Sector Ticker Audit — October 2026
Monthly review of 28 sectors and 86 tickers against the S&P 500 constituent list.
Generated on: 2026-10-01
← September 2026
October 2026
Executive Summary
This month's audit identifies several gap areas in networking, cybersecurity, datacenter storage, chip-equipment, analog/embedded semiconductors, and power providers that support hyperscaler data-center builds. I recommend targeted additions to strengthen those exposures and one tidy removal (legacy/duplicative security) plus a few reclassifications to better align companies with their economic role in the stated theses.
Proposals to Add
CIEN
Ciena
AI Networking & Interconnect
High
Ciena is a leading optical networking supplier to hyperscalers and service providers; the sector thesis requires optical links and switching vendors with material hyperscale/datacenter exposure—Ciena fits directly and adds wavelength/optical transport exposure missing from current holdings.
FTNT
Fortinet
Cybersecurity
High
Fortinet is a pure-play cybersecurity vendor with the majority of revenue from security appliances and cloud/security services. The Cybersecurity sector requires vendors where security is the primary business—Fortinet strengthens the vendor mix (network-edge and enterprise security) beyond endpoint/cloud-native names currently held.
TER
Teradyne
Chip Equipment
Medium
Teradyne supplies test and automation equipment used in semiconductor manufacturing and packaging. Chip Equipment targets capital-equipment makers for fabs and test; Teradyne fills an equipment-segment gap (test/automation) complementary to ASML, LRCX, AMAT, and KLAC.
NTAP
NetApp
Memory & Storage
Medium
NetApp produces enterprise and hyperscale storage systems and software that address nearline/active storage needs of data centers. Memory & Storage targets datacenter storage makers with material AI-driven demand—NetApp extends exposure into storage systems/software (not just NAND/HDD manufacturers).
DDOG
Datadog
Enterprise Software
Medium
Datadog is a SaaS monitoring and observability platform sold to enterprises and hyperscalers; the Enterprise Software criterion favors recurring-revenue businesses that enable enterprise cloud operations and analytics—Datadog complements existing observability/analytics exposures.
WDAY
Workday
Enterprise Software
Low
Workday is a large, enterprise SaaS provider for HCM/finance with strong recurring revenue and a clear enterprise focus. The sector focuses on recurring SaaS leaders; Workday broadens coverage into enterprise applications beyond CRM/analytics.
NRG
NRG Energy
AI Power & Grid
Medium
NRG is an independent power producer with merchant generation assets and a history of PPA activity; AI Power & Grid targets IPPs and generation providers that sign hyperscaler PPAs and deliver capacity for data-center build-out—NRG strengthens the IPP coverage in the sector.
MPWR
Monolithic Power Systems
Analog & Embedded Chips
Medium
Monolithic Power Systems designs power and mixed-signal ICs widely used in automotive, industrial, and embedded applications. The Analog & Embedded thesis prioritizes companies focused on embedded/mixed-signal/automotive semiconductors—MPWR is a strong fit and diversifies analog power device exposure.
NXPI
NXP Semiconductors
Analog & Embedded Chips
Medium
NXP is a leader in automotive and secure embedded mixed-signal chips (MCUs, secure elements, PMICs). The Analog & Embedded sector requires companies with majority revenue from embedded/automotive/industrial markets—NXP materially improves automotive/embedded representation.
GLW
Corning
AI Networking & Interconnect
Low
Corning manufactures optical fiber, cable and optical materials widely used by hyperscalers and telecoms. The AI Networking & Interconnect thesis includes optical links and fiber suppliers that enable high-bandwidth interconnects—Corning complements switching and transceiver vendors in the sector.
Proposals to Remove
SNDK
Memory & Storage
Medium
Sandisk-branded standalone exposure is redundant alongside Western Digital and Seagate, and the SNDK listing is legacy/brand-focused versus distinct supply-chain exposure. Removing will reduce redundancy and concentrate memory/storage exposure in primary NAND/HDD/DRAM manufacturers.
Potential New Sectors
Research recommendations for future coverage — not holdings, and nothing is applied automatically.
Optical Components & Photonics
LITE, GLW, COHR
Low
A dedicated Optical Components & Photonics sector would capture suppliers of fiber, lasers, optical transceivers, and photonics components that underpin hyperscale interconnects. While AI Networking & Interconnect includes some of these companies, a distinct sector would enable finer segmentation between switch/router vendors and component-level photonics suppliers which have different business cycles and capex drivers.
Reclassification Proposals
GLW
None → AI Networking & Interconnect
Corning is principally an optical-fiber and materials supplier that enables hyperscaler interconnects; moving it into AI Networking & Interconnect places fiber and optical-materials suppliers in the same thematic layer as transceivers and optical transport vendors.
Sector Health Assessment
Mag 7 (AI Spenders)
7 tickers
S&P 500 Overlap: 7
Healthy and fixed: contains the canonical Magnificent 7 platforms driving AI capex.
Chip Supply Chain
6 tickers
S&P 500 Overlap: 6
Good coverage of logic/fabless and foundry exposure but could benefit from additional AI accelerator-adjacent vendors if available (keeps concentration on major players).
Memory & Storage
5 tickers
S&P 500 Overlap: 5
Solid coverage of DRAM/NAND/HDD makers; consider adding storage-systems/software exposure (NetApp) to capture software-led demand for nearline and active storage.
EDA & Semiconductor IP
3 tickers
S&P 500 Overlap: 2
Appropriately concentrated on upstream EDA/IP tollbooths; no immediate additions required.
Infrastructure
5 tickers
S&P 500 Overlap: 5
Balanced set of server, systems, and power-hardware vendors; remains a critical layer with adequate representation.
AI Networking & Interconnect
3 tickers
S&P 500 Overlap: 3
Underweight optical transport and fiber/component suppliers; adding Ciena and Corning improves coverage of hyperscaler optical fabrics.
Enterprise Software
5 tickers
S&P 500 Overlap: 5
Strong presence of large SaaS/PaaS names; adding Datadog and Workday broadens observability and core enterprise app exposure.
Finance
2 tickers
S&P 500 Overlap: 2
Concentrated on systemically important banks; fit with thesis is intact though coverage is intentionally narrow.
Healthcare
2 tickers
S&P 500 Overlap: 2
Representative large-cap healthcare exposure; remains focused on diversified leaders.
Retail
2 tickers
S&P 500 Overlap: 2
Good coverage of dominant omnichannel retailers.
IT Services
2 tickers
S&P 500 Overlap: 2
Core consulting/IT services names present; no change recommended.
Airlines
2 tickers
S&P 500 Overlap: 2
Appropriate focus on major US carriers.
Hospitality & Travel
2 tickers
S&P 500 Overlap: 2
Two leading travel platform/hotel names provide balanced exposure.
Food & Restaurant
2 tickers
S&P 500 Overlap: 2
Appropriate concentration on franchise-heavy quick-service leaders.
Logistics
2 tickers
S&P 500 Overlap: 2
Covers major package players; aligns with thesis.
Industrial
2 tickers
S&P 500 Overlap: 2
Diversified industrial leaders represented; healthy.
Cybersecurity
3 tickers
S&P 500 Overlap: 3
Core cloud and endpoint security names present but missing established network/security appliance vendor (Fortinet) — add recommended.
