S&P Dow Jones and MSCI announced major changes in the Global Industry Classification Standard (GICS) last year, which will take place on September 28, after market close.These changes will impact many high-flying technology and media stocks and related funds. Overall these will impact about 10% of S&P 500’s market capitalization.The old Telecom sector is being renamed and broadened as the new Communication Services sector.It will now be home to Google parent Alphabet (GOOGL), Facebook (FB), Netflix (NFLX) and many other high-profile stocks.With the reshuffling, Apple (AAPL) and Microsoft (MSFT) will get more representation in tech ETFs and index funds.State Street has launched a new sector ETF—the Communication Services Select Sector SPDR ETF (XLC)-- to get ahead of these changes. XLC now has more than $422 million in assets under management.FANG stocks—Alphabet, Facebook and Netflix--together have more than 50% weight in the portfolio.Vanguard, another major provider of many sector ETFs and index funds, started using transition indexes in Q2. They have been steadily selling stocks that will leave the tech sector from their tech ETFs.To learn more about how the top two tech ETFs, the Technology Select Sector SPDR Fund (XLK) and the Vanguard Information Technology ETF (VGT) and rekated stocks will be impacted, please watch the short video above.Want key ETF info delivered straight to your inbox?Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Netflix, Inc. (NFLX): Free Stock Analysis Report Facebook, Inc. (FB): Free Stock Analysis Report Alphabet Inc. (GOOGL): Free Stock Analysis Report Apple Inc. (AAPL): Free Stock Analysis Report Microsoft Corporation (MSFT): Free Stock Analysis Report SPDR-TECH SELS (XLK): ETF Research Reports VIPERS-INFO TEC (VGT): ETF Research Reports SPDR-COMM SV SS (XLC): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report