At a glance
AIRL charges 1.08% a year. It has $39.3M in assets. Over the past year it returned +0.0% with distributions reinvested (S&P 500: +11.5%).
The short version
Themes Airlines ETF (AIRL) is a leveraged fund. Its October 28, 2026 prospectus says it seeks twice (200%) the daily percentage change of one stock, American Airlines Group (AAL), mainly through swap contracts. So despite the name, it is a daily bet on one airline, not a basket of airline stocks. It charges 1.08% a year. Over periods longer than a day, its returns can drift far from twice AAL's return.
Price history
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AIRL 0.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AIRL price data to Oct 27, 2026 | 0.0% | 0.0% | — | — | — | +12.4% |
- Over the year to Oct 27, 2026, AIRL returned 0.0%.
- Its worst full calendar year was 2025 (+15.5%); its best was 2024 (+17.0%).
- The deepest fall in its price history was 23.9% (Feb 7, 2025 to Apr 8, 2025), recovered by May 27, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2025 | +15.5% |
| 2024 | +17.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2024 | $0.4000 |
What's inside
As of Jun 30, 2026, the fund held 2 securities; the ten largest made up 43.05% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 32.99% | |
| Treasury Bill Bonds and notes | 10.05% |
By country
United States 43.05%By issuer
US Treasury 43.05%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $16.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.84%, +3.65%, -2.67%.
How it works
There is no index. The fund is actively managed, and the prospectus names GraniteShares Advisors LLC as adviser. At the end of each trading day, the fund aims to have exposure to AAL equal to about 200% of its net asset value. It gets most of that through swaps. A swap is a contract with a major financial institution that pays the fund AAL's return on a set dollar amount. The fund expects to post 25% to 50% of its assets as collateral. If it can't add swap exposure, it may use listed options on AAL or buy the shares directly. The options can be deep in-the-money calls, or a bought call paired with a written put, known as a "synthetic forward."
The 2x target resets every day, so longer-term results come from compounding daily returns. In a choppy market, AAL can end flat while the fund loses money. Spare cash goes into Treasury bills, money market funds, short-term bond ETFs (including GraniteShares Short Term Box ETF, LBOX) and repurchase agreements. The fund is non-diversified.
As of June 30, 2026, the holdings report showed about 43% of net assets in two US Treasury bills, plus six small option positions worth about -0.26% net. No AAL swaps were listed, so the report and the prospectus don't line up neatly.
What it really costs
- AIRL charges 1.08% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $113 in the first year and $— over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AIRL | $113 | $370 | $— | $— |
In a retirement portfolio
A two-times daily bet on one airline stock adds concentrated, compounding risk rather than diversification or income.
The fund launched December 8, 2023, so it has no record through the 2008, 2020 or 2022 downturns. Its price record shows gains of about 17% in 2024 and 15.5% in 2025. Its deepest drop was 23.9%, from February 7 to April 8, 2025, and it had recovered by May 27, 2025. That calm record may not reflect the leveraged strategy in the October 28, 2026 prospectus. A two-times position in one stock can fall much further. Anyone who has to draw money after a sharp drop could lock in large losses. The fund paid no distributions in the year to October 27, 2026. Expenses are 1.08% a year. In the SEC's standard example, that's $113 on $10,000 in the first year. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a magnified one-day bet on American Airlines stock and can check the position every day.
- Traders who understand swaps, daily resets and compounding, and accept that multi-day results can differ sharply from twice AAL's return.
- Short-term users who accept the 1.08% expense ratio, which matters less over days than over decades.
Look elsewhere if
- Investors who want broad airline or travel exposure. The prospectus targets one company, American Airlines, not a basket of carriers.
- Retirees seeking income. The fund paid no distributions in the year to October 27, 2026.
- Long-term holders. Daily resets, swap counterparty risk and about $16.1 million of net outflows in three months to June 30, 2026 are drawbacks.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does the AIRL ETF hold?
According to its October 28, 2026 prospectus, AIRL seeks twice the daily return of American Airlines Group (AAL). It gets that mainly through swaps, with options or AAL shares as backups. The rest of its money sits in short-term holdings such as Treasury bills. As of June 30, 2026, its holdings report listed about 43% of net assets in two US Treasury bills, plus six small option positions. That report showed no AAL swaps.
Is AIRL a leveraged ETF?
Yes. The prospectus says the fund aims for 200% of AAL's daily percentage change, measured from one day's close to the next. Because exposure resets every day, returns over weeks or months come from compounding daily results. They can be far from twice the stock's return. When the stock swings a lot, the fund can lose money even if AAL ends roughly where it started.
Does AIRL pay a dividend?
No. AIRL made no distributions in the year to October 27, 2026, so its trailing yield was 0%. Its prospectus strategy is built around daily leveraged exposure to American Airlines stock through swaps, not around producing income. Investors who need regular cash payments from a fund would not get them here, based on that record.
What is AIRL's expense ratio?
AIRL's expense ratio is 1.08% a year, including a 0.99% management fee, according to the prospectus filed October 28, 2026. No fee waiver is listed. In the SEC's standard example ($10,000 invested, 5% annual return), total costs would be about $113 after one year and $370 after three years. That's higher than most broad index funds, but typical of more complex derivatives-based funds.
AIRL vs owning American Airlines stock: what's the difference?
Owning AAL shares gives one-times exposure that doesn't reset daily, has no expense ratio and carries no swap counterparty risk. AIRL aims for twice AAL's daily move, so gains and losses are magnified, and daily compounding makes longer-term results unpredictable. AIRL also charges 1.08% a year. Its prospectus allows it to buy AAL shares, but mainly it relies on swaps with financial institutions, which could fail to pay.