Chip Equipment
4 tickers
S&P 500 Overlap: 4
Strong representation of lithography and deposition vendors; test/automation exposure (Teradyne) would round out equipment coverage.
Data Center REITs
2 tickers
S&P 500 Overlap: 2
Two dominant data-center REITs present; an intentional, concentrated allocation.
AI Power & Grid
5 tickers
S&P 500 Overlap: 5
Good mix of IPPs and electrical-equipment players; adding another IPP (NRG) would deepen capacity-provider coverage for hyperscaler PPAs.
Utilities
3 tickers
S&P 500 Overlap: 3
Large regulated utilities included; sector fits its regulated rate-base thesis.
Energy
2 tickers
S&P 500 Overlap: 2
Supermajor coverage meets thesis for integrated oil & gas exposure.
Defense & Aerospace
3 tickers
S&P 500 Overlap: 3
Solid representation of prime contractors aligned with defense-contractor criteria.
Telecom
3 tickers
S&P 500 Overlap: 3
National carriers covered; aligns with thesis.
Media & Entertainment
2 tickers
S&P 500 Overlap: 2
Core streaming and content provider exposure present.
Biotech
2 tickers
S&P 500 Overlap: 2
Large-cap biotech names included; consistent with pipeline-driven thesis.
Materials
2 tickers
S&P 500 Overlap: 2
Industrial gas and specialty chemical leaders present; fit with thesis.
Analog & Embedded Chips
3 tickers
S&P 500 Overlap: 3
Core analog/embedded leaders present but the sector would benefit from additional automotive/mixed-signal names (NXP, MPWR) to fully represent the automotive/IoT value chain.
Stale Ticker Warnings
All tickers have recent price data.
GICS Reclassifications
| Ticker | Company | Old Classification | New Classification |
|---|---|---|---|
| FERG | Ferguson Enterprises | Industrials | Industrials |
Current Coverage
| Sector | Tickers | Symbols |
|---|---|---|
| Mag 7 (AI Spenders) Fixed | 7 | AAPL, MSFT, GOOG, AMZN, NVDA, META, TSLA |
| Chip Supply Chain | 6 | AMD, AVGO, TSM, MRVL, QCOM, INTC |
| Memory & Storage | 5 | MU, HYNX, SNDK, WDC, STX |
| EDA & Semiconductor IP | 3 | CDNS, SNPS, ARM |
| Infrastructure | 5 | DELL, SMCI, VRT, HPE, CSCO |
| AI Networking & Interconnect | 3 | ANET, APH, COHR |
| Enterprise Software | 5 | CRM, NOW, ADBE, PLTR, ORCL |
| Finance | 2 | JPM, GS |
| Healthcare | 2 | UNH, LLY |
| Retail | 2 | WMT, COST |
| IT Services | 2 | ACN, IBM |
| Airlines | 2 | DAL, UAL |
| Hospitality & Travel | 2 | MAR, BKNG |
| Food & Restaurant | 2 | MCD, SBUX |
| Logistics | 2 | UPS, FDX |
| Industrial | 2 | CAT, HON |
| Cybersecurity | 3 | CRWD, PANW, ZS |
| Chip Equipment | 4 | ASML, LRCX, AMAT, KLAC |
| Data Center REITs | 2 | EQIX, DLR |
| AI Power & Grid | 5 | CEG, VST, GEV, ETN, PWR |
| Utilities | 3 | NEE, SO, DUK |
| Energy | 2 | XOM, CVX |
| Defense & Aerospace | 3 | LMT, RTX, GD |
| Telecom | 3 | VZ, T, TMUS |
| Media & Entertainment | 2 | NFLX, DIS |
| Biotech | 2 | AMGN, GILD |
| Materials | 2 | LIN, APD |
| Analog & Embedded Chips | 3 | MCHP, TXN, ADI |
S&P 500 Reference Table
Show full S&P 500 list (503)
| Ticker | Company | GICS Sector | Sub-Industry | Tracked |
|---|---|---|---|---|
| A | Agilent Technologies | Health Care | Life Sciences Tools & Services | No |
| AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Yes |
| ABBV | AbbVie | Health Care | Biotechnology | No |
| ABNB | Airbnb | Consumer Discretionary | Hotels, Resorts & Cruise Lines | No |
| ABT | Abbott Laboratories | Health Care | Health Care Equipment | No |
| ACGL | Arch Capital Group | Financials | Property & Casualty Insurance | No |
| ACN | Accenture | Information Technology | IT Consulting & Other Services | Yes |
| ADBE | Adobe Inc. | Information Technology | Application Software | Yes |
| ADI | Analog Devices | Information Technology | Semiconductors | Yes |
| ADM | Archer Daniels Midland | Consumer Staples | Agricultural Products & Services | No |
| ADP | Automatic Data Processing | Industrials | Human Resource & Employment Services | No |
| ADSK | Autodesk | Information Technology | Application Software | No |
| AEE | Ameren | Utilities | Multi-Utilities | No |
| AEP | American Electric Power | Utilities | Electric Utilities | No |
| AES | AES Corporation | Utilities | Independent Power Producers & Energy Traders | No |
| AFL | Aflac | Financials | Life & Health Insurance | No |
| AIG | American International Group | Financials | Multi-line Insurance | No |
| AIZ | Assurant | Financials | Multi-line Insurance | No |
| AJG | Arthur J. Gallagher & Co. | Financials | Insurance Brokers | No |
| AKAM | Akamai Technologies | Information Technology | Internet Services & Infrastructure | No |
| ALB | Albemarle Corporation | Materials | Specialty Chemicals | No |
| ALGN | Align Technology | Health Care | Health Care Supplies | No |
| ALL | Allstate | Financials | Property & Casualty Insurance | No |
| ALLE | Allegion | Industrials | Building Products | No |
| AMAT | Applied Materials | Information Technology | Semiconductor Materials & Equipment | Yes |
| AMCR | Amcor | Materials | Paper & Plastic Packaging Products & Materials | No |
| AMD | Advanced Micro Devices | Information Technology | Semiconductors | Yes |
| AME | Ametek | Industrials | Electrical Components & Equipment | No |
| AMGN | Amgen | Health Care | Biotechnology | Yes |
| AMP | Ameriprise Financial | Financials | Asset Management & Custody Banks | No |
| AMT | American Tower | Real Estate | Telecom Tower REITs | No |
| AMZN | Amazon | Consumer Discretionary | Broadline Retail | Yes |
| ANET | Arista Networks | Information Technology | Communications Equipment | Yes |
| AON | Aon plc | Financials | Insurance Brokers | No |
| AOS | A. O. Smith | Industrials | Building Products | No |
| APA | APA Corporation | Energy | Oil & Gas Exploration & Production | No |
| APD | Air Products | Materials | Industrial Gases | Yes |
| APH | Amphenol | Information Technology | Electronic Components | Yes |
| APO | Apollo Global Management | Financials | Asset Management & Custody Banks | No |
| APP | AppLovin | Communication Services | Advertising | No |
| APTV | Aptiv | Consumer Discretionary | Automotive Parts & Equipment | No |
| ARE | Alexandria Real Estate Equities | Real Estate | Office REITs | No |
| ARES | Ares Management | Financials | Asset Management & Custody Banks | No |
| ATO | Atmos Energy | Utilities | Gas Utilities | No |
| AVGO | Broadcom | Information Technology | Semiconductors | Yes |
| AVY | Avery Dennison | Materials | Paper & Plastic Packaging Products & Materials | No |
| AWK | American Water Works | Utilities | Water Utilities | No |
| AXON | Axon Enterprise | Industrials | Aerospace & Defense | No |
| AXP | American Express | Financials | Consumer Finance | No |
| AZO | AutoZone | Consumer Discretionary | Automotive Retail | No |
| BA | Boeing | Industrials | Aerospace & Defense | No |
| BAC | Bank of America | Financials | Diversified Banks | No |
