Barclays has created a new index that goes beyond the BRICs. Could an exchange traded fund (ETF) to track it be a far-off notion? Such a fund would no doubt fill a void.

The new emerging markets index is aimed at institutional investors, and it branches out beyond the four countries collectively known as the BRICs—Brazil, Russia, India and China. The index instead shifts the focus to what Barclays views as the sector’s leaders.

Cinthia Murphy for Index Universe reports that the Barclays Capital Advanced Emerging Market Equity Index, or AEM Index, initially includes Brazil, China, Singapore, Chile, Korea, Taiwan, Israel, South Africa, Poland and the Czech Republic. [Emerging Market ETFs: Too Hot to Handle?]

The index also focuses in on countries that performed well throughout the 2008 credit crisis, as well as ones with good financial exposure and policy improvements. [When Do Emerging Market ETFs Become Too Risky?]

This index could be a worthy addition into the ETF pantheon if it’s brought to market – many emerging market funds are heavy in BRIC offerings, and given the stellar performance of other emerging markets this year, it might be time to consider a broad fund that gives them their due.

Tisha Guerrero contributed to this article.

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