What are transportation ETFs?
Transportation companies move goods and people. They include railroads, trucking firms, parcel carriers, airlines and ride-hailing services. Six US-listed ETFs focus on the industry, with about $3.7 billion between them as of October 27, 2026. Many names repeat across the funds. UPS, CSX and trucking firm J.B. Hunt are each held by five of the six funds. Union Pacific, FedEx, Delta Air Lines and United Airlines are each held by four.
The funds differ more than their names suggest. IYT, from iShares, tracks an index of US transportation stocks and is concentrated. Its 10 largest holdings make up 72.82% of assets, led by Union Pacific at 17.38% and Uber at 14.35%. XTN, from SPDR (State Street), holds the same 43 stocks but spreads its money far more widely, with 30.55% in its top 10. FTXR, from First Trust, tracks the Nasdaq US Smart Transportation Index. Its largest holdings include Tesla, Ford and General Motors alongside Union Pacific.
Three funds take different routes. SUPL, from ProShares, tracks the FactSet Supply Chain Logistics Index and includes foreign companies such as Deutsche Post and Amadeus. MOTO, from SmartETFs (Guinness Atkinson Asset Management), aims for long-term capital appreciation rather than tracking an index. It owns technology suppliers such as Taiwan Semiconductor and Infineon and shares no holdings with IYT, XTN or SUPL. TPOR, from Direxion, is a leveraged fund that seeks three times the daily performance of a transportation index.
Expense ratios are the yearly fee taken from fund assets. They run from 0.35% for XTN and 0.37% for IYT up to 0.99% for TPOR, with a median of 0.58%. The money is lopsided: the five largest funds hold 99.9% of the assets, and IYT alone holds about $2.2 billion. MOTO, at about $9.7 million, and SUPL, at about $2.4 million, are very small.
Transportation ETF holdings: the stocks most funds own
The stocks that show up most often among the largest positions of the 6 biggest transportation ETFs with holdings reports, from their latest N-PORT filings.
| Stock | Funds holding it | Typical weight |
|---|---|---|
| United Parcel Service, Inc. | 5 of 6 | 4.3% |
| CSX Corporation | 5 of 6 | 4.15% |
| J. B. Hunt Transport Services, Inc. | 5 of 6 | 2.53% |
| Union Pacific Corporation | 4 of 6 | 7.53% |
| United Airlines Holdings, Inc. | 4 of 6 | 3.26% |
| Delta Air Lines, Inc. | 4 of 6 | 3.01% |
| Fedex Corporation | 4 of 6 | 2.97% |
| Uber Technologies, Inc. | 3 of 6 | 6.35% |
| Norfolk Southern Corporation | 3 of 6 | 4.79% |
| Old Dominion Freight Line, Inc. | 3 of 6 | 3.68% |
| Xpo, Inc. | 3 of 6 | 3.01% |
| Southwest Airlines Co. | 3 of 6 | 2.81% |
Typical weight is the median share of each fund’s assets in the stock, among the funds that hold it in their 25 largest positions.
The largest transportation ETFs, side by side
Swipe the table to see all 5 funds.
| IYT | FTXR | XTN | MOTO | SUPL | |
|---|---|---|---|---|---|
| Net assets | $2.23B | $1.09B | $367.3M | $9.7M | $2.4M |
| Expense ratio | 0.37% | 0.6% | 0.35% | 0.68% | 0.58% |
| Holdings | 43 | 43 | 43 | 38 | 40 |
| In the 10 largest | 72.82% | 59.93% | 30.55% | 45.11% | 46.11% |
| Biggest holding | Union Pacific Corporation (17.38%) | Tesla Inc (7.66%) | Allegiant Travel Co (3.61%) | Taiwan Semiconductor-sp ADR (5.96%) | Union Pacific Corp. (4.95%) |
| Yield | 0.93% | 1.06% | 0.74% | 0.94% | 2.28% |
| 1-year return | +16.2% | +19.6% | +19.2% | +11.7% | +21.1% |
| 3 years, a year | +17.1% | +21.8% | +15.5% | +20.1% | +12.8% |
| 5 years, a year | +5.4% | +7.1% | +3.2% | +6.3% | — |
| Worst drop, past year | -12.6% | -14.5% | -17.8% | -18.3% | -9.8% |
| Launched | 2003 | 2016 | 2011 | 2019 | 2022 |
The largest ordinary funds by net assets (leveraged and inverse funds are listed further down). Holdings from each fund’s latest N-PORT report; returns include reinvested distributions, as of Oct 27, 2026.
