Consultations

Consultation on Potential Changes to the Global Industry Classification Standard (GICS®) Structure

Open for comment until Oct 30, 2026

This consultation is no longer open. The survey below is provided for reference purposes only. You will not be able to interact with it.

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    S&P DJI makes responses to consultations freely available upon request with redacted individual and company names unless requested to be confidential. Do you wish for your response to remain confidential?*


      • Should Semiconductors be split into two Sub-Industries — Semiconductors and Semiconductor Manufacturing Services?
      • Should manufacturers of solar energy components be classified under a new Solar Energy Components & Equipment Sub-Industry within the Industrials Sector, or retained under the Information Technology Sector?
      • Should manufacturers and installers of solar power systems — currently in Electrical Components & Equipment (Industrials) — also move into the new Solar Energy Components & Equipment Sub-Industry?
      • Should Foundation model developers be classified as Systems Software? Or would Application Software or Internet Services & Infrastructure be a better fit?
      • Should a new Sub-Industry named “Foundation Models & Platforms” be created for this emerging business model?
      • If yes, should this be under “IT Services” or “Software” GICS Industry?
      • Should companies providing financial software and technology services primarily to the financial services industry — including banking & insurance software and related financial technology services be reclassified from the Information Technology sector to the Financials sector under a new 'Financial Technology' Sub-Industry?
      • Should bitcoin and crypto miners be reclassified from Application Software to Internet Services & Infrastructure?
      • Should listed investment vehicles with underlying exposure to real assets — such as infrastructure, properties, projects, and private companies, be classified under the GICS framework, based on the underlying asset?
      • Should listed investment vehicles that are significantly diversified across three or more GICS sectors, none of which contributes the majority of revenues or earnings, be classified in the Multi-Sector Holdings Sub-Industry under the Financials Sector?
      • Should listed investment vehicles with exposure primarily to financial assets such as securities remain ineligible for GICS classification?
      • Do you have any other comments related to the topics as mentioned in the GICS Consultation document?
      • Do you have any other feedback related to the GICS Structure and Methodology?

  • Please be advised that all comments from this consultation will be reviewed and considered before a final decision is made; however, S&P DJI makes no guarantee nor is under any obligation to comply with any of the responses. The survey may result in no changes or outcome of any kind. If S&P DJI decides to change the index methodology, an announcement will be posted on our website.


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