Understanding the Global Industry Classification Standard (GICS) and its importance in estimating emissions

How to select the correct Global Industry Classification Standard (GICS) industry and why it is important.

What is the Global Industry Classification Standard?

Investors and companies alike need a standardised method to categorise businesses based on their primary activities, to allow for accurate comparisons and analysis.

The Global Industry Classification Standard (GICS) provides just that. It is a four-level classification system that includes:

11 sectors
24 industry groups
69 industries
158 sub-industries

MSCI and S&P created the GICS system to provide a standardised method for categorising companies across the world.

In this article, we will explore the importance of selecting the correct GICS industry for each asset and provide guidance on the selection process.

Why is selecting the correct industry important on Pathzero Navigator?

The selected GICS sector, industry and sub-industry will present the correct Environmentally Extended Input-Output (EEIO)-sector.

That EEIO sector determines the region and sector-based factors which are used for estimating financed emissions. Therefore, selecting the most accurate GICS sub-industry and then EEIO sector is pivotal. Learn more about EEIO and creating emissions estimates.

In most instances, the chosen GICS sub-industry will automatically select the relevant EEIO sector. For 28 of the GICS sub-industries, you will be required to select the most appropriate EEIO sector from the dropdown presented as this will affect the emissions estimation.

How to select the correct industry
A company's GICS industry and sub-industry can typically be found on financial data platforms, such as Bloomberg or Yahoo Finance.

Alternatively, the company can also check its annual reports or SEC filings. Additionally, the GICS website also provides a search tool that can be used to look up the correct GICS selection of a specific company.

If a company’s industry and sub-industry are not disclosed through these channels, the company can self-map to an industry and sub-industry using the table at the end of this article.

To select the industry and sub-industry for an asset on Pathzero Navigator, follow these steps:

Select the most relevant GICS industry group. This will filter and display the applicable industries.
Select the most relevant GICS industry. This will filter and display the applicable GICS sub-industries that you can select.
Select the most relevant GICS sub-industry. This will automatically populate the correct EEIO sector in most instances. In some instances, it will display the associated EEIO sectors for you to choose from.
Select the most relevant associated EEIO sector.
Click ‘Choose this sector’ to save your selections.

I need help finding the GICS industry for a company

We have put all the GICS industry groups, industries and sub-industries into a table at the end of this article. If you need help finding the correct industry selection, you can use a search function to look for keywords and which industry selection they fall into.

Please note that Pathzero Navigator will be updated to include new GICS industry mapping released in 2023. Until then, please use the 2022 mapping as shown below.

