Dion highlights SPDR S&P Retail (NYSEArca: XRT), which has a few of the names contained in ROB (most notably, Tiffany & Co. (NYSE: TIF), weighted at 1.6%). Other consumer discretionary funds, such as First Trust Consumer Discretionary AlphaDEX (NYSEArca: FXD), may also be options. FXD holds a little Coach (NYSE: COH), Nordstrom (NYSE: JWN) and Polo Ralph Lauren (NYSE: RL).

You can research all the available consumer discretionary ETFs and their holdings by using the ETF Resume. [Why Luxury ETF Took A Hit.]

Tisha Guerrero contributed to this article.