At a glance
TPOR charges 0.99% a year. It has $17.6M in assets; it paid 0.86% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +26.3% with distributions reinvested (S&P 500: +11.5%); over three years it returned +25.6% a year. At its worst it fell 66.0% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high. Its ten largest positions make up 32.2% of the fund, out of 43 in all.
The short version
Direxion Daily Transportation Bull 3X Shares (TPOR) is a leveraged ETF. It aims for three times the daily return of an S&P Dow Jones Indices index of US transportation stocks, from Union Pacific and CSX to Uber, using swaps alongside shares. Its exposure resets every day, so returns over longer periods can stray far from 3x. It lost 58.62% in 2022, charges 0.99% a year and is built for short-term trading.
Price history
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TPOR +26.3% 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 | |
|---|---|---|---|---|---|---|
| TPOR official prospectus, to Dec 31, 2025 | — | +3.27% | — | +4.18% | — | +3.92% |
| TPOR price data to Oct 27, 2026 | +13.8% | +26.3% | +25.6% | -5.4% | — | +20.2% |
- Over the year to Oct 27, 2026, TPOR returned +26.3%.
- Its 5-year annualized return was -5.4%.
- Its worst full calendar year was 2022 (-58.7%); its best was 2021 (+105.2%).
- The deepest fall in its price history was 74.1% (Nov 2, 2021 to Apr 8, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.8% | — |
| 2025 | +3.2% | +3.27% |
| 2024 | -9.1% | -9.55% |
| 2023 | +54.5% | +54.52% |
| 2022 | -58.7% | -58.62% |
| 2021 | +105.2% | +105.42% |
| 2020 | — | -7.74% |
| 2019 | — | +47.89% |
| 2018 | — | -44.47% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 63.3% over that stretch · deepest drop along the way 66%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2600 | |
| 2025 | $0.2700 | -37.2% |
| 2024 | $0.4300 | -12.2% |
| 2023 | $0.4900 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (53.74% of net assets), with its exposure coming from 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| UNION PACIFIC CORP | 7.69% | |
| UBER TECHNOLOGIES INC | 6.35% | |
| CSX CORP | 4.15% | |
| UNITED PARCEL SERVICE INC | 2.49% | |
| DELTA AIR LINES INC | 2.23% | |
| UNITED AIRLINES HOLDINGS INC | 2.22% | |
| NORFOLK SOUTHERN CORP | 2.12% | |
| FEDEX CORP | 1.88% | |
| OLD DOMINION FREIGHT LINE INC | 1.75% | |
| XPO INC | 1.33% | |
| SOUTHWEST AIRLINES COMPANY | 1.24% | |
| EXPEDITORS INTERNATIONAL OF WASHINGTON INC | 1.24% | |
| J.B. HUNT TRANSPORT SERVICES INC | 1.14% | |
| CH ROBINSON WORLDWIDE INC | 0.98% | |
| FEDEX FREIGHT HOLDING COMPANY INC | 0.86% |
By country
United States 44.16%Marshall Islands 0.06%By asset type
Stocks 44.21%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $2.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.35%, +9.22%, -7.54%.
How it works
The fund tracks the S&P Transportation Select Industry FMC Capped Index from S&P Dow Jones Indices. The index takes large, mid-size and small companies from the S&P Total Market Index that sit in the GICS transportation sub-industry. GICS is a standard system for sorting companies by industry. The index weights each company by float-adjusted market value, which counts only shares available to trade. At each quarterly rebalance, no company may exceed 22.5%, and companies above 4.5% can total no more than 45%. The index had 44 members as of December 31, 2025.
Rafferty Asset Management, the adviser, puts at least 80% of net assets into index stocks, swaps, futures and ETFs that together aim for 3x the index's daily move. A swap is a contract in which another party, typically a bank, pays the fund the index's return. If that party fails to pay, the fund can lose money. As of July 31, 2026, stocks made up about 44% of net assets, led by Union Pacific (7.7%), Uber (6.3%) and CSX (4.1%). About 54% was cash and short-term holdings.