Head to head
IYT vs FTXR
IYT, from iShares, is larger and more concentrated. Its top 10 holdings make up 72.82% of assets, led by Union Pacific at 17.38% and Uber at 14.35%. FTXR, from First Trust, has 59.93% in its top 10, and three of its four largest holdings are carmakers Tesla, Ford and GM. Their assets overlap by 47.2%. IYT costs 0.37% a year; FTXR costs 0.60%. As of October 27, 2026, FTXR returned 19.6% over one year and IYT 16.2%, with worst drops of 14.5% and 12.6%. IYT may suit those comfortable with big railroad and Uber stakes; FTXR, those wanting carmakers.
IYT vs XTN
IYT and XTN hold the same 43 stocks but weight them differently, so only 52.7% of their assets overlap. IYT keeps 72.82% in its top 10, led by Union Pacific at 17.38%. XTN, from SPDR, has 30.55% in its top 10. Its five largest holdings are airlines, led by Allegiant Travel at 3.61%. Costs are close: 0.35% for XTN and 0.37% for IYT. As of October 27, 2026, XTN returned 19.2% over one year to IYT's 16.2%, but its worst drop was 17.8% versus 12.6%. XTN may suit those wanting no stock to dominate; IYT, those comfortable with concentration.
FTXR vs MOTO
FTXR's index and MOTO's name both say "smart transportation," but the funds share only two stocks and 3.6% of assets. FTXR owns US transportation firms and carmakers; Tesla is its largest holding, at 7.66%. MOTO aims for long-term capital appreciation rather than tracking an index. It owns technology suppliers, led by Taiwan Semiconductor at 5.96%. MOTO costs 0.68% a year to FTXR's 0.60%. As of October 27, 2026, MOTO returned 11.7% over one year to FTXR's 19.6%, with a worst drop of 18.3% versus 14.5%. MOTO may suit those wanting the technology behind transport; FTXR, those wanting the transporters.
How much do the largest transportation ETFs overlap?
Owning two funds that hold the same stocks adds little diversification. Overlap here is the share of assets two funds have in common: for each stock both own, the smaller of its two weights, added up.
| Funds | Assets in common | Shared holdings | |
|---|---|---|---|
| IYT and XTN | 52.7% | 43 | |
| IYT and FTXR | 47.2% | 21 | |
| IYT and SUPL | 44.7% | 17 | |
| FTXR and XTN | 37.5% | 21 | |
| XTN and SUPL | 33.4% | 17 | |
| FTXR and SUPL | 27.8% | 14 | |
| FTXR and MOTO | 3.6% | 2 | |
| IYT and MOTO | 0% | 0 | |
| XTN and MOTO | 0% | 0 | |
| MOTO and SUPL | 0% | 0 |
From each fund’s full holdings in its latest N-PORT report.
How have transportation ETFs performed?
The five largest ordinary funds: growth from the start of the range, distributions reinvested. The dashed gray line is the S&P 500 (SPY).
