What Is DPST? Direxion Daily Regional Banks Bull 3X Shares
Short answer
DPST is a 3x leveraged ETF from Direxion that targets 300% of the daily return of the S&P Regional Banks Select Industry Index. It is a short-term trading instrument, not a long-term investment. Daily rebalancing means returns compound and can decay badly over time, and 3x leverage on an already volatile, crisis-prone sector like regional banks can produce extreme swings and rapid losses. It is intended only for experienced traders who watch positions closely.
DPST is issued by Direxion and tracks 3x daily S&P Regional Banks Select Industry index. It charges a 0.92% expense ratio, holds approximately ~$470 million (varies by source and date; roughly $465M to $500M in early 2026) in assets under management, yields about ~2.7% (variable; distributions are paid quarterly and fluctuate), and launched in August 19, 2015.
What is DPST?
DPST is a 3x leveraged ETF from Direxion that targets 300% of the daily return of the S&P Regional Banks Select Industry Index. It is a short-term trading instrument, not a long-term investment. Daily rebalancing means returns compound and can decay badly over time, and 3x leverage on an already volatile, crisis-prone sector like regional banks can produce extreme swings and rapid losses. It is intended only for experienced traders who watch positions closely.
DPST is issued by Direxion and tracks 3x daily S&P Regional Banks Select Industry index, so a single ticker gives you the whole basket of underlying holdings weighted by the index's methodology rather than by any active stock-picking.
DPST holdings: what's actually inside
DPST does not hold a basket of individual stocks. It gets its exposure synthetically, through derivatives such as swaps and futures rather than by owning the underlying shares, so there is no conventional top-10 equity holdings list. See the description above for what DPST actually tracks and how that exposure is built.
The bottom line on DPST
DPST magnifies the daily moves of regional-bank stocks by three times, which cuts both ways. It can produce large gains in a strong day or stretch for regional banks and equally large losses when the sector falls, as it did violently during the 2023 regional-bank crisis. The daily reset causes volatility decay, so holding DPST for weeks or months can erode value even if the index ends roughly flat. Treat it as a short-term trading tool for experienced investors, not a position to buy and forget.
More on DPST
Whether DPST is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is DPST a buy?
DPST yields ~2.7% (variable; distributions are paid quarterly and fluctuate) as of early 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see DPST dividend: yield and schedule.
Build a portfolio around DPST with Walnut
Use DPST as your core holding, then let Walnut's AI propose thematic satellites: AI infrastructure, dividend growth, clean energy, whatever you believe in. Connect your broker, build the basket in conversation, track it as one unit.
FAQ
What is DPST?
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DPST is the Direxion Daily Regional Banks Bull 3X Shares, a leveraged exchange-traded fund issued by Direxion. It seeks daily results of 300% of the daily performance of the S&P Regional Banks Select Industry Index, mainly through swaps and other derivatives. It is designed as a short-term trading tool for experienced investors, not a long-term holding.
What is DPST's expense ratio?
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DPST's expense ratio is approximately 0.92%, which is high relative to plain index ETFs. Leveraged funds like DPST carry higher fees because of the cost of the daily-rebalanced derivatives used to obtain 3x exposure. Over time those costs add to the drag on returns, which is one more reason the fund is meant for short holding periods.
What does DPST track?
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DPST tracks the S&P Regional Banks Select Industry Index, aiming for 300% of that index's return on a single trading day. It does not hold the bank stocks directly in most cases; it uses swap agreements and other derivatives to get leveraged exposure. Because the goal is a daily 3x target, the fund's longer-term return can differ a lot from three times the index over time.
Should I hold DPST long term?
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No. DPST is not built for long-term holding. Its leverage resets every day, so over weeks or months the daily compounding causes volatility decay, meaning the fund can lose value even if the underlying index is flat or only modestly higher. Combined with a high expense ratio and the extreme volatility of 3x regional-bank exposure, DPST is intended only as a short-term trading tool that you actively monitor, not a buy-and-hold investment.
How does 3x leverage work?
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DPST aims to return three times the daily move of its index. If regional banks rise 1% on a given day, DPST targets about a 3% gain before fees; if they fall 1%, it targets about a 3% loss. The leverage is reset at the end of each trading day, so gains and losses compound from a new base daily. Over multiple days this compounding can push returns well above or, more often in choppy markets, well below a simple 3x of the cumulative index move.
Is DPST a good investment?
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DPST is a high-risk trading instrument rather than a typical investment, and whether it fits anyone depends on their strategy, experience and risk tolerance. The 3x leverage, daily reset decay, high fees and the volatility of regional banks make it unsuitable for most long-term investors and able to lose value very quickly. Walnut is informational, not investment advice; if you are unsure, treat DPST with strong caution and consider speaking with a licensed financial professional.
How sensitive is DPST to a regional-bank crisis?
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Extremely. Regional banks are sensitive to interest rates, deposit flight and confidence, and a sector shock hits them fast. During the 2023 regional-bank crisis, when Silicon Valley Bank and others failed, regional-bank shares dropped sharply within days. DPST, applying 3x leverage to that move, would have fallen far faster and deeper. A single bad stretch can wipe out a large portion of the fund's value, so crisis sensitivity is a defining risk.
Why can DPST's return differ from 3x the index over time?
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Because DPST targets 3x only on a daily basis and resets each day, the math of compounding daily returns means multi-day results rarely equal three times the index's cumulative move. In volatile or sideways markets this path dependence, often called volatility decay, tends to erode the fund's value. Steady one-directional trends can help, but unpredictable swings hurt, which is why the 3x goal applies to single days, not longer periods.
How do I compare DPST to similar ETFs?
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Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. DPST's figures are above; the full method is in Walnut's guide on how to compare ETFs.
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Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to early 2026; verify current figures against Direxion's fund page or your broker before investing.