ETF Launch: iShares MSCI Israel (EIS, ISL)

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There is a new ETF that has launched and it is geared for US investors to invest in Israel. iShares MSCI Israel Capped Investable Market Index Fund (NYSE: EIS) seeks to track the MSCI Israel Capped Investable Market Index.

This index measures the performance of the equity markets in Israel an is designed as a custom, free float adjusted market cap weighted index thats measures broad based equity market performance in Israeli stocks traded primarily on the Tel Aviv Stock Exchange. The Underlying Index’s three largest industries were health care, financials and materials.

There are very few actual closed-end funds or ETF’s that are solely based on Israel, although some do include Israeli stocks in the region.  The First Israel Fund Inc. (AMEX: ISL) has fewer than 5 million shares outstanding and trades about 24,000 shares on an average day.

Jon C. Ogg
March 28, 2008