According to Bloomberg and the WSJ, the two major index providers are creating a new "communications services" sector. It is replacing the existing "telecommunication services," but it may also take some FANG stocks out of the "information technology" sector and Amazon out of "consumer discretionary."
If you're a student of indexes, then it is somewhat interesting as WSJ notes, "Top-level changes to the so-called Global Industry Classification Standard, or GICS, are infrequent. Last year marked the first major change to GICS since the framework was created in 1999." They are making changes to the classifications and indexes because the structure of the economy has evolved.
This should not have any effect if you own a total-stock market index fund. There may be churn for the sector/segment ETFs and funds, though.
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