Boeing (NYSE: BA) will drive the action Wednesday in exchange traded funds (ETFs) that invest in the aerospace and defense sectors following quarterly results from the Dow component.

The company before Wednesday’s opening bell reported first-quarter earnings of 78 cents a share on revenue of nearly $15 billion. Boeing reiterated its full-year outlook on revenue, earnings and cash flow. “Our outlook remains positive,” said Boeing Chief Executive Jim McNerney.

Boeing is the second-largest holding in iShares Dow Jones U.S. Aerospace & Defense Index Fund (NYSEArca: ITA) at 8.1% of the ETF’s portfolio. The $143.5 million fund has gained 8.6% year to date, according to Morningstar.

The stock also represents about 7% of PowerShares Aerospace & Defense Portfolio (NYSEArca: PPA), which holds $112.2 million.

PowerShares Aerospace & Defense Portfolio

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