Market Vectors Oil Refiners ETF (NYSEArca: CRAK) är den första börshandlade fonden som är helt dedikerad till investeringar i oljeraffinaderier, en sektor som har tynat bort i skuggan av oljeprisets uppgång, i alla fall i jämförelse med andra ETFer med fokus på energi. CRAK är emellertid en ETF som kanske kan gynnas av oljepriset uppgång.
Att oljeraffinaderier utvecklas sämre i dagens klimat är emellertid inte förvånande då dessa dra ekonomisk fördel av lägre oljepriser, det vill säga en lägre kostnad för sin huvudsakliga insatsvara. Samtidigt kan även priset på färdiga produkter såsom bensin, diesel och eldningsolja påverkar ett raffinaderis lönsamhet.
Följaktligen är skillnaden mellan kostnaden för råolja och priset på slutprodukterna, eller den så kallade Crack spreaden, är en vanlig indikator på de potentiella vinsterna oljeraffinaderier gör. Det finns emellertid vissa analytiker som ser en ljus framtid för aktierna i oljeraffinaderierna, bland annat några av de företag som ingår som komponenter i CRAK.
OPEC bakom problemen för energisektorn
En stor del av problemen som energisektorn just nu brottas med kan hänföras till de oljeexporterande länderna, det vill säga OPEC som vägrar att minska sin produktion och på detta sätt hejda de låga oljepriserna. OPEC har hållit upp produktionen i syfte att pressa ut högkostnadsproducenterna, till exempel amerikanska skifferoljeproducenter, från marknaden. IEA, International Energy Agency, bedömer emellertid att det kommer att ta flera år innan OPEC kan prisa ut högkostnadsproducenterna från marknaden.
Återspeglar Market Vectors Global Oil Refiners Index
CRAK försöker återspegla resultatet för Market Vectors Global Oil Refiners Index, ett modifierat, värdeviktat index som följer de största och mest likvida bolagen i den globala oljeraffineringsindustrin. I portföljen ingår bland annat företag som Marathon Petroleum, Delek och HollyFrontier som alla har utvecklats väl. Det finns emellertid en risk för kursnedgångar, men vid de nuvarande raffineringskursnivåerna erbjuder CRAK en attraktiv inkörsport för långsiktiga investerare.
Raffinaderierna investerar också i midstream tillgångar, som kan ge resultat och uppnå högre midcycle avkastning, med mindre volatilitet. Dessutom har många raffinaderier ett betydande fritt kassaflöde, som har återföras till aktieägarna genom utdelning och återköp av egna aktier. Medan avkastningen har varit relativt låg, är utdelningstillväxt redo att öka.
Introducing CRAK Market Vectors® Oil Refiners ETF (CRAK) leverages the selection standards of Market Vectors Indices in order to offer investors differentiated energy exposure.
Not All Energy Performs the Same
Oil refiners are a differentiated segment of the energy sector. As illustrated below, oil refiners’ performance was distinct from other segments as oil prices declined in late 2014 and remained weak in the first half of 2015.
from other segments as oil prices declined in late 2014 and remained weak in the first half of 2015.
This chart illustrates the recent difference in performance between segments of the energy sector as measured by S&P indices. This chart is for illustrative purposes only and does not represent the performance of the Fund or the underlying index. The Fund and Market Vectors Global Oil Refiners Index, the Fund’s underlying index, have a limited history. The Fund commenced operations on 8/18/2015 and its index was first published on 5/21/2015.
Potential to Benefit from Lower Oil Prices
Crack spread, or the difference between the price of crude oil and its refined products, is a common indicator of the potential profitability of the refining industry. Unlike other energy sector segments, oil refiners may benefit from lower oil prices if crack spreads remain attractive.
Pure-Play Index
CRAK’s underlying index, Market Vectors Global Oil Refiners Index, is a global index that measures the performance of the crude oil refining segment. CRAK is the first and only U.S.-listed ETF to provide pure-play exposure to global oil refiners.
CRAK Highlights
Ticker CRAK
Index Ticker MVCRAKTR
Commencement Date 08/18/2015
Gross Expenses 0.64%
Net Expenses1 0.59%
1Expenses are capped contractually until 5/1/2017. Cap excludes certain expenses, such as interest.
Introduction to Oil Refiners and Crack Spreads
Shawn Reynolds, Portfolio Manager, Global Hard Assets Strategies, discusses refiners and crack spreads and how they differ from other aspects of the energy sector.
Important Disclosure
An investment in the Fund may be subject to risks which include, among others, risks associated with refining companies which may be impacted by changes in commodity prices, exchange rates and the price of oil and gas, government regulation, the imposition of import controls, world events, and natural disasters, all of which may adversely affect the Fund. Foreign and emerging markets investments are subject to risks, which include changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations, changes in currency exchange rates, unstable governments, and limited trading capacity which may make these investments volatile in price or difficult to trade. Medium-capitalization companies may be subject to elevated risks. The Fund’s assets may be concentrated in a particular sector and may be subject to more risk than investments in a diverse group of sectors.
Market Vectors Global Oil Refiners Index (the ”Index”) is the exclusive property of Market Vectors Index Solutions GmbH (a wholly owned subsidiary of the Adviser), which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Market Vectors Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. The Market Vectors Oil Refiners ETF is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH and Market Vectors Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund.
DEFINITIONS: All indices are represented by sub-indices of the S&P Global 1200 Index which represents the global equity market and captures approximately 70% of global market capitalization. Energy represents all members of the S&P Global 1200 Index that are classified within the Global Industry Classification Standard (GICS®) energy sector. Refining & Marketing represents all members of the S&P Global 1200 Index that are classified within the GICS oil & gas refining & marketing sub-industry. Coal & Cons. Fuel represents all members of the S&P Global 1200 Index that are classified within the GICS coal & consumable fuels sub-industry. Integrated Oil & Gas represents all members of the S&P Global 1200 Index that are classified within the GICS integrated oil & gas sub-industry. Drilling represents all members of the S&P Global 1200 Index that are classified within the GICS oil & gas drilling sub-industry. Equipment & Services represents all members of the S&P Global 1200 Index that are classified within the GICS oil & gas equipment & services sub-industry. Exploration & Production represents all members of the S&P Global 1200 Index that are classified within the GICS oil & gas exploration & production sub-industry. Storage & Transportation represents all members of the S&P Global 1200 Index that are classified within the GICS oil & gas storage & transportation sub-industry.
Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. Index returns assume that dividends have been reinvested.
The ”Net Asset Value” (NAV) of a Market Vectors exchange-traded fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.
Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called creation units and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 888.MKT.VCTR or visit marketvectorsetfs.com. Please read the prospectus and summary prospectus carefully before investing.
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