At a glance
XTN charges 0.35% a year, below the 0.54% average of the 4 funds most like it (the cheapest of 5). It has $367.3M in assets, the 4th largest of that group; it paid 0.74% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +19.2% with distributions reinvested (S&P 500: +11.5%), 3rd of those 5 funds; over three years it returned +15.5% a year. At its worst it fell 33.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 26 months after the low. Its ten largest positions make up 30.6% of the fund, out of 43 in all.
The short version
SPDR S&P Transportation ETF (XTN) is a State Street index fund that tracks the S&P Transportation Select Industry Index, a basket of 43 U.S. airline, railroad, trucking, shipping, logistics and ride-hailing stocks. The index uses modified equal weighting, so smaller firms such as Allegiant Travel and SkyWest carry about as much weight as giants like Uber and UPS. Its 0.35% expense ratio was the lowest among the similar funds compared, which averaged 0.54%.
Price history
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XTN +19.2% 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 | |
|---|---|---|---|---|---|---|
| XTN official prospectus, to Dec 31, 2025 | — | +6.32% | — | +6.07% | +8.86% | — |
| XTN price data to Oct 27, 2026 | +10.5% | +19.2% | +15.5% | +3.2% | — | +11.5% |
- Over the year to Oct 27, 2026, XTN returned +19.2%, 3rd of 5 among similar funds.
- Its 5-year annualized return was +3.2%.
- Its worst full calendar year was 2022 (-28.1%); its best was 2021 (+33.7%).
- The deepest fall in its price history was 35.1% (Nov 8, 2021 to Sep 26, 2022), recovered by Jan 6, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.5% | — |
| 2025 | +6.3% | +6.32% |
| 2024 | +4.8% | +4.77% |
| 2023 | +25.2% | +25.30% |
| 2022 | -28.1% | -28.15% |
| 2021 | +33.7% | +33.88% |
| 2020 | — | +11.73% |
| 2019 | — | +21.61% |
| 2018 | — | -17.01% |
| 2017 | — | +21.63% |
| 2016 | — | +26.95% |
| 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 30.1% over that stretch · deepest drop along the way 33.1%, back to its old high 25.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5300 | |
| 2025 | $0.7100 | -11.3% |
| 2024 | $0.8000 | +29.0% |
| 2023 | $0.6200 | -11.4% |
| 2022 | $0.7000 | -26.3% |
| 2021 | $0.9500 |
What's inside
As of Jun 30, 2026, the fund held 43 securities; the ten largest made up 30.55% of assets, and 2.54% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Allegiant Travel Co | 3.61% | |
| American Airlines Group Inc | 3.31% | |
| United Airlines Holdings Inc | 3.26% | |
| Alaska Air Group Inc | 3.08% | |
| JetBlue Airways Corp | 3.06% | |
| Southwest Airlines Co | 3.06% | |
| Delta Air Lines Inc | 3.01% | |
| SkyWest Inc | 2.87% | |
| Lyft Inc | 2.68% | |
| GXO Logistics Inc | 2.61% | |
| Uber Technologies Inc | 2.59% | |
| United Parcel Service Inc | 2.56% | |
| JB Hunt Transport Services Inc | 2.53% | |
| CSX Corp | 2.52% | |
| Werner Enterprises Inc | 2.51% |
By country
United States 98.69%Marshall Islands 1.26%By asset type
Stocks 99.95%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $44.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +12.33%, +6.70%, +3.69%.
How it works
XTN tries to match the S&P Transportation Select Industry Index, run by S&P Dow Jones Indices. The index takes U.S. companies from the S&P Total Market Index in nine transportation sub-industries, including passenger airlines, rail, cargo ground transportation, air freight and logistics, marine shipping and passenger ground transportation. To get in, a company needs a float-adjusted market value of at least $500 million and enough trading activity, or at least $400 million with even heavier trading. Float-adjusted means only shares available to the public are counted. Existing members drop out if their value falls below $300 million or their trading dries up. The index had 43 stocks as of July 31, 2026.
The index is modified equal weighted. Instead of giving the biggest companies the largest slices, it spreads money fairly evenly. As of June 30, 2026, no single holding topped 3.7% of assets, and the 10 largest made up about 31%. The index rebalances and adds or removes stocks every quarter.
State Street's adviser, SSGA Funds Management, may use a sampling approach, buying a representative subset rather than every stock. In practice, the fund held 43 stocks as of June 30, 2026. It must keep at least 80% of net assets in index stocks and may use futures contracts to manage cash. Portfolio turnover was 32%.
