STRUCTURE EFFECTIVE IN 2023: GICS (Global Industry Classification Standard)

This structure is effective after close of business (US, EST) on March 17, 2023 in GICS Direct and close of May 31, 2
Red indicates changes in 2023
Sector Industry Group Industry
10 Energy 1010 Energy 101010

101020

15 Materials 1510 Materials 151010

151020

151030

151040

# Information Classification: GENERAL

 151050

20 Industrials 2010 Capital Goods 201010

201020

201030

201040

201050

201060

# Information Classification: GENERAL

 201070

2020 Commercial & Professional Services 202010

202020

2030 Transportation 203010

203020

203030

203040

# Information Classification: GENERAL

 203050

25 Consumer Discretionary 2510 Automobiles & Components 251010

251020

2520 Consumer Durables & Apparel 252010

252020

252030

2530 Consumer Services 253010

# Information Classification: GENERAL

 253020

2550 Consumer Discretionary Distribution & Retail (New 255010

255020

255030

255040

30 Consumer Staples 3010 Consumer Staples Distribution & Retail (New Name) 301010

# Information Classification: GENERAL

 3020 Food, Beverage & Tobacco 302010

302020

302030

3030 Household & Personal Products 303010

303020

35 Health Care 3510 Health Care Equipment & Services 351010

351020

351030

3520 Pharmaceuticals, Biotechnology & Life Sciences 352010

352020

352030

# Information Classification: GENERAL

40 Financials 4010 Banks 401010

401020

4020 Financial Services (New Name) 402010

402020

402030

# Information Classification: GENERAL

 402040

4030 Insurance 403010

45 Information Technology 4510 Software & Services 451020

451030

4520 Technology Hardware & Equipment 452010

452020

452030

# Information Classification: GENERAL

 4530 Semiconductors & Semiconductor Equipment 453010

50 Communication Services 5010 Telecommunication Services 501010

501020

5020 Media & Entertainment 502010

502020

502030

55 Utilities 5510 Utilities 551010

551020

551030

# Information Classification: GENERAL

 551040

551050

60 Real Estate 6010 Equity Real Estate Investment Trusts (REITs) (New 601010

601025

601030

601040

601050

601060

601070

601080

# Information Classification: GENERAL

6020 Real Estate Management & Development (New) 602010

# Information Classification: GENERAL

ssification Standard)
3 in GICS Direct and close of May 31, 2023 in MSCI Equity Indexes

Industry Sub-Industry
Energy Equipment & Services 10101010

10101020

Oil, Gas & Consumable Fuels 10102010

10102020

10102030

10102040

10102050

Chemicals 15101010

15101020

15101030

15101040

15101050

Construction Materials 15102010

Containers & Packaging 15103010

15103020

Metals & Mining 15104010

# Information Classification: GENERAL

 15104020

15104025

15104030

15104040

15104045

15104050

Paper & Forest Products 15105010

15105020

Aerospace & Defense 20101010

Building Products 20102010

Construction & Engineering 20103010

Electrical Equipment 20104010

20104020

Industrial Conglomerates 20105010

Machinery 20106010

20106015

# Information Classification: GENERAL

 20106020

Trading Companies & Distributors 20107010

Commercial Services & Supplies 20201010

20201050

20201060

20201070

20201080

Professional Services 20202010

20202020

20202030

Air Freight & Logistics 20301010

Passenger Airlines (New name) 20302010

Marine Transportation (New Name) 20303010

Ground Transportation (New Name) 20304010

20304020

20304030

20304040

# Information Classification: GENERAL

Transportation Infrastructure 20305010

20305020

20305030

Automobile Components (New Name) 25101010

25101020

Automobiles 25102010

25102020

Household Durables 25201010

25201020

25201030

25201040

25201050

Leisure Products 25202010

Textiles, Apparel & Luxury Goods 25203010

25203020

25203030

Hotels, Restaurants & Leisure 25301010

25301020

25301030

# Information Classification: GENERAL

 25301040

Diversified Consumer Services 25302010

25302020

Distributors 25501010

Internet & Direct Marketing Retail (Discontinued) 25502020

Broadline Retail (New Name) 25503010

25503020

25503030

Specialty Retail 25504010

25504020

25504030

25504040

25504050

25504060

Consumer Staples Distribution & Retail (New Name) 30101010

30101020

30101030

30101040

# Information Classification: GENERAL

Beverages 30201010

30201020

30201030

Food Products 30202010

30202030

Tobacco 30203010

Household Products 30301010

Personal Care Products (New Name) 30302010

Health Care Equipment & Supplies 35101010

35101020

Health Care Providers & Services 35102010

35102015

35102020

35102030

Health Care Technology 35103010

Biotechnology 35201010

Pharmaceuticals 35202010

Life Sciences Tools & Services 35203010

# Information Classification: GENERAL

Banks 40101010

40101015

Thrifts & Mortgage Finance (Discontinued) 40102010

Financial Services (New Name) 40201020

40201030

40201040

40201050

40201060

Consumer Finance 40202010

Capital Markets 40203010

40203020

# Information Classification: GENERAL

 40203030

40203040

Mortgage Real Estate Investment

Trusts (REITs) 40204010

Insurance 40301010

40301020

40301030

40301040

40301050

IT Services 45102010

45102020

45102030

Software 45103010

45103020

Communications Equipment 45201020

Technology Hardware, Storage & Peripherals 45202030

Electronic Equipment, Instruments & Components 45203010

# Information Classification: GENERAL

 45203015

45203020

45203030

Semiconductors & Semiconductor Equipment 45301010

45301020

Diversified Telecommunication Services 50101010

50101020

Wireless Telecommunication Services 50102010

Media 50201010

50201020

50201030

50201040

Entertainment 50202010

50202020

Interactive Media & Services 50203010

Electric Utilities 55101010

Gas Utilities 55102010

Multi-Utilities 55103010

# Information Classification: GENERAL

Water Utilities 55104010

Independent Power and Renewable Electricity Producers 55105010

55105020

Diversified REITs (New Name) 60101010

Industrial REITs (New) 60102510

Hotel & Resort REITs (New) 60103010

Office REITs (New) 60104010

Health Care REITs (New) 60105010

60101060

Residential REITs (New) 60106010

60106020

Retail REITs (New) 60107010

Specialized REITs (New) 60108010

60108020

60108030

60108040

# Information Classification: GENERAL

 60108050

Real Estate Management & Development (New Code) 60201010

60201020

60201030

60201040

# Information Classification: GENERAL

es

Sub-Industry
Oil & Gas Drilling
Drilling contractors or owners of drilling rigs that contract their services for drilling wells.
Oil & Gas Equipment & Services
Manufacturers of equipment, including drilling rigs and equipment, and providers of supplies and services to companies involved in
the drilling, evaluation and completion of oil and gas wells.
Integrated Oil & Gas
Integrated oil companies engaged in the exploration & production of oil and gas, as well as at least one other significant activity in
either refining, marketing and transportation, or chemicals.
Oil & Gas Exploration & Production
Companies engaged in the exploration and production of oil and gas not classified elsewhere.
Oil & Gas Refining & Marketing
Companies engaged in the refining and marketing of oil, gas and/or refined products not classified in the Integrated Oil & Gas or
Independent Power Producers & Energy Traders Sub-Industries.
Oil & Gas Storage & Transportation
Companies engaged in the storage and/or transportation of oil, gas and/or refined products. Includes diversified midstream natural
gas companies, oil and refined product pipelines, coal slurry pipelines and oil & gas shipping companies.

Coal & Consumable Fuels

Companies primarily involved in the production and mining of coal, related products and other consumable fuels related to the
generation of energy. Excludes companies primarily producing gases classified in the Industrial Gases Sub-Industry and companies
primarily mining for metallurgical (coking) coal used for steel production.
Commodity Chemicals
Companies that primarily produce industrial chemicals and basic chemicals. Including but not limited to plastics, synthetic fibers,
films, commodity-based paints & pigments, explosives and petrochemicals. Excludes chemical companies classified in the
Diversified Chemicals, Fertilizers & Agricultural Chemicals, Industrial Gases, or Specialty Chemicals Sub-Industries.

Diversified Chemicals
Manufacturers of a diversified range of chemical products not classified in the Industrial Gases, Commodity Chemicals, Specialty
Chemicals or Fertilizers & Agricultural Chemicals Sub-Industries.
Fertilizers & Agricultural Chemicals
Producers of fertilizers, pesticides, potash or other agriculture-related chemicals not classified elsewhere.
Industrial Gases
Manufacturers of industrial gases.
Specialty Chemicals

Companies that primarily produce high value-added chemicals used in the manufacture of a wide variety of products, including but
not limited to fine chemicals, additives, advanced polymers, adhesives, sealants and specialty paints, pigments and coatings.
Construction Materials
Manufacturers of construction materials including sand, clay, gypsum, lime, aggregates, cement, concrete and bricks. Other
finished or semi-finished building materials are classified in the Building Products Sub-Industry.
Metal, Glass & Plastic Containers (New Name)
Manufacturers of metal, glass or plastic containers. Includes corks and caps.
Paper & Plastic Packaging Products & Materials (New Name)
Manufacturers of paper and cardboard containers and packaging.
Aluminum

# Information Classification: GENERAL

Producers of aluminum and related products, including companies that mine or process bauxite and companies that recycle
aluminum to produce finished or semi-finished products. Excludes companies that primarily produce aluminum building materials
classified in the Building Products Sub-Industry.
Diversified Metals & Mining

Companies engaged in the diversified production or extraction of metals and minerals not classified elsewhere. Including, but not
limited to, nonferrous metal mining (except bauxite), salt and borate mining, phosphate rock mining, and diversified mining
operations. Excludes iron ore mining, classified in the Steel Sub-Industry, bauxite mining, classified in the Aluminum Sub-Industry,
and coal mining, classified in either the Steel or Coal & Consumable Fuels Sub-Industries.
Copper
Companies involved primarily in copper ore mining.
Gold
Producers of gold and related products, including companies that mine or process gold and the South African finance houses which
primarily invest in, but do not operate, gold mines.
Precious Metals & Minerals
Companies mining precious metals and minerals not classified in the Gold Sub-Industry. Includes companies primarily mining
platinum.
Silver
Companies primarily mining silver. Excludes companies classified in the Gold or Precious Metals & Minerals Sub-Industries.

