With the economy on seemingly solid footing in the U.S. and with consumers largely feeling better about their economic futures than they did say 12-24 months ago, the “Leisure and Entertainment” sectors come to mind.

PEJ (PowerShares Dynamic Leisure and Entertainment Portfolio, Expense Ratio 0.60%) is an ETF dedicated to this segment, with exposure to stocks in the following lines of business: Hotels and Lodging, Media/Entertainmen , Restaurants and Hospitality, as well as Cruise Lines for example.

It would even be fair to call the fund a “Consumer Feel Good” ETF in some ways, due its reliance on discretionary spending. Top holdings in the ETF are currently HOT (5.22%), STRZA (5.18%), VIAB (5.02%), TWX (4.96%), and WYNN (4.91%), and there are thirty one individual equity names in the fund at the moment.

And the ETF is weighted in a reasonably balanced manner across stocks of various market caps (24.74% large cap, 30.71% midcaps, 30.64% small-caps, and 13.57% micro-caps). PEJ only trades on average about 25,000 shares on a daily basis, and the ETF has approximately $75 million in assets under management but the fund is currently trading at an all-time product high as the stocks in the leisure and entertainment categories have largely prospered over the past several quarters following strong earnings reports.

For more specialized ETF exposure inside of the Consumer Discretionary sector, this fund is an interesting alternative that is likely overlooked by many (even though it debuted in 2005).

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