Active Travel ETF | TRIP
Explore the world of travel stocks.
Investment Manager
Diversified exposure across leading travel brands
The Active Travel ETF provides broad exposure to the entire travel and tourism ecosystem including global airlines, hotel chains, cruise lines, and online booking platforms. This helps reduce single-stock risk while capturing the upside of both legacy operators and fast-growing digital platforms reshaping the way people book and plan travel.
Shifting and new traveller profiles
Today’s travellers seek immersive, meaningful experiences over basic accommodations, with growing interest in sustainability, wellness, and cultural engagement. These evolving preferences are driving demand for niche tourism segments like ecotourism and wellness retreats—offering high-margin growth opportunities for businesses that cater to them. For investors, this shift presents a strong case to back companies aligned with these profitable traveller trends.
Backed by long-term lifestyle and mobility trends
From rising tourism in emerging markets to the growth of digital booking, long-term trends support continued travel demand. The rise of remote work and digital nomads is also driving a new kind of traveller—one who blends work and leisure across borders. TRIP is built to capture this evolving, more mobile future.
Focusing on the entire travel and tourism ecosystem—including global airlines, hotel chains, cruise lines, and online booking platforms—may help reduce single-stock risk while capturing the upside of both legacy operators and fast-growing digital platforms reshaping the way people book and plan travel.
Long-term lifestyle and mobility trends
From rising tourism in emerging markets to the growth of digital booking, long-term trends support continued travel demand. The rise of remote work and digital nomads is also driving a new kind of traveller—one who blends work and leisure across borders.
Frank Holmes | CEO & CIO
Frank Holmes is the CEO and chief investment officer of U.S. Global Investors (NASDAQ: GROW), where he brings over 35 years of experience in global capital markets and a reputation for pioneering first-of-their-kind investment products. Since acquiring a controlling interest in the firm in 1989 and becoming CIO in 1999, Mr. Holmes has built a legacy of active management rooted in deep market insight and a forward-looking approach to portfolio construction.
Renowned for identifying emerging trends before they go mainstream, he launched the first no-load gold mutual fund in the U.S. and later spearheaded the launch of the U.S. Global Jets ETF (NYSE: JETS) in 2015, the only ETF focused solely on the global airline industry. He also led the creation of several smart-beta 2.0 ETFs targeting niche sectors—including GOAU (precious metals), SEA (global shipping), and WAR (aerospace and defense)—showcasing his ability to capitalize on specialized market opportunities.
Joanna Sawicka | Portfolio Manager
Joanna Sawicka is a portfolio manager at U.S. Global Investors, a registered investment advisory firm based in San Antonio, Texas. With more than 20 years of experience in the financial industry, Joanna brings a wealth of knowledge and a sharp strategic mindset to her work, especially when it comes to managing sophisticated Smart Beta 2.0 investment strategies.
Her journey in the industry began at Baruch College, City University of New York, where she earned her degree in finance. Joanna got her professional start at Soros Fund Management in New York, working on the Convertible Arbitrage and Distressed Debt Trading desks. There, she helped manage around $1 billion in assets and gained hands-on experience with a wide range of financial instruments, including equities, bonds, swaps, futures, and more. It was in these fast-paced roles that she honed the operational expertise and market intuition that continues to guide her today.
US Global Investors Travel UCITS ETF (TRIP) is strategically designed to provide diversified exposure to the global travel sector by investing primarily in high-performing companies within the travel industry. This includes airlines, hotels, cruise lines, airport operators, and related services. Key Components of the Investment Strategy:
The ETF balances its holdings across various segments of the travel industry, ensuring exposure to both established and emerging companies. This includes global aircraft manufacturers and online booking platforms, which are integral to the travel ecosystem.
The ETF employs a rigorous selection methodology based on several fundamental factors, including market capitalisation and liquidity.
A tiered weighting scheme prioritizes investments based on companies’ rankings in market capitalisation, liquidity, and operational metrics. This ensures that top-performing companies are weighted more heavily, enhancing potential returns.
While the ETF is expected to rebalance quarterly, it is actively managed, and the Manager retains discretion to trade the holdings as often as deemed necessary.
The ETF excludes companies from markets that restrict the transfer of securities "free of payment," maintaining a focus on liquid and accessible investments.
Companies that fail to pass ESG (Environmental, Social, and Governance) screening are excluded from the portfolio.
US Global Investors Travel UCITS ETF (TRIP) aims to offer investors targeted exposure to the growth potential of the global travel and tourism industry through an actively managed strategy.