Steel
Producers of iron and steel and related products, including metallurgical (coking) coal mining used for steel production.
Forest Products
Manufacturers of timber and related wood products. Includes lumber for the building industry.
Paper Products
Manufacturers of all grades of paper. Excludes companies specializing in paper packaging classified in the Paper & Plastic Packaging
Products & Materials Sub-Industry.
Aerospace & Defense
Manufacturers of civil or military aerospace and defense equipment, parts or products. Includes defense electronics and space
equipment.
Building Products
Manufacturers of building components and home improvement products and equipment. Excludes lumber and plywood classified
under Forest Products and cement and other materials classified in the Construction Materials Sub-Industry.
Construction & Engineering
Companies engaged in primarily non-residential construction. Includes civil engineering companies and large-scale contractors.
Excludes companies classified in the Homebuilding Sub-Industry.
Electrical Components & Equipment
Companies that produce electric cables and wires, electrical components or equipment not classified in the Heavy Electrical
Equipment Sub-Industry.
Heavy Electrical Equipment
Manufacturers of power-generating equipment and other heavy electrical equipment, including power turbines, heavy electrical
machinery intended for fixed-use and large electrical systems. Excludes cables and wires, classified in the Electrical Components &
Equipment Sub-Industry.
Industrial Conglomerates
Diversified industrial companies with business activities in three or more sectors, none of which contributes a majority of revenues.
Stakes held are predominantly of a controlling nature and stake holders maintain an operational interest in the running of the
subsidiaries.
Construction Machinery & Heavy Transportation Equipment (New Name)
Manufacturers of heavy duty trucks, rolling machinery, earth-moving and construction equipment, and manufacturers of related
parts. Includes non-military shipbuilding.
Agricultural & Farm Machinery
Companies manufacturing agricultural machinery, farm machinery, and their related parts. Includes machinery used for the
production of crops and agricultural livestock, agricultural tractors, planting and fertilizing machinery, fertilizer and chemical
application equipment, and grain dryers and blowers.

# Information Classification: GENERAL

Industrial Machinery & Supplies & Components (New Name)

Manufacturers of industrial machinery and industrial components. Includes companies that manufacture presses, machine tools,
compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings and other metal fabrications.
Trading Companies & Distributors
Trading companies and other distributors of industrial equipment and products.
Commercial Printing
Companies providing commercial printing services. Includes printers primarily serving the media industry.
Environmental & Facilities Services
Companies providing environmental and facilities maintenance services. Includes waste management, facilities management and
pollution control services. Excludes large-scale water treatment systems classified in the Water Utilities Sub-Industry.
Office Services & Supplies
Providers of office services and manufacturers of office supplies and equipment not classified elsewhere.
Diversified Support Services
Companies primarily providing labor oriented support services to businesses and governments. Includes commercial cleaning
services, dining & catering services, equipment repair services, industrial maintenance services, industrial auctioneers, storage &
warehousing, transaction services, uniform rental services, and other business support services.

Security & Alarm Services

Companies providing security and protection services to business and governments. Includes companies providing services such as
correctional facilities, security & alarm services, armored transportation & guarding. Excludes companies providing security
software classified under the Systems Software Sub-Industry and home security services classified under the Specialized Consumer
Services Sub-Industry. Also excludes companies manufacturing security system equipment classified under the Electronic
Equipment & Instruments Sub-Industry.
Human Resource & Employment Services (Definition Update)

Companies providing business support services relating to human capital management. This Sub-Industry includes employment
agencies, employee training, payroll processing, benefit & retirement support services, corporate & job seeker recruitment
services, and online job portals generating revenue from fees or commissions for offering recruitment services to companies or job
seekers.
Research & Consulting Services

Companies primarily providing research and consulting services to businesses and governments not classified elsewhere. Includes
companies involved in management consulting services, architectural design, business information or scientific research,
marketing, and testing & certification services. Excludes companies providing information technology consulting services classified
in the IT Consulting & Other Services Sub-Industry.
Data Processing & Outsourced Services (Sector Change, New Code & Definition Update)
Providers of commercial data processing and/or business process outsourcing services. This Sub-Industry includes companies
providing services for customer experience management, back-office automation, call center management, and investor
communications.
Air Freight & Logistics
Companies providing air freight transportation, courier and logistics services, including package and mail delivery and customs
agents. Excludes those companies classified in the Passenger Airlines, Marine Transportation, Cargo Ground Transportation and
Passenger Ground Transportation Sub-Industries.
Passenger Airlines (New name)
Companies providing primarily passenger air transportation.
Marine Transportation (New Name)
Companies providing goods or passenger maritime transportation. Excludes cruise-ships classified in the Hotels, Resorts & Cruise
Lines Sub-Industry.
Rail Transportation (New Name)
Companies providing primarily goods and passenger rail transportation.
Trucking (Discontinued)
Companies providing primarily goods and passenger land transportation. Includes vehicle rental and taxi companies.
Cargo Ground Transportation (New)
Companies providing ground transportation services for goods and freight.
Passenger Ground Transportation (New)

# Information Classification: GENERAL

Companies providing passenger ground transportation and related services, including bus, taxi, vehicle rental, ride sharing and on-
demand ride sharing platforms, and other passenger logistics.
Airport Services
Operators of airports and companies providing related services.
Highways & Railtracks
Owners and operators of roads, tunnels and railtracks.
Marine Ports & Services
Owners and operators of marine ports and related services.
Automotive Parts & Equipment (New Name)
Manufacturers of parts and accessories for automobiles and motorcycles. Excludes companies classified in the Tires & Rubber Sub-
Industry.
Tires & Rubber
Manufacturers of tires and rubber.
Automobile Manufacturers
Companies that produce mainly passenger automobiles and light trucks. Excludes companies producing mainly motorcycles and
three-wheelers classified in the Motorcycle Manufacturers Sub-Industry and heavy duty trucks classified in the Construction
Machinery & Heavy Transportation Equipment Sub-Industry.
Motorcycle Manufacturers

Companies that produce motorcycles, scooters or three-wheelers. Excludes bicycles classified in the Leisure Products Sub-Industry.
Consumer Electronics
Manufacturers of consumer electronics products including TVs, home audio equipment, game consoles, digital cameras, and
related products. Excludes personal home computer manufacturers classified in the Technology Hardware, Storage & Peripherals
Sub-Industry, and electric household appliances classified in the Household Appliances Sub-Industry.

Home Furnishings
Manufacturers of soft home furnishings or furniture, including upholstery, carpets and wall-coverings.
Homebuilding
Residential construction companies. Includes manufacturers of prefabricated houses and semi-fixed manufactured homes.
Household Appliances
Manufacturers of electric household appliances and related products. Includes manufacturers of power and hand tools, including
garden improvement tools. Excludes TVs and other audio and video products classified in the Consumer Electronics Sub-Industry
and personal computers classified in the Technology Hardware, Storage & Peripherals Sub-Industry.

Housewares & Specialties

Manufacturers of durable household products, including cutlery, cookware, glassware, crystal, silverware, utensils, kitchenware and
consumer specialties not classified elsewhere.
Leisure Products
Manufacturers of leisure products and equipment including sports equipment, bicycles and toys.
Apparel, Accessories & Luxury Goods
Manufacturers of apparel, accessories & luxury goods. Includes companies primarily producing designer handbags, wallets,
luggage, jewelry and watches. Excludes shoes classified in the Footwear Sub-Industry.
Footwear
Manufacturers of footwear. Includes sport and leather shoes.
Textiles
Manufacturers of textile and related products not classified in the Apparel, Accessories & Luxury Goods, Footwear or Home
Furnishings Sub-Industries.
Casinos & Gaming
Owners and operators of casinos and gaming facilities. Includes companies providing lottery and betting services.
Hotels, Resorts & Cruise Lines
Owners and operators of hotels, resorts and cruise-ships. Includes travel agencies, tour operators and related services not classified
elsewhere . Excludes casino-hotels classified in the Casinos & Gaming Sub-Industry.
Leisure Facilities

# Information Classification: GENERAL

Owners and operators of leisure facilities, including sport and fitness centers, stadiums, golf courses and amusement parks not
classified in the Movies & Entertainment Sub-Industry.
Restaurants
Owners and operators of restaurants, bars, pubs, fast-food or take-out facilities. Includes companies that provide food catering
services.
Education Services

Companies providing educational services, either on-line or through conventional teaching methods. Includes, private universities,
correspondence teaching, providers of educational seminars, educational materials and technical education. Excludes companies
providing employee education programs classified in the Human Resources & Employment Services Sub-Industry.
Specialized Consumer Services
Companies providing consumer services not classified elsewhere. Includes residential services, home security, legal services,
personal services, renovation & interior design services, consumer auctions and wedding & funeral services.
Distributors
Distributors and wholesalers of general merchandise not classified elsewhere. Includes vehicle distributors.
Internet & Direct Marketing Retail (Discontinued)
Companies providing retail services primarily on the Internet, through mail order, and TV home shopping retailers. Also includes
companies providing online marketplaces for consumer products and services.
Department Stores (Discontinued)
Owners and operators of department stores.
General Merchandise Stores (Discontinued)
Owners and operators of stores offering diversified general merchandise. Excludes hypermarkets and large-scale super centers
classified in the Hypermarkets & Super Centers Sub-Industry.
Broadline Retail (New)
Retailers offering a wide range of consumer discretionary merchandise. This Sub-Industry includes general and discount
merchandise retailers, department stores and on-line retailers and marketplaces selling mostly consumer discretionary
merchandise.
Apparel Retail
Retailers specialized mainly in apparel and accessories.
Computer & Electronics Retail
Owners and operators of consumer electronics, computers, video and related products retail stores.
Home Improvement Retail

Owners and operators of home and garden improvement retail stores. Includes stores offering building materials and supplies.
Other Specialty Retail (New Name)
Owners and operators of specialty retail stores not classified elsewhere. Includes jewelry stores, toy stores, office supply stores,
health & vision care stores, and book & entertainment stores.
Automotive Retail
Owners and operators of stores specializing in automotive retail. Includes auto dealers, gas stations, and retailers of auto
accessories, motorcycles & parts, automotive glass, and automotive equipment & parts.
Homefurnishing Retail

