Unlike the rest of the energy sector, oil refiners use crude oil as an input. Consequently, the lower oil prices and higher prices on refined goods, like gasoline, are good for refiners.

Related: This Energy ETF Doesn’t Mind Low Crude Oil Prices

The VanEck Vectors Oil Refiners ETF tries to reflect the performance of the MVIS Global Oil Refiners Index, which is comprised of global companies involved in crude oil refining, including gasoline, diesel, jet fuel, fuel oil, naphtha and other petrochemicals.

The U.S. makes up 26.8% of the overall portfolio, followed by Japan 11.2%, India 8.9%, Austria 4.8% and South Korea 4.7%. CRAK holds 26 companies and top holdings include Reliance Industries 8.9%, Phillips 66 8.1%, Valero Energy 7.2%, Marathon Petroleum 6.4% and Jxtg Holdings 5.5%.

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