The $116.1 million PXE sounds like it is a dedicated exploration and production ETF, but the fund features Marathon Petroleum (NYSE: MPC) and Valero among its top 10 holdings. Those stocks combine for 9.5% of the ETF’s weight. Several other refiners combine with Marathon Petroleum and Valero to bring PXE’s refiners exposure north of 20%. [Price War Could Lift These Energy ETFs]

PXE’s underlying index considers companies based on price momentum, earnings momentum, quality, management action, and value, according to PowerShares.

Keep in mind that since the prices of refined products generally don’t fall as quickly as crude oil prices, this means refiners can make higher profits,” according to Value Walk.

PowerShares DWA Energy Momentum Portfolio