SUMMIT, N.J.--(BUSINESS WIRE)--ETF Managers Group, a leading private label services provider to the Exchange Traded Funds (ETF) industry, today successfully launched the first ETF to focus exclusively on restaurants (NASDAQ: BITE). The companies in BITE represent over 50 of the world’s most recognizable and iconic brands operating a wide variety of restaurant formats including Quick Service (e.g., Starbucks), Fast Casual (e.g., Chipotle), Casual Dining (e.g., Buffalo Wild Wings) and Fine Dining (e.g., Ruth’s Chris).
Sam Masucci, Founder and CEO of ETF Managers Group, said: “We are proud to launch BITE, the first pure restaurant ETF to hit the market and the latest addition to the ETF Managers Group family of exchange traded funds. BITE gives investors the ability to invest in the iconic restaurant brands, which are engrained in U.S. food culture as we know it today.”
The ETF 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 45 companies.
“The percentage of income that Americans spend on food outside the home has been steadily growing over the last 150 years,” said Kevin Carter, Founder and CEO of Big Tree Capital and the creator and owner of The BITE Index. He added, “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.”
Investors can learn more about BITE at www.BITEetf.com.
About Factor Advisors: Factor Advisors LLC is a wholly owned subsidiary of Exchange Traded Managers Group LLC (ETF Managers Group), a leading Exchange Traded Funds (ETF) private label services company. ETF Managers Group offers a full range of ETF product services to the asset management community including commodity pool ETPs as well as both active and passive ETF funds. The services provided include product operations, regulatory, financial and compliance management. ETF Managers Group offers active marketing and dedicated wholesale services for all ETF product types.
Carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund's summary and statutory prospectuses, which may be obtained by 1-844-ETF-MGRS (1-844-383-6477) or visiting www.BITEetf.com. Read the prospectus carefully before investing.
Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Narrowly focused investments typically exhibit higher volatility. The fund is new with limited operating history. Investing involves risks, including loss of principal. The Fund will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the retail sector. Funds that invest in smaller companies may experience greater volatility. The Fund's return may not match or achieve a high degree of correlation with the return of the BITE The Restaurant Index™. To the extent the Fund utilizes a sampling approach, it may experience tracking error to a greater extent than if the Fund had sought to replicate the Index. Diversification does not guarantee a profit, nor does it protect against a loss in a declining market.
As of 10/1/2015, the Fund did not hold any position in any of the companies mentioned in this piece. Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.
It is not possible to directly invest in an index.
Factor Advisors, LLC serves as the investment adviser and Penserra Capital Management LLC serves as sub-advisor to the Fund. The Funds are distributed by ALPS Distributors, Inc., which is not affiliated with Factor Advisors, Penserra Capital or any of its affiliates.