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The number of users holding JETS on retail trading platform Robinhood surged to nearly 30,000 this week even after Berkshire Hathaway completely exited its positions in airlines due to COVID-19.
A once-obscure ETF tracking airlines soared past $1 billion, largely bolstered by day trading. The US Global Jets exchange-traded fund, ticker JETS, posted its 64th consecutive day of inflows on Tuesday, according to data compiled by Bloomberg. Its growth has been staggering: The ETF held just $33 million in early March as the coronavirus pandemic grounded global air travel. The fund’s top holdings are the four major U.S. airlines, though it said last week that it will begin investing in Canadian carriers as well. Much of that explosive growth in assets can be credited to day traders looking to “catch the bottom” in airline stocks, according to Frank Holmes, chief executive officer of JETS issuer U.S. Global Investors.
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