 
 
S&P Dow Jones Indices:  Global Industry Classification Standard (GICS
®
)  1 
Table of Contents 
 
Introduction  2 
Overview  2 
GICS Methodology  3 
GICS Classification  3 
GICS Structure  3 
GICS Maintenance  5 
GICS Review  5 
GICS Structure Review  5 
Changes to the GICS Structure  6 
Chronology of Events  6 
GICS Governance  8 
GICS Methodology Committee  8 
Disclaimer  9 
Performance Disclosure/Back-Tested Data  9 
Intellectual Property Notices/Disclaimer  10 

S&P Dow Jones Indices: Global Industry Classification Standard (GICS

) 2

Introduction

Overview

The Global Industry Classification Standard (GICS



) is specifically designed to consistently classify

companies globally, in both developed and developing economies.

In 1999, S&P Dow Jones Indices and MSCI, two leading global index providers, jointly developed GICS to

establish a global standard for categorizing companies into sectors and industries. GICS was developed

in response to the global financial community’s need for one complete, consistent set of global sector and

industry definitions that enable comparisons by company, sector, and industry across countries, regions,

and globally.

The GICS classification system consists of 11 sectors, 25 industry groups, 74 industries, and 163 sub-

industries. The current GICS sectors are:

• Energy

• Materials

• Industrials

• Consumer Discretionary

• Consumer Staples

• Health Care

• Financials

• Information Technology

• Communication Services

• Utilities

• Real Estate

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) 3

GICS Methodology

GICS Classification

GICS classifies a company according to its principal business activity. To make this determination, S&P

Dow Jones Indices and MSCI use revenue as the key measure identifying a company’s principal

business activity. However, earnings and market perception are also recognized as important and

relevant for classification purposes and are taken into account during the review process.

A company is classified into the sub-industry whose definition most closely describes the business

activities that generate the majority of the company’s revenues. A company engaged in two or more

substantially different business activities, none of which contributes 60% or more of revenues, is initially

classified into the sub-industry that provides the majority of both the company’s revenues and earnings.

To prevent excessive turnover, at least 60% of revenue by a different business activity is the threshold

generally needed to consider a change from a current GICS assignment. When a company has business

activities in three or more sectors, none of which contributes a majority of revenues, the company is

classified either into the Industrial Conglomerates sub-industry (Industrials Sector) or the Multi-Sector

Holdings sub-industry (Financials Sector).

Publicly available information is used when assigning a company’s classification, including Annual

Reports, 10-Ks, company websites, and other official filings.

In the case of a new company, the initial classification is based primarily on the description of the

company’s activities and pro-forma results as given in the prospectus.

If a company’s subsidiary files separate financials to its reporting government agency, that subsidiary is

considered a separate entity and classified independently under the GICS methodology. Equity securities

directly linked to a company have the same classification as the company.

GICS classifications are not assigned to mutual funds, closed-end funds, bonds, or Exchange Traded

Funds.

GICS Structure

GICS assigns each company to a sub-industry, and to a corresponding industry, industry group, and

sector, according to the definition of its principal business activity. Since the classification is strictly

hierarchical, at each of the four levels a company can only belong to one grouping.

• 11 Sectors

• 25 Industry Groups

• 74 Industries

• 163 Sub-Industries

GICS classifications can be presented in either text or numeric formats. The complete GICS classification

for each company is an 8-digit code with text description. The hierarchical design of the 8-digit coding

system allows for easy transition between GICS tiers.

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) 4

Examples:

Sector: Consumer Discretionary (GICS code: 25)

Industry Group: Consumer Services (GICS code: 2530)

Industry: Hotels, Restaurants & Leisure (GICS code: 253010)

Sub-industry: Casinos & Gaming (GICS code: 25301010)

Sector: Financials (GICS code: 40)

Industry Group: Financial Services (GICS code: 4020)

Industry: Capital Markets (GICS code: 402030)

Sub-industry: Investment Banking & Brokerage (GICS code: 40203020)

For the most recent GICS map and definitions, please refer here.

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GICS Maintenance

GICS Review

A company’s GICS classification is reviewed annually and is also under constant surveillance for

corporate actions potentially impacting classification.

In general, a company’s GICS classification changes whenever there is a major corporate action that

redefines a company's primary business activity. Annual reviews are conducted to ensure that a company

has not redefined its primary business activity through a series of smaller events. To provide a stable

industry classification, changes to a company’s classification are minimized by disregarding temporary

fluctuations in the results of a company’s different business activities.

GICS reviews also occur upon client request.

GICS Structure Review

S&P Dow Jones Indices and MSCI review the GICS structure periodically as needed, which can include

Advisory Panels or open consultations with market participants as needed. The objective is to ensure that

the GICS structure continues to accurately represent global equity markets, enabling seamless global

comparisons by industry.

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Changes to the GICS Structure

The four-tier GICS structure accurately reflects equities in today’s global investment environment yet is

flexible enough to capture tomorrow’s developments. The eight-digit GICS coding system is designed to

adapt easily to the changing investment world. As the global economy changes, sectors, industry group,

industries, and sub-industries can be added or divided.

