At a glance
CRAK charges 0.61% a year, above the 0.33% average of the 6 funds most like it (the 6th cheapest of 7). It has $145.9M in assets, the 6th largest of that group; it paid 1.22% of its price in distributions over the past 12 months, annual. Over the past year it returned +59.8% with distributions reinvested (S&P 500: +11.5%), 4th of those 7 funds; over three years it returned +28.6% a year. At its worst it fell 45.6% in the 2020 crash (S&P 500: 33.7%) and 27.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 11 months after the lows. Its ten largest positions make up 59.9% of the fund, out of 25 in all.
The short version
VanEck Oil Refiners ETF (CRAK) is an index fund that tracks the MVIS Global Oil Refiners Index. It held 25 refining companies across the US, Asia and Europe as of June 30, 2026. Most energy funds center on oil producers. This one targets refiners, which earn the gap between what crude oil costs and what fuel sells for. It is also pricier, at 0.61% a year against a 0.33% average for similar energy funds.
Price history
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CRAK +59.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CRAK official prospectus, to Dec 31, 2025 | — | +38.75% | — | +12.11% | +9.67% | — |
| CRAK price data to Oct 27, 2026 | +65.8% | +59.8% | +28.6% | +19.1% | +15.1% | +13.7% |
- Over the year to Oct 27, 2026, CRAK returned +59.8%, 4th of 7 among similar funds.
- Its 5-year annualized return was +19.1% and its 10-year +15.1%.
- In the 2020 COVID crash it fell 45.6% and regained its old high 9.6 months after the low.
- Its worst full calendar year was 2024 (-15.1%); its best was 2017 (+49.5%).
- The deepest fall in its price history was 58.8% (Oct 3, 2018 to Mar 19, 2020), recovered by May 27, 2022.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +65.8% | — |
| 2025 | +39.1% | +38.75% |
| 2024 | -15.1% | -14.97% |
| 2023 | +13.7% | +14.00% |
| 2022 | +19.1% | +18.50% |
| 2021 | +10.9% | +11.10% |
| 2020 | -11.2% | -11.50% |
| 2019 | +9.2% | +9.19% |
| 2018 | -10.4% | -9.22% |
| 2017 | +49.5% | +47.91% |
| 2016 | +9.2% | +9.55% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.4% over that stretch · deepest drop along the way 45.6%, back to its old high 9.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 1.7% over that stretch · deepest drop along the way 27.3%, back to its old high 11.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.7600 | -50.6% |
| 2024 | $1.5400 | +23.2% |
| 2023 | $1.2500 | +30.2% |
| 2022 | $0.9600 | +47.7% |
| 2021 | $0.6500 | -1.5% |
| 2020 | $0.6600 | +53.5% |
| 2019 | $0.4300 | -33.8% |
| 2018 | $0.6500 | +44.4% |
| 2017 | $0.4500 | -36.6% |
| 2016 | $0.7100 |
What's inside
As of Jun 30, 2026, the fund held 25 securities; the ten largest made up 59.9% of assets.
| Holding | Weight | |
|---|---|---|
| Reliance Industries Ltd | 8.76% | |
| Marathon Petroleum Corp | 8.03% | |
| Valero Energy Corp | 7.31% | |
| Phillips 66 | 6.25% | |
| Neste Oyj | 5.65% | |
| ORLEN SA | 5.36% | |
| ENEOS Holdings Inc | 5.11% | |
| HF Sinclair Corp | 4.58% | |
| Galp Energia SGPS SA | 4.44% | |
| OMV AG | 4.41% | |
| MOL Hungarian Oil & Gas PLC | 4.21% | |
| Idemitsu Kosan Co Ltd | 4.17% | |
| SK Innovation Co Ltd | 3.85% | |
| HD Hyundai Co Ltd | 3.81% | |
| Turkiye Petrol Rafinerileri AS | 3.40% |
By country
United States 33.4%Japan 11.45%South Korea 9.86%India 8.76%Finland 5.65%By asset type
Stocks 99.86%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $23.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.40%, -4.43%, -4.23%.
How it works
CRAK is a passive fund. It tries to match the MVIS Global Oil Refiners Index, before fees, by holding the stocks in that index. It normally puts at least 80% of its assets into index securities. It does not try to beat the index, and it does not shift into cash or other defensive positions when markets get rough.
To get into the index, a company must first earn at least 50% of its revenue from refining crude oil into products such as gasoline, diesel, jet fuel and naphtha. Fuel marketers and distributors can qualify too, but only if they refine in their own plants. As of December 31, 2025, the index held 25 companies. They ranged in size from about $1.77 billion to $236.8 billion in market value, with a weighted average of $30.1 billion. Mid-sized, foreign and emerging-market companies are all eligible.
