Grocery giant Walmart (WMT) reports its Q2 earnings tomorrow – August 20. Wall Street analysts are expecting an earnings per share and revenues beat despite concerns over the impact of rising inflation on U.S. consumer confidence.

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Options traders are pricing in a roughly 5% move in either direction, up or down, after the report. Despite the uncertainty, investors wanting to check into the Walmart story have a number of options available to them. The easiest, arguably, is to directly buy stocks in the retail behemoth. But for those who perhaps worry about having too much exposure to Walmart at this time then they can also look at ETFs with WMT as a major holding.

Let's look at three of those ETFs with a traditional Walmart value approach. We can do this by looking at some of the ETFs with the lowest expense ratios.

Global X PureCap MSCI Consumer Staples (GXPS)

Walmart has a 16.96% weighting in this ETF. In the year to date, the GXPS is up 10.21%. Overall, it has 32 holdings including, Procter & Gamble (PG) and PepsiCo (PEP). It has $68.68 million of assets under management and an expense ratio of 0.15%.

This ETF is categorized as sector-focused, honing in specifically on Consumer Staples, which includes companies that produce and sell essential goods such as food, beverages, household products, and personal care items. These are products that people consistently buy regardless of economic conditions, offering a defensive investment strategy with potentially lower volatility compared to other sectors.