Ground Rules

August 2024

Industry Classification
Benchmark (Equity)
v4.8

lseg.com/en/ftse-russell

Industry Classification Benchmark (Equity), v4.8, August 2024

Contents

Section 1 Introduction ......................................................................................................................................................... 3
Section 2 Management responsibilities .............................................................................................................................. 4
Section 3 FTSE Russell Index policies ............................................................................................................................... 5
Section 4 Classification guidelines ..................................................................................................................................... 6
Section 5 Periodic reviews ................................................................................................................................................ 10
Section 6 Structure and definitions ................................................................................................................................... 11
Appendix A Collective investment schemes ..................................................................................................................... 27
Appendix B REIT and REIT equivalent company structures ............................................................................................ 28
Appendix C Further information ........................................................................................................................................ 30

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Section 1

Introduction

1.

Introduction

1.1

Industry Classification Benchmark

1.1.1

The Industry Classification Benchmark (ICB) is a detailed and comprehensive structure for sector andindustry analysis, facilitating the comparison of companies across four levels of classification and nationalboundaries. The classification system allocates companies to the subsector whose definition closely
describes the nature of its business as determined from the source of its revenue or the source of the
majority of its revenue where available, as detailed in Rule 4.2.1.
The structure and definitions of all subsectors of ICB are available in Section 6.

1.2

FTSE Russell
FTSE Russell is a trading name of FTSE International Limited, Frank Russell Company, FTSE Global Debt
Capital Markets Limited (and its subsidiaries FTSE Global Debt Capital Markets Inc. and FTSE Fixed
Income Europe Limited), FTSE Fixed Income LLC, FTSE (Beijing) Consulting Limited, Refinitiv Benchmark
Services (UK) Limited, Refinitiv Limited and Beyond Ratings.

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Section 2

Management responsibilities

2.

Management responsibilities

2.1

FTSE Russell

2.1.1

FTSE Russell is responsible for maintaining ICB, and for the classification of all companies within ICB.

2.1.2

FTSE Russell will maintain a record of all changes in the classification of companies and is responsible for
ensuring the timely publication of all company classification changes.

2.1.3

FTSE Russell will monitor corporate events, which occur between quarterly meetings, that may affect theindustrial classification of a company.

2.2

FTSE Russell Industry Classification Advisory Committee

2.2.1

The FTSE Russell Industry Classification Advisory Committee has been established by FTSE Russell. The
Committee may recommend changes to the ICB Ground Rules and the ICB structure, for approval by the
FTSE Russell Governance Board.

2.2.2

The Terms of Reference of the FTSE Russell Industry Classification Advisory Committee are set out on the
FTSE Russell website and can be accessed using the following link:
FTSE_Russell_Industry_Classification_Advisory_Committee.pdf

2.3

FTSE Russell Policy Advisory Board

2.3.1

The FTSE Russell Policy Advisory Board, whose membership is representative of users of FTSE Russell
Indices, has been established by FTSE Russell as an independent committee. The FTSE Russell Policy
Advisory Board provides strategic advice to FTSE Russell on the construction and maintenance of agreed
indices (as stipulated in their terms of reference) and to oversee the practitioner committees established by
FTSE Russell to assist in the management of the indices. The FTSE Russell Policy Advisory Board terms ofreference also include the provision of strategic advice on the construction and maintenance of ICB.

2.3.2

The terms of reference of the FTSE Russell Policy Advisory Board are set out on the FTSE Russell website
and can be accessed using the following link:
FTSE_Russell_Policy_Advisory_Board.pdf

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Section 3

FTSE Russell Index policies

3.

FTSE Russell Index policies
These Ground Rules should be read in conjunction with the following policy documents which can beaccessed using the links below:

3.1

Challenges and Appeals

3.1.1

FTSE Russell’s challenges and appeals procedure can be accessed using the following link:
ICB_Challenges_and_Appeals.pdf

3.2

Policy for Benchmark Methodology Changes

3.2.1

Details of FTSE Russell’s policy for making benchmark methodology changes can be accessed using thefollowing link:
Policy_for_Benchmark_Methodology_Changes.pdf

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Section 4

Classification guidelines

4.

Classification guidelines

4.1

Basis of decisions

4.1.1

FTSE Russell will at all times approach decisions affecting the industry classification of companies withreference to these guidelines.