The fund is "non-diversified": it can put more money into a single company than a typical fund can. As of June 30, 2026, its 10 largest holdings made up 59.9% of assets. The biggest were Reliance Industries (8.8%), Marathon Petroleum (8.0%) and Valero Energy (7.3%). Only 33.4% was in US companies, so currency swings matter. The fund held stocks only, with no derivatives, and its portfolio turnover was 26%.
What it really costs
- CRAK charges 0.61% a year, versus an average of 0.33% for the similar funds below (6th of 7, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.33% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $62 in the first year and $1,124 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CRAK | $62 | $267 | $488 | $1,124 |
In a retirement portfolio
CRAK is a narrow, volatile bet on one corner of the energy industry, so it fits better as a small add-on than as a foundation.
CRAK offers targeted exposure to refining profits, which have sometimes moved apart from the broader market. In the 2022 bear market it gained 1.7% while the market fell. Even so, it dropped 27.3% between June and September 2022 and took 11.4 months to recover. The 2020 crash hit harder: it fell 45.6% in a month and needed about 9.6 months to recover. Its deepest fall was 58.8%, from October 2018 to March 2020, and it did not regain that peak until May 2022. It launched in 2015, so it has no 2008 record. Anyone forced to sell during drops like these would lock in large losses. Its yield was 1.22% as of October 27, 2026, paid once a year, and its 0.61% cost is well above similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a targeted stake in refiners such as Reliance Industries, Marathon Petroleum and Valero, rather than oil producers or a broad energy fund.
- Investors comfortable going global: about two-thirds of assets were outside the US as of June 30, 2026, including Japan, South Korea and India.
- Investors who keep it to a small slice and can sit through drops like its 45.6% fall in early 2020.
Look elsewhere if
- Cost-focused investors: its 0.61% expense ratio compares with 0.08% for Energy Select Sector SPDR (XLE) and 0.09% for Vanguard Energy (VDE).
- Investors seeking regular income: the yield was 1.22% as of October 27, 2026, and the fund pays just once a year.
- Investors who may need the money soon: after its deepest drop, 58.8%, it did not regain its prior peak until May 2022.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| CRAK this fund | — | 0.61% | $145.9M | +59.8% | +28.6% |
| IEO iShares U.S. Oil & Gas Exploration & Produc… | 24% | 0.4% | $516.1M | +67.3% | +18.3% |
| PXE Invesco Energy Exploration & Production ETF | 19% | 0.63% | $84.7M | +57.9% | +14.1% |
| XOP SPDR S&P Oil & Gas Exploration & Production… | 18% | 0.35% | $2.91B | +59.0% | +14.2% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 16% | 0.4% | $573.6M | +56.1% | +19.7% |
| VDE Vanguard Energy ETF | 13% | 0.09% | $13.26B | +62.1% | +21.4% |
| XLE Energy Select Sector SPDR Fund | 13% | 0.08% | $35.72B | +64.6% | -4.0% |
Questions investors ask
Does CRAK pay a dividend?
Yes, but only once a year, and the payout is modest. Over the 12 months to October 27, 2026, CRAK paid about $0.76 per share, a yield of 1.22%. The money comes from the dividends of the refining companies it holds. That income varies with refiners' profits and foreign currency moves, so it can change a lot from year to year. Because the fund pays annually, it isn't built to supply monthly or quarterly income.
What is CRAK's expense ratio?
CRAK's expense ratio is 0.61% a year, according to the prospectus filed April 29, 2026. That includes a 0.50% management fee. Under the SEC's standard example ($10,000 invested, a 5% yearly return, shares sold at the end), costs would total about $62 after one year and $1,124 after 10 years. Among seven comparable energy funds, it ranks 6th of 7 on cost. The average of the others is 0.33%.
What's the difference between CRAK and IEO?
CRAK holds oil refiners around the world, while iShares U.S. Oil & Gas Exploration & Production ETF (IEO) holds US companies that find and pump oil and gas. The two share only about 24% of their holdings. IEO costs less, at 0.40% against CRAK's 0.61%. As of October 27, 2026, IEO returned 67.3% over one year versus 59.8% for CRAK. Over three years, CRAK led, at 28.6% a year against 18.3%.
What companies are in CRAK?
As of June 30, 2026, CRAK held 25 refining stocks. The largest were Reliance Industries (India, 8.8%), Marathon Petroleum (8.0%), Valero Energy (7.3%), Phillips 66 (6.3%) and Neste (Finland, 5.7%). Other big positions included ORLEN, ENEOS, HF Sinclair, Galp Energia and OMV. US companies made up 33.4% of assets. Japan made up 11.5%, South Korea 9.9% and India 8.8%. The top 10 holdings were 59.9% of the fund.
How did CRAK do in the 2020 stock market crash?
Badly. CRAK fell 45.6% between February 19 and March 19, 2020, and its worst quarter on record was a 40.19% loss in early 2020. It recovered by January 5, 2021, about 9.6 months after the low. That drop was the end of a longer slide: from October 2018 to March 2020, the fund lost 58.8% in total and did not regain its old peak until May 2022.