The idea of a soaring single-country Europe ETF with a  heavy weight to consumer staples names is not exclusive to EWK. The iShares MSCI Netherlands ETF (NYSEArca: EWN) has a 29.4% weight to staples and that ETF is up nearly 25% this year. [Buyers Go Dutch With This ETF]

However, EWK has soared thanks to beer. As in Anheuser Busch InBev (NYSE: BUD) is 22.2% of the ETF’s weight, more than triple the weight of the fund’s second-largest holding. The next big hurdle for EWK is a move to $17, a price the ETF has not seen since the third quarter of 2008. If that happens, EWK could be worth toasting to.

iShares MSCI Belgium Capped ETF

ETF Trends editorial team contributed to this post.