One of the top-performing exchange traded funds (ETFs) over the last week might come as a surprise after all the talk about short ETFs amid market turmoil.

It’s the iShares MSCI Chile (ECH), launched in November 2007, which is up 13.8% this week. It’s a single-country fund that’s diversified over several sectors, reports Gary Gordon for ETF Expert. Half of the fund resides in utilities and industrial stocks, while 17% is in materials and 13% is consumer-related.

It also gives exposure to copper, a valuable metal in times when emerging markets are thriving. Chile accounts for one-third of the world’s metal production. The country also benefits from literacy levels that reside near 100%, a high level of domestic investment and savings rates, and nearly 45% of its GDP is linked to foreign trade.

Tags: Chile, Copper, Emerging Markets, Latin America, Material ETFs, Metals & Mining, Retail, Sector ETFs, Utilities