Even though Alcoa (AA) has lost its relevance to some extent as far as being a barometer of market health after being booted from the Dow Jones Industrials Average in September of 2013, this does not change the fact that the company is slated to report earnings tomorrow after the bell, officially kicking off corporate earnings season.

Ironically, AA is up more than 40% year to date, trouncing its former Index in this time period, and the stock is trading at its highest levels since the summer of 2012.

Today we take a brief look at ETFs that have exposure to AA for the sake of something to watch tomorrow following the company’s earnings release, as these ETFs have no doubt benefitted from the stock’s generous performance as of late.

RPV (Guggenheim S&P 500 Pure Value, Expense Ratio 0.35%) quietly has become a $1.1 billion fund, and has the highest weighting to AA at around 2.61%. This fund tracks the S&P 500/Citigroup Pure Value Index, isolating 119 holdings currently from the S&P 500 Index, and only those companies that have demonstrated “strong value characteristics as selected by S&P.”

AA happens to be the largest holding in the ETF, followed by NBR, and BRK.B. Other ETFs with weightings to AA include FVI (First Trust Value Line Equity Allocation, Expense Ratio 0.70%) which remains a rather undiscovered fund with about $5.4 million in AUM despite launching back in 2006. JKG (iShares Morningstar Mid-Cap, Expense Ratio 0.25%), DGT (SPDR Global Dow, Expense Ratio 0.50%), and VOE (Vanguard Mid Cap Value, Expense Ratio 0.09%) are among other funds that have index positions in AA currently.

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