# GICS Taxonomy — Full 4-Level Classification (2023 Revision)

This reference contains the complete Global Industry Classification Standard (GICS) hierarchy
used for industry screening. The screening workflow uses **Level 4 (Sub-Industry)** as the
atomic classification unit for granular sector rotation and company discovery.

## Hierarchy

| Level | Name | Count | Code Digits | Example |
|-------|------|-------|-------------|---------|
| 1 | Sector | 11 | 2 | 45 — Information Technology |
| 2 | Industry Group | 25 | 4 | 4510 — Software & Services |
| 3 | Industry | 74 | 6 | 451020 — IT Services |
| 4 | Sub-Industry | 163 | 8 | 45102010 — IT Consulting & Other Services |

## Sector ETF Mapping (Level 1)

| Sector | ETF | GICS Code |
|--------|-----|-----------|
| Energy | XLE | 10 |
| Materials | XLB | 15 |
| Industrials | XLI | 20 |
| Consumer Discretionary | XLY | 25 |
| Consumer Staples | XLP | 30 |
| Health Care | XLV | 35 |
| Financials | XLF | 40 |
| Information Technology | XLK | 45 |
| Communication Services | XLC | 50 |
| Utilities | XLU | 55 |
| Real Estate | XLRE | 60 |

---

## 10 — Energy

### 1010 — Energy

#### 101010 — Energy Equipment & Services
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 10101010 | Oil & Gas Drilling | HP, NBR, PTEN |
| 10101020 | Oil & Gas Equipment & Services | SLB, HAL, BKR, FTI |

#### 101020 — Oil, Gas & Consumable Fuels
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 10102010 | Integrated Oil & Gas | XOM, CVX, SHEL, TTE |
| 10102020 | Oil & Gas Exploration & Production | EOG, PXD, DVN, COP, FANG |
| 10102030 | Oil & Gas Refining & Marketing | VLO, PSX, MPC |
| 10102040 | Oil & Gas Storage & Transportation | WMB, KMI, OKE, ET |
| 10102050 | Coal & Consumable Fuels | BTU, ARCH, CEIX |

---

## 15 — Materials

### 1510 — Materials

#### 151010 — Chemicals
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 15101010 | Commodity Chemicals | LYB, WLK, OLN |
| 15101020 | Diversified Chemicals | DOW, DD, CE |
| 15101030 | Fertilizers & Agricultural Chemicals | NTR, MOS, CF, FMC |
| 15101040 | Industrial Gases | APD, LIN |
| 15101050 | Specialty Chemicals | ECL, PPG, SHW, IFF |

#### 151020 — Construction Materials
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 15102010 | Construction Materials | VMC, MLM, CX, EXP |

#### 151030 — Containers & Packaging
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 15103010 | Metal, Glass & Plastic Containers | BLL, CCK, AMCR |
| 15103020 | Paper & Plastic Packaging Products & Materials | IP, PKG, SEE, BERY |

#### 151040 — Metals & Mining
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 15104010 | Aluminum | AA, CENX |
| 15104020 | Diversified Metals & Mining | BHP, RIO, FCX, TECK |
| 15104025 | Copper | FCX, SCCO, TECK |
| 15104030 | Gold | NEM, GOLD, AEM, KGC |
| 15104040 | Precious Metals & Minerals | WPM, FNV, RGLD |
| 15104045 | Silver | PAAS, AG, HL |
| 15104050 | Steel | NUE, STLD, CLF, X |

#### 151050 — Paper & Forest Products
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 15105010 | Forest Products | WY, RYN |
| 15105020 | Paper Products | — (largely reclassified) |

---

## 20 — Industrials

### 2010 — Capital Goods

#### 201010 — Aerospace & Defense
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 20101010 | Aerospace & Defense | BA, LMT, RTX, NOC, GD, LHX |

#### 201020 — Building Products
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 20102010 | Building Products | JCI, CARR, TT, MAS, LII |

#### 201030 — Construction & Engineering
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 20103010 | Construction & Engineering | PWR, EME, ACM, MTZ, FLR |

#### 201040 — Electrical Equipment
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 20104010 | Electrical Components & Equipment | ETN, AME, HUBB, AYI |
| 20104020 | Heavy Electrical Equipment | GE (GE Vernova), SPWR |

#### 201050 — Industrial Conglomerates
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 20105010 | Industrial Conglomerates | HON, MMM, GE |

