The previously announced index swap for the Guggenheim BRIC ETF (NYSEArca: EEB) will be complete later this week.

On October 31, EEB will drop the BNY Mellon BRIC Select ADR Index in favor of the BNY Mellon BRIC Select DR Index. The index switch was originally announced in August. [Guggenheim BRIC ETF to get More BRIC Feel]

“Transitioning to the BNY Mellon BRIC Select DR Index will provide more representative exposure to the BRIC super region,” said Guggenheim Managing Director Bill Belden in an interview with Simon Smith of ETF Strategy.

Belden added that EEB’s index swap will give the ETF “an opportunity to track an index where the capitalization weights of the four countries – Brazil, Russia, India and China – are more appropriately weighted.”

EEB, which recently celebrated its seventh birthday, has $245.6 million in assets under management and annual expense ratio of 0.64%.

At the end of the second quarter, EEB looked more “BIC” than BRIC with Brazil and China combining for nearly 70% of the ETF’s weight, but also with a scant 2.3% allocated to Russia, according to Guggenheim data.