4.2

Allocation of companies to subsectors

4.2.1

A company will be allocated to that subsector of ICB whose definition most closely coincides with the sourceof the company’s revenue or the source of the majority of its revenue. The principal source of information
used for the classification of a company shall be its audited accounts and directors’ report. Where acompany carries out two or more lines of business that differ substantially from each other, FTSE Russell
will base its decision on the accounting segmentation published in the audited accounts and directors’
report. Interim statements will not normally be used. Changes in a company’s business or structure will beconsidered under Rule 4.3.1.
Where revenue information is unavailable or insufficient, or where a company is new or is in the course ofchanging its line of business, the company will be allocated to that subsector whose definition most closely
coincides with the description of the company’s business as stated in the company’s annual report, or if theannual report is not available, the description of the company’s business provided in the company’s listing
prospectus or in the company’s regulatory filings or, if none of these is available, the business description
provided on the company’s website.

4.2.2

Segmental reporting normally discloses revenue before tax, minority interests, extraordinary items andinterest earned or incurred. Unless there is audited evidence that any of these items is specificallyattributable to a class of business for which revenue is disclosed, it will be disregarded in assessing thesources of revenue. Where any part of the company’s business is to earn interest or incur interest,
or interest expenses are central to the business, then such interest shall be taken into account indetermining the company’s business.

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4.2.3

Subject to Rules 4.2.1 and 4.2.2 companies will be assigned a classification using the following method
STEP 1: Is the company a Collective Investment Scheme orDiversified Financial Holding company?

Yes

Company is assigned via the Collective Investment Scheme tree
in Appendix A

Yes

Company is assigned to that Subsector

Yes

Company is assigned to the largest Subsector, even though it
does not account for 50% or more of the company s revenue

Yes

Company is assigned to the Banking Subsector, even though it
does not account for 50% or more of the company s revenue

Yes

Company is assigned to the most appropriate* Subsector withinthat Sector or Industry

No

STEP 2: Does the company report 50% or greater of its revenue
from one specific Subsector?

No

STEP 3: Does the company report revenue within one Subsector
which is at least 20% larger than the next largest Subsector?

No

STEP 4: Does the company report greatest portion of its revenue
from the Banking Subsector and hold a Banking License?

No

STEP 5: Does the company report 50% or greater of its revenue
from one Sector or Industry?

No

Company is assigned to the largest Subsector, even though it
does not account for 50% or more of the company s revenue* If the company reports at least 20% more revenue in one Subsector within the relevant Industry or Sector, it will be assigned to that
Subsector. Otherwise:
To be assigned a Diversified Sector classification (Diversified Materials, General Mining, Diversified Retailers, Diversified Chemicals or
Diversified REITs) a company will report 50% or more of its revenue within the Sector, but less than 50% within one specific Subsector.
To be assigned a Diversified Industry classification (Diversified Financial Services, Diversified Industrials or Multi-Utilities) a company willreport 50% or more of its revenue within the Industry, but less than 50% within one specific Subsector.
Companies which generate 50% or more of their revenue from one Industry, but are not classified per the above, will be assigned to theSubsector within that Industry which provides the largest portion of the company’s revenue.

To illustrate Step 3 – where a company does NOT generate 50% or greater of revenue from one
Subsector, however largest Subsector is 20% or greater than the next largest Subsector⎯ Company A generates 40% of its revenue from Construction (50101010), 15% from Cement(50101030), 13% from Electrical Components (50202010), 12% from Specialty Chemicals (55201020),
10% from Pipelines (60101035) and 10% from Multi-utilities (65102000). As the company generates
over 20% more of its revenue from one Subsector to the next highest, the company is assigned to that
Subsector – Construction.
To illustrate Step 4 - where company holds a banking license and greatest portion of revenue isgenerated from the Banks Subsector – 20% or greater threshold does not apply⎯ Company B generates 40% of its revenue from Banks (30101010), 30% from Asset Managers andCustodians (30202010) and 30% from Investment Services (30202015). The company holds a
Banking License. As the company holds a banking license and the Banks Subsector generates thegreatest portion of revenue, the company is assigned to the Banks Subsector.

