PBJ may be small compared to some of its cap-weighted rivals, but the ETF is far from too small to be investable or “obscure” status. PBJ has $331.5 million in assets under management, $78.7 million of which has come into the fund just this year, according to PowerShares data.

In fact, PBJ enjoys something of a cult following due to its status as a home to multiple stocks that have previously been mentioned as credible takeover targets and its status as an ETF chock full some of the staples sector’s most shorted stocks. [ETFs for Hedge Fund Shorts]

Those are nice superlatives, but the better way of viewing PBJ is that it is a solid staples offering, a legitimate alternative to cap-weighted equivalents and as one just 26 ETFs that made new all-time highs on Monday.

PowerShares Dynamic Food & Beverage Portfolio

Tom Lydon’s clients own shares of Coca-Cola.