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REVISIONS TO THE GLOBAL
INDUSTRY CLASSIFICATION
STANDARD (GICS®) STRUCTURE
EFFECTIVE MARCH, 2023
BY S&P DOW JONES INDICES AND
MSCI INC.
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CHANGES TO THE GICS STRUCTURE EFFECTIVE MARCH 2023
NEW YORK, MARCH 31, 2022 - S&P Dow Jones Indices (“S&P DJI”), a leading provider of
financial market indices, and MSCI Inc. (MSCI), a leading provider of research-based indices and
analytics, have conducted their annual review of the Global Industry Classification Standard
(GICS®) structure.
The annual GICS methodology review is intended to ensure that the GICS structure continues to
appropriately represent the global equity markets and, thereby, enable asset owners, asset
managers and investment research specialists to make consistent global comparisons by
industry. The GICS structure revision is the result of a consultation with market participants.
Based on the consultation feedback received, S&P DJI and MSCI have concluded that the
proposed changes related to the reclassification of renewable energy companies and the
consolidation of Diversified Banks and Regional Banks will not be implemented due to lack of
market consensus. All other changes proposed in the consultation will be implemented as detailed
below in GICS Direct and S&P DJI’s indices after the close of business (ET) on Friday, March 17,
2023. MSCI will consult with clients regarding implementation in their indexes.
CLASSIFICATION OF RETAILERS
The retail landscape has evolved over the years as retailers are opting to pursue an omni-channel
approach to sell their products rather than sticking with mainly brick-and-mortar retail or purely
online channels. The demarcation between General Merchandise Stores and Department Stores
has diminished as well, since both formats are comprised of retail spaces primarily selling
consumer discretionary goods. Retailers that are generating a majority of revenue or earnings
from consumable staple items such as food, household, and personal care products warrant a
consolidation under the Consumer Staples Sector.
Market feedback concerning the proposals for retailers was generally favorable. S&P DJI
and MSCI will discontinue Internet & Direct Marketing Retail and classify companies according to
the nature of goods sold, merge General Merchandise Stores and Department Stores into a new
Sub-Industry called Broadline Retail, shift consumable merchandise sellers to the Consumer
Staples Sector, and update the GICS nomenclature for select Retail classifications by replacing
the word “Stores” with “Retail”.
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Summary of changes and updated definitions:
Code
Sector
Code
Industry
Group
Code
Industry
Sub-Industry
25
Consumer
Discretionary
2550
Consumer
Discretionary
Distribution
& Retail (New
name)
255010
Distributors
Distributors
255020
Internet &
Direct
Marketing Retail
(Discontinued)
Internet & Direct
Marketing Retail
(Discontinued)
255030
Broadline Retail
(New name)
Department Stores
(Discontinued)
General Merchandise
Stores (Discontinued)
Broadline Retail (New)
255040
Specialty Retail
Apparel Retail
Computer &
Electronics Retail
Home Improvement
Retail
Other Specialty Retail
(New name)
Automotive Retail
Homefurnishing Retail
30
Consumer
Staples
3010
Consumer
Staples
Distribution
& Retail (New
name)
301010
Consumer
Staples
Distribution &
Retail (New
name)
Drug Retail
Food Distributors
Food Retail
Consumer Staples
Merchandise Retail
(New name &
Definition update)
Updates to the GICS structure are denoted in red
Broadline Retail (25503030): 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.
Consumer Staples Merchandise Retail (30101040): 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.
Page 4 of 15
CLASSIFICATION OF DATA PROCESSING & OUTSOURCED SERVICES
Companies classified as Data Processing & Outsourced Services offer services either customized
for select industries such as human resources or travel or to diverse industries, as is the case
with transaction and payment processing companies offering payment related transaction and
payment processing services by connecting consumers, financial institutions, merchants,
governments, digital partners, businesses, and other organizations. These support activities are
closely aligned with the business support activities covered under the Industrials Sector rather
than the Information Technology Sector, and with the Financials Sector in the case of payment
processors.
