Four ETFs With Hefty Petrobras Exposure

Earnings season is not quite over for the world's major integrated oil stocks. Brazilian giant Petrobras

releases second-quarter results today after the close, but earnings or not, Petrobras seems to make as many headlines as BP

these days. The comparison is relevant because Petrobras trails only BP for the worst performance among the world's oil majors this year and analysts expect Petrobras's earnings to be worse than all other comparable oil companies except for, you guessed it, BP. So let's get ahead of the game and look at some ETFs with decent exposure to Petrobras that might move in advance of this earnings report and on Monday. 1) iShares MSCI Brazil Index Fund

: Petrobras securities account for more than 21% of EWZ's weight. That's no surprises as the company is Brazil's largest and EWZ is a large-cap ETF. This exposure to the oil giant automatically puts EWZ in play on this earnings news. 2) iShares S&P Latin America 40 Index

: ILF sounds like its a diverse Latin America ETF, but the reality is Brazil dominates this ILF's country exposure and Petrobras dominates the individual allocations. With exposure of nearly 15% to Petrobras, ILF will be in play thanks to the oil company. 3) SPDR S&P Emerging Latin America

: See above. GML is heavily exposed to Brazil and Petrobras accounts for more than 14% of GML's weight. GML's light volume could make this a dangerous long play if Petrobras really disappoints investors. 4) BLDRS Emerging Markets 50 ADR Index

: ADRE is more diverse in its country allocations than ILF and GML, but Petrobras accounts for more than 13% of this ETF. Put it on your list of Petrobras plays.