Transocean, which was able to avoid punitive damages in the Macondo ruling, is also top-10 holding IEZ with a weight of nearly 3.2%.

S&P Capital IQ also has a marketweight rating on the PowerShares Dyanmic Oil and Gas Service ETF (NYSEArca: PXJ), which is a strategic beta alternative to traditional cap-weighted oil services ETFs.

The $109.2 million PXJ follows a fundamentally weighted index, which selects stocks based on price momentum, earnings momentum, quality, management action, and value. Importantly, that methodology steers PXJ away from the large weightings to a small number of stocks as is seen in rival oil services ETFs. [Catalysts for Oil Services ETFs]

For example, Halliburton is PXJ’s largest holding, but it accounts for less than 5.2% of the ETF’s weight. Schlumberger and Transocean combine for another 10.1%.

S&P noted that is performance rating for IEZ and PXJ is overweight while its overall rating for the two ETFs is marketweight.

PowerShares Dynamic Oil & Gas Services Portfolio