The global media and entertainment behemoth the Walt Disney Company (DIS) shocked investors when it reported fiscal Q2 earnings results after the closing bell of May 10, 2016. This was because the company fell short of estimates on both the top and the bottom lines for the first time in five years. Investors probably did not see this coming as shares of Disney were up 1.2% on May 10, 2016, only to slide over 5.5% after hours. Q2 in Detail Earnings per share came in at $1.36 per share, up 11% year over year but behind the Zacks Consensus Estimate of $1.40. Revenues rose 4% year over year to about $12.97 billion, but fell shy of the Zacks Consensus Estimate of $13.26 billion. What derailed Disney’s winning momentum was lower advertising and subscriptions at its sports channel ESPN. Lower ratings and rates led to muted advertising revenues. As per Reuters, the company’s theme park revenues also came in lower than expected. The double whammy apparently sidelined Disney’s successful Studio Entertainment division where revenues grew 22% and operating income jumped 27%. The success of Star Wars: The Force Awakens and Zootopia were mainly behind this outperformance. Notably, Disney’s money spinner ESPN has been under pressure for some time now as younger subscribers seem more inclined toward online streaming services. Cable network revenues were down 2% in the quarter under review. Market Impact The Disney sell-off might act as a cornerstone for the entire media sector. Especially subscriber loss may cast a dark cloud over the entire media space. The Disney stock has a Zacks Rank #3 (Hold) at the time of writing. The Zacks Industry Rank of Disney presently is in the bottom 11%. Given this, investors can take a look at consumer discretionary ETFs having high allocations in Disney and its other media peers. Since things are a little dicey at this moment, investors should closely monitor the movement of these funds and avoid them if Disney’s share price drags them lower, or if the cable weakness spills over to the other media conglomerates (read: Will Media ETF (PBS) Continue to Shine in Q1 Earnings?). However, chances of underperformance by these ETFs appear low right now as these baskets harbor many strong players which can obscure Disney’s latest correction and its ripples in the other media stocks. Below we highlight four such ETFs which could be in focus in the days to come (see: all the Consumer Discretionary ETFs here). Consumer Discretionary Select Sector SPDR Fund (XLY) With an asset base of $10.4 billion, XLY is the largest and most popular ETF in its space. Holding 90 shares in its basket, Walt Disney takes the third spot in the fund having 6.7% exposure. From a sector look, Media takes the top spot with 24.4% of assets, followed by Specialty Retail (20.8%). The fund has a Zacks ETF Rank #2 (Buy). iShares Dow Jones US Consumer Services Sector Index Fund (IYC) The 190-stock fund has accumulated about $960.9 million in assets. The fund has moderate company-specific concentration risk with Walt Disney accounting for 5.37% share of the basket and taking the third position. The fund charges 45 bps in fees. It has a tilt toward retailing (36.7%) and media (23.4%) stocks. The fund has a Zacks ETF Rank #1 (Strong Buy). Vanguard Consumer Discretionary ETF (VCR) This ETF holds a basket of 380 stocks. The product has managed to accumulate $1.83 billion in its asset base so far, charging investors just 10 bps in annual fees. Again, Walt Disney takes the third spot here with 5.2% exposure. VCR currently carries a Zacks ETF Rank #1 (read: Forget Retail, Focus on Broad Consumer ETFs). PowerShares Dynamic Media Portfolio (PBS) PBS looks to provide exposure to the media sector, holding a basket of 30 securities. The in-focus Disney takes the third spot with 5.0% exposure. PBS manages an asset base of $93.3 million. The fund has a Zacks ETF Rank #2. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report DISNEY WALT (DIS): Free Stock Analysis Report SPDR-CONS DISCR (XLY): ETF Research Reports ISHARS-US CN CY (IYC): ETF Research Reports VIPERS-CONS DIS (VCR): ETF Research Reports PWRSH-DYN MEDIA (PBS): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report