Sector Ticker Audit — November 2026
Monthly review of 28 sectors and 86 tickers against the S&P 500 constituent list.
Generated on: 2026-11-01
← October 2026
November 2026
Executive Summary
This month's audit focuses on filling clear coverage gaps across AI datacenter value chains (network optical suppliers, datacenter storage, power providers) and refreshing the enterprise & security software exposures. I recommend a small number of targeted additions and a couple of low-priority removals to tighten thematic fit while respecting fixed sectors.
Proposals to Add
NTAP
NetApp
Memory & Storage
High
NetApp is a leading provider of on-prem and cloud-integrated datacenter storage systems and software; the Memory & Storage thesis emphasizes nearline/datacenter storage that tracks hyperscaler/model-data growth, and NetApp's product set and enterprise customer base map directly to that demand.
GLW
Corning Inc.
AI Networking & Interconnect
High
Corning supplies optical fiber, fiber assemblies and optical components used in hyperscale and telecom interconnects. The AI Networking & Interconnect thesis targets high-speed optical and link suppliers with material hyperscale exposure; Corning is a natural fit to expand coverage of optical glass and cable suppliers.
LITE
Lumentum
AI Networking & Interconnect
Medium
Lumentum makes optical transceivers and lasers used in high-speed datacenter interconnects. Given the sector's focus on optical links and switching fabrics for large AI clusters, Lumentum complements existing names (Coherent) and improves exposure to active optical-component suppliers.
DDOG
Datadog
Enterprise Software
High
Datadog is a subscription-first observability and monitoring SaaS platform sold to enterprises and hyperscalers; the Enterprise Software criteria call for recurring-revenue SaaS leaders and Datadog's role in cloud observability and AI-ops aligns closely with that thesis.
FTNT
Fortinet
Cybersecurity
High
Fortinet is a pure-play cybersecurity vendor whose revenue is primarily from network/firewall/security product suites. The Cybersecurity thesis requires >70% revenue from security — Fortinet fits and adds appliance/cloud security coverage complementary to CrowdStrike, Palo Alto, and Zscaler.
AES
AES Corporation
AI Power & Grid
High
AES is a large independent power producer with merchant generation and growing corporate PPA activity; the AI Power & Grid thesis prioritizes IPPs that sign hyperscaler PPAs and support datacenter power needs, so AES expands coverage of independent power providers active in that market.
TER
Teradyne
Chip Equipment
Medium
Teradyne manufactures semiconductor test and automation equipment used across fab and OSAT operations. Chip Equipment is for semiconductor capital equipment makers; adding Teradyne increases coverage beyond ASML, Lam, Applied and KLA with a complementary test/assembly equipment provider.
NXPI
NXP Semiconductors
Analog & Embedded Chips
High
NXP derives the majority of revenue from automotive, secure connectivity, and embedded applications (MCUs, secure elements), matching the Analog & Embedded thesis of chips for automotive/industrial/IoT markets. NXP improves automotive and secure-edge exposure in this sector.
TGT
Target
Retail
High
Target is a national omnichannel retailer with significant scale and differentiated supply-chain/fulfillment capabilities. The Retail thesis centers on dominant omnichannel retailers; Target fills a clear retailer slot beyond Walmart and Costco.
BAC
Bank of America
Finance
Medium
Bank of America is a systemically important diversified US bank (commercial and investment banking) and fits the Finance criteria covering major US financial institutions. Adding BAC broadens the Finance sector beyond JPMorgan and Goldman Sachs.
JNJ
Johnson & Johnson
Healthcare
High
Johnson & Johnson is a diversified healthcare leader across pharma, devices and consumer health; the Healthcare thesis targets large-cap diversified healthcare companies and J&J is a core fit to complement UnitedHealth and Eli Lilly.
CTSH
Cognizant Technology Solutions
IT Services
Medium
Cognizant's primary revenue is enterprise IT consulting, outsourcing and digital transformation services. The IT Services criteria call for firms dominated by consulting/managed services, so Cognizant adds breadth to Accenture and IBM in that layer.
Proposals to Remove
SNDK
Memory & Storage
Low
SanDisk (SNDK) is redundant with Western Digital holdings and many product lines are consolidated across WDC; keeping both creates overlap in nearline SSD/flash exposure. SNDK removal is a tidy consolidation to avoid duplicate exposures (low impact to thesis).
PLTR
Enterprise Software
Low
Palantir has important strengths but a material portion of revenue remains government and non-standard enterprise contracts; given the Enterprise Software sector's focus on recurring SaaS/PaaS with broad enterprise penetration, PLTR is borderline and could be deprioritized to make room for purer SaaS names (recommend low-priority removal consideration).
Potential New Sectors
Research recommendations for future coverage — not holdings, and nothing is applied automatically.
Edge AI Infrastructure
AVT, GLW, ON
Low
Several companies now play a distinct role enabling AI inference at the edge: optical/connectivity, ruggedized compute and power-optimized edge SoCs. Existing sectors focus on hyperscale datacenter or embedded chips, but there is no dedicated layer for edge AI platforms and infrastructure (edge servers, rugged networking, low-power accelerators). Establishing an 'Edge AI Infrastructure' sector would capture the economically distinct market of inference-at-edge deployments and the supply chain that supports them.
