PEZ differs from standard discretionary ETFs in that it is not home to some of the sector’s most familiar names such as Home Depot, Walt Disney (NYSE: DIS), Ford (NYSE: F) McDonald’s (NYSE: MCD) or cable providers. Of course what PEZ does hold is more important than what it does not.

That is where the pleasant surprise offered by this ETF comes in. PEZ allocates 12.5% of its weight to airline stocks, good for the ETF’s third-largest sub-sector weight. While that is not on par with the airline allocations found in transportation ETFs, PEZ’s exposure to the airline industry is strong relative to other consumer discretionary. [Transport Funds as Airline ETF Proxies]

Three of PEZ’s top 10 holdings are airline stocks, including Delta Airlines (NYSE: DAL) and Southwest (NYSE: LUV), which have returned an average of 97% this year. Those performances underscore PEZ’s credibility as an ETF avenue to airline stocks and the fund’s ability to generate positive returns as oil price decline.

PowerShares DWA Consumer Cyclicals Momentum Portfolio