Best-performing transportation ETFs over the past year
| # | Fund | Net assets | Cost | 1 mo | YTD | 1 yr | 3 yr |
|---|---|---|---|---|---|---|---|
| 1 | FTXR First Trust Nasdaq Transportation ETF | $1.09B | 0.6% | +1.9% | +10.6% | +19.6% | +21.8% |
| 2 | XTN SPDR S&P Transportation ETF | $367.3M | 0.35% | +1.5% | +10.5% | +19.2% | +15.5% |
| 3 | IYT iShares US Transportation ETF | $2.23B | 0.37% | +3.5% | +11.1% | +16.2% | +17.1% |
Funds with at least $25 million in net assets; leveraged and inverse funds left out. Past returns don’t predict future returns.
How transportation ETFs did in past market crashes
| Fund | 2008 crash | 2020 crash | 2022 drop |
|---|---|---|---|
| IYT | -56.6% | -38.9% | -27.0% |
| FTXR | not yet launched | -49.3% | -30.4% |
| XTN | not yet launched | not yet launched | -30.1% |
| MOTO | not yet launched | -37.2% | -35.2% |
| SUPL | not yet launched | not yet launched | not yet launched |
| S&P 500 (SPY) | -55.2% | -33.7% | -24.5% |
Total return from the stock market’s peak to its low in each fall, distributions reinvested.
What drives transportation ETFs?
Transportation companies earn money moving goods and people, so their profits rise and fall with the economy. Railroads such as Union Pacific and CSX, truckers such as J.B. Hunt and parcel carriers such as UPS depend on freight volumes. Those volumes follow factory output, trade and retail sales. Airlines such as Delta and United depend on travel spending. Carmakers in FTXR, such as Tesla and Ford, depend on vehicle sales, and interest rates on car loans can sway those sales. Fuel is a large cost for most of these companies, so oil prices matter too. Many also carry heavy fixed costs, so a small drop in volume can cut profits sharply.
That sensitivity has shown up in past downturns. During the 2008 financial crisis, IYT fell 56.6%. That was slightly more than the 55.2% drop in the S&P 500 index of large US companies. In the 2020 COVID-19 crash, FTXR fell 49.3%, IYT 38.9% and MOTO 37.2%, against 33.7% for the S&P 500. In the 2022 bear market, a long slide in stock prices, MOTO fell 35.2%, FTXR 30.4%, XTN 30.1% and IYT 27%, against 24.5% for the S&P 500. In each case, every fund listed fell further than the index.
Transportation ETFs with the lowest expense ratios
| # | Fund | Expense ratio | On $10,000 | Net assets |
|---|---|---|---|---|
| 1 | XTN SPDR S&P Transportation ETF | 0.35% | $35 a year | $367.3M |
| 2 | IYT iShares US Transportation ETF | 0.37% | $37 a year | $2.23B |
| 3 | FTXR First Trust Nasdaq Transportation ETF | 0.6% | $60 a year | $1.09B |
Ordinary funds with at least $10 million in net assets. The median ordinary transportation ETF charges 0.58% a year; leveraged and inverse funds usually charge more.
Do transportation ETFs pay dividends?
5 of the 5 ordinary transportation ETFs with a page here paid distributions over the last 12 months, with a median yield of 0.94%.
| Highest yields | Yield | Net assets |
|---|---|---|
| FTXR First Trust Nasdaq Transportation ETF | 1.06% | $1.09B |
| IYT iShares US Transportation ETF | 0.93% | $2.23B |
| XTN SPDR S&P Transportation ETF | 0.74% | $367.3M |
Distributions over the last 12 months divided by the price; funds with at least $25 million in net assets.
How to choose a transportation ETF
- Expense ratio, the yearly fee. XTN charges 0.35% a year and IYT 0.37%, the lowest in the group. SUPL charges 0.58%, FTXR 0.60% and MOTO 0.68%. The 3x leveraged TPOR is the most expensive at 0.99%.
- How concentrated each fund is. IYT keeps 72.82% of assets in its top 10, led by Union Pacific at 17.38%. FTXR has 59.93%. XTN has 30.55%, with no holding above 3.61%, so no single company can sink or lift it much.
