Talk about validation. Several years ago, the fact that a dedicated restaurant exchange-traded fund did not exist was publicly bemoaned. That changed Wednesday with the debut of The Restaurant ETF (NASDAQ: BITE).
The Restaurant ETF was launched by Big Tree Capital's Kevin Carter and ETF Managers Group, a provider of bespoke services to the ETF Industry.
The new fund “tracks The BITE Index, an equal-weighted index of all restaurants that are publicly traded in the United States with a market cap of $200 million or greater and $1 million of daily average turnover. It is rebalanced semi-annually in June and December and is currently comprised of 50 companies,” according to a statement.
BITE's Methodology
As a weighting methodology, equal weight has recently received increased attention, because it is generally seen as one of the forefathers of the now ultra-hot smart or strategic phenomenon.
/www.benzinga.com/trading-ideas/long-ideas/15/10/5947813/out-to-dinner-a-restaurant-etf-finally-debuts alt=Out To Dinner: A Restaurant ETF Finally Debuts>Full story available on Benzinga.com
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