Alphabet is about to report earnings after the bell.
And given it's in a whopping 184 ETFs, including the largest holding in the communications sector ETF (XLC) with a 24 percent weighting, whichever way it moves will have a major impact on the market.
However, despite clawing back from December lows, the Google parent has underperformed the rest of the high-growth FANG names. Its nearly 9 percent advance in the year to date is equal to Amazon's gain and well below Facebook and Netflix's move of more than 28 percent.
For the investor looking for high-momentum exposure without any downside risk from Alphabet, John Davi, chief investment officer at Astoria Portfolio Advisors, said one ETF fits the bill.
Amazon makes up the largest weighting at more than 5 percent, followed by Microsoft and Apple. The MTUM ETF also mixes in high-momentum players in other sectors, including health care's Pfizer and financial's Visa. Alphabet has not been a part of the ETF since April 2017.
That level of diversification shielded the MTUM ETF from the worst of the sell-offs in the back half of last year, Davi said.
"Since XLC has been around since July, it's down 10 percent. The MTUM is only down 3 percent so it's a way to kind of get a little bit more diversification and protect the downside," he explained.
The MTUM has not outpaced the XLC ETF so far this year as Facebook and Netflix rallies gave rise to big gains for the communications sector. The XLC is up 12 percent in 2019 compared with a 6 percent increase for the MTUM.
However, its dynamic holdings could turn MTUM's fortunes once again.