Resurgent virus fears and likely new lock downs in Europe are lashing the world's biggestETF tied to international travel.
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The $3.6 billion US Global Jets exchange-traded fund ticker JETS plunged 6.7% in early trading as of 8: 15 a.m. in New York, set for the biggest decline since June last year.
It's a bitter blow for JETS, which has struggled for traction this year. Air travel has been slow to revive, and related equity has been left behind as other areas of the market rallied.
The sector is losing ground in premarket trading due to concerns about a new variant of Covid 19 in southern Africa. The European Union is proposing to halt air travel from the area.
The U.S. restored flights to dozens of countries including those in Europe recently as the biggest inflow in the JETS began to see its biggest inflow in months. Not everyone has been confident. Short interest in theETF went up to 3% of the outstanding shares. It is the highest in more than a year, according to data from IHS Markit Ltd.
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