Owners and operators of furniture and home furnishings retail stores. Includes residential furniture, homefurnishings, housewares,
and interior design. Excludes home and garden improvement stores, classified in the Home Improvement Retail Sub-Industry.
Drug Retail
Owners and operators of primarily drug retail stores and pharmacies.
Food Distributors
Distributors of food products to other companies and not directly to the consumer.
Food Retail
Owners and operators of primarily food retail stores.
Consumer Staples Merchandise Retail (New Name & Definition Update)

# Information Classification: GENERAL

Retailers offering a wide range of consumer staples merchandise such as food, household, and personal care products. This Sub-
Industry includes hypermarkets, super centers and other consumer staples retailers such as discount retail spaces and on-line
marketplaces selling mostly consumer staples goods.
Brewers
Producers of beer and malt liquors. Includes breweries not classified in the Restaurants Sub-Industry.
Distillers & Vintners
Distillers, vintners and producers of alcoholic beverages not classified in the Brewers Sub-Industry.
Soft Drinks & Non-alcoholic Beverages (New Name)
Producers of non-alcoholic beverages including mineral waters. Excludes producers of milk classified in the Packaged Foods &
Meats Sub-Industry.
Agricultural Products & Services (New Name)
Producers of agricultural products. Includes crop growers, owners of plantations and companies that produce and process foods
but do not package and market them. Excludes companies classified in the Forest Products Sub-Industry and those that package
and market the food products classified in the Packaged Foods & Meats Sub-Industry.
Packaged Foods & Meats
Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods.
Tobacco
Manufacturers of cigarettes and other tobacco products.
Household Products
Producers of non-durable household products, including detergents, soaps, diapers and other tissue and household paper products
not classified in the Paper Products Sub-Industry.
Personal Care Products (New Name)
Manufacturers of personal and beauty care products, including cosmetics and perfumes.
Health Care Equipment
Manufacturers of health care equipment and devices. Includes medical instruments, drug delivery systems, cardiovascular &
orthopedic devices, and diagnostic equipment.
Health Care Supplies
Manufacturers of health care supplies and medical products not classified elsewhere. Includes eye care products, hospital supplies,
and safety needle & syringe devices.
Health Care Distributors
Distributors and wholesalers of health care products not classified elsewhere.
Health Care Services
Providers of patient health care services not classified elsewhere. Includes dialysis centers, lab testing services, and pharmacy
management services. Also includes companies providing business support services to health care providers, such as clerical
support services, collection agency services, staffing services and outsourced sales & marketing services.

Health Care Facilities

Owners and operators of health care facilities, including hospitals, nursing homes, rehabilitation centers and animal hospitals.
Managed Health Care
Owners and operators of Health Maintenance Organizations (HMOs) and other managed plans.
Health Care Technology
Companies providing information technology services primarily to health care providers. Includes companies providing application,
systems and/or data processing software, internet-based tools, and IT consulting services to doctors, hospitals or businesses
operating primarily in the Health Care Sector.
Biotechnology
Companies primarily engaged in the research, development, manufacturing and/or marketing of products based on genetic analysis
and genetic engineering. Includes companies specializing in protein-based therapeutics to treat human diseases. Excludes
companies manufacturing products using biotechnology but without a health care application.
Pharmaceuticals
Companies engaged in the research, development or production of pharmaceuticals. Includes veterinary drugs.
Life Sciences Tools & Services

# Information Classification: GENERAL

Companies enabling the drug discovery, development and production continuum by providing analytical tools, instruments,
consumables & supplies, clinical trial services and contract research services. Includes firms primarily servicing the pharmaceutical
and biotechnology industries.
Diversified Banks
Large, geographically diverse banks with a national footprint whose revenues are derived primarily from conventional banking
operations, have significant business activity in retail banking and small and medium corporate lending, and provide a diverse range
of financial services. Excludes banks classified in the Regional Banks and Commercial & Residential Mortgage Finance Sub-
Industries. Also excludes investment banks classified in the Investment Banking & Brokerage Sub-Industry.

Regional Banks (Definition Update)

Commercial banks, savings banks and thrifts whose business are derived primarily from conventional banking operations such as
retail banking, corporate lending and originating various residential and commercial mortgage loans funded mainly through
deposits. Regional banks tend to operate in limited geographic regions. Excludes companies classified in the Diversified Banks and
Commercial & Residential Mortgage Finance Sub-Industries. Also excludes investment banks classified in the Investment Banking &
Brokerage Sub-Industry.
Thrifts & Mortgage Finance (Discontinued)
Financial institutions providing mortgage and mortgage related services. These include financial institutions whose assets are
primarily mortgage related, savings & loans, mortgage lending institutions, building societies and companies providing insurance to
mortgage banks.
Diversified Financial Services (New Name)
Providers of a diverse range of financial services and/or with some interest in a wide range of financial services including banking,
insurance and capital markets, but with no dominant business line. Excludes companies classified in the Regional Banks and
Diversified Banks Sub-Industries.
Multi-Sector Holdings

A company with significantly diversified holdings across three or more sectors, none of which contributes a majority of profit
and/or sales. Stakes held are predominantly of a non-controlling nature. Includes diversified financial companies where stakes held
are of a controlling nature. Excludes other diversified companies classified in the Industrials Conglomerates Sub-Industry.
Specialized Finance

Providers of specialized financial services not classified elsewhere. Companies in this Sub-Industry derive a majority of revenue
from one specialized line of business. Includes, but not limited to, commercial financing companies, central banks, leasing
institutions, factoring services, and specialty boutiques. Excludes companies classified in the Financial Exchanges & Data Sub-
Industry.
Commercial & Residential Mortgage Finance (New)
Financial companies providing commercial and residential mortgage financing and related mortgage services. This Sub-Industry
includes non-deposit funded mortgage lending institutions, building societies, companies providing real estate financing products,
loan servicing, mortgage broker services, and mortgage insurance.
Transaction & Payment Processing Services (New)
Providers of transaction & payment processing services and related payment services including digital/mobile payment processors,
payment service providers & gateways, and digital wallet providers.
Consumer Finance
Providers of consumer finance services, including personal credit, credit cards, lease financing, travel-related money services and
pawn shops. Excludes mortgage lenders classified in the Commercial & Residential Mortgage Finance Sub-Industry.

Asset Management & Custody Banks

Financial institutions primarily engaged in investment management and/or related custody and securities fee-based services.
Includes companies operating mutual funds, closed-end funds and unit investment trusts. Excludes banks and other financial
institutions primarily involved in commercial lending, investment banking, brokerage and other specialized financial activities.
Investment Banking & Brokerage
Financial institutions primarily engaged in investment banking & brokerage services, including equity and debt underwriting,
mergers and acquisitions, securities lending and advisory services. Excludes banks and other financial institutions primarily involved
in commercial lending, asset management and specialized financial activities.

# Information Classification: GENERAL

Diversified Capital Markets

Financial institutions primarily engaged in diversified capital markets activities, including a significant presence in at least two of the
following area: large/major corporate lending, investment banking, brokerage and asset management. Excludes less diversified
companies classified in the Asset Management & Custody Banks or Investment Banking & Brokerage Sub-Industries. Also excludes
companies classified in the Banks or Insurance industry groups or the Consumer Finance Sub-Industry.
Financial Exchanges & Data
Financial exchanges for securities, commodities, derivatives and other financial instruments, and providers of financial decision
support tools and products including ratings agencies.
Mortgage REITs
Companies or Trusts that service, originate, purchase and/or securitize residential and/or commercial mortgage loans. Includes
trusts that invest in mortgage-backed securities and other mortgage related assets.
Insurance Brokers
Insurance and reinsurance brokerage firms.
Life & Health Insurance
Companies providing primarily life, disability, indemnity or supplemental health insurance. Excludes managed care companies
classified in the Managed Health Care Sub-Industry.
Multi-line Insurance
Insurance companies with diversified interests in life, health and property and casualty insurance.
Property & Casualty Insurance
Companies providing primarily property and casualty insurance.
Reinsurance
Companies providing primarily reinsurance.
IT Consulting & Other Services

Providers of information technology and systems integration services not classified in the Data Processing & Outsourced Services or
Internet Software & Services Sub-Industries. Includes information technology consulting and information management services.
Data Processing & Outsourced Services (Discontinued)
Providers of commercial electronic data processing and/or business process outsourcing services. Includes companies that provide
services for back-office automation.
Internet Services & Infrastructure

Companies providing services and infrastructure for the internet industry including data centers and cloud networking and storage
infrastructure. Also includes companies providing web hosting services. Excludes companies classified in the Software Industry.
Application Software

Companies engaged in developing and producing software designed for specialized applications for the business or consumer
market. Includes enterprise and technical software, as well as cloud-based software. Excludes companies classified in the
Interactive Home Entertainment Sub-Industry. Also excludes companies producing systems or database management software
classified in the Systems Software Sub-Industry.
Systems Software
Companies engaged in developing and producing systems and database management software.
Communications Equipment
Manufacturers of communication equipment and products, including LANs, WANs, routers, telephones, switchboards and
exchanges. Excludes cellular phone manufacturers classified in the Technology Hardware, Storage & Peripherals Sub-Industry.

Technology Hardware, Storage & Peripherals

Manufacturers of cellular phones, personal computers, servers, electronic computer components and peripherals. Includes data
storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. Excludes
semiconductors classified in the Semiconductors Sub-Industry.
Electronic Equipment & Instruments
Manufacturers of electronic equipment and instruments including analytical, electronic test and measurement instruments,
scanner/barcode products, lasers, display screens, point-of-sales machines, and security system equipment.

