MSCI (NYSE: MSCI), provider of indices for some of the largest developed and emerging markets ETFs, introduced its entry to the growing “Beyond BRICs” theme with the MSCI Beyond BRIC Index.

The MSCI Beyond BRIC Index “is designed to provide a broad measure of the performance of emerging market equities outside of the BRIC markets – Brazil, Russia, India and China. In addition, to provide greater country diversification, the weight of each single country is capped on a quarterly basis at 15%,” according to the index provider. 

As ETF sponsors have looked for new ways to slice and dice the emerging markets universe, focus has grown on ideas and products that are not heavily exposed to Brazil, Russia, India and China. Emerging Global Advisors introduced the EGShares Beyond BRICs ETF (NYSEArca: BBRC) last year. South Africa, Mexico, Malaysia Thailand and Indonesia combine for about 80% of that ETF.

Late last month, it was reported that BBRC will drop the Indxx Beyond BRICs Index in favor of the FTSE Beyond BRICs Index. The FTSE Beyond BRICs Index will allow BBRC to expand its lineup to as many as 75 stocks from 50 along with allowing for the inclusion of frontier markets . [Guggenheim BRIC ETF to Get More BRIC Feel]

It was also reported in late August that State Street’s (NYSE: STT) State Street Global Advisors unit filed plans with the Securities and Exchange Commission to possibly introduce the the SPDR MSCI Beyond BRIC ETF. [State Street Could List Beyond BRICs ETF]