EIS’ rival, the Market Vectors Israel ETF (NYSEArca: ISRA), is off by 1.5%. While both EIS and ISRA were boosted by news of Mylan’s bid for Perrigo, any ensuing Teva-for-Mylan drama is more pertinent to ISRA because that now has a 14.2% to Perrigo, making the stock the ETF’s largest holding. By comparison, Perrigo is not one of the 54 stocks held by Perrigo.

There is potentially more to the story for the Israel ETFs, particularly ISRA, which tracks the BlueStar Israel Global Index (BIGI). Although shares of Perrigo hover near Mylan’s $205 per share offer price, Perrigo management Perrigo management has yet to respond to the offer from Mylan. [Fab Pharma Focus for Israel ETFs]

“Cross-border M&A also performed well, reaching $315.2 billion–the highest Q1 volume since 2007 when activity reached $357.9 billion. The healthcare sector was the most targeted industry, with deal value of $126.5 billion,” according to Yardeni Research.

Market Vectors Israel ETF