- How each fund picks its stocks. IYT and XTN track indexes of US transportation stocks and hold the same 43 names, weighted differently. FTXR's Nasdaq US Smart Transportation Index includes carmakers Tesla, Ford and GM. MOTO aims for long-term capital appreciation instead of tracking an index.
- US-only or global holdings. IYT, FTXR and XTN hold US stocks. SUPL tracks the FactSet Supply Chain Logistics Index and includes foreign companies such as Deutsche Post and Amadeus. MOTO's largest holdings include Taiwan Semiconductor and Infineon. The two share no holdings.
- Fund size and trading costs. IYT holds about $2.2 billion and FTXR about $1.1 billion. MOTO, at about $9.7 million, and SUPL, at about $2.4 million, are very small. Small funds can cost more to trade and are more likely to close.
- Leveraged TPOR behaves very differently. TPOR seeks three times its index's daily move, so over longer periods its results can drift far from three times. As of October 27, 2026, its five-year return was -5.4%; IYT, FTXR, XTN and MOTO were all positive.
What are the risks of transportation ETFs?
- Heavy weight in a few stocks. IYT keeps 72.82% of assets in its top 10 holdings, with Union Pacific at 17.38%, Uber at 14.35% and CSX at 9.38%. FTXR's top 10 hold 59.93%. Trouble at one company can move the whole fund.
- Tied to freight, travel and fuel. Railroads, truckers and airlines depend on freight and travel demand. UPS and CSX are held by five of the six funds, and Delta and United by four, so a slowdown or fuel spike can hit most funds at once.
- Steeper falls than the broad market. IYT, FTXR, XTN and MOTO fell further than the S&P 500 in every downturn measured. In 2022, MOTO lost 35.2% and FTXR 30.4%, against 24.5% for the index. In the 2020 crash, FTXR fell 49.3% against 33.7%.
- Sharp swings, even in a rising year. In the year to October 27, 2026, XTN's volatility (how widely its price swings) was 26.6% and MOTO's 25.6%, against 19.6% for IYT. Along the way, XTN fell as much as 17.8% and MOTO 18.3%.
- Leveraged TPOR can lose value fast. TPOR seeks three times its index's daily move, and daily resets can erode value in choppy markets. In the year to October 27, 2026, its volatility was 57.3% and it fell as much as 35.3%.
Leveraged and inverse transportation ETFs (3x)
These funds aim for a multiple, or the opposite, of one day’s return, and reset every day. Held for longer than a day, their results can drift far from that multiple, especially when prices swing. They are trading tools, not long-term holdings. Why leveraged ETFs decay →
| Fund | Daily aim | Net assets | 1-year return |
|---|---|---|---|
| TPOR Direxion Daily Transportation Bull 3X Shares | 3× | $17.6M | +26.3% |
List of all transportation ETFs, by size
| # | Fund | Net assets | Cost | Yield | YTD | 1 yr | 5 yr |
|---|---|---|---|---|---|---|---|
| 1 | IYT iShares US Transportation ETF | $2.23B | 0.37% | 0.93% | +11.1% | +16.2% | +5.4% |
| 2 | FTXR First Trust Nasdaq Transportation ETF | $1.09B | 0.6% | 1.06% | +10.6% | +19.6% | +7.1% |
| 3 | XTN SPDR S&P Transportation ETF | $367.3M | 0.35% | 0.74% | +10.5% | +19.2% | +3.2% |
| 4 | TPOR Direxion Daily Transportation Bull 3X Shares Leveraged | $17.6M | 0.99% | 0.86% | +13.8% | +26.3% | -5.4% |
| 5 | MOTO SmartETFs Smart Transportation & Technology ETF | $9.7M | 0.68% | 0.94% | +11.6% | +11.7% | +6.3% |
| 6 | SUPL ProShares Supply Chain Logistics ETF | $2.4M | 0.58% | 2.28% | +13.8% | +21.1% | — |
Questions investors ask about transportation ETFs
What is the largest transportation ETF?
