For investors seeking momentum, Vanguard Consumer Discretionary ETF (VCR Quick QuoteVCR - Free Report) is probably on radar now. The fund just hit a 52-week high and is up about 28% from its 52-week low price of $138.69/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:

VCR in Focus    

VCR focuses on the consumer discretionary segment of the U.S. market. The fund has a large-cap focus with key holdings in Internet & direct marketing retail segment. It charges investors 10 bps a year and has top holding in Amazon (AMZN Quick QuoteAMZN - Free Report) , with a hefty 17.8% share (see: all the Consumer Discretionary ETFs here).

Why the Move?

The consumer discretionary sector has been an area to watch lately given the host of positive news flows that are building enough confidence in the space. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, surged the most in five months by 0.6% in April, while consumer confidence rebounded near the 18-year high in May. The upbeat data underscores the economy's strong fundamentals and consumers’ enthusiasm to spend more.

More Gains Ahead?

Currently, VCR has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. Therefore, it is hard to get a handle on its future returns in one way or the other. However, many of the segments that make up this ETF have a strong Zacks Industry Rank, so there is definitely still some promise for those who want to ride on this surging ETF a little further.

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