“Ireland was transformed from a Celtic Tiger to one of the PIIGS. The European country used to post fast economic growth and boasted of high personal income, helped by tax cuts and favorable business conditions. That eventually led to over-indebtedness (200% of gross domestic product in 2008), a housing bubble and a collapse of large banks. As one of the PIIGS (Portugal, Italy, Ireland, Greece and Spain), the nation faces a long and uncertain path to recovery,” Roger Nusbaum Reports From The Street.
 
Nusbaum goes on to say, “In 2008, Northern Trust (NYSE:NTRS) listed an Ireland exchange traded fund under the NETS brand, though the asset manager quickly pulled all its country funds. Now, iShares has listed the MSCI Ireland Capped Investable Market Index Fund (NYSE:EIRL). Financials comprise 14% of the ETF, the fourth-largest industry after materials, at 25%, consumer staples, with 23%, and industrials, at 17%.”

“The iShares ETF has only 21 holdings, with the largest being CRH (NYSE:CRH), at 21%. CRH is a building-materials firm. That might not seem to be a great business to be in, given overcapacity in the Irish housing market, but the country has a global footprint, with most of its revenue coming from abroad. The stock has dramatically outperformed the iShares S&P Global Materials Sector ETF (NYSE:MXI) since the stock-market low in March 2009. The Irish government has taken austerity measures, including raising the minimum retirement age and trying to make the country an even more attractive place to do business. But for now, the country is a long way from being healthy. The budget deficit is hovering at around 14% of GDP and debt is astronomically high,” Nusbaum Reports.

See the article: HERE

Here are some more details we put together on the MSCI Ireland Capped Investable Market Index ETF (NYSE:EIRL) and the iShares S&P Global Materials Sector ETF (NYSE:MXI):

MSCI Ireland Capped Investable Market Index ETF (NYSE:EIRL)

The fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Ireland Investable Market Index 25/50 index. The fund generally invests at least 80% of assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. It may invest the remainder of assets in securities not included in its underlying index but which BFA believes will help the fund track its index, and in futures contracts, options on futures contracts, options and swaps as well as cash and cash equivalents, including shares of money market funds advised by BFA.

iShares S&P Global Materials Sector ETF (NYSE:MXI)

The investment seeks results that correspond to the price and yield performance, before fees and expenses, of the S&P Global Materials Sector Index. The fund generally invests at least 90% of assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. It uses a representative sampling strategy to track the index. The index includes companies engaged in a wide variety of commodity-related manufacturing. The fund is nondiversified.

MXI, NYSE:EIRL