For investors seeking momentum, Fidelity MSCI Consumer Discretionary Index ETF (FDIS Quick QuoteFDIS - Free Report) is probably on the radar. The fund just hit a 52-week high and is up about 23% from its 52-week low price of $76.25/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 of where it might be headed:

FDIS in Focus

Fidelity MSCI Consumer Discretionary Index ETF targets the consumer discretionary sector. It has key holdings in broadline retail, hotels, restaurants & leisure, specialty retail and automobiles. Fidelity MSCI Consumer Discretionary Index ETF charges investors 8 basis points a year in fees (see: all the Consumer Discretionary ETFs here).

Why the Move?

The consumer discretionary sector has been an area to watch lately, given the increase in consumer sentiment. Americans are feeling more confident about the economy backed by easing inflation, a strong job market and higher spending power.

More Gains Ahead?

Currently, FDIS has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, suggesting that the outperformance could continue in the months ahead. Many spaces that make up this ETF have a strong Zacks Industry Rank. Thus, there is definitely some promise for those who want to ride this surging ETF a little further.