Market feedback concerning the proposal for Data Processing & Outsourced Services was
generally favorable. Data Processing & Outsourced Services Sub-Industry under the
Information Technology Sector will be discontinued and will be moved to the Industrials Sector
with an updated definition. In addition, transaction and payment processing companies will be
reclassified to a newly created Sub-Industry called Transaction and Payment Processing Services
under the Financials Sector. Payroll processing companies will be moved to the Industrials Sector
under the Human Resource & Employment Services Sub-Industry with an updated definition.
Companies offering travel related data processing and outsourced services will be moved to the
Consumer Discretionary Sector under the Hotels, Resorts & Cruise Lines Sub-Industry.
Summary of changes and updated definitions:
Code
Sector
Code
Industry
Group
Code
Industry
Code
Sub-Industry
20
Industrials
2020
Commercial
&
Professional
Services
202010
Commercial
Services &
Supplies
20201010
Commercial Printing
20201050
Environmental & Facilities
Services
20201060
Office Services & Supplies
20201070
Diversified Support Services
20201080
Security & Alarm Services
202020
Professional
Services
20202010
Human Resource &
Employment Services
(Definition update)
20202020
Research & Consulting
Services
20202030
Data Processing &
Outsourced Services (Sector
change & definition update)
40
Financials
4020
Financial
Services
(New Name)
402010
Financial
Services
(New name)
40201020
Diversified Financial Services
(New name)
40201030
Multi-Sector Holdings
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40201040
Specialized Finance
40201050
Commercial & Residential
Mortgage Finance (New)*
40201060
Transaction & Payment
Processing Services (New)
Updates to the GICS structure are denoted in red
*Details regarding the new Sub-Industry named Commercial & Residential Mortgage Finance can be found under the topic
‘Classification of Banks and Thrifts & Mortgage Finance’ on page 6
Human Resource & Employment Services (20202010): 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 (20202030): 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 center
management.
Transaction and Payment Processing Services (40201060):
Providers of transaction &
payment processing services and related payment services, including digital/mobile payment
processors, payment service providers & gateways, and digital wallet providers.
CLASSIFICATION OF BANKS AND THRIFTS & MORTGAGE FINANCE
The Banks Industry Group comprised of Diversified Banks, Regional Banks, and Thrifts/Savings
Banks has evolved over the years with respect to the geographic footprints of these businesses,
the laws governing them, and the variety of services being offered. Further, Mortgage Finance,
where revenue is more fee-based than interest income based, are distinct from Banks as they
mainly offer mortgage finance related products & services for commercial & residential real estate
properties. In order to capture these changes, it was proposed to merge Diversified Banks,
Regional Banks, and Thrifts/Savings Banks into a single Sub-Industry. It was also proposed to
discontinue the Thrifts & Mortgage Finance Sub-Industry under the Banks Industry Group and
create a new Commercial & Residential Mortgage Finance Sub-Industry under the Diversified
Financials Industry Group (to be renamed Financial Services).
Market feedback concerning the proposal for Banks was mixed, but favorable for the
Thrifts & Mortgage Finance. Most clients expressed a desire to retain a distinction between
Diversified Banks and Regional Banks, although they found merit in merging Thrifts and Savings
Banks into an expanded Regional Banks Sub-Industry. In addition, feedback was in favor of
discontinuing the Thrifts & Mortgage Finance Sub-Industry under the Banks Industry Group and
creating a new Commercial & Residential Mortgage Finance Sub-Industry under the Diversified
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Financials Industry Group (to be renamed Financial Services). Hence, the proposal will be
partially adopted. There will be no change to the Diversified Banks Sub-Industry, Thrifts/Savings
banks will be merged with Regional Banks, and the change for Thrifts and Mortgage Finance Sub-
Industry will be implemented as proposed.