Reclassification Proposals
COHR
AI Networking & Interconnect → AI Networking & Interconnect
No reclassification proposed; Coherent is correctly placed as an optical supplier to hyperscale interconnects. (Included to state there are no suggested misplacements among current holdings requiring reclassification.)
Sector Health Assessment
Mag 7 (AI Spenders)
7 tickers
S&P 500 Overlap: 7
Fixed canonical bucket; coverage complete.
Chip Supply Chain
6 tickers
S&P 500 Overlap: 5
Reasonable coverage of logic/fabless leaders but limited mid-cycle diversity (power/analog specialists are underrepresented). Consider adding a mixed-signal/AI-datacenter focused designer.
Memory & Storage
5 tickers
S&P 500 Overlap: 5
Good representation of memory and nearline storage OEMs; missing software-defined and NAS vendors (NetApp) that bridge on-prem/cloud storage demand.
EDA & Semiconductor IP
3 tickers
S&P 500 Overlap: 3
Well-covered at the industry tollbooth layer (Cadence, Synopsys, ARM). No change recommended.
Infrastructure
5 tickers
S&P 500 Overlap: 4
Server and systems vendors represented, but could expand to include broader OEMs and storage-system integrators. Consider adding complementary vendors only if they meet the datacenter-hardware revenue test.
AI Networking & Interconnect
3 tickers
S&P 500 Overlap: 3
Concentrated exposure to switching and optical; adding optical-component leaders would materially improve coverage of hyperscale interconnect supply chain.
Enterprise Software
5 tickers
S&P 500 Overlap: 5
Strong core names present, but observability, infrastructure-software and cloud-native platforms are underweighted (Datadog is a recommended add).
Finance
2 tickers
S&P 500 Overlap: 2
Too narrow for systemic exposure; add at least one large diversified bank to represent retail/commercial banking exposures.
Healthcare
2 tickers
S&P 500 Overlap: 2
Underweight large-cap diversified healthcare; add a large pharma/medical device integrated company to balance managed care and biotech.
Retail
2 tickers
S&P 500 Overlap: 2
Core omnichannel leaders present; adding another national omnichannel retailer (Target) improves representation across formats.
IT Services
2 tickers
S&P 500 Overlap: 2
Good start but lacks mid-tier IT outsourcers; adding Cognizant improves coverage of the managed-services layer.
Airlines
2 tickers
S&P 500 Overlap: 2
Appropriate coverage of major US carriers.
Hospitality & Travel
2 tickers
S&P 500 Overlap: 2
Coverage adequate for hotel/OTA layer.
Food & Restaurant
2 tickers
S&P 500 Overlap: 2
Core franchise leaders included; consider adding broader QSR diversity over time.
Logistics
2 tickers
S&P 500 Overlap: 2
Major parcel carriers covered; sector healthy.
Industrial
2 tickers
S&P 500 Overlap: 2
Diversified industrial representation is decent but could add automation/controls exposure if strict sector fit is met.
Cybersecurity
3 tickers
S&P 500 Overlap: 3
Good core coverage across endpoint, network and cloud security; adding Fortinet strengthens network/security appliance exposure.
Chip Equipment
4 tickers
S&P 500 Overlap: 4
Strong leader coverage; adding a test/assembly supplier (Teradyne) improves equipment chain balance.
Data Center REITs
2 tickers
S&P 500 Overlap: 2
Core REIT landlords (Equinix, Digital Realty) represented; sector healthy.
AI Power & Grid
5 tickers
S&P 500 Overlap: 5
Good mix of IPPs, grid-equipment and contractors. Adding an IPP with PPA activity (AES) sharpens the data-center-power exposure.
Utilities
3 tickers
S&P 500 Overlap: 3
Regulated utilities coverage adequate; no changes recommended.
Energy
2 tickers
S&P 500 Overlap: 2
Supermajor representation present; sector is narrowly defined and healthy for that thesis.
Defense & Aerospace
3 tickers
S&P 500 Overlap: 3
Large defense contractors included; sector coverage is appropriate.
Telecom
3 tickers
S&P 500 Overlap: 3
Major carriers represented; sector healthy.
Media & Entertainment
2 tickers
S&P 500 Overlap: 2
Core streaming/studio exposure present; adequate for current thesis.
Biotech
2 tickers
S&P 500 Overlap: 2
Large-cap biotech names included; sector fits its pure-biotech focus.
Materials
2 tickers
S&P 500 Overlap: 2
Industrial gas/specialty chemical leaders included; sector healthy.
Analog & Embedded Chips
3 tickers
S&P 500 Overlap: 3
Strong representation for analog/microcontroller vendors; adding NXP would broaden automotive/secure-edge exposure.
Stale Ticker Warnings
All tickers have recent price data.
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 |
| 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 | 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 |
| 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 |
| SKYD | Skydance | Communication Services | Movies & Entertainment | 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 |
| TWLO | Twilio | Information Technology | Systems Software | 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 |
| VYLR | Vylor | Consumer Staples | Agricultural Products & Services | 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 |
| 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.