| BALL | Ball Corporation | Materials | Metal, Glass & Plastic Containers | No |
| BAX | Baxter International | Health Care | Health Care Equipment | No |
| BBY | Best Buy | Consumer Discretionary | Computer & Electronics Retail | No |
| BDX | Becton Dickinson | Health Care | Health Care Equipment | No |
| BE | Bloom Energy | Industrials | Electrical Components & Equipment | No |
| BEN | Franklin Resources | Financials | Asset Management & Custody Banks | No |
| BF-B | Brown–Forman | Consumer Staples | Distillers & Vintners | No |
| BG | Bunge Global | Consumer Staples | Agricultural Products & Services | No |
| BIIB | Biogen | Health Care | Biotechnology | No |
| BKNG | Booking Holdings | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Yes |
| BKR | Baker Hughes | Energy | Oil & Gas Equipment & Services | No |
| BLK | BlackRock | Financials | Asset Management & Custody Banks | No |
| BMY | Bristol Myers Squibb | Health Care | Pharmaceuticals | No |
| BNY | BNY Mellon | Financials | Asset Management & Custody Banks | No |
| BR | Broadridge Financial Solutions | Industrials | Data Processing & Outsourced Services | No |
| BRK-B | Berkshire Hathaway | Financials | Multi-Sector Holdings | No |
| BRO | Brown & Brown | Financials | Insurance Brokers | No |
| BSX | Boston Scientific | Health Care | Health Care Equipment | No |
| BX | Blackstone Inc. | Financials | Asset Management & Custody Banks | No |
| BXP | BXP, Inc. | Real Estate | Office REITs | No |
| C | Citigroup | Financials | Diversified Banks | No |
| CAH | Cardinal Health | Health Care | Health Care Distributors | No |
| CARR | Carrier Global | Industrials | Building Products | No |
| CASY | Casey's | Consumer Staples | Food Retail | No |
| CAT | Caterpillar Inc. | Industrials | Construction Machinery & Heavy Transportation Equipment | Yes |
| CB | Chubb Limited | Financials | Property & Casualty Insurance | No |
| CBOE | Cboe Global Markets | Financials | Financial Exchanges & Data | No |
| CBRE | CBRE Group | Real Estate | Real Estate Services | No |
| CCI | Crown Castle | Real Estate | Telecom Tower REITs | No |
| CCL | Carnival Corporation | Consumer Discretionary | Hotels, Resorts & Cruise Lines | No |
| CDNS | Cadence Design Systems | Information Technology | Application Software | Yes |
| CDW | CDW Corporation | Information Technology | Technology Distributors | No |
| CEG | Constellation Energy | Utilities | Electric Utilities | Yes |
| CF | CF Industries | Materials | Fertilizers & Agricultural Chemicals | No |
| CFG | Citizens Financial Group | Financials | Regional Banks | No |
| CHD | Church & Dwight | Consumer Staples | Household Products | No |
| CHRW | C.H. Robinson | Industrials | Air Freight & Logistics | No |
| CHTR | Charter Communications | Communication Services | Cable & Satellite | No |
| CI | Cigna | Health Care | Health Care Services | No |
| CIEN | Ciena | Information Technology | Communications Equipment | No |
| CINF | Cincinnati Financial | Financials | Property & Casualty Insurance | No |
| CL | Colgate-Palmolive | Consumer Staples | Household Products | No |
| CLX | Clorox | Consumer Staples | Household Products | No |
| CMCSA | Comcast | Communication Services | Cable & Satellite | No |
| CME | CME Group | Financials | Financial Exchanges & Data | No |
| CMG | Chipotle Mexican Grill | Consumer Discretionary | Restaurants | No |
| CMI | Cummins | Industrials | Construction Machinery & Heavy Transportation Equipment | No |
| CMS | CMS Energy | Utilities | Multi-Utilities | No |
| CNC | Centene Corporation | Health Care | Managed Health Care | No |
| CNP | CenterPoint Energy | Utilities | Multi-Utilities | No |
| COF | Capital One | Financials | Consumer Finance | No |
| COHR | Coherent Corp. | Information Technology | Electronic Components | Yes |
| COIN | Coinbase | Financials | Financial Exchanges & Data | No |
| COO | Cooper Companies (The) | Health Care | Health Care Supplies | No |
| COP | ConocoPhillips | Energy | Oil & Gas Exploration & Production | No |
| COR | Cencora | Health Care | Health Care Distributors | No |
| COST | Costco | Consumer Staples | Consumer Staples Merchandise Retail | Yes |
| CPAY | Corpay | Financials | Transaction & Payment Processing Services | No |
| CPRT | Copart | Industrials | Diversified Support Services | No |
| CPT | Camden Property Trust | Real Estate | Multi-Family Residential REITs | No |
| CRH | CRH plc | Materials | Construction Materials | No |
| CRL | Charles River Laboratories | Health Care | Life Sciences Tools & Services | No |
| CRM | Salesforce | Information Technology | Application Software | Yes |
| CRWD | CrowdStrike | Information Technology | Systems Software | Yes |
| CSCO | Cisco | Information Technology | Communications Equipment | Yes |
| CSGP | CoStar Group | Real Estate | Real Estate Services | No |
| CSX | CSX Corporation | Industrials | Rail Transportation | No |
| CTAS | Cintas | Industrials | Diversified Support Services | No |
| CTSH | Cognizant | Information Technology | IT Consulting & Other Services | No |
| CTVA | Corteva | Materials | Fertilizers & Agricultural Chemicals | No |
| CVNA | Carvana | Consumer Discretionary | Automotive Retail | No |
| CVS | CVS Health | Health Care | Health Care Services | No |
| CVX | Chevron Corporation | Energy | Integrated Oil & Gas | Yes |
| D | Dominion Energy | Utilities | Multi-Utilities | No |
| DAL | Delta Air Lines | Industrials | Passenger Airlines | Yes |
| DASH | DoorDash | Consumer Discretionary | Specialized Consumer Services | No |
| DD | DuPont | Industrials | Industrial Conglomerates | No |
| DDOG | Datadog | Information Technology | Application Software | No |
| DE | Deere & Company | Industrials | Agricultural & Farm Machinery | No |
| DECK | Deckers Brands | Consumer Discretionary | Footwear | No |
| DELL | Dell Technologies | Information Technology | Technology Hardware, Storage & Peripherals | Yes |
| DG | Dollar General | Consumer Staples | Consumer Staples Merchandise Retail | No |
| DGX | Quest Diagnostics | Health Care | Health Care Services | No |
| DHI | D. R. Horton | Consumer Discretionary | Homebuilding | No |
| DHR | Danaher Corporation | Health Care | Life Sciences Tools & Services | No |
| DIS | Walt Disney Company (The) | Communication Services | Movies & Entertainment | Yes |
| DLR | Digital Realty | Real Estate | Data Center REITs | Yes |
| DLTR | Dollar Tree | Consumer Staples | Consumer Staples Merchandise Retail | No |
| DOC | Healthpeak Properties | Real Estate | Health Care REITs | No |
| DOV | Dover Corporation | Industrials | Industrial Machinery & Supplies & Components | No |
| DOW | Dow Inc. | Materials | Commodity Chemicals | No |
| DPZ | Domino's | Consumer Discretionary | Restaurants | No |
