A $60 Billion Scramble Awaits ETFs in Google, Facebook Reshuffle
- S&P, MSCI plan sector redo that hits tech, consumer stocks
- Apple, Microsoft seen benefiting while Facebook, Google hurt
The ETF That Swings for the Fences With Bitcoin, Tesla
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A planned overhaul of how industries are defined by two of the world’s biggest index providers may prompt money flows in and out of 26 exchange-traded funds with assets exceeding $60 billion.
The estimate is from Victor Lin, a strategist at Credit Suisse Group AG, after S&P Global Inc. and MSCI Inc. announced plans last month to shuffle their industry classifications, merging some internet and media stocks with phone companies into a group called “communication services.” According to Goldman Sachs, the new sector may become the fourth-biggest among 11 S&P 500 groups.