“The blended earnings growth rate for the S&P 500 for Q2 2017 is 10.2%. For companies that generate more than 50% of sales inside the U.S., the blended earnings growth rate is 8.5%. For companies that generate less than 50% of sales inside the U.S., the blended earnings growth rate is 14.0%,” Butters said.

On a sector level, the technology and energy sectors were the biggest contributors to earnings and revenue growth in the second quarter for companies with less than 50% of sales in the domestic economy.

Over 50% of revenues of companies in the S&P 500 come from outside the U.S. ETF investors who want to capitalize on the ongoing growth story in the global markets may look to the targeted WisdomTree U.S. Export and Multinational Fund (NYSEArca: WEXP).

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WEXP tracks U.S. based companies that derives less than 60% of their revenue from the United States and the underlying index also employs a modified earnings stream weighting process that adjusts the earnings for each company based on revenue from outside the U.S.

The portfolio includes a hefty 25.7% tilt toward information technology, along with 16.8% health care and 15.5% consumer staples. Top holdings include Johnson & Johnson 5.0%, Citigroup 4.7% and Philip Morris International 4.0%.

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