The MSCI Israel Capped Investable Market Index Fund (NYSEArca: EIS) tracks an adjusted market capitalization index designed to measure broad based equity market performance in Israel. According to an iShares spokesperson, capped means that the index manager has a concentration policy that puts a cap on exposure to any one security.
Although composed of 69 companies, the index is heavily concentrated with half of the weighting in only 5 stocks. As of 12.31.07, nearly 25% of the index was in drug giant Teva Pharmaceuticals (Nasdaq: TEVA) and almost 10% was in fertilizer producer Israel Chemicals (Tel-Aviv: ICL). The other top 3 constiutents were Bank Hapoalim (Tel-Aviv: POLI), Bank Leumi le-Israel (Tel-Aviv: LUMI) and Check Point Software (Nasdaq: CHKP). Due to the recent timing of the launch, the top holdings of the fund have yet to be published.
For more information, see the iShares website.