| DRI | Darden Restaurants | Consumer Discretionary | Restaurants | No |
| DTE | DTE Energy | Utilities | Multi-Utilities | No |
| DUK | Duke Energy | Utilities | Electric Utilities | Yes |
| DVA | DaVita | Health Care | Health Care Services | No |
| DVN | Devon Energy | Energy | Oil & Gas Exploration & Production | No |
| DXCM | Dexcom | Health Care | Health Care Equipment | No |
| EBAY | eBay Inc. | Consumer Discretionary | Broadline Retail | No |
| ECHO | EchoStar | Communication Services | Wireless Telecommunication Services | No |
| ECL | Ecolab | Materials | Specialty Chemicals | No |
| ED | Consolidated Edison | Utilities | Multi-Utilities | No |
| EFX | Equifax | Industrials | Research & Consulting Services | No |
| EG | Everest Group | Financials | Reinsurance | No |
| EIX | Edison International | Utilities | Electric Utilities | No |
| EL | Estée Lauder Companies (The) | Consumer Staples | Personal Care Products | No |
| ELV | Elevance Health | Health Care | Managed Health Care | No |
| EME | Emcor | Industrials | Construction & Engineering | No |
| EMR | Emerson Electric | Industrials | Electrical Components & Equipment | No |
| EOG | EOG Resources | Energy | Oil & Gas Exploration & Production | No |
| EQIX | Equinix | Real Estate | Data Center REITs | Yes |
| EQT | EQT Corporation | Energy | Oil & Gas Exploration & Production | No |
| ERIE | Erie Indemnity | Financials | Insurance Brokers | No |
| ES | Eversource Energy | Utilities | Electric Utilities | No |
| ESS | Essex Property Trust | Real Estate | Multi-Family Residential REITs | No |
| ETN | Eaton Corporation | Industrials | Electrical Components & Equipment | Yes |
| ETR | Entergy | Utilities | Electric Utilities | No |
| EVRG | Evergy | Utilities | Electric Utilities | No |
| EW | Edwards Lifesciences | Health Care | Health Care Equipment | No |
| EXC | Exelon | Utilities | Electric Utilities | No |
| EXE | Expand Energy | Energy | Oil & Gas Exploration & Production | No |
| EXPD | Expeditors International | Industrials | Air Freight & Logistics | No |
| EXPE | Expedia Group | Consumer Discretionary | Hotels, Resorts & Cruise Lines | No |
| EXR | Extra Space Storage | Real Estate | Self-Storage REITs | No |
| F | Ford Motor Company | Consumer Discretionary | Automobile Manufacturers | No |
| FANG | Diamondback Energy | Energy | Oil & Gas Exploration & Production | No |
| FAST | Fastenal | Industrials | Trading Companies & Distributors | No |
| FCX | Freeport-McMoRan | Materials | Copper | No |
| FDS | FactSet | Financials | Financial Exchanges & Data | No |
| FDX | FedEx | Industrials | Air Freight & Logistics | Yes |
| FDXF | FedEx Freight | Industrials | Cargo Ground Transportation | No |
| FE | FirstEnergy | Utilities | Electric Utilities | No |
| FERG | Ferguson Enterprises | Industrials | Trading Companies & Distributors | No |
| FFIV | F5, Inc. | Information Technology | Communications Equipment | No |
| FICO | Fair Isaac | Information Technology | Application Software | No |
| FIS | Fidelity National Information Services | Financials | Transaction & Payment Processing Services | No |
| FISV | Fiserv | Financials | Transaction & Payment Processing Services | No |
| FITB | Fifth Third Bancorp | Financials | Regional Banks | No |
| FIX | Comfort Systems USA | Industrials | Construction & Engineering | No |
| FLEX | Flex Ltd. | Information Technology | Electronic Manufacturing Services | No |
| FOX | Fox Corporation(Class B) | Communication Services | Broadcasting | No |
| FOXA | Fox Corporation(Class A) | Communication Services | Broadcasting | No |
| FRT | Federal Realty Investment Trust | Real Estate | Retail REITs | No |
| FSLR | First Solar | Information Technology | Semiconductors | No |
| FTNT | Fortinet | Information Technology | Systems Software | No |
| FTV | Fortive | Industrials | Industrial Machinery & Supplies & Components | No |
| GD | General Dynamics | Industrials | Aerospace & Defense | Yes |
| GDDY | GoDaddy | Information Technology | Internet Services & Infrastructure | No |
| GE | GE Aerospace | Industrials | Aerospace & Defense | No |
| GEHC | GE HealthCare | Health Care | Health Care Equipment | No |
| GEN | Gen Digital | Information Technology | Systems Software | No |
| GEV | GE Vernova | Industrials | Heavy Electrical Equipment | Yes |
| GILD | Gilead Sciences | Health Care | Biotechnology | Yes |
| GIS | General Mills | Consumer Staples | Packaged Foods & Meats | No |
| GL | Globe Life | Financials | Life & Health Insurance | No |
| GLW | Corning Inc. | Information Technology | Electronic Components | No |
| GM | General Motors | Consumer Discretionary | Automobile Manufacturers | No |
| GNRC | Generac | Industrials | Heavy Electrical Equipment | No |
| GOOG | Alphabet Inc.(Class C) | Communication Services | Interactive Media & Services | Yes |
| GOOGL | Alphabet Inc.(Class A) | Communication Services | Interactive Media & Services | No |
| GPC | Genuine Parts Company | Consumer Discretionary | Distributors | No |
| GPN | Global Payments | Financials | Transaction & Payment Processing Services | No |
| GRMN | Garmin | Consumer Discretionary | Consumer Electronics | No |
| GS | Goldman Sachs | Financials | Investment Banking & Brokerage | Yes |
| GWW | W. W. Grainger | Industrials | Industrial Machinery & Supplies & Components | No |
| HAL | Halliburton | Energy | Oil & Gas Equipment & Services | No |
| HAS | Hasbro | Consumer Discretionary | Leisure Products | No |
| HBAN | Huntington Bancshares | Financials | Regional Banks | No |
| HCA | HCA Healthcare | Health Care | Health Care Facilities | No |
| HD | Home Depot (The) | Consumer Discretionary | Home Improvement Retail | No |
| HIG | Hartford (The) | Financials | Property & Casualty Insurance | No |
| HII | Huntington Ingalls Industries | Industrials | Aerospace & Defense | No |
| HLT | Hilton Worldwide | Consumer Discretionary | Hotels, Resorts & Cruise Lines | No |
| HON | Honeywell Technologies | Industrials | Industrial Conglomerates | Yes |
| HONA | Honeywell Aerospace | Industrials | Aerospace & Defense | No |
| HOOD | Robinhood Markets | Financials | Investment Banking & Brokerage | No |
| HPE | Hewlett Packard Enterprise | Information Technology | Technology Hardware, Storage & Peripherals | Yes |
| HPQ | HP Inc. | Information Technology | Technology Hardware, Storage & Peripherals | No |
| HRL | Hormel Foods | Consumer Staples | Packaged Foods & Meats | No |
| HSIC | Henry Schein | Health Care | Health Care Distributors | No |
| HST | Host Hotels & Resorts | Real Estate | Hotel & Resort REITs | No |
| HSY | Hershey Company (The) | Consumer Staples | Packaged Foods & Meats | No |
| HUBB | Hubbell Incorporated | Industrials | Industrial Machinery & Supplies & Components | No |
| HUM | Humana | Health Care | Managed Health Care | No |
