Last week, Chevron, the second-largest U.S. oil company behind Exxon, announced significant reductions to its 2017 and 2018 capital spending plans, but the rise of oil services ETFs has beaten back that glum capital spending news. In fact some analysts are bullish on some of the names found in ETF’s like OIH.

“A handful of ETFs make up a majority of the volume. Although SLB, HAL, and BHI are, on average, held by over 200 ETFs each, over 90% of the ETF-driven volumes of the big three services companies comes from just four funds, and over 75% is attributable to trading in two of the largest ETFs, the XLE and OIH,” according to Guggenheim by way of Barron’s.

Energy Select Sector SPDR