World’s biggest international travel-tied ETF, US Global Jets, fell more than 9% on Friday, reigniting fears that the $3.6 billion fund could fall further, according to Bloomberg.
The fresh outbreak of a new Covid-19 strain reignited fears over the revival of international travel, sending the ETF to the biggest decline since June 2020.
Investors were concerned that new lockdowns in Europe and elsewhere could add a blow to JETS, which has struggled for recovery this year.
Alt: US Global Jets ETF Price Changes
JETS posted some of the biggest inflows in recent months on resumption of international travel. Short interest in the ETF still rose to 3% of outstanding shares, the highest in more than twelve months. JETS: NYSE Arca is down -9.88%