This is the 4587th most frequent Spanish word.
aéreo
"Related to the air or atmosphere."
Here, 'aéreo' is used as an adjective describing 'transporte', referring to something related to air or aviation.
El transporte aéreo es rápido pero costoso.
Air transportation is fast but expensive.
In this case, 'aéreo' modifies 'espectáculo', indicating something performed in the air or high above the ground.
El circo incluyó un espectáculo aéreo impresionante.
The circus included an impressive aerial show.
Here, 'aéreas' is used in the plural form as an adjective modifying 'acrobacias', meaning activities or stunts performed in the air.