| HWM | Howmet Aerospace | Industrials | Aerospace & Defense | No |
| IBKR | Interactive Brokers | Financials | Investment Banking & Brokerage | No |
| IBM | IBM | Information Technology | IT Consulting & Other Services | Yes |
| ICE | Intercontinental Exchange | Financials | Financial Exchanges & Data | No |
| IDXX | Idexx Laboratories | Health Care | Health Care Equipment | No |
| IEX | IDEX Corporation | Industrials | Industrial Machinery & Supplies & Components | No |
| IFF | International Flavors & Fragrances | Materials | Specialty Chemicals | No |
| ILMN | Illumina, Inc. | Health Care | Life Sciences Tools & Services | No |
| INCY | Incyte | Health Care | Biotechnology | No |
| INTC | Intel | Information Technology | Semiconductors | Yes |
| INTU | Intuit | Information Technology | Application Software | No |
| INVH | Invitation Homes | Real Estate | Single-Family Residential REITs | No |
| IP | International Paper | Materials | Paper & Plastic Packaging Products & Materials | No |
| IQV | IQVIA | Health Care | Life Sciences Tools & Services | No |
| IR | Ingersoll Rand | Industrials | Industrial Machinery & Supplies & Components | No |
| IRM | Iron Mountain | Real Estate | Other Specialized REITs | No |
| ISRG | Intuitive Surgical | Health Care | Health Care Equipment | No |
| IT | Gartner | Information Technology | IT Consulting & Other Services | No |
| ITW | Illinois Tool Works | Industrials | Industrial Machinery & Supplies & Components | No |
| IVZ | Invesco | Financials | Asset Management & Custody Banks | No |
| J | Jacobs Solutions | Industrials | Construction & Engineering | No |
| JBHT | J.B. Hunt | Industrials | Cargo Ground Transportation | No |
| JBL | Jabil | Information Technology | Electronic Manufacturing Services | No |
| JCI | Johnson Controls | Industrials | Building Products | No |
| JKHY | Jack Henry & Associates | Financials | Transaction & Payment Processing Services | No |
| JNJ | Johnson & Johnson | Health Care | Pharmaceuticals | No |
| JPM | JPMorgan Chase | Financials | Diversified Banks | Yes |
| KDP | Keurig Dr Pepper | Consumer Staples | Soft Drinks & Non-alcoholic Beverages | No |
| KEY | KeyCorp | Financials | Regional Banks | No |
| KEYS | Keysight Technologies | Information Technology | Electronic Equipment & Instruments | No |
| KHC | Kraft Heinz | Consumer Staples | Packaged Foods & Meats | No |
| KIM | Kimco Realty | Real Estate | Retail REITs | No |
| KKR | KKR & Co. | Financials | Asset Management & Custody Banks | No |
| KLAC | KLA Corporation | Information Technology | Semiconductor Materials & Equipment | Yes |
| KMB | Kimberly-Clark | Consumer Staples | Household Products | No |
| KMI | Kinder Morgan | Energy | Oil & Gas Storage & Transportation | No |
| KO | Coca-Cola Company (The) | Consumer Staples | Soft Drinks & Non-alcoholic Beverages | No |
| KR | Kroger | Consumer Staples | Food Retail | No |
| KVUE | Kenvue | Consumer Staples | Personal Care Products | No |
| L | Loews Corporation | Financials | Multi-line Insurance | No |
| LDOS | Leidos | Industrials | Diversified Support Services | No |
| LEN | Lennar | Consumer Discretionary | Homebuilding | No |
| LH | Labcorp | Health Care | Health Care Services | No |
| LHX | L3Harris | Industrials | Aerospace & Defense | No |
| LII | Lennox International | Industrials | Building Products | No |
| LIN | Linde plc | Materials | Industrial Gases | Yes |
| LITE | Lumentum | Information Technology | Communications Equipment | No |
| LLY | Lilly (Eli) | Health Care | Pharmaceuticals | Yes |
| LMT | Lockheed Martin | Industrials | Aerospace & Defense | Yes |
| LNT | Alliant Energy | Utilities | Electric Utilities | No |
| LOW | Lowe's | Consumer Discretionary | Home Improvement Retail | No |
| LRCX | Lam Research | Information Technology | Semiconductor Materials & Equipment | Yes |
| LULU | Lululemon Athletica | Consumer Discretionary | Apparel, Accessories & Luxury Goods | No |
| LUV | Southwest Airlines | Industrials | Passenger Airlines | No |
| LVS | Las Vegas Sands | Consumer Discretionary | Casinos & Gaming | No |
| LYB | LyondellBasell | Materials | Specialty Chemicals | No |
| LYV | Live Nation Entertainment | Communication Services | Movies & Entertainment | No |
| MA | Mastercard | Financials | Transaction & Payment Processing Services | No |
| MAA | Mid-America Apartment Communities | Real Estate | Multi-Family Residential REITs | No |
| MAR | Marriott International | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Yes |
| MAS | Masco | Industrials | Building Products | No |
| MCD | McDonald's | Consumer Discretionary | Restaurants | Yes |
| MCHP | Microchip Technology | Information Technology | Semiconductors | Yes |
| MCK | McKesson Corporation | Health Care | Health Care Distributors | No |
| MCO | Moody's Corporation | Financials | Financial Exchanges & Data | No |
| MDLZ | Mondelez International | Consumer Staples | Packaged Foods & Meats | No |
| MDT | Medtronic | Health Care | Health Care Equipment | No |
| MET | MetLife | Financials | Life & Health Insurance | No |
| META | Meta Platforms | Communication Services | Interactive Media & Services | Yes |
| MGM | MGM Resorts | Consumer Discretionary | Casinos & Gaming | No |
| MKC | McCormick & Company | Consumer Staples | Packaged Foods & Meats | No |
| MLM | Martin Marietta Materials | Materials | Construction Materials | No |
| MMM | 3M | Industrials | Industrial Conglomerates | No |
| MNST | Monster Beverage | Consumer Staples | Soft Drinks & Non-alcoholic Beverages | No |
| MO | Altria | Consumer Staples | Tobacco | No |
| MOS | Mosaic Company (The) | Materials | Fertilizers & Agricultural Chemicals | No |
| MPC | Marathon Petroleum | Energy | Oil & Gas Refining & Marketing | No |
| MPWR | Monolithic Power Systems | Information Technology | Semiconductors | No |
| MRK | Merck & Co. | Health Care | Pharmaceuticals | No |
| MRNA | Moderna | Health Care | Biotechnology | No |
| MRSH | Marsh McLennan | Financials | Insurance Brokers | No |
| MRVL | Marvell Technology | Information Technology | Semiconductors | Yes |
| MS | Morgan Stanley | Financials | Investment Banking & Brokerage | No |
| MSCI | MSCI | Financials | Financial Exchanges & Data | No |
| MSFT | Microsoft | Information Technology | Systems Software | Yes |
| MSI | Motorola Solutions | Information Technology | Communications Equipment | No |
| MTB | M&T Bank | Financials | Regional Banks | No |
| MTD | Mettler Toledo | Health Care | Life Sciences Tools & Services | No |
| MU | Micron Technology | Information Technology | Semiconductors | Yes |
| NCLH | Norwegian Cruise Line Holdings | Consumer Discretionary | Hotels, Resorts & Cruise Lines | No |
| NDAQ | Nasdaq, Inc. | Financials | Financial Exchanges & Data | No |
