At a glance
IYT charges 0.37% a year, below the 0.53% average of the 4 funds most like it (the 2nd cheapest of 5). It has $2.23B in assets, the largest of that group; it paid 0.93% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +16.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 5 funds; over three years it returned +17.1% a year. At its worst it fell 39.4% in the 2020 crash (S&P 500: 33.7%) and 29.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 16 months after the lows. Its ten largest positions make up 72.8% of the fund, out of 43 in all.
The short version
iShares US Transportation ETF (IYT) is a BlackRock index fund that tracks the S&P Transportation Select Industry FMC Capped Index, which holds US railroads, airlines, truckers, parcel carriers and Uber. It is the largest of five similar funds and the second cheapest, at 0.37% a year. It is also concentrated: as of July 31, 2026, Union Pacific and Uber together made up nearly a third of the fund.
Price history
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IYT +16.2% 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 | |
|---|---|---|---|---|---|---|
| IYT official prospectus, to Dec 31, 2025 | — | +11.49% | — | +7.41% | +9.53% | — |
| S And P Total Market Index index, same period | — | +17.05% | — | +13.07% | +14.22% | — |
| S And P Transportation Select Industry FMC Capped Index index, same period | — | +11.89% | — | +8.03% | +10.21% | — |
| IYT price data to Oct 27, 2026 | +11.1% | +16.2% | +17.1% | +5.4% | +9.9% | +8.8% |
- Over the year to Oct 27, 2026, IYT returned +16.2%, 5th of 5 among similar funds.
- Its 5-year annualized return was +5.4% and its 10-year +9.9%.
- In the 2020 COVID crash it fell 39.4% and regained its old high 5.1 months after the low.
- Its worst full calendar year was 2008 (-21.9%); its best was 2013 (+40.9%).
- The deepest fall in its price history was 60.7% (Jun 5, 2008 to Mar 9, 2009), recovered by Apr 4, 2011.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.1% | — |
| 2025 | +11.5% | +11.49% |
| 2024 | +4.1% | +4.12% |
| 2023 | +24.6% | +24.53% |
| 2022 | -21.7% | -21.71% |
| 2021 | +26.4% | +26.35% |
| 2020 | +14.2% | +14.24% |
| 2019 | +20.1% | +20.16% |
| 2018 | -12.9% | -12.82% |
| 2017 | +18.9% | +18.93% |
| 2016 | +22.2% | +22.05% |
| 2015 | -16.9% | — |
| 2014 | +25.4% | — |
| 2013 | +40.9% | — |
| 2012 | +5.8% | — |
| 2011 | -2.7% | — |
| 2010 | +25.5% | — |
| 2009 | +17.2% | — |
| 2008 | -21.9% | — |
| 2007 | -0.4% | — |
| 2006 | +8.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 56.6% over that stretch · deepest drop along the way 60.7%, back to its old high 24.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.9% over that stretch · deepest drop along the way 39.4%, back to its old high 5.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 27% over that stretch · deepest drop along the way 29.1%, back to its old high 16.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6100 | |
| 2025 | $0.7400 | +1.4% |
| 2024 | $0.7300 | -11.8% |
| 2023 | $0.8275 | +10.3% |
| 2022 | $0.7500 | +40.8% |
| 2021 | $0.5325 | +3.9% |
| 2020 | $0.5125 | -18.7% |
| 2019 | $0.6300 | +13.5% |
| 2018 | $0.5550 | +25.4% |
| 2017 | $0.4425 | +12.7% |
| 2016 | $0.3925 | -9.2% |
| 2015 | $0.4325 | +51.8% |
| 2014 | $0.2850 | +22.0% |
| 2013 | $0.2336 | +256.1% |
| 2012 | $0.0656 | -22.7% |
| 2011 | $0.0849 | +26.9% |
| 2010 | $0.0669 | -5.2% |
| 2009 | $0.0706 | +35.0% |
| 2008 | $0.0523 | -7.9% |
| 2007 | $0.0568 | +121.0% |
| 2006 | $0.0257 |
What's inside
As of Jul 31, 2026, the fund held 43 securities; the ten largest made up 72.82% of assets.
| Holding | Weight | |
|---|---|---|
| UNION PACIFIC CORPORATION | 17.38% | |
| UBER TECHNOLOGIES, INC. | 14.35% | |
| CSX Corporation | 9.38% | |
| UNITED PARCEL SERVICE, INC. | 5.63% | |
| DELTA AIR LINES, INC. | 5.04% | |
| UNITED AIRLINES HOLDINGS, INC. | 5.03% | |
| NORFOLK SOUTHERN CORPORATION | 4.79% | |
| FEDEX CORPORATION | 4.25% | |
| OLD DOMINION FREIGHT LINE, INC. | 3.96% | |
| XPO, INC. | 3.01% | |
| SOUTHWEST AIRLINES CO. | 2.81% | |
| EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | 2.80% | |
| J. B. HUNT TRANSPORT SERVICES, INC. | 2.58% | |
| C.H. ROBINSON WORLDWIDE, INC. | 2.22% | |
| FEDEX FREIGHT HOLDING COMPANY, INC. | 1.95% |
By country
United States 99.82%Marshall Islands 0.12%By asset type
Stocks 99.95%By sector
Sectors of the companies held, for the 69.8% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $103.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.16%, +3.73%, -2.14%.
How it works
IYT is managed by BlackRock Fund Advisors (BFA). It tracks the S&P Transportation Select Industry FMC Capped Index. S&P Dow Jones Indices builds that index from US companies it places in the transportation sector, and it can include large, mid-size and small companies. Each company is weighted by float-adjusted market value. That means the value of the shares actually available to public investors, so bigger companies get bigger weights.
