State Street Global Advisors is to launch an exchange-traded fund (ETF) with exposure to the US communications sector on the London Stock Exchange.
The SPDR S&P US Communication Services Select Sector Ucits ETF will provide exposure to companies such as Facebook, Netflix and Google's parent company Alphabet through a new communications sector index recently unveiled by S&P Dow Jones Indices and MSCI, following a reclassification of the S&P 500.
In addition to providing exposure to three of the five so-called FAANG companies, the ETF will also provide exposure to telecommunications firms like Verizon and AT&T.
SSGA currently manages over $165bn in sector-specific ETF strategies worldwide.
The launch of the communications sector ETF brings the firm's suite of Ucits sector-based SPDR ETFs to 30 funds spanning global, US and European exposures.
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