| NDSN | Nordson Corporation | Industrials | Industrial Machinery & Supplies & Components | No |
| NEE | NextEra Energy | Utilities | Multi-Utilities | Yes |
| NEM | Newmont | Materials | Gold | No |
| NFLX | Netflix | Communication Services | Movies & Entertainment | Yes |
| NI | NiSource | Utilities | Multi-Utilities | No |
| NKE | Nike, Inc. | Consumer Discretionary | Apparel, Accessories & Luxury Goods | No |
| NOC | Northrop Grumman | Industrials | Aerospace & Defense | No |
| NOW | ServiceNow | Information Technology | Systems Software | Yes |
| NRG | NRG Energy | Utilities | Independent Power Producers & Energy Traders | No |
| NSC | Norfolk Southern | Industrials | Rail Transportation | No |
| NTAP | NetApp | Information Technology | Technology Hardware, Storage & Peripherals | No |
| NTRS | Northern Trust | Financials | Asset Management & Custody Banks | No |
| NUE | Nucor | Materials | Steel | No |
| NVDA | Nvidia | Information Technology | Semiconductors | Yes |
| NVR | NVR, Inc. | Consumer Discretionary | Homebuilding | No |
| NWS | News Corp(Class B) | Communication Services | Publishing | No |
| NWSA | News Corp(Class A) | Communication Services | Publishing | No |
| NXPI | NXP Semiconductors | Information Technology | Semiconductors | No |
| O | Realty Income | Real Estate | Retail REITs | No |
| ODFL | Old Dominion | Industrials | Cargo Ground Transportation | No |
| OKE | Oneok | Energy | Oil & Gas Storage & Transportation | No |
| OMC | Omnicom Group | Communication Services | Advertising | No |
| ON | ON Semiconductor | Information Technology | Semiconductors | No |
| ORCL | Oracle Corporation | Information Technology | Application Software | Yes |
| ORLY | O'Reilly Automotive | Consumer Discretionary | Automotive Retail | No |
| OTIS | Otis Worldwide | Industrials | Industrial Machinery & Supplies & Components | No |
| OXY | Occidental Petroleum | Energy | Oil & Gas Exploration & Production | No |
| P | Everpure | Information Technology | Technology Hardware, Storage & Peripherals | No |
| PANW | Palo Alto Networks | Information Technology | Systems Software | Yes |
| PAYX | Paychex | Industrials | Human Resource & Employment Services | No |
| PCAR | Paccar | Industrials | Construction Machinery & Heavy Transportation Equipment | No |
| PCG | PG&E Corporation | Utilities | Multi-Utilities | No |
| PEG | Public Service Enterprise Group | Utilities | Electric Utilities | No |
| PEP | PepsiCo | Consumer Staples | Soft Drinks & Non-alcoholic Beverages | No |
| PFE | Pfizer | Health Care | Pharmaceuticals | No |
| PFG | Principal Financial Group | Financials | Life & Health Insurance | No |
| PG | Procter & Gamble | Consumer Staples | Personal Care Products | No |
| PGR | Progressive Corporation | Financials | Property & Casualty Insurance | No |
| PH | Parker Hannifin | Industrials | Industrial Machinery & Supplies & Components | No |
| PHM | PulteGroup | Consumer Discretionary | Homebuilding | No |
| PKG | Packaging Corporation of America | Materials | Paper & Plastic Packaging Products & Materials | No |
| PLD | Prologis | Real Estate | Industrial REITs | No |
| PLTR | Palantir Technologies | Information Technology | Application Software | Yes |
| PM | Philip Morris International | Consumer Staples | Tobacco | No |
| PNC | PNC Financial Services | Financials | Diversified Banks | No |
| PNR | Pentair | Industrials | Industrial Machinery & Supplies & Components | No |
| PNW | Pinnacle West Capital | Utilities | Multi-Utilities | No |
| PODD | Insulet Corporation | Health Care | Health Care Equipment | No |
| PPG | PPG Industries | Materials | Specialty Chemicals | No |
| PPL | PPL Corporation | Utilities | Electric Utilities | No |
| PRU | Prudential Financial | Financials | Life & Health Insurance | No |
| PSA | Public Storage | Real Estate | Self-Storage REITs | No |
| PSKY | Paramount Skydance Corporation | Communication Services | Movies & Entertainment | No |
| PSX | Phillips 66 | Energy | Oil & Gas Refining & Marketing | No |
| PTC | PTC Inc. | Information Technology | Application Software | No |
| PWR | Quanta Services | Industrials | Construction & Engineering | Yes |
| PYPL | PayPal | Financials | Transaction & Payment Processing Services | No |
| Q | Qnity Electronics | Information Technology | Semiconductor Materials & Equipment | No |
| QCOM | Qualcomm | Information Technology | Semiconductors | Yes |
| RCL | Royal Caribbean Group | Consumer Discretionary | Hotels, Resorts & Cruise Lines | No |
| RDDT | Communication Services | Interactive Media & Services | No | |
| REG | Regency Centers | Real Estate | Retail REITs | No |
| REGN | Regeneron Pharmaceuticals | Health Care | Biotechnology | No |
| RF | Regions Financial Corporation | Financials | Regional Banks | No |
| RJF | Raymond James Financial | Financials | Investment Banking & Brokerage | No |
| RL | Ralph Lauren Corporation | Consumer Discretionary | Apparel, Accessories & Luxury Goods | No |
| RMD | ResMed| | Health Care | Health Care Equipment | No |
| ROK | Rockwell Automation | Industrials | Electrical Components & Equipment | No |
| ROL | Rollins, Inc. | Industrials | Environmental & Facilities Services | No |
| ROP | Roper Technologies | Information Technology | Electronic Equipment & Instruments | No |
| ROST | Ross Stores | Consumer Discretionary | Apparel Retail | No |
| RSG | Republic Services | Industrials | Environmental & Facilities Services | No |
| RTX | RTX Corporation | Industrials | Aerospace & Defense | Yes |
| RVTY | Revvity | Health Care | Health Care Equipment | No |
| SBAC | SBA Communications | Real Estate | Telecom Tower REITs | No |
| SBUX | Starbucks | Consumer Discretionary | Restaurants | Yes |
| SCHW | Charles Schwab Corporation | Financials | Investment Banking & Brokerage | No |
| SHW | Sherwin-Williams | Materials | Specialty Chemicals | No |
| SJM | J.M. Smucker Company (The) | Consumer Staples | Packaged Foods & Meats | No |
| SLB | Schlumberger | Energy | Oil & Gas Equipment & Services | No |
| SMCI | Supermicro | Information Technology | Technology Hardware, Storage & Peripherals | Yes |
| SNA | Snap-on | Industrials | Industrial Machinery & Supplies & Components | No |
| SNDK | Sandisk | Information Technology | Technology Hardware, Storage & Peripherals | Yes |
| SNPS | Synopsys | Information Technology | Application Software | Yes |
| SO | Southern Company | Utilities | Electric Utilities | Yes |
| SOLV | Solventum | Health Care | Health Care Technology | No |
| SPG | Simon Property Group | Real Estate | Retail REITs | No |
| SPGI | S&P Global | Financials | Financial Exchanges & Data | No |
| SRE | Sempra | Utilities | Multi-Utilities | No |
| STE | Steris | Health Care | Health Care Equipment | No |
| STLD | Steel Dynamics | Materials | Steel | No |