# Information Classification: GENERAL

Electronic Components
Manufacturers of electronic components. Includes electronic components, connection devices, electron tubes, electronic
capacitors and resistors, electronic coil, printed circuit board, transformer and other inductors, signal processing
technology/components.
Electronic Manufacturing Services
Producers of electronic equipment mainly for the OEM (Original Equipment Manufacturers) markets.
Technology Distributors
Distributors of technology hardware and equipment. Includes distributors of communications equipment, computers & peripherals,
semiconductors, and electronic equipment and components.
Semiconductor Materials & Equipment (New Name)
Manufacturers of semiconductor equipment, including manufacturers of the raw material and equipment used in the solar power
industry.
Semiconductors
Manufacturers of semiconductors and related products, including manufacturers of solar modules and cells.
Alternative Carriers
Providers of communications and high-density data transmission services primarily through a high bandwidth/fiber-optic cable
network.
Integrated Telecommunication Services

Operators of primarily fixed-line telecommunications networks and companies providing both wireless and fixed-line
telecommunications services not classified elsewhere. Also includes internet service providers offering internet access to end users.
Wireless Telecommunication Services
Providers of primarily cellular or wireless telecommunication services.
Advertising
Companies providing advertising, marketing or public relations services.
Broadcasting
Owners and operators of television or radio broadcasting systems, including programming. Includes radio and television
broadcasting, radio networks, and radio stations.
Cable & Satellite
Providers of cable or satellite television services. Includes cable networks and program distribution.
Publishing
Publishers of newspapers, magazines and books in print or electronic formats.
Movies & Entertainment
Companies that engage in producing and selling entertainment products and services, including companies engaged in the
production, distribution and screening of movies and television shows, producers and distributors of music, entertainment theaters
and sports teams. Also includes companies offering and/or producing entertainment content streamed online.

Interactive Home Entertainment

Producers of interactive gaming products, including mobile gaming applications. Also includes educational software used primarily
in the home. Excludes online gambling companies classified in the Casinos & Gaming Sub-Industry.
Interactive Media & Services
Companies engaging in content and information creation or distribution through proprietary platforms, where revenues are
derived primarily through pay-per-click advertisements. Includes search engines, social media and networking platforms, online
classifieds, and online review companies.
Electric Utilities
Companies that produce or distribute electricity. Includes both nuclear and non-nuclear facilities.
Gas Utilities

Companies whose main charter is to distribute and transmit natural and manufactured gas. Excludes companies primarily involved
in gas exploration or production classified in the Oil & Gas Exploration & Production Sub-Industry. Also excludes companies
engaged in the storage and/or transportation of oil, gas, and/or refined products classified in the Oil & Gas Storage &
Transportation Sub-Industry.
Multi-Utilities

# Information Classification: GENERAL

Utility companies with significantly diversified activities in addition to core Electric Utility, Gas Utility and/or Water Utility
operations.
Water Utilities
Companies that purchase and redistribute water to the end-consumer. Includes large-scale water treatment systems.
Independent Power Producers & Energy Traders

Companies that operate as Independent Power Producers (IPPs), Gas & Power Marketing & Trading Specialists and/or Integrated
Energy Merchants. Excludes producers of electricity using renewable sources, such as solar power, hydropower, and wind power.
Also excludes electric transmission companies and utility distribution companies classified in the Electric Utilities Sub-Industry.
Renewable Electricity

Companies that engage in the generation and distribution of electricity using renewable sources, including, but not limited to,
companies that produce electricity using biomass, geothermal energy, solar energy, hydropower, and wind power. Excludes
companies manufacturing capital equipment used to generate electricity using renewable sources, such as manufacturers of solar
power systems, installers of photovoltaic cells, and companies involved in the provision of technology, components, and services
mainly to this market.
Diversified REITs
A company or Trust with significantly diversified operations across two or more property types.
Industrial REITs (New Code)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of industrial
properties. Includes companies operating industrial warehouses and distribution properties.
Hotel & Resort REITs (New Code)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of hotel and resort
properties.
Office REITs (New Code)

Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of office properties.
Health Care REITs (New Code)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties
serving the health care industry, including hospitals, nursing homes, and assisted living properties.
Residential REITs (Discontinued)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of residential
properties including multifamily homes, apartments, manufactured homes and student housing properties
Multi-Family Residential REITs (New)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of apartments and
other multi-family housing including student housing.
Single-Family Residential REITs (New)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of single-family
residential housing including manufactured homes.
Retail REITs (New Code)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of shopping malls,
outlet malls, neighborhood and community shopping centers.
Other Specialized REITs (New Name/ New Code/Definition Update)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties not
classified elsewhere. This Sub-Industry includes REITs that manage and own properties such as natural gas and crude oil pipelines,
gas stations, fiber optic cables, prisons, automobile parking, and automobile dealerships.
Self-Storage REITs (New)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of self storage
properties.
Telecom Tower REITs (New)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of telecom towers
and related structures that support wireless telecommunications.
Timber REITs (New)

# Information Classification: GENERAL

Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of timberland and
timber-related properties.
Data Center REITs (New)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of data center
properties.
Diversified Real Estate Activities (New Code)
Companies engaged in a diverse spectrum of real estate activities including real estate development & sales, real estate
management, or real estate services, but with no dominant business line.
Real Estate Operating Companies (New Code)
Companies engaged in operating real estate properties for the purpose of leasing & management.
Real Estate Development (New Code)
Companies that develop real estate and sell the properties after development. Excludes companies classified in the Homebuilding
Sub-Industry.
Real Estate Services (New Code)
Real estate service providers such as real estate agents, brokers & real estate appraisers.

# Information Classification: GENERAL

GICS (Global Industry Classification Standard), effective after close of business (US, EST) March 17, 2023 in GICS Di

This structure reflects historical changes until March 2023 in GICS Direct

Red indicates changes effective in 2023

Blue indicates chnages prior to 2023

Sector Industry Group

10 Energy 1010

15 Materials 1510

# Information Classification: GENERAL

20 Industrials 2010

# Information Classification: GENERAL

2020

# Information Classification: GENERAL

 2030

25 Consumer Discretionary 2510

# Information Classification: GENERAL

2520

2530

# Information Classification: GENERAL

2540

2550

# Information Classification: GENERAL

30 Consumer Staples 3010

3020

3030

35 Health Care 3510

# Information Classification: GENERAL

 3520

40 Financials 4010

4020

# Information Classification: GENERAL

# Information Classification: GENERAL
4030

4040

# Information Classification: GENERAL

45 Information Technology 4510

4520

# Information Classification: GENERAL

4530

# Information Classification: GENERAL

 Communication Services
(New name effective Oct
50 2018) 5010

5020

55 Utilities 5510

# Information Classification: GENERAL

 Real Estate
(New Sector effective Sep
60 2016) 6010

# Information Classification: GENERAL

 6020

# Information Classification: GENERAL

# Information Classification: GENERAL
d), effective after close of business (US, EST) March 17, 2023 in GICS Direct

til March 2023 in GICS Direct

Industry

Energy 101010 Energy Equipment & Services

Oil, Gas & Consumable Fuels

101020 (New name effective May 2005)

Materials 151010 Chemicals

151020 Construction Materials

# Information Classification: GENERAL

 151030 Containers & Packaging

151040 Metals & Mining

151050 Paper & Forest Products

Capital Goods 201010 Aerospace & Defense

201020 Building Products

201030 Construction & Engineering

201040 Electrical Equipment

201050 Industrial Conglomerates

# Information Classification: GENERAL

 201060 Machinery

201070 Trading Companies & Distributors

Commercial & Professional Services

(New name effective close of Aug 2008) 202010 Commercial Services & Supplies

# Information Classification: GENERAL

 Professional Services
202020 (New effective Sep 2008)

Air Freight & Logistics

Transportation 203010 (New name effective Mar 29, 2002)

203020 Passenger Airlines (New name)

203030 Marine Transportation (New Name)

203040 Ground Transportation (New Name)

203050 Transportation Infrastructure

Automobiles & Components 251010 Automobile Components (New Name)

251020 Automobiles

# Information Classification: GENERAL

Consumer Durables & Apparel 252010 Household Durables

Leisure Products
252020 (New name effective March 2014)

Textiles, Apparel & Luxury Goods

252030 (New name effective March 2014)

Consumer Services 253010 Hotels, Restaurants & Leisure

# Information Classification: GENERAL

 Diversified Consumer Services
253020 (New effective May 2015)

Media
Media (Discontinued effective close of September
(Discontinued effective close of September 2018) 254010 2018)

Consumer Discretionary Distribution & Retail (New Name) 255010 Distributors

255020 Internet & Direct Marketing Retail (Discontinued)

255030 Broadline Retail (New Name)

255040 Specialty Retail

# Information Classification: GENERAL

Consumer Staples Distribution & Retail (New Name) 301010 Consumer Staples Distribution & Retail (New Na

Food, Beverage & Tobacco 302010 Beverages

302020 Food Products

302030 Tobacco

Household & Personal Products 303010 Household Products

303020 Personal Care Products (New Name)

Health Care Equipment & Services 351010 Health Care Equipment & Supplies

# Information Classification: GENERAL

 351020 Health Care Providers & Services

Health Care Technology

351030 (New effective May 2006)

Pharmaceuticals, Biotechnology & Life Sciences

(New name effective May 2006) 352010 Biotechnology

352020 Pharmaceuticals

Life Sciences Tools & Services

352030 (New effective May 2006)

Banks
Banks 401010 (New name effective March 2014)

401020 Thrifts & Mortgage Finance (Discontinued)

Financial Services (New Name) 402010 Financial Services (New Name)

# Information Classification: GENERAL

 Consumer Finance
402020 (New effective May 2003)

Capital Markets
402030 (New effective May 2003)

Mortgage Real Estate Investment Trusts (REITs)

402040 (New effective Sep 2016)

# Information Classification: GENERAL

Insurance 403010 Insurance

Real Estate Real Estate

(Discontinued effective close of Aug 2016) 404010 (Discontinued effective close of April 2006)

Real Estate Investment Trusts (REITs)

404020 (Discontinued effective close of Aug 2016)

# Information Classification: GENERAL

 Real Estate Management & Development
404030 (Discontinued effective close of Aug 2016)

Internet Software & Services

(Discontinued effective close of September
Software & Services 451010 2018)

451020 IT Services

451030 Software

Technology Hardware & Equipment 452010 Communications Equipment

# Information Classification: GENERAL

 Technology Hardware, Storage & Peripherals
452020 (New name effective March 2014)

Electronic Equipment, Instruments &

Components
452030 (New name effective Sep 2008)

Office Electronics
452040 (Discontinued effective close of Feb 2014)

Semiconductor Equipment & Products

452050 (Discontinued effective close of April 2003)

Semiconductors & Semiconductor Equipment Semiconductors & Semiconductor Equipment

(New effective May 2003) 453010 (New effective May 2003)

# Information Classification: GENERAL

Telecommunication Services 501010 Diversified Telecommunication Services

501020 Wireless Telecommunication Services

Media & Entertainment Media

(New effective Oct 2018) 502010 (New effective Oct 2018)

Entertainment
502020 (New effective Oct 2018)

