Aerospace exchange traded funds (ETFs) are down slightly this morning after reports that Boeing (BA), a major component of both, is once again delaying plans for its 787 Dreamliner.

The delay is putting the lightweight, fuel-efficient aircraft as much as 18 months behind its original target daye, reports Bill Rigby for Reuters. The company is still saying that it will deliver 109 of the planes by the end of 2009, but analysts think only 10-45 of the planes will be ready by then. Japan’s All Nippon Airways is expected to get the first Dreamliners.

The delay is likely to cost Boeing millions in compensation payments to airlines. Boeing will report its first quarter earnings on April 23.

PowerShares Aerospace & Defense (PPA; Boeing is 6.8%) and iShares Dow Jones US Aerospace and Defense (ITA; Boeing is 9%) could stand to benefit if Boeing gets these planes off the ground.

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