ETFs brace for TSLA earnings as some have allocations north of 10% towards the EV maker

Tesla (NASDAQ:TSLA) investors on Wednesday were on the edge of their seats ahead of the Magnificent 7 member’s latest quarterly results.

Whether the EV maker tops estimates or comes up short, the effects it has on markets will ripple out to many exchange-traded funds, as more than 300 have stakes in the Elon Musk-led giant.

More specifically, of the 343 ETFs that have positions in TSLA, six of them have heavily concentrated positions of more than 10%. Highlighted below are those six ETFs:

• ARK Autonomous Technology & Robotics ETF (ARKQ), 12.01% allocation.
• MicroSectors FANG+ ETN (FNGS), 12.17% allocation.
• Consumer Discretionary Select Sector SPDR Fund (XLY), 12.45% allocation.
• Vanguard Consumer Discretionary ETF (VCR), 12.75% allocation.
• ARK Innovation ETF (ARKK), 13.03% allocation.
• Nightview Fund NITE (NITE), 13.47% allocation.

Two other exchange-traded funds that will be highly sensitive towards moves in TSLA are the single stock leveraged and inverse ETFs: T-Rex 2X Long Tesla Daily Target ETF (TSLT) and Direxion Daily TSLA Bull 2X Shares (TSLL).

For reference, Tesla’s Q3 earnings report is expected after the closing bell and analyst estimates expect the EV maker to post revenue of $25.7B and EPS of $0.60.