Interactive Media & Services

502030 (New effective Oct 2018)

Utilities 551010 Electric Utilities

551020 Gas Utilities

# Information Classification: GENERAL

 Multi-Utilities
551030 (New name effective May 2005)

551040 Water Utilities

Independent Power and Renewable Electricity

Producers
551050 (New effective May 2005)

Equity Real Estate Investment Trusts (REITs) (New Name) 601010 Diversified REITs (New Name)

601025 Industrial REITs (New)

601030 Hotel & Resort REITs (New)

# Information Classification: GENERAL

 601040 Office REITs (New)

601050 Health Care REITs (New)

601060 Residential REITs (New)

601070 Retail REITs (New)

601080 Specialized REITs (New)

601020 Real Estate Management & Development

Real Estate Management & Development (New) 602010 Real Estate Management & Development (New C

# Information Classification: GENERAL

# Information Classification: GENERAL
Sub-Industry

10101010

10101020

10102010

10102020

10102030

10102040

10102050

15101010

15101020

15101030

15101040

15101050

15102010

# Information Classification: GENERAL

15103010

15103020

15104010

15104020

15104025

15104030

15104040

15104045

15104050

15105010

15105020

20101010

20102010

20103010

20104010

20104020

20105010

# Information Classification: GENERAL

20106010

20106015

20106020

20107010

20201010

20201020

20201030

20201040

20201050

20201060

20201070

20201080

# Information Classification: GENERAL

20202010

20202030

20202020

20301010

20302010

20303010

20304010

20304020

20304030

20304040

20305010

20305020

20305030

25101010

25101020

25102010

# Information Classification: GENERAL

25102020

25201010

25201020

25201030

25201040

25201050

25202010

25202020

25203010

25203020

25203030

25301010

25301020

25301030

25301040

# Information Classification: GENERAL

25302010

25302020

25401010

25401020

25401025

25401030

25401040

25501010

25502010

25502020

25503010

25503020

25503030

25504010

25504020

25504030

# Information Classification: GENERAL

25504040

25504050

25504060

30101010

30101020

30101030

30101040

30201010

30201020

30201030

30202010

30202020

30202030

30203010

30301010

30302010

35101010

35101020

# Information Classification: GENERAL

35102010

35102015

35102020

35102030

35103010

35201010

35202010

35203010

40101010

40101015

40102010

40201010

# Information Classification: GENERAL

40201020

40201030

40201040

40201050

40201060

40202010

40203010

40203020

40203030

40203040

40204010

# Information Classification: GENERAL

40301010

40301020

40301030

40301040

40301050

40401010

40401020

40402010

40402020

40402030

40402035

40402040

40402045

40402050

40402060

40402070

# Information Classification: GENERAL

40403010

40403020

40403030

40403040

45101010

45102010

45102020

45102030

45103010

45103020

45103030

45201020

# Information Classification: GENERAL

45201010

45201020

45202010

45202020

45202030

45203010

45203015

45203020

45203030

45204010

45205010

45205020

45301010

# Information Classification: GENERAL

45301020

50101010

50101020

50102010

50201010

50201020

50201030

50201040

50202010

50202020

50203010

55101010

55102010

# Information Classification: GENERAL

55103010

55104010

55105010

55105020

60101010

60101020

60101030

60101040

60101050

60101060

60101070

60101080

60102510

60103010

# Information Classification: GENERAL

60104010

60105010

60106010

60106020

60107010

60108010

60108020

60108030

60108040

60108050

60102010

60102020

60102030

60102040

60201010

60201020

60201030

60201040

# Information Classification: GENERAL

# Information Classification: GENERAL
b-Industry

Oil & Gas Drilling

Drilling contractors or owners of drilling rigs that contract their services for drilling wells
Oil & Gas Equipment & Services
Manufacturers of equipment, including drilling rigs and equipment, and providers of supplies and services to companies
involved in the drilling, evaluation and completion of oil and gas wells.

Integrated Oil & Gas

Integrated oil companies engaged in the exploration & production of oil and gas, as well as at least one other significant
activity in either refining, marketing and transportation, or chemicals.
Oil & Gas Exploration & Production
Companies engaged in the exploration and production of oil and gas not classified elsewhere.
Oil & Gas Refining & Marketing
(New name effective May 2005)
Companies engaged in the refining and marketing of oil, gas and/or refined products not classified in the Integrated Oil & Gas
or Independent Power Producers & Energy Traders Sub-Industries.
Oil & Gas Storage & Transportation
(New effective May 2005)
Companies engaged in the storage and/or transportation of oil, gas and/or refined products. Includes diversified midstream
natural gas companies facing competitive markets, oil and refined product pipelines, coal slurry pipelines and oil & gas
shipping companies.
Coal & Consumable Fuels
(New effective May 2005)
Companies primarily involved in the production and mining of coal, related products and other consumable fuels related to
the generation of energy. Excludes companies primarily producing gases classified in the Industrial Gases sub-industry and
companies primarily mining for metallurgical (coking) coal used for steel production.
Commodity Chemicals

Companies that primarily produce industrial chemicals and basic chemicals. Including but not limited to plastics, synthetic
fibers, films, commodity-based paints & pigments, explosives and petrochemicals. Excludes chemical companies classified in
the Diversified Chemicals, Fertilizers & Agricultural Chemicals, Industrial Gases, or Specialty Chemicals Sub-Industries.
Diversified Chemicals
Manufacturers of a diversified range of chemical products not classified in the Industrial Gases, Commodity Chemicals,
Specialty Chemicals or Fertilizers & Agricultural Chemicals Sub-Industries.
Fertilizers & Agricultural Chemicals
Producers of fertilizers, pesticides, potash or other agriculture-related chemicals not classified elsewhere.
Industrial Gases
Manufacturers of industrial gases.
Specialty Chemicals
Companies that primarily produce high value-added chemicals used in the manufacture of a wide variety of products,
including but not limited to fine chemicals, additives, advanced polymers, adhesives, sealants and specialty paints, pigments
and coatings.
Construction Materials
Manufacturers of construction materials including sand, clay, gypsum, lime, aggregates, cement, concrete and bricks. Other
finished or semi-finished building materials are classified in the Building Products Sub-Industry.

# Information Classification: GENERAL

Metal, Glass & Plastic Containers (New Name)
Manufacturers of metal, glass or plastic containers. Includes corks and caps.
Paper & Plastic Packaging Products & Materials (New Name)
Manufacturers of paper and cardboard containers and packaging.
Aluminum
Producers of aluminum and related products, including companies that mine or process bauxite and companies that recycle
aluminum to produce finished or semi-finished products. Excludes companies that primarily produce aluminum building
materials classified in the Building Products Sub-Industry.
Diversified Metals & Mining

Companies engaged in the diversified production or extraction of metals and minerals not classified elsewhere. Including, but
not limited to, nonferrous metal mining (except bauxite), salt and borate mining, phosphate rock mining, and diversified
mining operations. Excludes iron ore mining, classified in the Steel Sub-Industry, bauxite mining, classified in the Aluminum
Sub-Industry, and coal mining, classified in either the Steel or Coal & Consumable Fuels Sub-Industries.
Copper
(New effective Sep 2016)
Companies involved primarily in copper ore mining.
Gold
Producers of gold and related products, including companies that mine or process gold and the South African finance houses
which primarily invest in, but do not operate, gold mines.
Precious Metals & Minerals
Companies mining precious metals and minerals not classified in the Gold Sub-Industry. Includes companies primarily mining
platinum.
Silver
(New effective March 2014)

Companies primarily mining silver. Excludes companies classified in the Gold or Precious Metals & Minerals Sub-Industries.
Steel

Producers of iron and steel and related products, including metallurgical (coking) coal mining used for steel production.
Forest Products
Manufacturers of timber and related wood products. Includes lumber for the building industry.
Paper Products
Manufacturers of all grades of paper. Excludes companies specializing in paper packaging classified in the Paper Packaging
Sub-Industry.
Aerospace & Defense
Manufacturers of civil or military aerospace and defense equipment, parts or products. Includes defense electronics and space
equipment.
Building Products

Manufacturers of building components and home improvement products and equipment. Excludes lumber and plywood
classified under Forest Products and cement and other materials classified in the Construction Materials Sub-Industry.
Construction & Engineering
Companies engaged in primarily non-residential construction. Includes civil engineering companies and large-scale
contractors. Excludes companies classified in the Homebuilding Sub-Industry.
Electrical Components & Equipment
Companies that produce electric cables and wires, electrical components or equipment not classified in the Heavy Electrical
Equipment Sub-Industry.
Heavy Electrical Equipment
Manufacturers of power-generating equipment and other heavy electrical equipment, including power turbines, heavy
electrical machinery intended for fixed-use and large electrical systems. Excludes cables and wires, classified in the Electrical
Components & Equipment Sub-Industry.
Industrial Conglomerates

# Information Classification: GENERAL

Diversified industrial companies with business activities in three or more sectors, none of which contributes a majority of
revenues. Stakes held are predominantly of a controlling nature and stake holders maintain an operational interest in the
running of the subsidiaries.
Construction Machinery & Heavy Transportation Equipment (New Name)
Manufacturers of heavy duty trucks, rolling machinery, earth-moving and construction equipment, and manufacturers of
related parts. Includes non-military shipbuilding.
Agricultural & Farm Machinery
(New effective March 2014)
Companies manufacturing agricultural machinery, farm machinery, and their related parts. Includes machinery used for the
production of crops and agricultural livestock, agricultural tractors, planting and fertilizing machinery, fertilizer and chemical
application equipment, and grain dryers and blowers.
Industrial Machinery & Supplies & Components (New Name)
Manufacturers of industrial machinery and industrial components. Includes companies that manufacture presses, machine
tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings and other metal
fabrications.
Trading Companies & Distributors
Trading companies and other distributors of industrial equipment and products.