What it really costs
- XTN charges 0.35% a year, versus an average of 0.54% for the similar funds below (1st of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XTN | $36 | $113 | $197 | $443 |
In a retirement portfolio
It is a narrow, economically sensitive industry fund that swings more than the broad market and pays little income.
XTN adds targeted exposure to U.S. airlines, railroads, truckers and delivery firms. That exposure comes with sharp swings: its one-year volatility was 26.6% and its beta 1.12 as of October 27, 2026. The fund launched in 2011, after the 2008 crisis. It fell 31.84% in the first quarter of 2020, then finished that year up 11.73%. It lost 28.15% in 2022, its worst calendar year on record. Its deepest drop, 35.1% from November 2021 to September 2022, took about 39 months to recover, until January 2026. Anyone selling shares for cash during that stretch would have sold at depressed prices. Income is modest: the yield was 0.74% as of October 27, 2026, paid quarterly. Cost is low for the category, about $36 in the first year on $10,000 under the SEC example. 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 wanting a small, low-cost bet on U.S. transportation, at 0.35% a year versus a 0.54% average among similar funds.
- People who prefer equal-style weighting, so airlines, truckers, railroads and ride-hailing firms each hold roughly 2% to 4% of assets.
- Long-term holders able to sit through drops like the 35.1% decline that took about 39 months to recover.
Look elsewhere if
- Retirees needing steady income, given the 0.74% yield as of October 27, 2026, paid quarterly.
- Investors uneasy with heavy airline exposure: the eight largest holdings were all airlines as of June 30, 2026.
- Anyone who may need to sell in a downturn, after losses of 28.15% in 2022 and 31.84% in one 2020 quarter.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| XTN this fund | — | 0.35% | $367.3M | +19.2% | +15.5% |
| IYT iShares US Transportation ETF | 53% | 0.39% | $2.23B | +16.2% | +17.1% |
| FTXR First Trust Nasdaq Transportation ETF | 37% | 0.6% | $1.09B | +19.6% | +21.8% |
| SUPL ProShares Supply Chain Logistics ETF | 33% | 0.58% | $2.4M | +21.1% | +12.8% |
| JETS U.S. Global Jets ETF | 27% | 0.6% | $959.1M | +6.9% | +22.7% |
Questions investors ask
Is XTN good for retirement?
XTN works better as a small, higher-risk add-on than as a core retirement holding. It holds only U.S. transportation stocks, so its fortunes depend on fuel prices, labor costs and the economy. It lost 28.15% in 2022, and its deepest drop, 35.1%, took about 39 months to recover. The yield was 0.74% as of October 27, 2026, so it offers little income. Its 0.35% expense ratio is low for an industry fund.
What's the difference between XTN and IYT?
Both track U.S. transportation stocks, and their holdings overlapped by about 53%. XTN costs 0.35% a year against 0.39% for the iShares US Transportation ETF (IYT). XTN's index uses modified equal weighting, which spreads money fairly evenly across 43 stocks. IYT is much larger, with about $2.2 billion in net assets as of July 31, 2026, versus about $367 million for XTN as of June 30, 2026. As of October 27, 2026, XTN returned 19.2% over one year to IYT's 16.2%. Over three years, IYT led, 17.1% to 15.5% a year.
Does XTN pay dividends?
Yes, XTN pays dividends quarterly, but they are small. Its trailing 12-month yield was 0.74% as of October 27, 2026. Many transportation companies, especially airlines, pay little or nothing to shareholders, which keeps the fund's income low. Investors looking for meaningful income from their portfolio would get very little from this fund. Most of its long-term return has come from changes in share prices, which can swing widely.
Why does XTN have so many airline stocks?
XTN's index gives companies roughly equal weights instead of sizing them by market value, and many U.S. airlines meet its entry rules. As of June 30, 2026, the eight largest holdings were all airlines, including Allegiant Travel, American, United, Alaska Air, JetBlue, Southwest, Delta and SkyWest, each about 3% of assets. That makes the fund sensitive to fuel prices, travel demand and labor relations. Rail, trucking, logistics and ride-hailing firms such as CSX, J.B. Hunt, UPS, Uber and Lyft fill out the rest.
How has XTN performed over 10 years?
XTN returned an average of 8.86% a year over the 10 years ended December 31, 2025, according to its prospectus. Five-year returns averaged 6.07% a year, and 2025 alone returned 6.32%. The ride was bumpy: annual results ranged from a 33.88% gain in 2021 to a 28.15% loss in 2022, with an 17.01% drop in 2018. Through October 27, 2026, the fund was up 10.51% for the year to date.