Consequently, the Market Vectors Unconventional Oil & Gas ETF (NYSEArca: FRAK), which includes North American hydraulic fracturing companies, has been among the hardest hit oil-related ETFs, pressured by the cheap oil environment. FRAK decreased 22.0% year-to-date.

“This is a pretty tough market, and lower prices are going to rebalance it,” IHS Vice Chairman Daniel Yergin told CNBC. “We see a tough couple of quarters for producers…next spring demand is going to go down again.”

Moreover, if oil prices falls to new lows and the shale industry is unable to turn a profit, the highly leveraged industry may find it harder to repay debt obligations. The rising default concerns may have also contributed to the pullback in the speculative-grade, junk bond market. For instance, the iShares iBoxx $ High Yield Corporate Bond ETF (NYSEArca: HYG), which includes a 13.1% tilt toward the energy sector, fell 3.8% over the past three months and the PowerShares Fundamental High Yield Corporate Bond ETF (NYSEArca: PHB), which holds a 14.7% energy sector weight, dipped 2.8% over the past three months. [Falling Oil Prices Renew Junk Bond ETF Default Fears]

For more information on the oil industry, visit our energy category.

Max Chen contributed to this article.