PowerShares Dynamic Energy Exploration & Production Portfolio (NYSEArca: PXE)
April gain: 8.2%
Comment: While PXE offers plenty of exposure to exploration and production companies, a trait investors are accustomed to with the largest energy ETFs, the fund also features one of the largest downstream allocations of any ETF as refining and marketing names account for 34.3% of the fund’s weight.
Not only has the ETF been regularly making new all-time highs in recent weeks, its valuations compare favorably with those of the broader energy sector and U.S. stocks.