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Major Wall Street firm sees a breakout in luxury stocks — and lists three reasons why ETFs are a great way to play it

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Matt Bartolini, head of SPDR Americas research at State Street Global Advisors, finds valuations, earnings upgrades and price momentum are fueling the charge.

SPDR Euro Stoxx 50 ETF

is considered a broad European ETF. The ETF is up about 20% so far this year, with a price increase of nearly 1.2% since the beginning of January. While the fund's top holding is LVMH at 7.29%, according to the company's website, Bartolini contends the shift applies beyond luxury stocks and to lower-end consumer stocks.— which is up almost 30% this year — as another one of his fund's major holdings. It also shows FEZ allocating more than 20% to consumer discretionary — 2.5% higher than its second-most allocated industry.

"That's on a broad-based level," he said. "So, basically, buy Europe and sell U.S. has been some of the trade that we have seen."

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