For investors seeking momentum, Fidelity MSCI Consumer Discretionary Index ETF (FDIS Quick QuoteFDIS - Free Report) is probably on radar now. The fund just hit a 52-week high and is up about 29% from its 52-week low price of $35.19/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:

FDIS in Focus    

FDIS focuses on the consumer discretionary segment of the U.S. market. It has a large-cap focus with key holdings in Internet & direct marketing retail, specialty retail, media, and hotels restaurants & leisure segments. It charges investors 8 basis points a year and is largely concentrated on Amazon (AMZN Quick QuoteAMZN - Free Report) , which accounts for 21.5% of the portfolio (see: all the Consumer Discretionary ETFs here).

Why the Move?

The consumer discretionary sector has been an area to watch lately. The series of positive news flow including the 18-year high consumer confidence and rising spending have spread optimism and bullishness in the space. Additionally, Amazon’s surge has led to strong momentum as the stock hit $1 trillion in market capitalization, trailing Apple (AAPL Quick QuoteAAPL - Free Report) .

More Gains Ahead?

Currently, FDIS has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, suggesting that the outperformance could continue for months. Further, 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 longer.

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