However, Evercore analysts warned that wage growth could temper the benefits of low commodity costs. Wage inflation is hitting restaurants as minimum wages at local and state levels go into effect.

Related: Take a BITE out of a Restaurant ETF

To track the dining industry, investors can look to the Restaurant ETF (NasdaqGM: BITE), a dedicated restaurant-related ETF. The ETF includes exposure to many eateries, with top components including Dave & Busters (NasdaqGS: PLAY) 2.9%, El Pollo Loco (NasdaqGS: LOCO) 2.8%, Arcos Dorados Holdings (NYSE: ARCO) 2.7%, Dominos Pizza (NYSE: DPZ) 2.6% and Papa Johns International (NasdaqGS: PZZA) 2.6%.

Related: 21 Consumer Discretionary ETFs for Economy Growth

Additionally, for more diversified exposure, investors can look at the PowerShares Dynamic Food & Beverage Portfolio (NYSEArca: PBJ), which targets food and beverage companies, and PowerShares Dynamic Leisure and Entertainment Portfolio (NYSEArca: PEJ), which includes restaurant names. Additionally, dining and quick services falls under the broader Consumer Discretionary Select Sector SPDR (NYSEArca: XLY).

Click here to read the full story on ETF Trends.

Restaurant ETF