the 10 years through December 31, 2025.
- Anyone who may need to sell in a downturn: it fell 97.8% from 2018 to 2023 and had not recovered by October 27, 2026.
- Income seekers: the 1.71% trailing yield, paid quarterly, is small against yearly price swings of 82% over three years.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is DPST a good long-term investment?
The fund's own prospectus says it is not built for long-term holding. DPST seeks 300% of its index's return for a single day only. Over longer periods, daily compounding pulls results away from three times the index. Through December 31, 2025, the fund lost an average of 15.74% a year over 10 years and 14.38% a year over five years. Its deepest drop was 97.8%, from March 2018 to May 2023.
Can DPST lose money even if regional bank stocks go up?
Yes. DPST resets its leverage every day, so choppy markets can wear down its value even when the index ends higher. The prospectus says the fund will lose money if the index is flat over time, and it could lose money while the index rises. The effect grows with volatility. DPST's price swings averaged 82% a year over the three years to October 27, 2026. The prospectus also warns that investors could lose their entire investment.
Does DPST pay dividends?
Yes, DPST pays quarterly. The trailing 12-month yield was 1.71%, or about $2.11 per share, as of October 27, 2026. Those payments are small compared with the fund's price swings. DPST lost 53.96% in 2022 and 55.84% in 2023, so a year's income can be wiped out in a few days of bad trading. Investors who want steady income from bank stocks may find that a leveraged fund does not deliver it reliably.
What is DPST's expense ratio?
DPST's expense ratio is 0.92% a year, according to the prospectus filed February 26, 2026. That includes a 0.75% management fee. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares sold at the end of each period. On those terms, costs would total about $94 after one year, $293 after three, $509 after five and $1,131 after 10. Trading costs from the fund's 152% portfolio turnover are not included in the expense ratio.
What's the difference between DPST and a regular regional bank ETF?
A standard regional bank index fund holds the stocks and aims to match the index over any period. DPST adds swaps to reach three times the index's daily move and resets every day, so its results over months can differ widely from the index. Its yearly returns show it: DPST gained 108.2% in 2021 but lost 76.62% in 2020. The underlying banks overlap, with names like Cullen/Frost, Pinnacle Financial and Popular each near 1% as of July 31, 2026.