The iShares US Transportation ETF (IYT) is the largest, with about $2.2 billion in assets. It is also the oldest, launched on October 6, 2003. The First Trust Nasdaq Transportation ETF (FTXR) is next, at about $1.1 billion, followed by the SPDR S&P Transportation ETF (XTN), at about $367 million. Together the six funds hold about $3.7 billion, so IYT accounts for most of the money.
How many transportation ETFs are there?
There are six US-listed transportation ETFs, with about $3.7 billion in total. They are IYT from iShares, FTXR from First Trust, XTN from SPDR (State Street), TPOR from Direxion, MOTO from SmartETFs (Guinness Atkinson Asset Management) and SUPL from ProShares. None comes from Vanguard. TPOR is the only leveraged fund, and there is no inverse fund. The five largest hold 99.9% of the assets.
What is the cheapest transportation ETF?
The SPDR S&P Transportation ETF (XTN) costs the least. Its expense ratio, the yearly fee taken from fund assets, is 0.35%. The iShares US Transportation ETF (IYT) is close behind at 0.37%, and the First Trust Nasdaq Transportation ETF (FTXR) charges 0.60%. The median for the six funds is 0.58%, and the 3x leveraged TPOR is the most expensive at 0.99%. Cost is not the only difference: XTN and IYT hold the same stocks but weight them very differently.
IYT vs FTXR: what's the difference?
IYT is larger, cheaper and more concentrated, while FTXR leans more on carmakers. IYT, from iShares, charges 0.37% and keeps 72.82% of assets in its top 10, led by Union Pacific and Uber. FTXR, from First Trust, charges 0.60% and tracks the Nasdaq US Smart Transportation Index. Tesla, Ford and GM are among its largest holdings. Their assets overlap by 47.2%. As of October 27, 2026, FTXR returned 19.6% over one year and IYT 16.2%.
Do transportation ETFs pay dividends?
Yes, but the yields are small. A yield is a year's dividends as a share of the fund's price. All five unleveraged funds pay dividends, with a median yield of 0.94% as of October 27, 2026. FTXR yielded 1.06%, MOTO 0.94%, IYT 0.93% and XTN 0.74%. The tiny SUPL had the highest yield, at 2.28%.
Which transportation ETFs hold Uber?
Three of the six do: IYT, XTN and the leveraged TPOR. Uber is IYT's second-largest holding, at 14.35% of assets, behind Union Pacific at 17.38%. It is also TPOR's second-largest holding, at 6.35%. XTN owns it at a much smaller weight, since none of its holdings tops 3.61%. FTXR, SUPL and MOTO do not hold Uber, so IYT gives the company the most weight of any transportation ETF.
Is there a logistics or freight ETF?
Yes. The ProShares Supply Chain Logistics ETF (SUPL) tracks the FactSet Supply Chain Logistics Index. Its largest holdings include railroads Union Pacific, Norfolk Southern and CSX, plus Deutsche Post and Amadeus. It charges 0.58% and yielded 2.28%, the highest in the group, but it holds only about $2.4 million. Among the larger funds, IYT and XTN also hold freight carriers such as UPS, CSX and J.B. Hunt.
Is there a 3x leveraged transportation ETF?
Yes. The Direxion Daily Transportation Bull 3X Shares (TPOR) seeks 300% of the daily performance of a transportation index, before fees. It resets every day, so over weeks or months its return can differ widely from three times the index, especially when prices swing. That makes it a short-term trading tool. As of October 27, 2026, it returned 26.3% over one year, but its five-year return was -5.4% and its one-year volatility was 57.3%. It charges 0.99% and holds about $17.6 million.
Is there a Vanguard, Fidelity or Schwab transportation ETF?
No. None of the three offers a transportation ETF. The largest transportation ETFs come from iShares (IYT), First Trust (FTXR) and SPDR (State Street) (XTN), and customers of all three firms can buy other companies’ ETFs in their brokerage accounts.
