Higher copper prices continue to boost economic growth and prosperity for Chile, the largest global producer of the metal. Despite its dependence on copper, the country has a strong market economy with a high level of foreign trade. Chile has also worked to strengthen its financial institutions and economic policies.

Here is one ETF that provides exposure to top Chilean companies.

ISHARES MSCI CHILE ETF $50 (New York symbol ECH; TSINetwork ETF Rating: Aggressive; Market cap: $477.5 million) tracks the performance of the largest publicly listed Chilean companies.

Financial Services account for 23% of its assets, while Utilities (22%), Consumer Services (19%), Basic materials (13%), Oil and Gas (9%) and Consumer Goods (7%) are other key segments.

The ETF holds a portfolio of 31 stocks. The top 10 holdings make up 62% of its assets, but are the biggest and most stable of the country’s companies. They are Saci Falabella (retailer, 8.9%), Empresas Copec (conglomerate, 8.7%), Enel Americas (utilities, 8.2%), Banco Santander-Chile (banking, 6.8%), Sociedada Quimica Y Minera de Chile (mining, 6.6%), Empresas CMPC (pulp and paper, 4.9%), Cencosud SA (retailer, 4.6%), Banco de Credito (banking, 4.6%), Latam Airlines (4.4%), and Enel Generation Chile (electricity, 4.2%).

The ETF started up in November 2007 and charges an MER of 0.62%. With an average of $19.2 million in units trading daily, the fund provides good liquidity.

It has a p/e of 19.0 based on the forward earnings of the stocks it holds. The fund pays a fluctuating semi-annual dividend. In 2017 the annual payment amounted to $0.743 for a current yield of 1.5%.

Chile is a South American country bordered by the Pacific Ocean, Argentina, Peru and Bolivia; it has the distinction of being the longest unbroken north-south country in the world, stretching over 6,000 kilometres.

Prior to the arrival of the Spanish in the 16th century, the Inca ruled northern Chile while indigenous people inhabited central and southern Chile. The country declared its independence from Spain in 1810.

After a series of elected governments, the Marxist government of Salvador Allende was overthrown in 1973 in a military coup led by General Augusto Pinochet. He ruled until a democratically elected president was inaugurated in 1990.

Sound economic policies, largely maintained since the 1980s, have contributed to steady growth, reduced poverty rates by over half, and helped secure the country’s commitment to democratic government.

Recent presidential elections saw Sebastián Piñera of the centre-right CV coalition take office on March 11, 2018 . He has promised to lift economic growth rates, deliver pension reform and end poverty.

Chile is a mid-sized country with a population of 18 million. The economy has a gross domestic product equal to $452 billion U.S. That makes it the world’s 45th largest. Still, it’s less than a fifth of the size of the Brazilian or Mexican economy. Chile’s industrial sector makes up 32% of the economy; services, 64%; and agriculture 4%.

The country’s market-oriented economy is characterized by significant levels of international trade and a reputation for improving financial institutions and oversight.

Exports of goods and services account for 30% of GDP, with commodities making up some 60% of total exports. Copper is Chile’s top export and provides 20% of government revenue.

From 2003 through 2013, economic growth averaged almost 5% per year, despite a contraction in 2009 that resulted from the global financial crisis.

However, between 2014 and 2017, GDP growth averaged just 1.7%, largely caused by collapsing world copper prices. However, growth is picking up again and is now projected at 3.4% for all of 2018 and 3.3% for 2019. The first quarter of 2018 delivered very strong year-over-year growth of 5.1%, the best quarter since 2012.

GDP per capita for Chile was $24,600 in 2017. That places it at number 80 in the world rankings and puts in the company of Turkey, Croatia and Romania. Canada, with GDP per head of $48,100, is ranked number 34 in the world.

Chile is also 33rd out of 137 countries in the 2017 Global Competitiveness Index.

The country has the top spot among South American nations and is ahead of countries such as Spain, Russia and India in the competitiveness rankings. Chile scored well in areas such financial market development, government finances, bank soundness, road quality, and post-secondary education. Challenges remain in areas such as bureaucratic red tape, and restrictive labour and tax regulations.

The country’s finances are in good shape with a moderate government-debt-to-GDP ratio of 25%. Still, Chile’s fiscal deficit in 2017 was somewhat high at 3.1% of GDP.

That higher shortfall was the result government stimulus spending to boost economic growth. At the same time, the country has the highest sovereign credit rating in South America, with an A+ grading from S&P.

Government consumption makes up a low 14% of GDP, while taxes and other government revenues equal a moderate 21% of annual economic activity.

The South American country’s inflation rate is low and stable—estimated at around 2.4% for 2018. The central bank’s key interest rate (at 2.5%) and Chile’s 10-year government bond rate (4.5%) are also steady.

The Chilean Peso follows the path of its major export earner, copper. Like copper, it has been subject to major swings in value over the past 10 years. In July 2011, the currency was as strong as 457 pesos per U.S. dollar before falling to a low of 730 by January 2016. That kind of volatility creates risk for foreign investors in Chilean markets.

The iShares Chile ETF has lagged the performance of the broader MSCI World Equity Index over the last five years, but over the past year the ETF is up by 16.6% compared to 13.8% for the broad-based MSCI World Equity Index.

The iShares Chile ETF is a sound choice for aggressive investors who want exposure to Chile.