Commercial Printing
Companies providing commercial printing services. Includes printers primarily serving the media industry.
Data Processing Services
(Discontinued effective close of April 2003)
Providers of commercial electronic data processing services.
Diversified Commercial & Professional Services
(Discontinued effective close of August 2008)

Companies primarily providing commercial, industrial and professional services to businesses and governments not classified
elsewhere. Includes commercial cleaning services, consulting services, correctional facilities, dining & catering services,
document & communication services, equipment repair services, security & alarm services, storage & warehousing, and
uniform rental services.
Human Resource & Employment Services
(Discontinued effective close of August 2008)

Companies providing business support services relating to human capital management. Includes employment agencies,
employee training, payroll & benefit support services, retirement support services and temporary agencies.
Environmental & Facilities Services
(New name effective May 2005)

Companies providing environmental and facilities maintenance services. Includes waste management, facilities management
and pollution control services. Excludes large-scale water treatment systems classified in the Water Utilities Sub-Industry.
Office Services & Supplies
Providers of office services and manufacturers of office supplies and equipment not classified elsewhere.
Diversified Support Services
(New effective Sep 2008)

Companies primarily providing labor oriented support services to businesses and governments. Includes commercial cleaning
services, dining & catering services, equipment repair services, industrial maintenance services, industrial auctioneers, storage
& warehousing, transaction services, uniform rental services, and other business support services.
Security & Alarm Services
(New effective Sep 2008)

# Information Classification: GENERAL

Companies providing security and protection services to business and governments. Includes companies providing services
such as correctional facilities, security & alarm services, armored transportation & guarding. Excludes companies providing
security software classified under the Systems Software Sub-Industry and home security services classified under the
Specialized Consumer Services Sub-Industry. Also excludes companies manufacturing security system equipment classified
under the Electronic Equipment & Instruments Sub-Industry.

Human Resource & Employment Services (Definition Update)

Companies providing business support services relating to human capital management. This Sub-Industry includes
employment agencies, employee training, payroll processing, benefit & retirement support services, corporate & job seeker
recruitment services, and online job portals generating revenue from fees or commissions for offering recruitment services to
companies or job seekers.
Data Processing & Outsourced Services (Sector Change, New Code & Definition Update)
Providers of commercial data processing and/or business process outsourcing services. This Sub-Industry includes companies
providing services for customer experience management, back-office automation, call center management, and investor
communications.
Research & Consulting Services
(New effective Sep 2008)

Companies primarily providing research and consulting services to businesses and governments not classified elsewhere.
Includes companies involved in management consulting services, architectural design, business information or scientific
research, marketing, and testing & certification services. Excludes companies providing information technology consulting
services classified in the IT Consulting & Other Services Sub-Industry.

Air Freight & Logistics

Companies providing air freight transportation, courier and logistics services, including package and mail delivery and customs
agents. Excludes those companies classified in the Airlines, Marine or Trucking Sub-Industries.
Passenger Airlines (New name)
Companies providing primarily passenger air transportation.
Marine Transportation (New Name)
Companies providing goods or passenger maritime transportation. Excludes cruise-ships classified in the Hotels, Resorts &
Cruise Lines Sub-Industry.
Rail Transportation (New Name)
Companies providing primarily goods and passenger rail transportation.
Trucking (Discontinued)

Companies providing primarily goods and passenger land transportation. Includes vehicle rental and taxi companies.
Cargo Ground Transportation (New)
Companies providing ground transportation services for goods and freight.
Passenger Ground Transportation (New)
Companies providing passenger ground transportation and related services, including bus, taxi, vehicle rental, ride sharing and
on-demand ride sharing platforms, and other passenger logistics.
Airport Services
Operators of airports and companies providing related services.
Highways & Railtracks
Owners and operators of roads, tunnels and railtracks.
Marine Ports & Services
Owners and operators of marine ports and related services.
Automotive Parts & Equipment (New Name)
Manufacturers of parts and accessories for automobiles and motorcycles. Excludes companies classified in the Tires & Rubber
Sub-Industry.
Tires & Rubber
Manufacturers of tires and rubber.
Automobile Manufacturers

# Information Classification: GENERAL

Companies that produce mainly passenger automobiles and light trucks. Excludes companies producing mainly motorcycles
and three-wheelers classified in the Motorcycle Manufacturers Sub-Industry and heavy duty trucks classified in the
Construction Machinery & Heavy Trucks Sub-Industry.
Motorcycle Manufacturers
Companies that produce motorcycles, scooters or three-wheelers. Excludes bicycles classified in the Leisure Products Sub-
Industry.
Consumer Electronics

Manufacturers of consumer electronics products including TVs, home audio equipment, game consoles, digital cameras, and
related products. Excludes personal home computer manufacturers classified in the Technology Hardware, Storage &
Peripherals Sub-Industry, and electric household appliances classified in the Household Appliances Sub-Industry.
Home Furnishings
Manufacturers of soft home furnishings or furniture, including upholstery, carpets and wall-coverings.
Homebuilding

Residential construction companies. Includes manufacturers of prefabricated houses and semi-fixed manufactured homes.
Household Appliances

Manufacturers of electric household appliances and related products. Includes manufacturers of power and hand tools,
including garden improvement tools. Excludes TVs and other audio and video products classified in the Consumer Electronics
Sub-Industry and personal computers classified in the Technology Hardware, Storage & Peripherals Sub-Industry.
Housewares & Specialties
Manufacturers of durable household products, including cutlery, cookware, glassware, crystal, silverware, utensils,
kitchenware and consumer specialties not classified elsewhere.

Leisure Products
Manufacturers of leisure products and equipment including sports equipment, bicycles and toys.
Photographic Products
(Discontinued effective close of February 2014)
Manufacturers of photographic equipment and related products.
Apparel, Accessories & Luxury Goods
(New name effective 29 March 2002)
Manufacturers of apparel, accessories & luxury goods. Includes companies primarily producing designer handbags, wallets,
luggage, jewelry and watches. Excludes shoes classified in the Footwear Sub-Industry.
Footwear
Manufacturers of footwear. Includes sport and leather shoes.
Textiles
Manufacturers of textile and related products not classified in the Apparel, Accessories & Luxury Goods, Footwear or Home
Furnishings Sub-Industries.
Casinos & Gaming

Owners and operators of casinos and gaming facilities. Includes companies providing lottery and betting services.
Hotels, Resorts & Cruise Lines
(New name effective 29 March 2002)
Owners and operators of hotels, resorts and cruise-ships. Includes travel agencies, tour operators and related services not
classified elsewhere . Excludes casino-hotels classified in the Casinos & Gaming Sub-Industry.
Leisure Facilities
Owners and operators of leisure facilities, including sport and fitness centers, stadiums, golf courses and amusement parks not
classified in the Movies & Entertainment Sub-Industry.
Restaurants
Owners and operators of restaurants, bars, pubs, fast-food or take-out facilities. Includes companies that provide food
catering services.

# Information Classification: GENERAL

Education Services
(New effective May 2005)

Companies providing educational services, either on-line or through conventional teaching methods. Includes, private
universities, correspondence teaching, providers of educational seminars, educational materials and technical education.
Excludes companies providing employee education programs classified in the Human Resources & Employment Services Sub-
Industry
Specialized Consumer Services
(New effective May 2005)
Companies providing consumer services not classified elsewhere. Includes residential services, home security, legal services,
personal services, renovation & interior design services, consumer auctions and wedding & funeral services.

Advertising
(Discontinued effective close of September 2018)
Companies providing advertising, marketing or public relations services.
Broadcasting
(Discontinued effective close of September 2018)
Owners and operators of television or radio broadcasting systems, including programming. Includes, radio and television
broadcasting, radio networks, and radio stations.
Cable & Satellite
(Discontinued effective close of September 2018)
Providers of cable or satellite television services. Includes cable networks and program distribution.
Movies & Entertainment
(Discontinued effective close of September 2018)
Companies that engage in producing and selling entertainment products and services, including companies engaged in the
production, distribution and screening of movies and television shows, producers and distributors of music, entertainment
theaters and sports teams.
Publishing
(Discontinued effective close of September 2018)
Publishers of newspapers, magazines and books, and providers of information in print or electronic formats.
Distributors
Distributors and wholesalers of general merchandise not classified elsewhere. Includes vehicle distributors.
Catalog Retail
(Discontinued effective close of August 2016)
Mail order and TV home shopping retailers. Includes companies that provide door-to-door retail.
Internet & Direct Marketing Retail (Discontinued)
Companies providing retail services primarily on the Internet, through mail order, and TV home shopping retailers. Also
includes companies providing online marketplaces for consumer products and services.
Department Stores (Discontinued)
Owners and operators of department stores.
General Merchandise Stores (Discontinued)
Owners and operators of stores offering diversified general merchandise. Excludes hypermarkets and large-scale super centers
classified in the Hypermarkets & Super Centers Sub-Industry.
Broadline Retail (New)
Retailers offering a wide range of consumer discretionary merchandise. This Sub-Industry includes general and discount
merchandise retailers, department stores and on-line retailers and marketplaces selling mostly consumer discretionary
merchandise.
Apparel Retail
Retailers specialized mainly in apparel and accessories.
Computer & Electronics Retail
Owners and operators of consumer electronics, computers, video and related products retail stores.
Home Improvement Retail

Owners and operators of home and garden improvement retail stores. Includes stores offering building materials and supplies.

# Information Classification: GENERAL

Other Specialty Retail (New Name)
Owners and operators of specialty retail stores not classified elsewhere. Includes jewelry stores, toy stores, office supply
stores, health & vision care stores, and book & entertainment stores.
Automotive Retail
(New effective May 2005)
Owners and operators of stores specializing in automotive retail. Includes auto dealers, gas stations, and retailers of auto
accessories, motorcycles & parts, automotive glass, and automotive equipment & parts.
Homefurnishing Retail
(New effective May 2005)
Owners and operators of furniture and home furnishings retail stores. Includes residential furniture, homefurnishings,
housewares, and interior design. Excludes home and garden improvement stores, classified in the Home Improvement Retail
Sub-Industry.
Drug Retail
Owners and operators of primarily drug retail stores and pharmacies.
Food Distributors
Distributors of food products to other companies and not directly to the consumer.
Food Retail
Owners and operators of primarily food retail stores.
Consumer Staples Merchandise Retail (New Name & Definition Update)
Retailers offering a wide range of consumer staples merchandise such as food, household, and personal care products. This
Sub-Industry includes hypermarkets, super centers and other consumer staples retailers such as discount retail spaces and on-
line marketplaces selling mostly consumer staples goods.
Brewers
Producers of beer and malt liquors. Includes breweries not classified in the Restaurants Sub-Industry.
Distillers & Vintners
Distillers, vintners and producers of alcoholic beverages not classified in the Brewers Sub-Industry.
Soft Drinks & Non-alcoholic Beverages (New Name)
Producers of non-alcoholic beverages including mineral waters. Excludes producers of milk classified in the Packaged Foods
Sub-Industry.
Agricultural Products & Services (New Name)
Producers of agricultural products. Includes crop growers, owners of plantations and companies that produce and process
foods but do not package and market them. Excludes companies classified in the Forest Products Sub-Industry and those that
package and market the food products classified in the Packaged Foods Sub-Industry.
Meat, Poultry & Fish
(Discontinued effective close of March 28 2002)

Companies that raise livestock or poultry, fishing companies and other producers of meat, poultry or fish products.
Packaged Foods & Meats
(New effective March 29 2002)
Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods.
Tobacco
Manufacturers of cigarettes and other tobacco products.
Household Products
Producers of non-durable household products, including detergents, soaps, diapers and other tissue and household paper
products not classified in the Paper Products Sub-Industry.
Personal Care Products (New Name)
Manufacturers of personal and beauty care products, including cosmetics and perfumes.
Health Care Equipment
Manufacturers of health care equipment and devices. Includes medical instruments, drug delivery systems, cardiovascular &
orthopedic devices, and diagnostic equipment.
Health Care Supplies
Manufacturers of health care supplies and medical products not classified elsewhere. Includes eye care products, hospital
supplies, and safety needle & syringe devices.