Summary of change and updated definitions:
Code
Sector
Code
Industry
Group
Code
Industry
Code
Sub-Industry
40
Financials
4010
Banks
401010
Banks
40101010
Diversified Banks
40101015
Regional Banks
(Definition update)
401020
Thrifts &
Mortgage Finance
(Discontinued)
40102010
Thrifts & Mortgage
Finance
(Discontinued)
4020
Financial
Services
(New Name)
402010
Financial Services
(New Name)
40201020
Diversified Financial
Services (New name)
40201030
Multi-Sector Holdings
40201040
Specialized Finance
40201050
Commercial &
Residential Mortgage
Finance (New)
40201060
Transaction &
Payment Processing
Services (New)*
Updates to the GICS structure are denoted in red
*Details regarding the new Sub-Industry named Transaction & Payment Processing Services can be found under the topic
‘Classification Data Processing & Outsourced Services’ on page 5
Regional Banks (40101015):
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.
Commercial & Residential Mortgage Finance (40201050): 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.
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CLASSIFICATION OF EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)
The companies structured as REITs generally focus on distinct property types such as retail
properties, data centers, telecom towers, etc., and only a small percentage of these companies
invest in diverse property types.
Market feedback concerning the proposal for Equity REITs was generally favorable. Clients
confirmed that there is interest in creating additional granularity for REITs to help investors track
the increased specialization in the REITs space. It was proposed that Residential REITs will be
split into 2 distinct Sub-Industries and Specialized REITs will be split into 5 Sub-Industries. In
addition, 8 Industries for REITs and a new Industry Group for Equity REITs will be created. A new
Real Estate Management & Development Industry Group and Industry will also be created. Since
the consultation feedback concerning the proposals for Equity REITs was largely favorable, the
changes will be implemented as proposed.
Summary of change and updated definitions:
Code
Sector
Code
Industry
Group
Code
Industry
Code
Sub-Industry
60
Real
Estate
6010
Equity Real
Estate
Investment
Trusts
(REITs) (New
name)
601010
Diversified
REITs (New)
60101010
Diversified REITs
601025
Industrial
REITs (New)
60102510
Industrial REITs (New code)
601030
Hotel &
Resort REITs
(New)
60103010
Hotel & Resort REITs (New
code)
601040
Office REITs
(New)
60104010
Office REITs (New code)
601050
Health Care
REITs (New)
60105010
Health Care REITs (New
code)
601060
Residential
REITs (New)
60101060
Residential REITs
(Discontinued)
60106010
Multi-Family Residential
REITs (New)
60106020
Single-Family Residential
REITs (New)
601070
Retail REITs
(New)
60107010
Retail REITs (New code)
601080
Specialized
REITs (New)
60108010
Other Specialized REITs
(Name change, new code&
definition update/)
60108020
Self-Storage REITs (New)
60108030
Telecom Tower REITs (New)
60108040
Timber REITs (New)
60108050
Data Center REITs (New)
6020
Real Estate
Management
602010
Real Estate
Management
60201010
Diversified Real Estate
Activities (New Code)
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&
Development
(New)
&
Development
(New)
60201020
Real Estate Operating
Companies (New Code)
60201030
Real Estate Development
(New Code)
60201040
Real Estate Services (New
Code)
Updates to the GICS structure are denoted in red
Multi-family Residential REITs (60106010): 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 (60106020): Companies or Trusts engaged in the acquisition,
development, ownership, leasing, management, and operation of single-family residential
housing, including manufactured homes.
Other Specialized REITs (60108010):
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, prison, automobile parking, and
automobile dealerships.
Self-Storage REITs (60108020): Companies or Trusts engaged in the acquisition, development,
ownership, leasing, management and operation of self-storage properties.
Telecom Tower REITs (60108030):
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 (60108040): Companies or Trusts engaged in the acquisition, development,
ownership, leasing, management and operation of timberland and timber-related properties.
Data Center REITs (60108050): Companies or Trusts engaged in the acquisition, development,
ownership, leasing, management and operation of data center properties.
CLASSIFICATION OF TRANSPORTATION
The Trucking Sub-Industry includes a mix of companies providing cargo/goods and passenger
ground transportation services. The passenger ground transportation business has evolved over
the years through the development of online apps and marketplaces for taxis and on-demand ride
sharing, as well as consumer bicycle and scooter rental platforms. In addition, these companies
are distinct from those offering cargo/goods ground transportation services.
