For example, Vanguard Consumer Discretionary (NYSEArca: VCR) is “a cyclical exchange-traded fund that represents a low-cost way to gain exposure to domestic firms that largely rely on discretionary consumer spending to drive their businesses,” says Morningstar analyst Robert Goldsborough.

“This fund should be treated as a satellite holding by investors looking to bulk up their exposure to the consumer. As with any investment decision, before pulling the trigger, however, we’d urge investors to consider the macroeconomic climate,” he says in an analyst report on the ETF. “With more than two thirds of economic activity fueled by consumer spending, it would be a prudent move to examine the economic backdrop before making a bet on the health of the consumer.”

Consumer Discretionary Select Sector SPDR

Full disclosure: Tom Lydon’s clients own XRT.