Guggenheim Investments, the eighth largest provider of exchange-traded funds in the US, has announced that the Guggenheim BRIC ETF (EEB) will change its benchmark index to the BNY Mellon BRIC Select DR Index, effective October 31, 2013.

The new index provides more “representative exposure” to the four BRIC countries – Brazil, Russia, India and China.

William Belden, Managing Director at Guggenheim Investments, said: “Transitioning to the BNY Mellon BRIC Select DR Index will provide more representative exposure to the BRIC super region”.

He added: “We see this as an opportunity to track an index where the capitalization weights of the four countries – Brazil, Russia, India and China – are more appropriately weighted.”

The BNY Mellon BRIC Select DR Index is a modified version of the current BNY ADR BRIC Index. Modifications were made to provide broader exposure to certain countries that have traditionally been underweighted, specifically Russia and India, while also helping to alleviate an overweight to Brazil.

The index comprises both American depositary receipts (ADRs) and global depository receipts (GDRs).

The ETF previously tracked the BNY Mellon BRIC Select ADR Index.

The fund is listed on the NYSE Arca. Its ticker, EEB, will remain unchanged and no action is required by shareholders. In addition, the annual expense ratio will not change.

Overall, Guggenheim Investments’ total ETP assets under management are over $18 billion as of September 30, 2013, across 71 products – a 49% increase in assets year-to-date.