State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), has announced the launch of the Communication Services Select Sector SPDR Fund (XLC), the company said.
The fund will provide exposure to the new Communication Services sector, unveiled by S&P Dow Jones Indices and MSCI Inc., following the annual review of the Global Industry Classification Standard (GICS) structure in November 2017.
The reclassification of the GICS structure will transform the existing Telecommunications Services sector, expanding it to include selected companies from the Information Technology and Consumer Discretionary sectors. It will be renamed Communication Services effective September 21, 2018.
For four decades, State Street Global Advisors has served the world´s governments, institutions and financial advisors, helping portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance.