Additionally, Deutsche Bank analyst Michael Linenberg upgraded shares of American Airlines, Delta Air Lines and United Continental to buy on Tuesday, citing the slower capacity growth and stabilization of the dollar could drive better unit-revenue performance.

JETS includes a 13.1% tilt toward AAL and 12.1% toward UAL.

Related: Airline ETF Finds Tailwind from Soaring Delta Profits

However, the industry, which has experienced its fair share of turbulence with JETS still down 8.1% year-to-date, will still have a tough path ahead.

“We still have the flat wages, and last month notwithstanding we had some issues with the labor markets,” Manhattan Venture Partners chief economist Max Wolff told CNBC. On top of that, “the world is inspiring less people to go further from home because there are lots of nerves for one reason or the other. [Plus,] the political cycle is also causing people to batten down the hatches.”

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U.S. Global Jets ETF