#### 201060 — Machinery
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 20106010 | Construction Machinery & Heavy Transportation Equipment | CAT, DE, PCAR, CMI |
| 20106015 | Agricultural & Farm Machinery | DE, AGCO, CNHI |
| 20106020 | Industrial Machinery & Supplies & Components | ITW, PH, ROK, DOV, IR |

#### 201070 — Trading Companies & Distributors
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 20107010 | Trading Companies & Distributors | FAST, GWW, WCC, HDS |

### 2020 — Commercial & Professional Services

#### 202010 — Commercial Services & Supplies
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 20201010 | Diversified Support Services | CTAS, CIN, ABM |
| 20201050 | Environmental & Facilities Services | WM, RSG, WCN, CLH |
| 20201060 | Office Services & Supplies | — |
| 20201070 | Security & Alarm Services | ALLE, BRO |
| 20201080 | Human Resource & Employment Services | ADP, PAYC, RHI, HEIDRICK |

#### 202020 — Professional Services
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 20202010 | Data Processing & Outsourced Services | (moved to IT in 2023) |
| 20202020 | Research & Consulting Services | BAH, LDOS, ACN, INFO |

### 2030 — Transportation

#### 203010 — Air Freight & Logistics
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 20301010 | Air Freight & Logistics | FDX, UPS, XPO, CHRW |

#### 203020 — Passenger Airlines
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 20302010 | Passenger Airlines | DAL, UAL, LUV, AAL, ALK |

#### 203030 — Marine Transportation
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 20303010 | Marine Transportation | ZIM, MATX, KEX |

#### 203040 — Ground Transportation
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 20304010 | Rail Transportation | UNP, CSX, NSC, CP |
| 20304020 | Cargo Ground Transportation | ODFL, SAIA, JBHT, KNX |

#### 203050 — Transportation Infrastructure
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 20305010 | Airport Services | — |
| 20305020 | Highways & Railtracks | — |
| 20305030 | Marine Ports & Services | — |

---

## 25 — Consumer Discretionary

### 2510 — Automobiles & Components

#### 251010 — Automobile Components
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 25101010 | Automotive Parts & Equipment | APH, BWA, APTV, LEA |
| 25101020 | Tires & Rubber | GT |

#### 251020 — Automobiles
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 25102010 | Automobile Manufacturers | TSLA, GM, F, TM, RIVN |
| 25102020 | Motorcycle Manufacturers | HOG |

### 2520 — Consumer Durables & Apparel

#### 252010 — Household Durables
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 25201010 | Consumer Electronics | — |
| 25201020 | Home Furnishings | RH, WSM, ETD |
| 25201030 | Homebuilding | LEN, DHI, NVR, PHM, TOL |
| 25201040 | Household Appliances | WHR |
| 25201050 | Housewares & Specialties | — |

#### 252020 — Leisure Products
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 25202010 | Leisure Products | POOL, BC, HAS, MAT |

#### 252030 — Textiles, Apparel & Luxury Goods
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 25203010 | Apparel, Accessories & Luxury Goods | NKE, LULU, TPR, RL, PVH |
| 25203020 | Footwear | NKE, DECK, ONON, SKX |

### 2530 — Consumer Services

#### 253010 — Hotels, Restaurants & Leisure
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 25301010 | Casinos & Gaming | LVS, MGM, WYNN, CZR, DKNG |
| 25301020 | Hotels, Resorts & Cruise Lines | MAR, HLT, H, RCL, CCL |
| 25301030 | Leisure Facilities | VAIL, SIX, FUN |
| 25301040 | Restaurants | MCD, SBUX, CMG, YUM, DRI |

#### 253020 — Diversified Consumer Services
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 25302010 | Education Services | LOPE, STRA, LRN |
| 25302020 | Specialized Consumer Services | H&R Block, ServiceMaster |

### 2550 — Retailing

#### 255010 — Distributors
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 25501010 | Distributors | POOL, GPC, LKQ |

#### 255020 — Broadline Retail
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 25502020 | Broadline Retail | AMZN, WMT, TGT, COST, DG |

#### 255030 — Specialty Retail
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 25503010 | Apparel Retail | TJX, ROST, GAP, ANF |
| 25503020 | Computer & Electronics Retail | BBY |
| 25503030 | Home Improvement Retail | HD, LOW |
| 25503040 | Other Specialty Retail | ORLY, AZO, AAP, FIVE, ULTA |
| 25503050 | Automotive Retail | KMX, AN, PAG, LAD |
| 25503060 | Homefurnishing Retail | WSM, RH, ARHS |

