Just after markets opened on Wednesday morning, Van Eck Global launched the Market Vectors Oil Refiners ETF (NYSEMKT: CRAK), which is the first U.S.-listed exchange traded fund to offer pure-play exposure to global oil refiners.

The ETF is attempting to replicate as closely as possible the price and yield performance of the Market Vectors Global Oil Refiners Index, before fees and expenses. As a requisite to be included in the index, companies must generate at least 50% of their revenues from crude oil refining and meet certain size and liquidity requirements.

For good measure, Van Eck noted that an investment in this ETF does have risks associated with refining companies, such as changes in commodity prices, exchange rates and the price of oil and gas, government regulations, the imposition of import controls and natural disasters, all of which may adversely affect the fund.

Brandon Rakszawski, product manager at Van Eck Global, commented on the release:

The profitability of refiners is generally influenced by the spread between the cost of crude oil and the prices at which refined products can be sold, commonly known as crack spreads. Oil refiners have tended to react differently to the price of oil compared to other energy sector companies. Historically, the return profile is differentiated from other segments of the sector, a trend that has persisted year-to-date.

For some background on Van Eck Global: the company offers innovative investment choices in specialized asset classes such as hard assets, emerging markets and precious metals including gold. Van Eck offers a broad array of Market Vectors ETFs spanning broad-based and specialized asset classes, and it is one of the largest providers of ETPs in the United States and worldwide. The firm has offices around the world and managed approximately $31.1 billion in investor assets at the end of June 2015.

The ETF recently traded at $19.71, after having entered the market at $19.79. So far the trading range is $19.67 to $20.25.

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