ETF investors have ridden tech stocks to outsized returns during the record bull market in U.S. equities. But a major shakeup coming next week to the indexes some of the biggest funds track could leave fans cheering for a team they barely recognize.
S&P Global Ratings and MSCI Inc., two of the world’s biggest index providers, are reorganizing their gauges by combining phone companies with some internet and media stocks into a new group called “communication services.” The shakeup will rip giants like Facebook Inc. and Google parent Alphabet Inc. out of many exchange-traded funds that track technology benchmarks.