Chronology of Events

Date

GICS Event

August 1999

GICS introduced. GICS comprised of 10 sectors, 23 industry groups, 59 industries and 123

sub-industries.

March 2002

The total number of sub-industries in the GICS structure reduced to 122 from 123. Name

and description changes to other GICS categories. GICS comprised of 10 sectors, 23

industry groups, 59 industries and 122 sub-industries.

April 2003

Changes included the creation of new industry groups, industries and sub-industries, the

merger of some existing sub-industries and significant name and definition changes to

others. GICS comprised of 10 sectors, 24 industry groups, 62 industries and 132 sub-

industries.

April 2004

Changes limited to definition changes for some of the GICS sub-industries. GICS comprised

of 10 sectors, 24 industry groups, 62 industries and 132 sub-industries.

April 2005

Changes included renaming and redefining one industry group, creating two industries and

seven sub-industries, and making significant name and definition changes to others. GICS

comprised of 10 sectors, 24 industry groups, 64 industries and 139 sub-industries.

April 2006

Changes included renaming one industry group, creating four new industries and ten new

sub-industries. Changes also included discontinuing one industry and two sub-industries, and

making name and definition changes to others. GICS comprised of 10 sectors, 24 industry

groups, 67 industries and 147 sub-industries.

August 2008

Changes included renaming one industry group, creating one new industry and eight new

sub-industries. Changes also included discontinuing one sub-industry, and making name and

definition changes to others. GICS comprised of 10 sectors, 24 industry groups, 68 industries

and 154 sub-industries.

June 2010

Changes were made to definitions only. GICS comprised of 10 sectors, 24 industry groups,

68 industries and 154 sub-industries.

February 2014

Changes included renaming four industries and discontinuing one, adding six new sub-

industries and discontinuing 4, and making name and definition changes to others. GICS

comprised of 10 sectors, 24 industry groups, 67 industries, and 156 sub-industries.

September 2016

Changes included the creation of a Real Estate sector, as well as adding one industry group,

three industries, and 15 sub-industries. One industry group was discontinued, along with two

industries and 14 sub-industries. One industry and one sub-industry were renamed, and

there were two definition changes. GICS comprised of 11 sectors, 24 industry groups, 68

industries, and 157 sub-industries.

September 2018

Changes included the renaming of the Telecommunication Services Sector to

Communication Services, removing the Media Industry Group from Consumer Discretionary

and adding the Media Industry Group to the Communication Services Sector under the name

Media & Entertainment. Under the Media & Entertainment Industry Group, three Industries

were created, with seven Sub-Industries. Two Sub-Industries from Information Technology

were discontinued and one was created. Several definitions were updated. GICS comprised

of 11 sectors, 24 industry groups, 69 industries, and 158 sub-industries.

March 2023

Changes included the discontinuation of the Internet & Direct Marketing Retail Sub-Industry,

the combination of the General Merchandise Stores and Department Stores Sub-Industries

into the newly created Broadline Retail Sub-Industry, the discontinuation of the Data

Processing & Outsourced Services Sub-Industry from Information Technology and the

creation of a Sub-Industry of the same name in the Industrials Sector, the creation of a Sub-

Industry in the Financials Sector for Transactions & Payment Processing Services, the

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) 7

discontinuation of the Thrifts & Savings Bank Sub-Industry and the creation of the

Commercial & Residential Mortgage Finance Sub-Industry, as well as updates to the REITs

Industry Groups, and the split of the Trucking Sub-Industry into two new Sub-Industries.

For more detailed information on changes to the GICS structure, please refer here.

S&P Dow Jones Indices: Global Industry Classification Standard (GICS

) 8

GICS Governance

GICS Methodology Committee

The GICS methodology and structure fall under the overall supervision of the GICS Operations

Committee, with committee members from both S&P Dow Jones Indices and MSCI.

S&P Dow Jones Indices and MSCI consider information about changes to the GICS structure and related

matters to be potentially market moving and material. Therefore, all Committee discussions are

confidential.

For more information on GICS, please contact index_services@spglobal.com.

S&P Dow Jones Indices: Global Industry Classification Standard (GICS

) 9

Disclaimer

Performance Disclosure/Back-Tested Data

Where applicable, S&P Dow Jones Indices and its index-related affiliates (“S&P DJI”) defines various

dates to assist our clients in providing transparency. The First Value Date is the first day for which there is

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S&P Dow Jones Indices: Global Industry Classification Standard (GICS

) 10

data points and relevant time period for which backward projected data was used. Index returns shown

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) 11

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S&P Dow Jones Indices: Global Industry Classification Standard (GICS

) 12

Some indices use the Global Industry Classification Standard (GICS

), which was developed by, and is

the exclusive property and a trademark of, S&P Global and MSCI. Neither MSCI, S&P DJI nor any other

party involved in making or compiling any GICS classifications makes any express or implied warranties

or representations with respect to such standard or classification (or the results to be obtained by the use

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