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Airline-Tracking Global Jets ETF Faces Setback as Drop in Value Continues

September 6, 2023
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The airline-tracking U.S. Global Jets ETF JETS faced a setback as it dropped by 0.7% on Wednesday, putting it at risk of extending its losing streak to five consecutive sessions. If this trend continues, the ETF could reach its lowest close since June 3, according to Dow Jones Market Data.

Southwest Airlines LUV hits a snag

Southwest Airlines LUV, the fund’s second-largest holding, experienced a decline of 2.7% after announcing record revenue for the Labor Day weekend. However, the carrier also noted that close-in leisure bookings in August fell short of expectations. This announcement contributed to the downward pressure on the ETF.

Mixed performance among top holdings

On the other hand, shares of other major holdings in the ETF, including United Airlines UAL, American Airlines AAL, and Delta Air Lines DAL, were trading higher on Wednesday. Despite the varied performance among these airlines, the overall impact on the ETF remains to be seen.

Rising fuel costs pose challenges

A number of airlines have expressed concerns about the impact of rising fuel costs on their profitability. Such worries may contribute to the volatile nature of the airline industry and the performance of related ETFs like JETS.

A year of ups and downs

While the ETF is still showing a year-to-date increase of nearly 10%, it has retraced more than 15% from its 52-week high reached on July 11, according to Dow Jones Market Data. This indicates the challenges faced by the airline industry as it navigates a turbulent market.

Stay tuned for further developments regarding the U.S. Global Jets ETF JETS as it continues to weather difficult market conditions.

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Tags: Airline IndustryFuel CostsGlobal Jets ETFSouthwest Airlines
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