Unlike passive ETFs that simply track an index, TRIP dynamically selects and adjusts its holdings based on real-time market trends, company performance, and emerging opportunities.
By investing in a range of travel-related sectors – including airlines, hotels, cruise lines, travel agencies, and service providers – the fund aims to achieve capital appreciation while staying agile in a rapidly evolving industry.
The Travel ETF is actively managed by Frank Holmes, CEO & CIO, U.S. Global Investors.
*This fund changed strategy on 07/05/2025
Key Risks
Thematic ETFs are exposed to a limited number of sectors and thus the investment will be concentrated and may experience high volatility. Investors’ capital is fully at risk and may not get back the amount originally invested. Exchange rates can have a positive or negative effect on returns. For a complete overview of all the risks, please refer to the »Risk Factors » in the Prospectus.
NAV History
There is currently insufficient data to display the performance history.
No. of holdings: 50
Data as of 31st March 2025. The figures shown relate to past performance. Past performance is not a reliable indication of current or future results. Maximum on-loan figure may increase or decrease over time. With securities lending there is a risk of loss should the borrower default before the securities are returned, and due to market movements, the value of collateral held has fallen and/or the value of the securities on loan has risen.
Download Collateral Snapshot
Travel and tourism sector exposure refers to investments in companies whose revenues are driven by global mobility, leisure spending, and business travel. This can include airlines, hotels, online travel agencies, cruise operators, airport services, and travel technology platforms. The theme is closely linked to consumer discretionary spending and tends to be cyclical, meaning performance can strengthen when economic conditions and household incomes are supportive. Investors should understand that demand can fluctuate significantly with macroeconomic cycles, fuel prices, and geopolitical events. This sensitivity to external conditions typically makes returns more volatile than those of defensive sectors.
Growth in the travel and tourism industry is primarily driven by rising disposable incomes, expanding middle-class populations, and increased demand for leisure experiences. Business travel recovery, international mobility, and digital booking platforms also play a significant role in supporting sector expansion. Structural trends such as the growth of online travel agencies and AI-driven pricing and scheduling tools are improving efficiency across the value chain. However, sector growth is cyclical and can be materially disrupted by macroeconomic downturns, health crises, or geopolitical instability, which can temporarily reduce travel demand and affect earnings across multiple subsectors simultaneously.
Travel and tourism exposure is typically highly sensitive to economic cycles because it sits within the consumer discretionary segment. When economic growth slows or inflation reduces real household incomes, consumers and businesses often reduce spending on non-essential travel. Conversely, during periods of strong economic growth, demand for leisure travel, premium hospitality, and long-haul flights tends to increase. This cyclicality can lead to more volatile earnings compared with defensive sectors. Investors should consider that revenues across airlines, hotels, and booking platforms can all be affected simultaneously during downturns, amplifying sector-wide performance swings.
Key risks include economic downturns, rising fuel and operating costs, currency fluctuations, and geopolitical instability. The sector is also exposed to external shocks such as pandemics or travel restrictions, which can rapidly reduce demand across multiple regions. High fixed costs in industries like airlines and hospitality can amplify profitability pressure during periods of weak demand. In addition, competitive pricing dynamics, particularly in online travel platforms, can impact margins. Investors should also be aware that recovery periods after disruptions can be uneven, with some subsectors — such as leisure travel — rebounding faster than others, such as business travel or cruise operations, depending on demand patterns and capacity constraints.
Fuel prices and operating costs are critical drivers of profitability for travel-related companies, particularly airlines and cruise operators, where fuel typically represents the largest single operating expense. When energy prices rise, companies may face margin pressure unless they can pass costs on to consumers through higher ticket prices, which is not always possible in competitive markets. Hotels and travel platforms are less directly exposed to fuel costs but can still be affected indirectly through reduced travel demand. Inflation in labour, maintenance, and airport fees can also impact profitability across the broader sector, and investors should consider how a company’s hedging strategy and cost discipline influence its resilience during periods of elevated energy prices.
Digitalisation has transformed the travel industry by shifting bookings, pricing, and customer engagement online. Online travel agencies, comparison platforms, and direct-to-consumer apps now play a central role in how travellers plan and purchase trips. Data analytics and AI are increasingly used to optimise pricing, personalise offers, and improve operational efficiency across airlines, hotels, and booking platforms. This shift has increased transparency and competition but has also created scale advantages for larger platforms with stronger data capabilities. Investors researching this theme may want to consider how technology-driven intermediaries influence margins and market share across the value chain.
