IndexIQ this week rolled out the IQ Global Oil Small Cap ETF (NYSE: Arca: IOIL), the first small-cap exchange traded fund for investors looking to cash in on small companies that are either exclusively or primarily engaged in the oil industry.

The ETF includes firms involved in exploration and production, refining and marketing and equipment, services and drilling. Company officials said it will track the performance of the IQ Global Oil Small Cap Index.

With crude oil selling for well over $100 a barrel and gasoline priced at more than $4 a gallon throughout the country, it was really only a matter of time before a small-cap oil fund emerged to give investors an opportunity to try to recoup some of the cash they're separated from at the pump.

"IOIL is focused on the global oil sector because non-U.S. companies increasingly control the industry, drive the majority of the industry revenue, and control the vast majority of proven reserves," Adam Patti, IndexIQ's CEO, said in a statement. "We believe the small-cap segment… holds the greatest potential for investors since these companies typically are better positioned for growth than their large cap competitors.”

IndexIQ officials said the IQ Global Oil Small Cap Index is float-adjusted and market capitalization-weighted. To be included in the index, companies must have a minimum average market capitalization of $150 million for the prior 90-day period.

Stocks included in the fund are required to have a minimum average daily trading volume of at least $1 million for the prior 90 days, and a minimum monthly volume of 250,000 shares for the prior six months.

Also, all components and their respective weights are rebalanced quarterly.

As of April 11, the index had sector allocations in refining and marketing (40.46%), exploration & production (36.90%) and equipment and services (22.64%).