Along with a 5.4% weight to Occidental Petroleum (NYSE: OXY), which like Exxon and Chevron is an integrated oil firm meaning it has refining operations, PXE features four pure play refiners among its top 10 holdings. That quarter combines for over 18% of the ETF’s weight. PXE is home to 30 stocks, over a third of which are dedicated refiners or offer some exposure to refining.
Although it is not an actively managed ETF, PXE tracks the Dynamic Energy Exploration & Production Intellidex Index and that index is, well, dynamic. The index considers companies based on price momentum, earnings momentum, quality, management action, and value, according to PowerShares.
PXE’s underlying index has outpaced the S&P Oil & Gas Exploration & Production Index over the past year, three years and five years, according to PowerShares data. With a P/E of just under 13, PXE also offers better value than the broader energy sector and the S&P 500. [Don’t Forget This Energy ETF]
PowerShares Dynamic Energy Exploration & Production Portfolio
