It’s for these reasons restaurant and leisure ETFs such as the PowerShares Dynamic Food & Beverage ETF (PBJ) and the PowerShares Dynamic Leisure & Entertainment (PEJ) have also underperformed the S&P 500. High labor costs, food inflation and tons of competition, among other things, have presented headwinds for the restaurant sector. Last week’s proposed takeover of Arby's by Buffalo Wild Wings (BWLD), backed by Roark Capital, was the most recent example.