---

## 30 — Consumer Staples

### 3010 — Food & Staples Retailing

#### 301010 — Consumer Staples Distribution & Retail
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 30101010 | Drug Retail | WBA, CVS |
| 30101020 | Food Distributors | SYY, USFD, PFGC |
| 30101030 | Food Retail | KR, ACI |
| 30101040 | Consumer Staples Merchandise Retail | COST, WMT (staples portion) |

### 3020 — Food, Beverage & Tobacco

#### 302010 — Beverages
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 30201010 | Brewers | TAP, SAM, BUD |
| 30201020 | Distillers & Vintners | DEO, STZ, BF.B |
| 30201030 | Soft Drinks & Non-alcoholic Beverages | KO, PEP, MNST, CELH |

#### 302020 — Food Products
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 30202010 | Agricultural Products & Services | ADM, BG, INGR |
| 30202030 | Packaged Foods & Meats | GIS, K, CPB, SJM, HRL, TSN |

#### 302030 — Tobacco
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 30203010 | Tobacco | PM, MO, BTI |

### 3030 — Household & Personal Products

#### 303010 — Household Products
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 30301010 | Household Products | PG, CL, CHD, CLX |

#### 303020 — Personal Care Products
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 30302010 | Personal Care Products | EL, COTY, ELF |

---

## 35 — Health Care

### 3510 — Health Care Equipment & Services

#### 351010 — Health Care Equipment & Supplies
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 35101010 | Health Care Equipment | ABT, MDT, SYK, BSX, ISRG, EW |
| 35101020 | Health Care Supplies | BDX, BAX, HOLX, COO |

#### 351020 — Health Care Providers & Services
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 35102010 | Health Care Distributors | MCK, CAH, COR |
| 35102015 | Health Care Services | HCA, THC, UHS |
| 35102020 | Health Care Facilities | HCA, THC, UHS, SGRY |
| 35102030 | Managed Health Care | UNH, ELV, CI, HUM, CNC |

#### 351030 — Health Care Technology
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 35103010 | Health Care Technology | VEEV, HIMS, DOCS |

### 3520 — Pharmaceuticals, Biotechnology & Life Sciences

#### 352010 — Biotechnology
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 35201010 | Biotechnology | AMGN, GILD, VRTX, REGN, BIIB, MRNA |

#### 352020 — Pharmaceuticals
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 35202010 | Pharmaceuticals | LLY, JNJ, PFE, MRK, AZN, NVO, ABBV |

#### 352030 — Life Sciences Tools & Services
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 35203010 | Life Sciences Tools & Services | TMO, DHR, A, IQV, ILMN, MTD |

---

## 40 — Financials

### 4010 — Banks

#### 401010 — Banks
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 40101010 | Diversified Banks | JPM, BAC, WFC, C |
| 40101015 | Regional Banks | PNC, USB, TFC, FITB, KEY, RF |

### 4020 — Financial Services

#### 402010 — Financial Services
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 40201020 | Diversified Financial Services | BRK.B, BX, KKR, APO |
| 40201030 | Multi-Sector Holdings | BRK.B |
| 40201040 | Specialized Finance | MSCI, SPGI, ICE, NDAQ |
| 40201050 | Commercial & Residential Mortgage Finance | RKT, UWMC |
| 40201060 | Transaction & Payment Processing Services | V, MA, PYPL, SQ, FIS, FISV, GPN |

#### 402020 — Consumer Finance
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 40202010 | Consumer Finance | AXP, COF, DFS, SYF |

#### 402030 — Capital Markets
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 40203010 | Asset Management & Custody Banks | BLK, TROW, IVZ, BK, STT |
| 40203020 | Investment Banking & Brokerage | GS, MS, SCHW, IBKR |
| 40203030 | Diversified Capital Markets | GS, MS |
| 40203040 | Financial Exchanges & Data | CME, ICE, NDAQ, CBOE, MSCI, SPGI |

#### 402040 — Mortgage Real Estate Investment Trusts (REITs)
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 40204010 | Mortgage REITs | AGNC, NLY, STWD |

