Charles Ellicott Commentary Psalms 135:4

"For Jehovah hath chosen Jacob unto himself, [And] Israel for his own possession." — Psalms 135:4 (ASV)

Peculiar treasure. This is a special covenant-name for Israel (Exodus 19:5; Deuteronomy 7:6, and so on) and is also applied to private property (1 Chronicles 29:3; Ecclesiastes 2:8).