This ETF offers exposure to U.S. media companies, making it an option for gaining targeted exposure to a specific sub-sector of the consumer discretionary industry. As such, this fund probably won't have much appeal to long-term buy-and-holders, but can be useful for overweighting exposure to consumer discretionaries or potentially implementing a long/short trade. Like many fine tuned ETFs, PEJ is somewhat concentrated; the portfolio consists of only about 30 individual stocks, though assets are spread relatively evenly. PEJ is part of the suite of Intellidex products, meaning that the underlying index is designed to select components expected to perform well relative to a broader universe. There aren't many other options for pure play media exposure, through those seeking broad-based exposure to consumer discretionaries have a number of choices, including XLY or RCD.