It is not the largest exchange traded fund tracking the energy sector. In fact, it is one of the smallest, but the iShares MSCI Emerging Markets Energy Capped ETF (NYSEArca: EMEY) has recently been a solid performer thanks to the resurgence of state-controlled energy giants throughout the developing world.

EMEY, which tracks the MSCI EM Energy 25-50 Index, will not impress on size alone. The fund has just $1.88 million in assets under management, but it jumped 5.2% Wednesday, bringing its three-month gain to 10.4%. That compares favorably with some of the more popular ETFs offering energy sector exposure. [Stick With Energy ETFs]

EMEY has been bolstered by the very state-run energy companies that have previously been a drag on emerging markets ETFs ranging from diversified funds to single-country offerings such as the Global X FTSE Colombia 20 ETF (NYSEArca: GXG) and the iShares MSCI Brazil Capped ETF (NYSEArca: EWZ).

Speaking of Brazil and Colombia, EMEY’s exposure to Petrobras (NYSE: PBR) and Ecopetrol (NYSE: EC) has proven beneficial. Shares of Petrobras have surged 35% in the past 90 days while Colombia’s Ecopetrol has seen its American depositary receipts jump gain 2% over the same time. The two stocks combine for 13.6% of EMEY’s weight.

EMEY has also remained sturdy despite a 26.5% weight to Russia, making it the ETF’s largest country weight. Gazprom is by far EMEY’s largest holding with a weight of 10.3% and Lukoil checks in at the fifth spot with an allocation of 6%.

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