Themes Airlines ETF (AIRL) is an exchange-traded fund that seeks to track the performance, before fees and expenses, of the Solactive Airlines Index (SOLAIRN), a free float-adjusted, market capitalization-weighted index designed to measure the performance of the largest 30 airline companies by market capitalization. AIRL invests at least 80% of its net assets in securities comprising the underlying index, which focuses on passenger airlines and related operations in the global industrials sector; top holdings include United Airlines Holdings Inc. (UAL), Delta Air Lines Inc. (DAL), American Airlines Group Inc. (AAL), and international carriers such as Qantas Airways Ltd., Japan Airlines Co. Ltd., and Deutsche Lufthansa AG. The ETF offers exposure to airlines across diversified regions including the United States (approximately 41%), United Kingdom, Canada, and Japan, with a total expense ratio of 0.35%, quarterly rebalancing, and approximately 30 holdings.
Launched on December 8, 2023, and headquartered in Greenwich, Connecticut, AIRL operates as a series of the Themes ETF Trust and is managed by Themes Management Company, LLC, which provides passive index-tracking investment results to investors seeking targeted exposure to the airlines industry.
Recent developments within the Themes ETF ecosystem include the expansion of Leverage Shares by Themes, with multiple new single-stock leveraged ETF launches in December 2025, such as the Leverage Shares 2X Long Daily ETFs tracking companies like Opendoor Technologies and Cipher Mining, increasing the total to 49 offerings and demonstrating the provider's ongoing product innovation strategy; additionally, Themes ETF Trust filed SEC registrations for further leveraged products in late 2025. Earlier in 2025, the Trust approved the liquidation of two underperforming thematic funds due to insufficient assets, reflecting portfolio optimization efforts, though AIRL continues active trading on Nasdaq with shares outstanding around 10,000-30,000 and assets under management near $1.3 million as of mid-2025. No major acquisitions, partnerships, or name changes specific to AIRL have been reported in the last 1-2 years, with performance showing year-to-date gains of approximately 15% and since-inception annualized returns around 20-40% as of late 2025.