We introduce a mechanism for creating artificial high refractive index metamaterials by exploiting the existence of subwavelength propagating modes in metallic systems. As an example, we investigate analytically and numerically metal films with a periodic arrangement of cut-through slits. Because of the presence of TEM modes in the slits, for TM polarization such a system can be rigorously mapped into a high refractive index dielectric slab when the features are smaller than the wavelength of light. The effective refractive index is entirely controlled by the geometry of the metal films, is positive, frequency independent, and can be made arbitrarily large.