Latest News

Market Extra: Airline ETF heads for largest weekly decline since start of pandemic in 2020


A popular way to gain exposure to the airline industry was on track for its worst weekly skid since April of 2020 on Friday, FactSet data show.

The U.S. Global Jets

exchange-traded fund was down 4.5% so far on Friday and headed for a weekly decline of 13%. A fall of that magnitude would represents its sharpest weekly slump since a 20% drop back in the period ended April 3.

The decline for JETS, referring to the ETF’s ticker, would also mark its lowest level since around November of 2020.

JETS holds about $3.65 billion in assets and had been one of the popular ways to bet on the economic recovery from the COVID pandemic but has since been under selling pressure, down 10% on the year and off over 26% over the past 12 months.

JETS invests in companies of both U.S. and international passenger airline industry including aircraft manufacturers, with its largest five holdings including Delta Air Lines Inc.
United Airlines Holdings
Inc., Southwest Airlines Co.
and American Airlines Group Inc.
and Air Canada
Only Air Canada is up in the year to date, up 5.4%, but all five companies are down double-digits over the past year.

The military crisis in Ukraine, which has driven up fuel costs, notably crude oil
and an expected regime of higher interest rates has buffeted the stock market in recent weeks.

Apple workers set to return to office beginning April 11

Previous article

Top Ten: Weekend reads: Get ready for even more inflation

Next article

You may also like


Leave a reply

Your email address will not be published.

More in Latest News