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Market feedback supported the reasoning behind separating passenger land
transportation from cargo/goods land transportation.
The Trucking Sub-Industry will be split
into two new Sub-Industries to be called Passenger Ground Transportation and Cargo Ground
Transportation. For additional clarity, the Airlines Industry and Sub-Industry will also be renamed
as Passenger Airlines to better reflect the companies classified there.
Summary of change and updated definitions:
Code
Sector
Code
Industry Group
Code
Industry
Code
Sub-Industry
20
Industrials
2030
Transportation
203010
Air Freight &
Logistics
20301010
Air Freight &
Logistics
203020
Passenger
Airlines (New
name)
20302010
Passenger Airlines
(New name)
203030
Marine
Transportation
(New Name)
20303010
Marine
Transportation (New
name)
203040
Ground
Transportation
(New Name)
20304010
Rail Transportation
(New name)
20304020
Trucking
(Discontinued)
20304030
Cargo Ground
Transportation (New)
20304040
Passenger Ground
Transportation (New)
203050
Transportation
Infrastructure
20305010
Airport Services
20305020
Highways &
Railtracks
20305030
Marine Ports &
Services
Updates to the GICS structure are denoted in red
Cargo Ground Transportation (20304030): Companies providing ground transportation
services for goods and freight.
Passenger Ground Transportation (20304040): 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.
Page 10 of 15
CLASSIFICATION OF RENEWABLE ENERGY COMPANIES
The consultation proposals related to the classification of renewable energy companies
will not be adopted at this time. Although there is a rapid growth in investment and capacity in
the renewable energy generation space that is transforming the competitive landscape of both
the Energy and Utilities Sectors, with renewable energy generation sources becoming significant
competitors to traditional energy source providers, feedback from clients and additional internal
analysis suggests that there is not a consensus yet on how to reflect these changes in the GICS
structure. It is likely that this topic will be revisited in a future Structure Review by S&P DJI and
MSCI.
UPDATE TO GICS DEFINITION: CLASSIFICATION OF CANNABIS
The cannabis industry has expanded rapidly in recent years due to an ease in regulations and
increased discovery of uses for a variety of applications. The legality of recreational usage is still
inconsistent globally, whereas legal medicinal use is more widespread. Additional uses are still in
a nascent stage. In addition, the market feedback was also mixed and hence, the
Pharmaceuticals Sub-Industry definition will not be updated at this time.
ADDITIONAL UPDATES IN SELECT GICS INDUSTRY AND SUB-INDUSTRY NAMES
Various GICS Industry and Sub-Industry names will be updated to increase clarity and
consistency across the GICS structure. The additional name changes that were not part of the
original consultation are denoted in blue in the below table.
A full list of GICS structure related changes including updated GICS codes and names can be
found in the accompanying summary.
Summary of March 17, 2023 GICS Structure Changes:
INDUSTRY GROUP LEVEL
Type of change
Code
Current Industry Group Name
New Industry Group Name
New Name
2550
Retailing
Consumer Discretionary Distribution & Retail
New Name
3010
Food & Staples Retailing
Consumer Staples Distribution & Retail
New Name
4020
Diversified Financials
Financial Services
New Name
6010
Real Estate
Equity Real Estate Investment Trusts (REITs)
New
6020
Real Estate Management & Development
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INDUSTRY LEVEL
Type of change
Code
Current Industry Name
New Industry Name
New Name
203020
Airlines
Passenger Airlines
New Name
203030
Marine
Marine Transportation
New Name
203040
Road & Rail
Ground Transportation
New Name
251010
Auto Components
Automobile Components
Discontinued
255020
Internet & Direct Marketing Retail
New Name
255030
Multiline Retail
Broadline Retail
New Name
301010
Food & Staples Retailing
Consumer Staples Distribution & Retail
New Name
303020
Personal Products
Personal Care Products
Discontinued