# Information Classification: GENERAL

Health Care Distributors
(New name effective May 2003)
Distributors and wholesalers of health care products not classified elsewhere.
Health Care Services
(New effective May 2003)

Providers of patient health care services not classified elsewhere. Includes dialysis centers, lab testing services, and pharmacy
management services. Also includes companies providing business support services to health care providers, such as clerical
support services, collection agency services, staffing services and outsourced sales & marketing services
Health Care Facilities

Owners and operators of health care facilities, including hospitals, nursing homes, rehabilitation centers and animal hospitals.
Managed Health Care
Owners and operators of Health Maintenance Organizations (HMOs) and other managed plans.
Health Care Technology
(New effective May 2006)
Companies providing information technology services primarily to health care providers. Includes companies providing
application, systems and/or data processing software, internet-based tools, and IT consulting services to doctors, hospitals or
businesses operating primarily in the Health Care Sector

Biotechnology

Companies primarily engaged in the research, development, manufacturing and/or marketing of products based on genetic
analysis and genetic engineering. Includes companies specializing in protein-based therapeutics to treat human diseases.
Excludes companies manufacturing products using biotechnology but without a health care application.
Pharmaceuticals
Companies engaged in the research, development or production of pharmaceuticals. Includes veterinary drugs.
Life Sciences Tools & Services
(New effective May 2006)
Companies enabling the drug discovery, development and production continuum by providing analytical tools, instruments,
consumables & supplies, clinical trial services and contract research services. Includes firms primarily servicing the
pharmaceutical and biotechnology industries.
Diversified Banks
(New name effective May 2003)

Large, geographically diverse banks with a national footprint whose revenues are derived primarily from conventional banking
operations, have significant business activity in retail banking and small and medium corporate lending, and provide a diverse
range of financial services. Excludes banks classified in the Regional Banks and Thrifts & Mortgage Finance Sub-Industries. Also
excludes investment banks classified in the Investment Banking & Brokerage Sub-Industry.
Regional Banks (Definition Update)

Commercial banks, savings banks and thrifts whose business are derived primarily from conventional banking operations such
as retail banking, corporate lending and originating various residential and commercial mortgage loans funded mainly through
deposits. Regional banks tend to operate in limited geographic regions. Excludes companies classified in the Diversified Banks
and Commercial & Residential Mortgage Finance Sub-Industries. Also excludes investment banks classified in the Investment
Banking & Brokerage Sub-Industry.
Thrifts & Mortgage Finance (Discontinued)
Financial institutions providing mortgage and mortgage related services. These include financial institutions whose assets are
primarily mortgage related, savings & loans, mortgage lending institutions, building societies and companies providing
insurance to mortgage banks.
Consumer Finance
(Discontinued effective close of April 2003)
Providers of consumer finance services, including personal credit, credit cards, lease financing, mortgage lenders, travel-
related money services and pawn shops.

# Information Classification: GENERAL

Diversified Financial Services (New Name)
Providers of a diverse range of financial services and/or with some interest in a wide range of financial services including
banking, insurance and capital markets, but with no dominant business line. Excludes companies classified in the Regional
Banks and Diversified Banks Sub-Industries.
Multi-Sector Holdings

A company with significantly diversified holdings across three or more sectors, none of which contributes a majority of profit
and/or sales. Stakes held are predominantly of a non-controlling nature. Includes diversified financial companies where stakes
held are of a controlling nature. Excludes other diversified companies classified in the Industrials Conglomerates Sub-Industry.
Specialized Finance
(New effective May 2003)
Providers of specialized financial services. Includes credit agencies, stock exchanges and specialty boutiques. Companies in this
Sub-Industry derive a majority of revenue from one, specialized line of business.
Commercial & Residential Mortgage Finance (New)
Financial companies providing commercial and residential mortgage financing and related mortgage services. This Sub-
Industry includes non-deposit funded mortgage lending institutions, building societies, companies providing real estate
financing products, loan servicing, mortgage broker services, and mortgage insurance.
Transaction & Payment Processing Services (New)
Providers of transaction & payment processing services and related payment services including digital/mobile payment
processors, payment service providers & gateways, and digital wallet providers.
Consumer Finance
(New effective May 2003)

Providers of consumer finance services, including personal credit, credit cards, lease financing, travel-related money services
and pawn shops. Excludes mortgage lenders classified in the Thrifts & Mortgage Finance Sub-Industry.
Asset Management & Custody Banks
(New effective May 2003)

Financial institutions primarily engaged in investment management and/or related custody and securities fee-based services.
Includes companies operating mutual funds, closed-end funds and unit investment trusts. Excludes banks and other financial
institutions primarily involved in commercial lending, investment banking, brokerage and other specialized financial activities.
Investment Banking & Brokerage
(New effective May 2003)

Financial institutions primarily engaged in investment banking & brokerage services, including equity and debt underwriting,
mergers and acquisitions, securities lending and advisory services. Excludes banks and other financial institutions primarily
involved in commercial lending, asset management and specialized financial activities.
Diversified Capital Markets
(New effective May 2003)

Financial institutions primarily engaged in diversified capital markets activities, including a significant presence in at least two
of the following area: large/major corporate lending, investment banking, brokerage and asset management. Excludes less
diversified companies classified in the Asset Management & Custody Banks or Investment Banking & Brokerage sub-industries.
Also excludes companies classified in the Banks or Insurance industry groups or the Consumer Finance Sub-Industry.
Financial Exchanges & Data
(New effective Sep 2016)
Financial exchanges for securities, commodities, derivatives and other financial instruments, and providers of financial
decision support tools and products including ratings agencies

Mortgage REITs
(New effective Sep 2016)
Companies or Trusts that service, originate, purchase and/or securitize residential and/or commercial mortgage loans.
Includes trusts that invest in mortgage-backed securities and other mortgage related assets.

# Information Classification: GENERAL

Insurance Brokers
Insurance and reinsurance brokerage firms.
Life & Health Insurance
Companies providing primarily life, disability, indemnity or supplemental health insurance. Excludes managed care companies
classified in the Managed Health Care Sub-Industry.
Multi-line Insurance
Insurance companies with diversified interests in life, health and property and casualty insurance.
Property & Casualty Insurance
Companies providing primarily property and casualty insurance.
Reinsurance
Companies providing primarily reinsurance.
Real Estate Investment Trusts
(Discontinued effective close of April 2006)
Real estate investment trusts (REITs). Includes Property Trusts.
Real Estate Management & Development
(Discontinued effective close of April 2006)
Companies engaged in real estate ownership, development or management.
Diversified REITs
(Discontinued effective close of Aug 2016)
A company or Trust with significantly diversified operations across two or more property types.
Industrial REITs
(Discontinued effective close of Aug 2016)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of industrial
properties. Includes companies operating industrial warehouses and distribution properties.
Mortgage REITs
(Discontinued effective close of Aug 2016)
Companies or Trusts that service, originate, purchase and/or securitize residential and/or commercial mortgage loans.
Includes trusts that invest in mortgage-backed securities and other mortgage related assets.
Hotel & Resort REITs
(Discontinued effective close of Aug 2016)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of hotel and
resort properties.
Office REITs
(Discontinued effective close of Aug 2016)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of office
properties.
Health Care REITs
(Discontinued effective close of Aug 2016)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties
serving the health care industry, including hospitals, nursing homes, and assisted living properties.
Residential REITs
(Discontinued effective close of Aug 2016)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of residential
properties including multifamily homes, apartments, manufactured homes and student housing properties

Retail REITs
(Discontinued effective close of Aug 2016)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of shopping
malls, outlet malls, neighborhood and community shopping centers.
Specialized REITs
(Discontinued effective close of Aug 2016)

# Information Classification: GENERAL

Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties
not classified elsewhere. Includes trusts that operate and invest in storage properties. It also includes REITs that do not
generate a majority of their revenues and income from real estate rental and leasing operations.
Diversified Real Estate Activities
(Discontinued effective close of Aug 2016)
Companies engaged in a diverse spectrum of real estate activities including real estate development & sales, real estate
management, or real estate services, but with no dominant business line.
Real Estate Operating Companies
(Discontinued effective close of Aug 2016)
Companies engaged in operating real estate properties for the purpose of leasing & management.
Real Estate Development
(Discontinued effective close of Aug 2016)
Companies that develop real estate and sell the properties after development. Excludes companies classified in the
Homebuilding Sub-Industry.
Real Estate Services
(Discontinued effective close of Aug 2016)
Real estate service providers such as real estate agents, brokers & real estate appraisers.

