As college basketball conference tournament action heading into Selection Sunday steals away some viewers via both online outlets and traditional television viewing during the trading days given several overtime thrillers and some unlikely upsets thus far, it makes sense to take a quick look at PBS (PowerShares Dynamic Media Portfolio, Expense Ratio 0.60%).

While the fund is not a household name it has a respectable $336 million in assets under management and averages about 176,000 shares traded daily. The fund was hit rather hard yesterday on a broad global equity sell-off, retreating back to its 50 day MA for the first time since mid-February.

Tracking the Dynamic Media Intellidex Index, PBS falls within the broader “Consumer Discretionary” Equity space, and has top holdings that currently look like the following: DTV (5.52%), GOOG (5.39%), DIS (5.38%), CBS (5.38%), and DISH (5.11%).

Other holdings represented in the top ten include TWX (4.80%) and TWC (4.77%), with TWC of course being involved in the pending takeover deal with Comcast (which has been questioned as recently as two days ago this week in regards to potential U.S regulator questions regarding the “broadband issue” according to Reuters).

In short, the portfolio holds a number of stocks that are involved in the Media space and have all been quite active this week in terms of retreating from recent highs. In the trailing one year, PBS has delivered about twice the return of the S&P 500 but this outperformance has been trimmed year to date, and particularly in the short term thus far.

From a cap standpoint, the fund is reasonably balanced, with about 43% of the portfolio residing in Mega/Large Caps 29% in Mid-Caps, and the remainder of the portfolio devoted to Small/Micro-Caps.