Van Eck Global, the firm behind the Market Vectors brand of focused ETFs, unveiled the Market Vectors Unconventional Oil & Gas ETF (FRAK) on 2/15/12. The underlying rules-based index targets companies expected to generate at least 50% of revenues from the unconventional oil and gas segment defined as: coalbed methane, coal seam gas, shale oil, shale gas, tight natural gas, tight oil, and tight sands.

For those of you not familiar with this corner of the energy sector, Van Eck provides an excellent educational piece Industry Spotlight: Unconventional Oil & Gas (pdf) that will quickly bring you up to speed. The country breakdown indicates an industry dominated by North American companies with the US at 71.2%, Canada 28.5%, and Australia 0.3%.

FRAK has expenses capped at 0.51% and holds 43 stocks with the largest allocations currently going to Occidental Petroleum (OXY) 8.3%, Canadian Natural Resources (CNQ) 7.5%, EOG Resources (EOG) 7.2%, Devon Energy (DVN) 6.9%, and Hess (HES) 5.2%.

Additional information is located on the FRAK details page, in the fact sheet (pdf), and in the prospectus (pdf). The ticker symbol FRIK appears to be currently available and would be ideal for an inverse version of FRAK.