Sector	Industry Group	Industry	Sub-industry	Description
Energy	Energy	Energy Equipment & Services	Oil & Gas Drilling	Drilling contractors or owners of drilling rigs that contract their services for drilling wells.
		Energy Equipment & Services	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.
		Oil, Gas & Consumable Fuels	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.
Materials	Materials	Chemicals	Commodity Chemicals	Companies that primarily produce industrial chemicals and basic chemicals. Including but not limited to plastics, synthetic fibres, 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	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.
		Containers & Packaging	Metal & Glass Containers	Manufacturers of metal, glass or plastic containers. Includes corks and caps.
		Containers & Packaging	Paper Packaging	Manufacturers of paper and cardboard containers and packaging.
		Metals & Mining	Aluminium	Producers of aluminium and related products, including companies that mine or process bauxite and companies that recycle aluminium to produce finished or semi-finished products. Excludes companies that primarily produce aluminium 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 Aluminium 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.
		Paper & Forest Products	Forest Products	Manufacturers of timber and related wood products. Includes lumber for the building industry.
		Paper & Forest Products	Paper Products	Manufacturers of all grades of paper. Excludes companies specializing in paper packaging classified in the Paper & Plastic Packaging Products & Materials Sub-Industry.
Industrials	Capital Goods	Aerospace & Defence	Aerospace & Defence	Manufacturers of civil or military aerospace and defence equipment, parts or products. Includes defence electronics and space equipment.
		Building Products	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	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 Equipment	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	Industrial Conglomerates	Diversified industrial companies with business activities in three or more sectors, none of which contributes the majority of revenues. Stakes held are predominantly of a controlling nature and stake holders maintain an operational interest in the running of the subsidiaries.
		Machinery	Construction Machinery & Heavy Trucks	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.
			Industrial Machinery	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 & Distributors	Trading companies and other distributors of industrial equipment and products.
	Commercial & Professional Services	Commercial Services & Supplies	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 labour 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, armoured 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.
		Professional Services	Human Resource & Employment Services	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.
		Professional Services	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.
	Transportation	Air Freight & Logistics	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.
		Airlines	Airlines	Companies providing primarily passenger air transportation.
		Marine	Marine	Companies providing goods or passenger maritime transportation. Excludes cruise-ships classified in the Hotels, Resorts & Cruise Lines Sub-Industry.
		Road & Rail	Railroads	Companies providing primarily goods and passenger rail transportation.
		Road & Rail	Trucking	Companies providing ground transportation services for goods and freight.
		Transportation Infrastructure	Airport Services	Operators of airports and companies providing related services.
			Highways & Rail tracks	Owners and operators of roads, tunnels and rail tracks.
			Marine Ports & Services	Owners and operators of marine ports and related services.
Consumer Discretionary	Automobiles & Components	Auto Components	Auto Parts & Equipment	Manufacturers of parts and accessories for automobiles and motorcycles. Excludes companies classified in the Tires & Rubber Sub-Industry.
		Auto Components	Tires & Rubber	Manufacturers of tires and rubber.
		Automobiles	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.
		Automobiles	Motorcycle Manufacturers	Companies that produce motorcycles, scooters or three-wheelers. Excludes bicycles classified in the Leisure Products Sub-Industry.
	Consumer Durables & Apparel	Household Durables	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 wallcoverings.
			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	Leisure Products	Manufacturers of leisure products and equipment including sports equipment, bicycles and toys.
		Textiles, Apparel & Luxury Goods	Apparel, Accessories & Luxury Goods	Manufacturers of apparel, accessories & luxury goods. Includes companies primarily producing designer handbags, wallets, luggage, jewellery 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.
	Consumer Services	Hotels, Restaurants & Leisure	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	Owners and operators of leisure facilities, including sport and fitness centres, 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.
		Diversified Consumer 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.
		Diversified Consumer Services	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.
	Retailing	Distributors	Distributors	Distributors and wholesalers of general merchandise not classified elsewhere. Includes vehicle distributors.
		Internet & Direct Marketing Retail	Internet & Direct Marketing Retail	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.
		Specialty Retail	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.
			Speciality Stores	Owners and operators of specialty retail stores not classified elsewhere. Includes jewellery 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.
			Home furnishing Retail	Owners and operators of furniture and home furnishings retail stores. Includes residential furniture, home furnishings, housewares, and interior design. Excludes home and garden improvement stores, classified in the Home Improvement Retail Sub-Industry.
Consumer Staples	Food & Staples Retailing	Food & Staples Retailing	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.
			Hypermarkets & Super Centers	Retailers offering a wide range of consumer staples merchandise such as food, household, and personal care products. This Sub-Industry includes hypermarkets, super centres and other consumer staples retailers such as discount retail spaces and on-line marketplaces selling mostly consumer staples goods.
	Food, Beverage & Tobacco	Beverages	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 Drink	Producers of non-alcoholic beverages including mineral waters. Excludes producers of milk classified in the Packaged Foods & Meats Sub-Industry.
		Food Products	Agricultural Products	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.
		Food Products	Packaged Foods & Meats	Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods.
		Tobacco	Tobacco	Manufacturers of cigarettes and other tobacco products.
	Household & Personal Products	Household 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.
	Household & Personal Products	Personal Products	Personal Products	Manufacturers of personal and beauty care products, including cosmetics and perfumes.
Health Care	Health Care Equipment & Services	Health Care Equipment & Supplies	Health Care Equipment	Manufacturers of health care equipment and devices. Includes medical instruments, drug delivery systems, cardiovascular & orthopaedic devices, and diagnostic equipment.
		Health Care Equipment & Supplies	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 Providers & Services	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 centres, 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 centres and animal hospitals.
			Managed Health Care	Owners and operators of Health Maintenance Organizations (HMOs) and other managed plans.
		Health Care Technology	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.
	Pharmaceuticals, Biotechnology & Life Sciences	Biotechnology	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	Pharmaceuticals	Companies engaged in the research, development or production of pharmaceuticals. Includes veterinary drugs.
		Life Sciences Tools & Services	Life Sciences Tools & Services	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.
Financials	Banks	Banks	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	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	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 Financials	Diversified Financial Services	Other Diversified Financial Services	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.
		Consumer Finance	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.
		Capital Markets	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.
			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 Real Estate Investment Trusts (REITs)	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	Insurance	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.
Information Technology	Software & Services	IT Services	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	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, and call centre management.
			Internet Services & Infrastructure	Companies providing services and infrastructure for the internet industry including data centres and cloud networking and storage infrastructure. Also includes companies providing web hosting services. Excludes companies classified in the Software Industry.
		Software	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.
		Software	Systems Software	Companies engaged in developing and producing systems and database management software.
	Technology Hardware & Equipment	Communications Equipment	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	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 & Components	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.
			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.
	Semiconductors & Semiconductor Equipment	Semiconductors & Semiconductor Equipment	Semiconductor Equipment	Manufacturers of semiconductor equipment, including manufacturers of the raw material and equipment used in the solar power industry.
	Semiconductors & Semiconductor Equipment	Semiconductors & Semiconductor Equipment	Semiconductors	Manufacturers of semiconductors and related products, including manufacturers of solar modules and cells.
Communication Services	Telecommunication Services	Diversified Telecommunication Services	Alternative Carriers	Providers of communications and high-density data transmission services primarily through a high bandwidth/fibre-optic cable network.
		Diversified Telecommunication Services	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	Wireless Telecommunication Services	Providers of primarily cellular or wireless telecommunication services.
	Media & Entertainment	Media	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.
		Entertainment	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 theatres and sports teams. Also includes companies offering and/or producing entertainment content streamed online.
		Entertainment	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	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.
Utilities	Utilities	Electric Utilities	Electric Utilities	Companies that produce or distribute electricity. Includes both nuclear and non-nuclear facilities.
		Gas Utilities	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	Multi-Utilities	Utility companies with significantly diversified activities in addition to core Electric Utility, Gas Utility and/or Water Utility operations.
		Water Utilities	Water Utilities	Companies that purchase and redistribute water to the end-consumer. Includes large-scale water treatment systems.
		Independent Power and Renewable Electricity Producers	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.
		Independent Power and Renewable Electricity Producers	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.
Real Estate	Real Estate	Equity Real Estate Investment Trusts (REITs)	Diversified REITs	A company or Trust with significantly diversified operations across two or more property types.
			Industrial REITs	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	Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of hotel and resort properties.
			Office REITs	Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of office properties.
			Health Care REITs	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	Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of single-family residential housing including manufactured homes.
			Retail REITs	Companies or Trusts engaged in the acquisition, development, ownership, leasing, management and operation of shopping malls, outlet malls, neighbourhood and community shopping centres.
			Specialized REITs	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, fibre optic cables, prisons, automobile parking, and automobile dealerships.
		Real Estate Management & Development	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.