| STT | State Street Corporation | Financials | Asset Management & Custody Banks | No |
| STX | Seagate Technology | Information Technology | Technology Hardware, Storage & Peripherals | Yes |
| STZ | Constellation Brands | Consumer Staples | Distillers & Vintners | No |
| SW | Smurfit Westrock | Materials | Paper & Plastic Packaging Products & Materials | No |
| SWK | Stanley Black & Decker | Industrials | Industrial Machinery & Supplies & Components | No |
| SWKS | Skyworks Solutions | Information Technology | Semiconductors | No |
| SYF | Synchrony Financial | Financials | Consumer Finance | No |
| SYK | Stryker Corporation | Health Care | Health Care Equipment | No |
| SYY | Sysco | Consumer Staples | Food Distributors | No |
| T | AT&T | Communication Services | Integrated Telecommunication Services | Yes |
| TDG | TransDigm Group | Industrials | Aerospace & Defense | No |
| TDY | Teledyne Technologies | Information Technology | Electronic Equipment & Instruments | No |
| TECH | Bio-Techne | Health Care | Life Sciences Tools & Services | No |
| TEL | TE Connectivity | Information Technology | Electronic Manufacturing Services | No |
| TER | Teradyne | Information Technology | Semiconductor Materials & Equipment | No |
| TFC | Truist Financial | Financials | Diversified Banks | No |
| TGT | Target Corporation | Consumer Staples | Consumer Staples Merchandise Retail | No |
| TJX | TJX Companies | Consumer Discretionary | Apparel Retail | No |
| TKO | TKO Group Holdings | Communication Services | Movies & Entertainment | No |
| TMO | Thermo Fisher Scientific | Health Care | Life Sciences Tools & Services | No |
| TMUS | T-Mobile US | Communication Services | Wireless Telecommunication Services | Yes |
| TPL | Texas Pacific Land Corporation | Energy | Oil & Gas Exploration & Production | No |
| TPR | Tapestry, Inc. | Consumer Discretionary | Apparel, Accessories & Luxury Goods | No |
| TRGP | Targa Resources | Energy | Oil & Gas Storage & Transportation | No |
| TRMB | Trimble Inc. | Information Technology | Application Software | No |
| TROW | T. Rowe Price | Financials | Asset Management & Custody Banks | No |
| TRV | Travelers Companies (The) | Financials | Property & Casualty Insurance | No |
| TSCO | Tractor Supply | Consumer Discretionary | Other Specialty Retail | No |
| TSLA | Tesla, Inc. | Consumer Discretionary | Automobile Manufacturers | Yes |
| TSN | Tyson Foods | Consumer Staples | Packaged Foods & Meats | No |
| TT | Trane Technologies | Industrials | Building Products | No |
| TTWO | Take-Two Interactive | Communication Services | Interactive Home Entertainment | No |
| TXN | Texas Instruments | Information Technology | Semiconductors | Yes |
| TXT | Textron | Industrials | Aerospace & Defense | No |
| TYL | Tyler Technologies | Information Technology | Application Software | No |
| UAL | United Airlines Holdings | Industrials | Passenger Airlines | Yes |
| UBER | Uber | Industrials | Passenger Ground Transportation | No |
| UDR | UDR, Inc. | Real Estate | Multi-Family Residential REITs | No |
| UHS | Universal Health Services | Health Care | Health Care Facilities | No |
| ULTA | Ulta Beauty | Consumer Discretionary | Other Specialty Retail | No |
| UNH | UnitedHealth Group | Health Care | Managed Health Care | Yes |
| UNP | Union Pacific Corporation | Industrials | Rail Transportation | No |
| UPS | United Parcel Service | Industrials | Air Freight & Logistics | Yes |
| URI | United Rentals | Industrials | Trading Companies & Distributors | No |
| USB | U.S. Bancorp | Financials | Diversified Banks | No |
| V | Visa Inc. | Financials | Transaction & Payment Processing Services | No |
| VEEV | Veeva Systems | Health Care | Health Care Technology | No |
| VICI | Vici Properties | Real Estate | Hotel & Resort REITs | No |
| VLO | Valero Energy | Energy | Oil & Gas Refining & Marketing | No |
| VLTO | Veralto | Industrials | Environmental & Facilities Services | No |
| VMC | Vulcan Materials Company | Materials | Construction Materials | No |
| VMRK | Vivmark Residential | Real Estate | Multi-Family Residential REITs | No |
| VRSK | Verisk Analytics | Industrials | Research & Consulting Services | No |
| VRSN | Verisign | Information Technology | Internet Services & Infrastructure | No |
| VRT | Vertiv | Industrials | Electrical Components & Equipment | Yes |
| VRTX | Vertex Pharmaceuticals | Health Care | Biotechnology | No |
| VST | Vistra Corp. | Utilities | Electric Utilities | Yes |
| VTR | Ventas | Real Estate | Health Care REITs | No |
| VTRS | Viatris | Health Care | Pharmaceuticals | No |
| VZ | Verizon | Communication Services | Integrated Telecommunication Services | Yes |
| WAB | Wabtec | Industrials | Construction Machinery & Heavy Transportation Equipment | No |
| WAT | Waters Corporation | Health Care | Life Sciences Tools & Services | No |
| WBD | Warner Bros. Discovery | Communication Services | Broadcasting | No |
| WDAY | Workday, Inc. | Information Technology | Application Software | No |
| WDC | Western Digital | Information Technology | Technology Hardware, Storage & Peripherals | Yes |
| WEC | WEC Energy Group | Utilities | Electric Utilities | No |
| WELL | Welltower | Real Estate | Health Care REITs | No |
| WFC | Wells Fargo | Financials | Diversified Banks | No |
| WM | Waste Management | Industrials | Environmental & Facilities Services | No |
| WMB | Williams Companies | Energy | Oil & Gas Storage & Transportation | No |
| WMT | Walmart | Consumer Staples | Consumer Staples Merchandise Retail | Yes |
| WRB | W. R. Berkley Corporation | Financials | Property & Casualty Insurance | No |
| WSM | Williams-Sonoma, Inc. | Consumer Discretionary | Homefurnishing Retail | No |
| WST | West Pharmaceutical Services | Health Care | Health Care Supplies | No |
| WTW | Willis Towers Watson | Financials | Insurance Brokers | No |
| WY | Weyerhaeuser | Real Estate | Timber REITs | No |
| WYNN | Wynn Resorts | Consumer Discretionary | Casinos & Gaming | No |
| XEL | Xcel Energy | Utilities | Multi-Utilities | No |
| XOM | ExxonMobil | Energy | Integrated Oil & Gas | Yes |
| XYL | Xylem Inc. | Industrials | Industrial Machinery & Supplies & Components | No |
| XYZ | Block, Inc. | Financials | Transaction & Payment Processing Services | No |
| YUM | Yum! Brands | Consumer Discretionary | Restaurants | No |
| ZBH | Zimmer Biomet | Health Care | Health Care Equipment | No |
| ZBRA | Zebra Technologies | Information Technology | Electronic Equipment & Instruments | No |
| ZTS | Zoetis | Health Care | Pharmaceuticals | No |
Sector Definitions
Mag 7 (AI Spenders)
Fixed
Thesis: The seven mega-cap companies driving AI capital expenditure. These are the dominant platforms investing $100B+ collectively in AI infrastructure, cloud, and models.