At each day's close, Rafferty resets the portfolio. It adds exposure after a rise and cuts it after a fall. Over weeks or months, those daily returns compound and can differ sharply from three times the index. The prospectus warns the fund can lose money even while the index rises.
What it really costs
- TPOR charges 0.99% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.13% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $101 in the first year and $1,352 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TPOR | $101 | $343 | $604 | $1,352 |
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
The prospectus says TPOR seeks 3x the index's return for a single trading day only, and holding it longer can produce results far from that.
TPOR launched in 2017, so it has no 2008 record. In the quarter that included the COVID crash, it lost 73.73% (three months ended March 31, 2020). In the 2022 bear market it fell 66% from January 4 to September 30, 2022. That made 2022 its worst calendar year, a 58.62% loss. Its deepest drop since June 2020 was 74.1%, from November 2, 2021, to April 8, 2025. It had not recovered as of October 27, 2026. For anyone selling shares or drawing income in a bad year, losses this deep leave little to work with and a long road back.
The yield was a modest 0.86% as of October 27, 2026, paid quarterly, and the fund carries a 0.99% expense ratio. Past results don't predict the future, and any plan needs to consider the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking magnified one-day moves in US transportation stocks such as Union Pacific, Uber and CSX, who check positions daily.
- Experienced investors who understand that daily resets and compounding can push multi-day returns far from three times the index.
- Traders who can stomach extreme swings: in 2020 it gained 78.95% in one quarter after losing 73.73% in another.
Look elsewhere if
- Long-term retirement savers: from its November 2, 2021 peak it fell 74.1% and had not recovered as of October 27, 2026.
- Income seekers: the yield was 0.86% as of October 27, 2026, paid quarterly, while the price fell 19.8% in the prior three months.
- Anyone wanting a low-cost, diversified fund: it charges 0.99% a year, focuses on one industry and relies on swaps that add counterparty risk.
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 TPOR a good long-term investment?
TPOR isn't designed for long-term holding. Its prospectus says it seeks 300% of the index's return for a single trading day only. Because its exposure resets daily, longer-run results can stray far from three times the index. As of December 31, 2025, its average annual return was 4.18% over five years and 3.92% since its 2017 launch. Calendar years ranged from a 105.42% gain in 2021 to a 58.62% loss in 2022.
What stocks does TPOR hold?
TPOR holds US transportation stocks plus swaps that add leverage. As of July 31, 2026, its largest stock positions were Union Pacific (7.7% of net assets), Uber (6.3%), CSX (4.1%), UPS (2.5%), Delta Air Lines (2.2%) and United Airlines (2.2%). The 43 companies it held made up about 44% of net assets, and the top 10 made up about 32%. Roughly 54% sat in cash and short-term holdings, while index swaps supplied the rest of its 3x exposure.
Does TPOR pay a dividend?
Yes, TPOR pays distributions quarterly, but they are small. Over the 12 months to October 27, 2026, it paid about $0.29 per share, a yield of 0.86%. That income is tiny next to the fund's price swings. Shares fell 19.8% in the three months to October 27, 2026, and rose 26.3% over the 12 months to that date. The fund is built for short-term trading, not steady income.
What is TPOR's expense ratio?
TPOR's expense ratio is 0.99% a year after a 0.13% fee waiver, according to its prospectus filed February 26, 2026. The management fee alone is 0.75%. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares sold at the end of each period. On that basis, total costs come to about $101 after one year, $343 after three, $604 after five and $1,352 after ten. The expense ratio doesn't include trading costs from the fund's 85% portfolio turnover.
What's the difference between TPOR and a regular transportation ETF?
The main difference is leverage. An unleveraged transportation index fund aims to match its index over any holding period. TPOR aims for three times the index's move on each single day, using swaps and stocks. That magnifies gains and losses alike: TPOR lost 58.62% in 2022 and 73.73% in the quarter ended March 31, 2020. Daily resets also mean that over months TPOR can trail three times the index, or even lose money while the index rises.