To limit concentration, the index applies two caps at each quarterly rebalance. No single company can be above 22.5%. Companies that each top 4.5% can't exceed 45% combined. Between rebalances, price moves can push weights past those limits. As of July 31, 2026, the fund held 43 companies. Union Pacific was 17.4%, Uber Technologies 14.3% and CSX 9.4%, and the top 10 made up about 73%.
BFA uses representative sampling. It buys a selection of securities meant to match the index's overall profile, so the fund may not own every index member. At least 80% of net assets must be in index components. The fund may hold cash, use futures or other derivatives, and lend out up to one-third of its assets. The prospectus reports portfolio turnover of 13%. The fund does not try to beat the index or move to defensive positions when markets fall.
What it really costs
- IYT charges 0.37% a year, versus an average of 0.53% for the similar funds below (2nd of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $38 in the first year and $468 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IYT | $38 | $119 | $208 | $468 |
In a retirement portfolio
IYT is a concentrated bet on one cyclical sector, and in past downturns it dropped sharply and took a long time to recover.
IYT could add a focused bet on transportation stocks, but it is narrow and cyclical. Its deepest drop was 60.7%, from June 2008 to March 2009. It took about 25 months from the bottom to regain its high. It fell 39.4% in the 2020 COVID crash and recovered in about five months. In 2022 it fell 29.1% and needed about 16 months. Its worst calendar year was 2008, down 21.9%. Anyone who has to sell or draw income during a slump like these could lock in steep losses. The trailing yield was 0.93% as of October 27, 2026, paid quarterly. In the SEC's standard example, the 0.37% fee comes to $468 over 10 years on $10,000. Over the 10 years to December 31, 2025, the fund returned 9.53% a year, against 14.22% for the S&P Total Market Index. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want low-cost exposure to US railroads, airlines and freight carriers, at 0.37% a year, in the largest of five similar funds.
- Holders of a broad stock index fund looking for a small, deliberate tilt toward transportation stocks that rise and fall with the economy.
- Long-term investors who could sit through drops like the 60.7% fall of 2008–2009 without needing to sell shares.
Look elsewhere if
- Anyone wanting wide diversification: as of July 31, 2026, the fund held 43 companies, with Union Pacific alone at 17.4%.
- Income seekers: the trailing yield was 0.93% as of October 27, 2026, paid quarterly.
- Investors aiming for broad-market returns: over 10 years to December 31, 2025, IYT returned 9.53% a year, against 14.22% for the S&P Total Market Index.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IYT this fund | — | 0.37% | $2.23B | +16.2% | +17.1% |
| XTN SPDR S&P Transportation ETF | 53% | 0.35% | $367.3M | +19.2% | +15.5% |
| FTXR First Trust Nasdaq Transportation ETF | 47% | 0.6% | $1.09B | +19.6% | +21.8% |
| SUPL ProShares Supply Chain Logistics ETF | 45% | 0.58% | $2.4M | +21.1% | +12.8% |
| SHPP Pacer Industrials and Logistics ETF | 37% | 0.61% | $2.1M | +24.2% | +17.5% |
Questions investors ask
What stocks are in IYT?
IYT holds US transportation companies chosen by the S&P Transportation Select Industry FMC Capped Index. As of July 31, 2026, it owned 43 companies. The largest were Union Pacific (17.4%), Uber Technologies (14.3%), CSX (9.4%), United Parcel Service (5.6%), Delta Air Lines (5.0%) and United Airlines (5.0%). Next came Norfolk Southern, FedEx, Old Dominion Freight Line and XPO. The top 10 made up about 73% of the fund, so a few railroads and Uber drive much of its performance.
What's the difference between IYT and XTN?
Both hold US transportation stocks, and about 53% of their holdings overlap, based on the latest N-PORT reports. SPDR S&P Transportation ETF (XTN) costs slightly less: 0.35% a year, against 0.37% for IYT. IYT is much larger, with $2.23 billion in net assets as of July 31, 2026, compared with $367 million for XTN as of June 30, 2026. As of October 27, 2026, XTN was ahead over one year (19.2% vs 16.2%). IYT was ahead over three years (17.1% vs 15.5% a year).
Does IYT pay dividends?
Yes, IYT pays dividends every quarter, but the amounts are small. Over the 12 months to October 27, 2026, it paid $0.76 per share, a trailing yield of 0.93%. The fund is built to track transportation stocks, not to produce income. Investors who mainly want regular cash payouts may find much higher yields in funds designed around dividends or bonds. For IYT, most of any long-term return has to come from share prices rising.
What is IYT's expense ratio?
IYT's expense ratio is 0.37% a year, according to its prospectus filed August 21, 2026. All of it is the management fee, and there is no fee waiver. In the SEC's standard example ($10,000 invested, 5% annual return), costs come to about $38 after one year, $208 after five and $468 after ten. That is below the 0.53% average of four similar transportation and logistics funds. SPDR S&P Transportation ETF (XTN) charges slightly less, at 0.35%.
Is IYT a risky ETF?
Yes, it can swing sharply. Its deepest drop was 60.7%, from June 5, 2008, to March 9, 2009, and it took about 25 months from the bottom to regain its prior high. It fell 39.4% in the 2020 COVID crash and lost 21.71% in calendar 2022. Its worst quarter was a 28.83% loss in early 2020. The prospectus warns that transportation stocks are cyclical: they tend to rise and fall with the economy and can move sharply in price.