Internet Software & Services

(Discontinued effective close of September 2018)
Companies developing and marketing internet software and/or providing internet services including online databases and
interactive services, as well as companies deriving a majority of their revenues from online advertising. Excludes companies
classified in the Internet Retail Sub-Industry.
IT Consulting & Other Services
(New name effective May 2003)

Providers of information technology and systems integration services not classified in the Data Processing & Outsourced
Services Sub-Industry. Includes information technology consulting and information management services.
Data Processing & Outsourced Services (Discontinued)
Providers of commercial electronic data processing and/or business process outsourcing services. Includes companies that
provide services for back-office automation.
Internet Services & Infrastructure
(New effective Oct 2018)
Companies providing services and infrastructure for the internet industry including data centers and cloud networking and
storage infrastructure. Also includes companies providing web hosting services. Excludes companies classified in the Software
Industry.
Application Software

Companies engaged in developing and producing software designed for specialized applications for the business or consumer
market. Includes enterprise and technical software as well as cloud-based software. Excludes companies classified in the
Interactive Home Entertainment Sub-Industry. Excludes companies classified in the Home Entertainment Software Sub-
Industry. Also excludes companies producing systems or database management software classified in the Systems Software
Sub-Industry.
Systems Software
Companies engaged in developing and producing systems and database management software.
Home Entertainment Software
(Discontinued effective close of September 2018)
Manufacturers of home entertainment software and educational software used primarily in the home.
Communications Equipment
(New effective May 2003)

Manufacturers of communication equipment and products, including LANs, WANs, routers, telephones, switchboards and
exchanges. Excludes cellular phone manufacturers classified in the Technology Hardware, Storage & Peripherals Sub-Industry.

# Information Classification: GENERAL

Networking Equipment
(Discontinued effective close of April 2003)
Manufacturers of computer networking equipment and products, including LANs, WANs and routers.
Telecommunications Equipment
(Discontinued effective close of April 2003)
Manufacturers of telecommunication equipment, including telephones, switchboards and exchanges. Excludes companies
classified in the Networking Equipment Sub-Industry.
Computer Hardware
(Discontinued effective close of February 2014)
Manufacturers of personal computers, servers, mainframes and workstations. Includes manufacturers of Automatic Teller
Machines (ATMs). Excludes manufacturers of copiers, faxes and related products classified in the Office Electronics Sub-
Industry.
Computer Storage & Peripherals
(Discontinued effective close of February 2014)
Manufacturers of electronic computer components and peripherals. Includes data storage components, motherboards, audio
and video cards, monitors, keyboards, printers and other peripherals. Excludes semiconductors classified in the
Semiconductors Sub-Industry.
Technology Hardware, Storage & Peripherals
(New effective March 2014)
Manufacturers of cellular phones, personal computers, servers, electronic computer components and peripherals. Includes
data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals.
Excludes semiconductors classified in the Semiconductors Sub-Industry.

Electronic Equipment & Instruments

(New name effective Sep 2008)

Manufacturers of electronic equipment and instruments including analytical, electronic test and measurement instruments,
scanner/barcode products, lasers, display screens, point-of-sales machines, and security system equipment.
Electronic Components
(New effective Sep 2008)
Manufacturers of electronic components. Includes electronic components, connection devices, electron tubes, electronic
capacitors and resistors, electronic coil, printed circuit board, transformer and other inductors, signal processing
technology/components.
Electronic Manufacturing Services
(New effective May 2003)
Producers of electronic equipment mainly for the OEM (Original Equipment Manufacturers) markets.
Technology Distributors
(New effective May 2003)
Distributors of technology hardware and equipment. Includes distributors of communications equipment, computers &
peripherals, semiconductors, and electronic equipment and components.
Office Electronics
(Discontinued effective close of Feb 2014)
Manufacturers of office electronic equipment including copiers and faxes.
Semiconductor Equipment
(Discontinued effective close of April 2003)
Manufacturers of semiconductor equipment.
Semiconductors
(Discontinued effective close of April 2003)
Manufacturers of semiconductors and related products.

Semiconductor Materials & Equipment (New Name)

# Information Classification: GENERAL

Manufacturers of semiconductor equipment, including manufacturers of the raw material and equipment used in the solar
power industry.
Semiconductors
(New effective May 2003)
Manufacturers of semiconductors and related products, including manufacturers of solar modules and cells.

Alternative Carriers
Providers of communications and high-density data transmission services primarily through a high bandwidth/fiber-optic cable
network.
Integrated Telecommunication Services
Operators of primarily fixed-line telecommunications networks and companies providing both wireless and fixed-line
telecommunications services not classified elsewhere. Also includes internet service providers offering internet access to end
users.
Wireless Telecommunication Services
Providers of primarily cellular or wireless telecommunication services.
Advertising
(New effective Oct 2018)
Companies providing advertising, marketing or public relations services.
Broadcasting
(New effective Oct 2018)
Owners and operators of television or radio broadcasting systems, including programming. Includes radio and television
broadcasting, radio networks, and radio stations.
Cable & Satellite
(New effective Oct 2018)
Providers of cable or satellite television services. Includes cable networks and program distribution.
Publishing
(New effective Oct 2018)
Publishers of newspapers, magazines and books in print or electronic formats.
Movies & Entertainment
(New effective Oct 2018)

Companies that engage in producing and selling entertainment products and services, including companies engaged in the
production, distribution and screening of movies and television shows, producers and distributors of music, entertainment
theaters and sports teams. Also includes companies offering and/or producing entertainment content streamed online.
Interactive Home Entertainment
(New effective Oct 2018)

Producers of interactive gaming products, including mobile gaming applications. Also includes educational software used
primarily in the home. Excludes online gambling companies classified in the Casinos & Gaming Sub-Industry.
Interactive Media & Services
(New effective Oct 2018)

Companies engaging in content and information creation or distribution through proprietary platforms, where revenues are
derived primarily through pay-per-click advertisements. Includes search engines, social media and networking platforms,
online classifieds, and online review companies. Excludes companies operating online marketplaces classified in Internet &
Direct Marketing Retail.
Electric Utilities
Companies that produce or distribute electricity. Includes both nuclear and non-nuclear facilities.
Gas Utilities

Companies whose main charter is to distribute and transmit natural and manufactured gas. Excludes companies primarily
involved in gas exploration or production classified in the Oil & Gas Exploration & Production Sub-Industry. Also excludes
diversified midstream natural gas companies classified in the Oil & Gas Storage & Transportation Sub-Industry.

# Information Classification: GENERAL

Multi-Utilities
(New name effective May 2005)
Utility companies with significantly diversified activities in addition to core Electric Utility, Gas Utility and/or Water Utility
operations.
Water Utilities

Companies that purchase and redistribute water to the end-consumer. Includes large-scale water treatment systems.

Independent Power Producers & Energy Traders

(New effective May 2005)

Companies that operate as Independent Power Producers (IPPs), Gas & Power Marketing & Trading Specialists and/or
Integrated Energy Merchants. Excludes producers of electricity using renewable sources, such as solar power, hydropower,
and wind power. Also excludes electric transmission companies and utility distribution companies classified in the Electric
Utilities Sub-Industry.
Renewable Electricity
(New effective March 2014)

Companies that engage in the generation and distribution of electricity using renewable sources, including, but not limited to,
companies that produce electricity using biomass, geothermal energy, solar energy, hydropower, and wind power. Excludes
companies manufacturing capital equipment used to generate electricity using renewable sources, such as manufacturers of
solar power systems, installers of photovoltaic cells, and companies involved in the provision of technology, components, and
services mainly to this market.

Diversified REITs
(New code effective Sep 2016)
A company or Trust with significantly diversified operations across two or more property types.
Industrial REITs (discontinued effective close of March 17, 2023)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of industrial
properties. Includes companies operating industrial warehouses and distribution properties.
Hotel & Resort REITs (discontinued effective close of March 17, 2023)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of hotel and
resort properties.
Office REITs (discontinued effective close of March 17, 2023)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of office
properties.
Health Care REITs (discontinued effective close of March 17, 2023)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties
serving the health care industry, including hospitals, nursing homes, and assisted living properties.
Residential REITs (discontinued effective close of March 17, 2023)

Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of residential
properties including multifamily homes, apartments, manufactured homes and student housing properties
Retail REITs (discontinued effective close of March 17, 2023)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of shopping
malls, outlet malls, neighborhood and community shopping centers.
Specialized REITs (discontinued effective close of March 17, 2023)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties
not classified elsewhere. Includes trusts that operate and invest in storage properties. It also includes REITs that do not
generate a majority of their revenues and income from real estate rental and leasing operations.
Industrial REITs (New Code)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of industrial
properties. Includes companies operating industrial warehouses and distribution properties.
Hotel & Resort REITs (New Code)

# Information Classification: GENERAL

Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of hotel and
resort properties.
Office REITs (New Code)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of office
properties.
Health Care REITs (New Code)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties
serving the health care industry, including hospitals, nursing homes, and assisted living properties.
Multi-Family Residential REITs (New)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of apartments
and other multi-family housing including student housing.
Single-Family Residential REITs (New)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of single-
family residential housing including manufactured homes.
Retail REITs (New Code)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of shopping
malls, outlet malls, neighborhood and community shopping centers.
Other Specialized REITs (New Name/ New Code/Definition Update)

Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and
operation of properties not classified elsewhere. This Sub-Industry includes REITs that manage and
own properties such as natural gas and crude oil pipelines, gas stations, fiber optic cables, prisons,
automobile parking, and automobile dealerships.
Self-Storage REITs (New)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of self storage
properties
Telecom Tower REITs (New)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and
operation of telecom towers and related structures that support wireless telecommunications.
Timber REITs (New)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and
operation of timberland and timber-related properties.
Data Center REITs (New)
Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and
operation of data center properties.
Diversified Real Estate Activities
Companies engaged in a diverse spectrum of real estate activities including real estate development & sales, real estate
management, or real estate services, but with no dominant business line.
Real Estate Operating Companies
Companies engaged in operating real estate properties for the purpose of leasing & management.
Real Estate Development
Companies that develop real estate and sell the properties after development. Excludes companies classified in the
Homebuilding Sub-Industry.
Real Estate Services
Real estate service providers such as real estate agents, brokers & real estate appraisers.
Diversified Real Estate Activities (New Code)
Companies engaged in a diverse spectrum of real estate activities including real estate development & sales, real estate
management, or real estate services, but with no dominant business line.
Real Estate Operating Companies (New Code)
Companies engaged in operating real estate properties for the purpose of leasing & management.
Real Estate Development (New Code)
Companies that develop real estate and sell the properties after development. Excludes companies classified in the
Homebuilding Sub-Industry.
Real Estate Services (New Code)

# Information Classification: GENERAL

Real estate service providers such as real estate agents, brokers & real estate appraisers.

# Information Classification: GENERAL