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Bob Pisani Gives His Winner ETF's and the "Losers" To Avoid

Earnings season is here, and investors are wondering what exchange-traded funds, if any, offer the best exposure to capture any upside in equities due to strong earnings reports.

According to CNBC's Bob Pisani, there is no one ETF specifically designed for earnings season, there is an ETF that weights stocks by earnings: the WisdtomTree Earnings 500 Fund (ETF) .

Pisani continued that the Wisdom Tree Earnings ETF consists of large-cap companies that have generated positive cumulative earnings over their most recent four fiscal quarters.

"In other words, no earning losers," Pisani explained. "The index behind the ETF is earnings weighted so companies with greater earnings generally have larger weights in the index."

Pisani added that a similar ETF for small- and mid-cap companies also exists: the WisdomTree SmallCap Earnings Fund (ETF)  and the WisdomTree MidCap Earnings Fund (ETF) .

Pisani touted the investment profile of these ETFs, noting that earnings reports is a major driving factor in a stock's performance. Focusing on companies with positive earnings "makes sense." Moreover, companies that are not included as part of the ETF are likely unprofitable companies.

"Why have those losers in your portfolio," Pisani concluded.