That means that although PBS is not an actively managed ETF, when the fund is rebalanced, it can weed out some media laggards. Although the ETF has plenty of old media exposure through the likes of CBS and Walt Disney, PBS also features new media exposure through stakes in Google parent Alphabet (NasdaqGS: GOOG) and Facebook (NasdaqGS: FB). Those two stocks combine for over 10% of PBS’s weight.

“As for the media industry, Nomura analyst Anthony DiClemente said he expects “modest””subscriber losses and a stabilization of the TV advertising market next year. Media companies will promote the availability of their shows via on-demand services from pay-TV companies, which could hurt sales to Netflix but entice more consumers to keep their cable subscriptions, he said,” according to Bloomberg.

PBS investors are not the only ones being pinched by the recent retrenchment in media stocks. Hedge funds, among the biggest backers of media stocks in recent years, are feeling the pain of pullbacks in media stocks, such as those held by PBS.

PowerShares Dynamic Media Portfolio