Chile is a quiet and lesser-known emerging market, but its exchange traded fund (ETF) is providing some valuable opportunities.

The iShares MSCI Chile Index Fund (ECH) in particular exposes investors to copper, a commodity that has been essential in growing economies. As we noted last year, copper is used in every major industry, and China is the biggest consumer of the metal. Chile is primed to get a boost as other emerging markets continue to thrive, since the country accounts for one-third of the world’s metal production.

Zoe Van Schyndel of the Motley Fool breaks down the fund, which tracks an index of 30 stocks and was launched last November. Half of the assets are in utilities and industrial stocks, 17% are in materials and 13% are in consumer-related stocks.

Not only does Chile have a valuable commodity in copper, the country has several other factors working in its favor: it has a population of 16 million people and a literacy rate near 100%. There is a high level of domestic investment and savings rates, and nearly 45% of the country’s GDP is tied to foreign trade.

If you’re still waiting for a pure copper ETF, there isn’t one yet, but you can also take a look at the PowerShares DB Base Metals (DBB), which holds one-third each of copper, aluminum and zinc.

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