Global index provider FTSE Russell recently migrated its Russell US Indexes sector framework to the Industry Classification Benchmark (ICB) framework from Russell Global Sector (RGS). Notably, under the new framework, nine Russell US index sectors have expanded to 11 ICB industries, and Real Estate Investment Trusts (REITs) have moved out of the Financial Services sector and into a new Real Estate industry category.
This is good news for investors looking to magnify their exposure to the Financials industry through a more targeted participation. In fact, according to FTSE Russell, within the US large-cap Russell 1000 Index, REITs have shown relatively low correlation to financials segments over the past five years.
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