Global tourism recovery tends to vary by region depending on factors such as border policies, currency strength, infrastructure capacity, and consumer confidence. Some regions may experience faster rebounds in domestic tourism, while international travel recovery can take longer due to visa policies or flight capacity constraints. Emerging markets may benefit from rising middle-class demand, while developed markets often see stronger recovery in premium leisure and long-haul travel. These regional differences can create uneven performance across companies with different geographic exposures, making diversification across markets and subsectors an important consideration in this theme.
Geopolitical events can have a significant and immediate impact on travel demand by affecting safety perceptions, flight routes, and border accessibility. Conflicts, diplomatic tensions, or sanctions can reduce tourism flows to certain regions and increase operational costs due to rerouted airspace or higher insurance premiums. Business travel can also be disrupted when multinational operations are affected. While some regions may experience only temporary declines, others may see longer-term shifts in tourism patterns. This makes geopolitical risk an important consideration for investors evaluating globally exposed travel and tourism businesses. This makes geopolitical risk an important consideration for investors evaluating globally exposed travel and tourism businesses. However, regional disruptions can also redirect travel flows toward unaffected destinations, creating near-term opportunity for operators with diversified geographic exposure.
Relevant travel and tourism stocks may include airlines, hotels, online travel agencies, accommodation platforms, cruise operators and airport-related businesses. Examples include Delta Air Lines, Ryanair, United Airlines, Hilton Worldwide, Airbnb, Booking Holdings, Expedia, Marriott International, Southwest Airlines and Viking Holdings. These companies represent different parts of the travel ecosystem, from capacity and ticket pricing to lodging, digital bookings and leisure experiences. Investors researching the theme should consider consumer demand, fuel costs, labour costs, aircraft capacity, hotel occupancy, pricing power, debt levels and sensitivity to economic cycles. Travel stocks can rebound strongly when demand improves, but they can also be vulnerable to recessions, geopolitical shocks and health-related disruptions.
Disclaimer: These FAQs have been generated with the assistance of AI and may contain errors or omissions. They are provided for general information only and do not constitute investment advice, a recommendation, or an invitation to buy or sell any investment.
Explore our expert-written monthly fund reports, periodic reviews, and key insights.
What does the Iran war mean for travel and North American energy?
April 2026
Next stop for global travel
February 2026
Travel in 2025 – strong data drives growth
August 2025
Travel ETF Quarterly Report | October 2025
October 2025
The rise of active ETFs: How they’re gaining popularity and why it matters
April 2025
About Investment Manager
U.S. Global Investors, Inc. is an innovative investment manager with vast experience in global markets and specialized sectors. Founded as an investment club, the company became a registered investment advisor in 1968 and has a longstanding history of global investing and launching first-of-their-kind investment products.
Select Your Country
Select Your Investor Type
Choose a brokerage
Halifax
Interactive Investor
Charles Stanley
You are now leaving HANetf's website and accessing a third-party website. HANetf may provide access to information, products, or services offered on websites that are owned or operated by other companies ("third-party websites"). We provide this access through the use of hyperlinks that automatically move you from a HANetf website to the third-party site.
While we do our best to provide you with helpful, trustworthy resources, HANetf cannot endorse, approve, or guarantee information, products, services, or recommendations provided at a third-party website. Since we may not always know when information on a linked site changes, HANetf is not responsible for the content or accuracy of any third-party website. HANetf shall not be responsible for any loss or damage of any sort resulting from the use of a link on its websites nor will it be liable for any failure of products or services advertised or provided on these linked sites.
HANetf offers you links on an "as is" basis. When you visit a third-party website by using a link on a HANetf site, you will no longer be protected by the HANetf privacy policy or security practices. The data collection, use, and protection practices of the linked site may differ from the practices of HANetf sites. You should familiarize yourself with the privacy policy and security practices of the linked website. Those are the policies and practices that will apply to your use of the linked website, not the HANetf policies and practices.
Here are some tips to help you tell if you have left a HANetf website:
Important Notice: HANetf is a provider of Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETCs). We do not sell investment products directly to individual investors. Our funds are available through regulated investment platforms and brokers. Our only official website is www.hanetf.com. Any other domain is not affiliated with or authorised by HANetf in any way. If you suspect fraudulent activity, please contact your local financial regulator and/or the police and report the website or individual involved.