401020
Thrifts & Mortgage Finance
New Name
402010
Diversified Financial Services
Financial Services
New Name
601010
Equity Real Estate Investment Trusts
(REITs)
Diversified REITs
New
601025
Industrial REITs
New
601030
Hotel & Resort REITs
New
601040
Office REITs
New
601050
Health Care REITs
New
601060
Residential REITs
New
601070
Retail REITs
New
601080
Specialized REITs
New Code
602010
Real Estate Management &
Development
SUB-INDUSTRY LEVEL
Type of change
Code
Current Sub-Industry Name
New Sub-Industry Name
New Name
15103010
Metal & Glass Containers
Metal, Glass & Plastic Containers
New Name
15103020
Paper Packaging
Paper & Plastic Packaging Products &
Materials
New Name
20106010
Construction Machinery & Heavy
Trucks
Construction Machinery & Heavy
Transportation Equipment
New Name
20106020
Industrial Machinery
Industrial Machinery & Supplies &
Components
Definition Update
20202010
Human Resource & Employment
Services
Sector Change, New
Code & Definition
Update
20202030
Data Processing & Outsourced
Services
New Name
20302010
Airlines
Passenger Airlines
New Name
20303010
Marine
Marine Transportation
New Name
20304010
Railroads
Rail Transportation
Discontinued
20304020
Trucking
New
20304030
Cargo Ground Transportation
New
20304040
Passenger Ground Transportation
New Name
25101010
Auto Parts & Equipment
Automotive Parts & Equipment
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Discontinued
25502020
Internet & Direct Marketing Retail
Discontinued
25503010
Department Stores
Discontinued
25503020
General Merchandise Stores
New
25503030
Broadline Retail
New Name
25504040
Specialty Stores
Other Specialty Retail
New Name & Definition
Update
30101040
Hypermarkets & Super Centers
Consumer Staples Merchandise Retail
New Name
30201030
Soft Drinks
Soft Drinks & Non-alcoholic Beverages
New Name
30202010
Agricultural Products
Agricultural Products & Services
New Name
30302010
Personal Products
Personal Care Products
Definition Update
40101015
Regional Banks
Discontinued
40102010
Thrifts & Mortgage Finance
New Name
40201020
Other Diversified Financial Services
Diversified Financial Services
New
40201050
Commercial & Residential Mortgage Finance
New
40201060
Transaction & Payment Processing Services
Discontinued
45102020
Data Processing & Outsourced
Services
New Name
45301010
Semiconductor Equipment
Semiconductor Materials & Equipment
New Code
60102510
Industrial REITs
New Code
60103010
Hotel & Resort REITs
New Code
60104010
Office REITs
New Code
60105010
Health Care REITs
Discontinued
60101060
Residential REITs
New
60106010
Multi-Family Residential REITs
New
60106020
Single-Family Residential REITs
New Code
60107010
Retail REITs
New Name/ New
Code/Definition Update
60108010
Specialized REITs
Other Specialized REITs
New
60108020
Self-Storage REITs
New
60108030
Telecom Tower REITs
New
60108040
Timber REITs
New
60108050
Data Center REITs
New Code
60201010
Diversified Real Estate Activities
New Code
60201020
Real Estate Operating Companies
New Code
60201030
Real Estate Development
New Code
60201040
Real Estate Services
The new GICS structure will consist of 11 Sectors, 25 Industry Groups, 74 Industries and 163
Sub-Industries.
Page 13 of 15
IMPLEMENTATION TIMELINE AND LIST OF IMPACTED COMPANIES
The changes to the GICS structure will be implemented in GICS Direct and S&P DJI’s indices
after the close of business (ET) on Friday, March 17, 2023. MSCI will consult with clients regarding
implementation into their indexes.
A select list of large market capitalization companies affected by the changes will be announced
no later than June 30, 2022.
The full list of companies affected by these changes will be made available to clients no later than
December 15, 2022.
For more information regarding the GICS structure, please visit S&P Dow Jones Indices’ web site
at www.spglobal.com/spdji/en/ and MSCI’s web site at www.msci.com.
--End--
Page 14 of 15
ABOUT S&P DOW JONES INDICES
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and the Dow Jones
Industrial Average
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Page 15 of 15
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