Kevin Carter, the man behind the Emerging Markets Internet & Ecommerce ETF (NYSEArca: EMQQ), along with ETF Managers Group, a white-label exchange traded fund sponsor, launched the first restaurant sector-specific ETF to help investors capture the rising demand for convenient food services in a fast-paced world.
The Restaurant ETF (NasdaqGM: BITE) began trading Wednesday, October 28, according to a press release. The new ETF has a 0.75% expense ratio.
BITE will try to reflect the performance of The BITE Index, which captures about 50 of the world’s most recognizable restaurants, including quick services, fast casual, casual dining and fine dining establishments.
“The percentage of income that Americans spend on food outside the home has been steadily growing over the last 150 years,” Kevin Carter, Founder and CEO of Big Tree Capital, the creator and owner of The BITE Index, said in the press release. “The average American household spends over $2,600 a year at restaurants. BITE gives investors the ability to literally ‘put their money where their mouth is,’ allowing them to invest in conjunction with their own spending habits.”
The restaurant ETF may be a good way to capitalize on a growing trend as American consumers spend more on experiences and dine out more. For instance, earlier this year, restaurants and bars overtook spending at grocery stores for the first time ever. [Americans Are Dining Out, Lifting Leisure Entertainment ETF]