### 4030 — Insurance

#### 403010 — Insurance
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 40301010 | Insurance Brokers | AON, MMC, AJG, WTW |
| 40301020 | Life & Health Insurance | MET, PRU, AFL, UNUM |
| 40301030 | Multi-line Insurance | AIG, ALL, TRV |
| 40301040 | Property & Casualty Insurance | PGR, CB, CINF, HIG |
| 40301050 | Reinsurance | RNR, ACGL |

---

## 45 — Information Technology

### 4510 — Software & Services

#### 451020 — IT Services
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 45102010 | IT Consulting & Other Services | ACN, IBM, CTSH, INFY |
| 45102020 | Internet Services & Infrastructure | — (reclassified) |
| 45102030 | Data Processing & Outsourced Services | FI, FIS, FISV, WEX, JKHY |

#### 451030 — Software
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 45103010 | Application Software | CRM, ADBE, INTU, NOW, WDAY, SHOP |
| 45103020 | Systems Software | MSFT, ORCL, PANW, CRWD, PLTR, SNOW |

### 4520 — Technology Hardware & Equipment

#### 452010 — Communications Equipment
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 45201020 | Communications Equipment | CSCO, ANET, MSI, JNPR, CIEN |

#### 452020 — Technology Hardware, Storage & Peripherals
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 45202010 | Technology Hardware, Storage & Peripherals | AAPL, DELL, HPQ, HPE, NTAP, PSTG |

#### 452030 — Electronic Equipment, Instruments & Components
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 45203010 | Electronic Equipment & Instruments | KEYS, TDY, GRMN, FTV |
| 45203015 | Electronic Components | APH, TEL, GLW, CDW |
| 45203020 | Electronic Manufacturing Services | FLEX, JBL |
| 45203030 | Technology Distributors | ARW, AVT |

### 4530 — Semiconductors & Semiconductor Equipment

#### 453010 — Semiconductors & Semiconductor Equipment
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 45301010 | Semiconductor Materials & Equipment | AMAT, LRCX, KLAC, ASML, ONTO |
| 45301020 | Semiconductors | NVDA, AMD, AVGO, QCOM, TXN, INTC, MU, MRVL |

---

## 50 — Communication Services

### 5010 — Telecommunication Services

#### 501010 — Diversified Telecommunication Services
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 50101010 | Alternative Carriers | LUMN, TMUS (fiber) |
| 50101020 | Integrated Telecommunication Services | T, VZ, TMUS |

#### 501020 — Wireless Telecommunication Services
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 50102010 | Wireless Telecommunication Services | TMUS, T, VZ |

### 5020 — Media & Entertainment

#### 502010 — Media
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 50201010 | Advertising | OMC, IPG, WPP |
| 50201020 | Broadcasting | PARA, FOX, NXST |
| 50201030 | Cable & Satellite | CMCSA, CHTR |
| 50201040 | Publishing | NYT, NWSA |

#### 502020 — Entertainment
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 50202010 | Movies & Entertainment | DIS, NFLX, WBD, PARA |
| 50202020 | Interactive Home Entertainment | EA, TTWO, RBLX, U |

#### 502030 — Interactive Media & Services
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 50203010 | Interactive Media & Services | GOOGL, META, SNAP, PINS, RDDT |

---

## 55 — Utilities

### 5510 — Utilities

#### 551010 — Electric Utilities
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 55101010 | Electric Utilities | NEE, SO, DUK, AEP, D, EXC, SRE |

#### 551020 — Gas Utilities
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 55102010 | Gas Utilities | NJR, SWX, OGS |

#### 551030 — Multi-Utilities
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 55103010 | Multi-Utilities | ED, DTE, CMS, WEC, XEL, PEG |

#### 551040 — Water Utilities
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 55104010 | Water Utilities | AWK, WTR, WTRG |

#### 551050 — Independent Power and Renewable Electricity Producers
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 55105010 | Independent Power Producers & Energy Traders | VST, NRG, CEG |
| 55105020 | Renewable Electricity | ENPH, SEDG, RUN, FSLR, NEP |

---

## 60 — Real Estate

### 6010 — Equity Real Estate Investment Trusts (REITs)

#### 601010 — Diversified REITs
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 60101010 | Diversified REITs | WPC, STOR, BNL |

#### 601025 — Industrial REITs
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 60102510 | Industrial REITs | PLD, REXR, FR, STAG |