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Note: If the company did not hold a Banking License it would instead have been assigned a Diversified
Financial Services classification as no one Subsector is 20% or greater than the next highest.
To illustrate Step 5 - where 50% or greater of revenue is generated from one Industry⎯ Company B generates 30% of its revenue from Computer Services (10101010), 25% from Software(10101015) and 45% from Telecommunications Equipment (15101010). As the company derives 55%
of its revenue from the Technology Industry, and there are no diversified Sector or Industry
classifications within Technology, the company is assigned to the Subsector within the Technology
Industry which provides the greatest portion of its revenue - Computer Services.
⎯ Company C generates 10% of revenue from Banks (30101010), 40% from Asset Managers andCustodians (30202010), 10% from Investment Services (30202015) and 40% from Real Estate Holding
and Development (35101010). As the company derives 60% of its revenue from the Financials
Industry, the company will be assigned there. As Asset Management revenue is greater than 20%
larger than the next largest Subsector within the Financials Industry, the company is assigned to AssetManagers and Custodians.
Note: If Asset Management was not 20% larger than the next Subsector, the company would instead
have been assigned a Diversified Financial Services classification.
To illustrate Step 5 - where there is no one dominant Industry or Sector which generates greatest
portion of revenue⎯ Company D generates 35% of revenue from Consumer Electronics (40203010), 20% from Personal
Products (45201020), 13% from Electrical Components (50202010), 12% from Specialty Chemicals(55201020), 10% from Pipelines (60101035) and 10% from Multi-utilities (65102000). No one
Subsector generates 20% or more of revenue than the next highest and no one Sector or Industry
provides 50% or greater of the company’s revenue. The company is therefore assigned to theSubsector which provides the greatest portion of revenue – Consumer Electronics.
4.2.4

Companies which are classified as ICB subsectors closed end investments and open end andmiscellaneous investment vehicles are classified based on their structure and not the source of thecompany’s revenue. Additionally, investment holding companies will be assigned an ICB classification
based on their investment objective. Where the investment holding company is deemed to hold controllinginterests in companies, the ICB will either be assigned to diversified financial services or where there is asingle investment theme (e.g. infrastructure, property, biotechnology), to the subsector which it represents.
Where the investment holding company is deemed to hold non-controlling interests, the company will betreated akin to an investment trust and assigned an ICB of closed end investments.
Please refer to Appendix A for further details.

4.2.5

FTSE Russell will seek to maintain stability in the classification of companies by disregarding what it
considers to be temporary fluctuations in the fortunes of individual businesses.

4.2.6

In exceptional circumstances, the classification may reflect other factors, if the FTSE Russell Industry
Classification Advisory Committee considers that ignoring these factors may result in a misleadingclassification.
For example, FTSE Russell may, in consultation with the FTSE Russell Industry Classification Advisory
Committee, classify companies on the basis of either the immediate end use of their product or the industrial
process used.

4.2.7

The ICB classification allocated to a company will also apply to the fixed income securities issued by thatcompany.

4.3

Changes to the classification of a company

4.3.1

Where a significant change takes place in a company’s structure as a result of a corporate event (such as amerger or demerger), its ICB classification will be reassessed on the basis of financial data formally
published by the company. The ICB classification will be allocated in line with Rule 4.2.1.

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4.3.2

Any adjustment resulting from a change in a company’s classification under Rule 4.3.1will be implemented
either concurrent with, or shortly after (e.g. T+2), the implementation of the associated corporate event.

4.3.3

A company’s classification may also be reviewed by FTSE Russell either at its discretion or at the request of
the company or professional advisors acting on the company’s behalf.
Any adjustment resulting from a change in a company’s classification will be effective on the Monday after
the third Friday of March, June, September and December. The cut-off date for the receipt of data or otherjustification relating to any such change is the last business day of January, April, July and October.
Please note: in circumstances where an incorrect ICB classification has been assigned to a company at
IPO, FTSE Russell reserves the right to update the ICB classification with a minimum T+2 notice.

4.4

Industry sectors

4.4.1

FTSE Russell will seek to avoid the maintenance of sectors or subsectors containing a single company.

4.5

Changes to the ICB
Changes to the structure of ICB will be evolutionary. Any changes to the ICB structure (subsectors, sectors,
supersectors or industries) shall take place with a minimum of six months’ notice. These changes will beconsidered by the FTSE Russell Industry Classification Advisory Committee and will be based on long-term
trends, rather than what it considers may be temporary fluctuations within individual industries.
.

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Section 5

Periodic reviews

5.

Periodic reviews

5.1

Periodic reviews

5.1.1

The classification of all companies in the ICB global universe will be reviewed following receipt of theirannual report.
The cut-off dates for the receipt of data for consideration at periodic reviews and the corresponding
implementation dates are shown below:
Cut-off date

ICB effective date

Last business day of January

Monday after the third Friday of March

Last business day of April

Monday after the third Friday of June

Last business day of July

Monday after the third Friday of September

Last business day of OctoberMonday after the third Friday of December

5.1.2

Review procedures: the industry classification of each company will be determined by analysing thefinancial reports based on the rules under Section 4 of these classification guidelines.

