Close to 80 exchange traded funds have come to market this year. With the SPDR DoubleLine Total Return Tactical ETF (NYSEArca: TOTL) being one possible exception, few new ETFs have received as much fanfare and media attention as the U.S. Global Jets ETF (NYSEArca: JETS).

The buzz surrounding JETS is understandable. Prior to its debut last week, it had been nearly two years since investors had a dedicated airline ETF to consider. Not to mention airline stocks, buoyed by sliding oil prices, were among 2014’s top performers.

Like any ETF, established or new, JETS has advantages and drawbacks. The ETF debuted at a time when investors were clamoring for an ETF and that much has been confirmed by JETS needing just four trading days to amass almost $9.6 million in assets. Plus, JETS offers investors the obvious advantage of one-stop shopping for exposure to major and smaller carriers, which some are apt to find more compelling than trying to stock-pick. [Why the new Airline ETF Could be a Success]

An obvious drawback would be JETS’ potential sensitivity to oil prices, assuming crude rises, though investors that even casually follow airline stocks know this is an issue.

One JETS advantage that might not be getting the attention it deserves is the ETF granting investors access to an industry that is deeply discounted relative to the broader market.

“Analysts expect revenue growth to decelerate sharply to just 2.3% in 2015 from 23.6% last year, but think earnings growth will surge to 98.6% from 27.1%. The P/E of 7.7 is near early April’s 19-year low of 7.3, and its 55% discount to the market is at a 14-year low,” according to Yardeni Research.

Yardeni’s observations are in regard to the S&P 500 Airlines Index, which JETS does not track, but the point is impactful. JETS tracks the U.S. Global Jets Index, which is comprised of U.S. and international passenger airline companies, aircraft manufacturers and airports and terminal services companies. The universe of airline companies around the globe is screened for investability, a minimum market cap of $100 million and liquidity. The underlying index will hold between 30 and 35 airline companies. [New Airline ETF Takes Off]