#### 601030 — Hotel & Resort REITs
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 60103010 | Hotel & Resort REITs | HST, PK, RHP |

#### 601040 — Office REITs
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 60104010 | Office REITs | BXP, VNO, ARE, KRC |

#### 601050 — Health Care REITs
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 60105010 | Health Care REITs | WELL, VTR, OHI, HR |

#### 601060 — Residential REITs
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 60106010 | Multi-Family Residential REITs | EQR, AVB, ESS, MAA, UDR |
| 60106020 | Single-Family Residential REITs | INVH, AMH |

#### 601070 — Retail REITs
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 60107010 | Retail REITs | SPG, O, NNN, REG, KIM |

#### 601080 — Specialized REITs
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 60108010 | Diversified Real Estate Activities | — |
| 60108020 | Data Center REITs | EQIX, DLR, AMT (partial) |
| 60108030 | Self-Storage REITs | PSA, EXR, CUBE, LSI |
| 60108040 | Telecom Tower REITs | AMT, CCI, SBAC |
| 60108050 | Timber REITs | WY, RYN, PotlatchDeltic |
| 60108060 | Other Specialized REITs | VICI, IIPR, GLPI |

### 6020 — Real Estate Management & Development

#### 602010 — Real Estate Management & Development
| Sub-Industry Code | Sub-Industry Name | Representative ETF/Tickers |
|-------------------|-------------------|---------------------------|
| 60201010 | Diversified Real Estate Activities | CBRE, JLL |
| 60201020 | Real Estate Operating Companies | HOUS |
| 60201030 | Real Estate Development | — |
| 60201040 | Real Estate Services | CBRE, JLL, ZG, RDFN |

---

## Sub-Industry ETF Proxies for RS Calculation

When no pure sub-industry ETF exists, use these thematic/industry ETFs as proxies:

| Sub-Industry | Proxy ETF | Coverage Notes |
|--------------|-----------|----------------|
| Semiconductors | SMH/SOXX | Strong coverage |
| Semiconductor Equipment | — | Use AMAT, LRCX, KLAC basket |
| Application Software | IGV | Broad software |
| Cybersecurity | CIBR/HACK | Systems software subset |
| Cloud Computing | SKYY/WCLD | Cross-cuts SaaS + infrastructure |
| Biotech | IBB/XBI | XBI = equal-weight (small/mid bias) |
| Managed Health Care | IHF | Health providers |
| Regional Banks | KRE | Pure regional |
| Insurance | KIE | Equal-weight insurance |
| Payments | IPAY | Transaction processing |
| Homebuilders | XHB/ITB | ITB more pure |
| Aerospace & Defense | ITA/PPA | Strong coverage |
| Gold Miners | GDX/GDXJ | GDX = senior, GDXJ = junior |
| Oil & Gas E&P | XOP | Equal-weight E&P |
| Midstream/MLP | AMLP/MLPA | Storage & transportation |
| Utilities — Clean Energy | ICLN/QCLN | Renewable electricity |
| Data Center REITs | — | Use EQIX, DLR basket |
| Industrial REITs | — | Use PLD, REXR basket |
| Electric Vehicles | — | Use TSLA, RIVN, LCID basket |
| Restaurants | — | Use MCD, SBUX, CMG basket |
| Streaming/Entertainment | — | Use NFLX, DIS, WBD basket |

---

## Screening Workflow Integration

### Phase 1 Enhancement: Sub-Industry RS Ranking

Instead of ranking only 11 sectors, the enhanced screening:
1. Computes RS for all 11 sector ETFs (Level 1 filter)
2. For top 3-4 sectors, drills into sub-industry ETFs/baskets
3. Ranks sub-industries by RS composite within each top sector
4. Identifies the strongest sub-industry trends

### Phase 2 Enhancement: Sub-Industry Deep Dive

The deep dive now operates at Level 4 (Sub-Industry) granularity:
1. Maps the complete value chain within the sub-industry
2. Identifies all publicly traded companies with that GICS sub-industry code
3. Applies sub-industry-specific KPIs from `references/sector_metrics.md`

### Universe Construction

For company screening (Phase 3), construct the universe by:
1. GICS sub-industry code → all companies with that classification
2. Cross-reference with sector ETF holdings (XLK, XLV, etc.)
3. Add thematic ETF holdings for coverage
4. Validate against exchange-listed companies with matching SIC/NAICS codes