Criteria: Only the canonical Magnificent 7 stocks. Not a general large-cap bucket.
Chip Supply Chain
Thesis: Companies that design or manufacture semiconductors powering AI, data centers, and consumer electronics. Focused on fabless chip designers and foundries.
Criteria: Pure-play semiconductor companies with significant AI/data center revenue. Excludes chip equipment makers (separate sector).
Memory & Storage
Thesis: HBM/DRAM/NAND memory and nearline datacenter storage are the second binding constraint on AI accelerators after logic: HBM supply is sold out years ahead, and hyperscaler storage demand tracks model and training-data growth.
Criteria: Memory manufacturers and datacenter storage makers with material AI-driven demand. Requires a liquid US primary listing (excludes Seoul-only listings such as Samsung Electronics; Korean HBM exposure is carried via SK Hynix's Nasdaq listing). Distinct from logic chip designers (Chip Supply Chain) and server OEMs (Infrastructure).
EDA & Semiconductor IP
Thesis: Electronic-design automation software and reusable semiconductor IP are upstream tollbooths for advanced chips, chiplets, and custom AI accelerators.
Criteria: EDA platforms and licensable semiconductor IP businesses used across leading-edge chip design. Excludes chip manufacturers, fabless device vendors, and fabrication equipment makers.
Infrastructure
Thesis: Hardware and systems companies building the physical infrastructure for AI and cloud computing — servers, networking, power systems.
Criteria: Companies whose revenue is primarily tied to data center build-outs and enterprise hardware.
AI Networking & Interconnect
Thesis: High-speed switching, optical links, connectors, and interconnect systems form the data fabric that lets accelerators operate as large AI clusters.
Criteria: Networking and interconnect suppliers with material hyperscale or AI data-center exposure. Excludes general server OEMs and diversified telecom carriers.
Enterprise Software
Thesis: SaaS and platform companies selling software to businesses. Focused on leaders in CRM, workflow automation, analytics, and AI-enabled enterprise tools.
Criteria: Recurring revenue SaaS/PaaS businesses with enterprise focus. Excludes consumer software and cybersecurity (separate sector).
Finance
Thesis: Major US financial institutions — investment banks, universal banks.
Criteria: Systemically important financial institutions. Not insurance, asset managers, or fintech.
Healthcare
Thesis: Large-cap healthcare companies across managed care, pharma, and medical devices.
Criteria: Diversified healthcare leaders. Excludes pure biotech (separate sector).
Retail
Thesis: Large-cap retailers with dominant market positions in brick-and-mortar and omnichannel commerce.
Criteria: National/global retailers with massive scale and supply chain advantages.
IT Services
Thesis: Enterprise IT consulting, outsourcing, and technology services providers.
Criteria: Companies whose primary revenue comes from IT consulting, managed services, and enterprise technology solutions.
Airlines
Thesis: Major US passenger airlines.
Criteria: Large US carriers. Not regional airlines or cargo-only operators.
Hospitality & Travel
Thesis: Hotels, online travel agencies, and travel platforms.
Criteria: Companies whose revenue is directly tied to travel and accommodation.
Food & Restaurant
Thesis: Major restaurant chains and quick-service operators.
Criteria: Global restaurant/food-service brands with franchise-heavy models.
Logistics
Thesis: Package delivery and freight logistics companies.
Criteria: National/global logistics networks. Not trucking-only or last-mile startups.
Industrial
Thesis: Diversified industrial manufacturers — heavy equipment, automation, conglomerates.
Criteria: Industrial companies with global manufacturing operations.
Cybersecurity
Thesis: Pure-play cybersecurity vendors protecting enterprise networks, endpoints, and cloud workloads.
Criteria: Companies where cybersecurity is the primary business (>70% of revenue). Not diversified IT companies that happen to have a security product.
Chip Equipment
Thesis: Companies that manufacture the machines and tools used to produce semiconductors.
Criteria: Semiconductor capital equipment makers. Distinct from chip designers (Chip Supply Chain).
Data Center REITs
Thesis: Real estate investment trusts focused on data center facilities.
Criteria: REITs where the majority of assets are data center properties.
AI Power & Grid
Thesis: Power generation, grid equipment, and transmission construction capacity are the binding constraint on AI data center build-out. Independent power producers signing hyperscaler PPAs (nuclear/gas) and electrical-equipment makers capture the resulting capex.
Criteria: Independent power producers with data center supply agreements, plus generation-equipment and grid-construction leaders with material data center revenue exposure. Distinct from rate-base regulated utilities (Utilities) and facility landlords (Data Center REITs).
Utilities
Thesis: Regulated electric utilities and clean energy operators.
Criteria: Large utilities with regulated rate bases. Includes renewable energy leaders.
Energy
Thesis: Major integrated oil & gas companies.
Criteria: Supermajor energy companies with upstream, midstream, and downstream operations.
Defense & Aerospace
Thesis: Defense contractors and aerospace manufacturers.
Criteria: Companies with significant US defense department contracts.
Telecom
Thesis: Major US telecommunications carriers — wireless and wireline.
Criteria: National telecom operators with network infrastructure. Not cable/media companies.
Media & Entertainment
Thesis: Streaming, film studios, and entertainment conglomerates.
Criteria: Companies whose primary business is content creation and distribution.
Biotech
Thesis: Biotechnology companies focused on drug discovery and biologics.
Criteria: Pure biotech with pipeline-driven valuation. Distinct from big pharma (Healthcare).
Materials
Thesis: Industrial gas and specialty chemical companies.
Criteria: Essential materials suppliers with pricing power and global reach.
Analog & Embedded Chips
Thesis: Semiconductor companies designing analog, mixed-signal, and microcontroller chips for automotive, industrial, and IoT applications.
Criteria: Companies where the majority of revenue comes from embedded, automotive, or industrial chip markets. Distinct from AI/data center focused Chip Supply Chain.