Guggenheim Investments, the US based provider of exchange-traded funds, plans to change the benchmark index of its Guggenheim BRIC ETF (EEB) to the BNY Mellon BRIC Select DR Index, with effect from 31 October 2013.
The BNY Mellon BRIC Select DR Index, which includes both American depositary receipts (ADRs) and global depository receipts (GDRs) is a revised version of the current BNY ADR BRIC Index.
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Changes were made to offer broader exposure to certain countries that have traditionally been underweighted, specifically Russia and India, while also helping to alleviate an overweight to Brazil.
The ETF, which is listed on NYSE Arca, has previously tracked the BNY Mellon BRIC Select ADR Index.
The annual expense ratio and its ticker will remain unchanged and no action is needed by shareholders.
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".
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By GlobalDataHe 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."
Guggenheim Investments’ total ETP assets under management are over US$18 billion as of 30 September 2013.
