By Eric Dutram of ETFdb

NEW YORK ( TheStreet) -- This week, earnings season gets under way, and all eyes will be on a handful of American companies to see how corporate profits have been impacted by the current economic situation. These reports look to take center stage with Google ( GOOG), Intel ( INTC), JP Morgan ( JPM)and GE ( GE) all reporting this week. These reports are likely to overshadow the few central bank meetings and other data releases scheduled for this week, suggesting that the market could be in for another volatile few days. Here, we profile three ETFs that look to be in focus over the next several days as earnings season gets under way.

iShares Dow Jones U.S. Financial Services Index Fund (IYG)

Why IYG Could Be In Focus: The American financial industry looks to be in focus due to a variety of earnings reports on some of the largest and most well-known financial firms. On tap for Thursday is JP Morgan Chase; on Friday Bank of America ( BAC) and Citigroup ( C) are scheduled to report.

Revenues are expected to decline slightly for JP Morgan but profits are predicted to more than double to 72 cents from 28 cents at the same time last year. Citigroup is expected to post earnings of just more than 5 cents a share. For Bank of America, the consensus is 20 cents a share, which would be down sharply from 28 cents last quarter. These three companies look to greatly impact the return of IYG in the latter half of the week since the three combine to make up just over 30% of the total assets in the fund.

Merrill Lynch Semiconductor HOLDR (SMH)

Why SMH Could Be In Focus: Chip giant Intel is scheduled to release its quarterly earnings report tomorrow after the market closes. The company is expected to handily beat last year's numbers by posting revenues of $10.25 billion and earnings of 43 cents a share, compared to revenues of just more than $8 billion last year and a loss of 7 cents a share. The company is the top holding for SMH at 23.5% of the fund's total assets, suggesting that a big from Intel will affect SMH's day as well. The chip giant's guidance is also likely to set the tone for the quarter for the rest of the semiconductor industry.

iShares MSCI Brazil Index Fund (EWZ)

Why EWZ Could Be In Focus: To close out the week, the largest company in Latin America by both market capitalization and revenue, Petrobras ( PZE), is scheduled to report earnings. The company is scheduled to report roughly $1 a share in earnings on its ADRs on Friday. While the company has found massive reserves off of the coast of Brazil, it has been unable to take full due to trouble issuing shares as well as a possible increase in government ownership of the company in exchange for rights to produce more barrels of oil.

Currently, the Brazilian government owns roughly a third of the shares but retains 55% of the voting rights, ensuring that the government will be able to dominate the company's decisions well into the future. These issues look to be in focus during the earnings report and any information from the top management regarding these trends could have a huge impact on EWZ. The different classes of Petrobras' stock combine to make up 20% of the fund's total holdings, a level that just edges out Vale (17.7%) for the top spot in EWZ.

Disclosure: No positions at time of writing.

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