In the largest sector reclassification since 1999, Facebook, Alphabet, Twitter, Paypal, Netflix, Disney, Viacom, Fox, and Snap will now be classified as “Communications Services” instead of “Information Technology,” in a move that will reduce the “tech” portion of the S&P from around 26% to 15%. This reclassification will have significant impact on the portfolios of millions of investors, as the makeup of Exchange Traded Funds will change. Specifically, the makeup of the $23 billion SPDR Fund will change drastically in a single day. 

Source: FANGs Aren’t Tech Stocks Any More: S&P Overhauls Sector Breakdowns – TheStreet