Industrials make up another 20% of assets, with conglomerate Empresas Copec the No. 1 holding in ECH, at 13.6% of assets, and LAN Airlines ( LFL) (LFL), a top 10 holding, with 4.4% of assets. Beyond the top three sectors, the next two each have more than 9% of assets: financials and consumer staples. Half of the financial exposure comes from Banco Santander ( SAN), while more than half of the consumer staples exposure is contained retailer Cencosud. Overall, iShares MSCI Chile has 32 holdings, sufficient for diversification. The largest holding is less than 15% of assets, which keeps the fund from being over-reliant on a single holding, but the 72% invested in the top 10 holdings is a bit on the high side. Still, assets are diversified across sectors and, given the size and characteristics of Chile's economy, this is probably more diverse than most investors expect from a Chile ETF. Chile is a country that has moved beyond the developing-market stage and is on its way to becoming a developed nation. The economy will remain dependent on copper prices, but less so as time goes on. Over the long term, this country and its equities should continue to be a more stable performer in the region. Performance has also been strong in the recent past. Year to date in 2010, ECH has a positive return and is the second best performing country ETF in this region. -- Written by Don Dion in Williamstown, Mass.