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: 

  1. 11 sectors
  2. 24 industry groups
  3. 69 industries
  4. 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: 

  1. Select the most relevant GICS industry group. This will filter and display the applicable industries. 
  2. Select the most relevant GICS industry. This will filter and display the applicable GICS sub-industries that you can select. 
  3. 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. 
  4. Select the most relevant associated EEIO sector
  5. 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. 


Industry Group 






Energy Equipment & Services 

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. 

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. 




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. 

Paper Packaging 

Manufacturers of paper and cardboard containers and packaging. 

Metals & Mining 


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. 


Companies involved primarily in copper ore mining.  


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. 


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


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 Products 

Manufacturers of all grades of paper. Excludes companies specializing in paper packaging classified in the Paper & Plastic Packaging Products & Materials Sub-Industry. 


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. 


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. 

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. 


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. 



Companies providing primarily passenger air transportation. 



Companies providing goods or passenger maritime transportation. Excludes cruise-ships classified in the Hotels, Resorts & Cruise Lines Sub-Industry. 

Road & Rail 


Companies providing primarily goods and passenger rail transportation. 


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. 

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 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. 


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. 


Manufacturers of footwear. Includes sport and leather shoes. 


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. 


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. 

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 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 



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. 

Packaged Foods & Meats 

Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods. 



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. 

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 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 



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. 



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. 




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 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. 


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. 


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. 

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. 


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. 

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 



Companies providing advertising, marketing or public relations services. 


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. 


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 theatres 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 

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 

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. 



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. 

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.