The iShares MSCI UAE Capped ETF (NasdaqGM: UAE) is one of just a small amount of single-country exchange traded funds dedicated to members of the Organization of Petroleum Exporting Countries (OPEC). With oil prices crashing to six and a half year lows, that is not a badge of honor.

UAE is off nearly 15% over the past month and more downside could be awaiting the ETF as stocks in Dubai continue to falter.

Three OPEC member nations – Nigeria, Qatar and the United Arab Emirates – are represented in the world of exchange traded funds by three U.S.-listed, single-country funds. Not surprisingly, these ETFs have been punished as oil prices have plunged in recent weeks.

The oil-induced slides for UAE and the iShares MSCI Qatar Capped ETF (NasdaqGM: QAT) are somewhat confounding when considering neither of those ETFs are excessively weighted to the energy sector, the result of the largest oil companies in those countries being state-run enterprises that are hard to access for foreign investors. [OPEC Country ETFs hit by Oil Slide]

However, few countries depend on oil as a generator of government revenue as OPEC members and the UAE is far from immune to that theme.