5.1.3

Implementation: periodic changes to the industry classification of a company will be implemented after theclose on the third Friday of March, June, September and December.

5.1.4

Monthly announcements: on the first business day of each month an indicative list of pending periodic
review changes (to be implemented as per Rule 5.1.2) will be announced.

5.1.5

Quarterly periodic review announcement: the confirmed periodic review changes will be announced on
the Wednesday following the second Friday of February, May, August and November. Any revisions tothose announcements may be made up until the Friday two weeks prior to the ICB effective implementation
date. Revisions after this date will only be considered under exceptional circumstances.

5.2

Classification queries
Market participants who wish to query the classification of a company can access the form using thefollowing link or request an ICB Classification Data Form by contacting info@ftserussell.com.
ICB_Classification_Data_Form.pdf

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Section 6

Structure and definitions

6.

Structure and definitions
Effective 1 July 20196.1

Technology
Companies that are primarily engaged in the advancement of the information technology and electronics
industries. It includes companies developing integrated computer systems and services, application
software not specific to industry market segments, digital platform providers that generate revenue fromadvertising contents, and derive subscription fees from an advertiser. Also included are companies thatdevelop next generation electronics and related components.
Disruptors leveraging “new” technology will not generally constitute their placement in the technology
industry. Rather, individual company technology applications and services will be reviewed as to themarkets they serve. Examples include: companies that provide healthcare, technology equipment, electronicentertainment (video games), e-retailers, and transaction processing service companies.

Industry

Supersector

SectorSubsector

Definition

10 Technology

1010 Technology

101010 Software andComputer Services

10101010 Computer
Services

Companies that provide consulting or
integration services to other businesses
relating to information technology. Includes
providers of computer-system design,
systems integration, network and systems
operations, cloud computing, distributed
ledger technology (DLT) consulting andintegration, data management and storage,
repair services and technical support

10101015 Software

Publishers and distributors of computer
software for home or corporate use. Excludes
computer game producers, which areclassified under Electronic Entertainment
subsector

10101020
Consumer Digital
Services

Companies involved in digital platforms thatprimarily generate revenue from advertising,content delivery and other virtual products for
consumers. To a lesser extent, they generate
subscription fee revenue through related
services offered by the platform and/or by theadvertisers to utilise data content andcustomer insight

10102010
Semiconductors

Producers and distributors of semiconductors
and other integrated chips, including otherproducts related to the semiconductor
industry, such as motherboards. Excludes
makers of printed circuit boards, which areclassified under electronic components
subsector

101020 Technology
Hardware andEquipment

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Industry

6.2

Supersector

SectorSubsector

Definition

10102015 Electronic
Components

Companies involved in the application ofhigh-technology parts to finished products,
including printed circuit boards. Excludes
communications-related equipment, which areclassified under telecommunications
equipment subsector and technology parts for
consumer electronics, which are classified
under electrical components

10102020
Production
Technology
Equipment

Manufactures of tools and/or devices that areused in the creation of semiconductors,
lasers, photonics, wafers, and other hightechnology components, including
semiconductor capital equipment

10102030 Computer
Hardware

Manufacturers and distributors of computers,
servers, mainframes, workstations and othercomputer hardware and subsystems, such as
mass-storage drives, mice, keyboards andprinters. Companies in this group can provide
diverse applications for consumer andcommercial use. Including companies
providing computing hardware forcryptocurrency mining

10102035 Electronic
Office Equipment

Manufacturers and distributors of electronic
office equipment, including photocopiers andfax machines

Telecommunications
Contains companies that own and operate telecommunication infrastructures to provide content delivery
services. Also included are manufacturers of telecommunication equipment and components.

Industry

Supersector

Sectorsubsector

Definition15
Telecommunications

1510
Telecommunications

151010
Telecommunications
Equipment

15101010
Telecommunications
Equipment

Makers and distributors of high-technology
communication products, including satellites,
mobile telephones, fibres optics, switching
devices, local and wide-area networks,
teleconferencing equipment and connectivity
devices for computers, including hubs androuters

151020
Telecommunications
Service Providers

15102010 Cable
Television Services

Companies that distribute media content
through cable and wireless networks,
accessed through computers or televisions

15102015
Telecommunications
Services

Providers of mobile and fixed-line telephoneservices, including cellular, satellite andpaging services. Includes wireless towercompanies that own, operate and leasemobile site towers to multiple wireless service
providers. Includes companies that primarily
provides telephone services through theinternet. Excludes companies whose primarybusiness is internet access

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6.3

Healthcare
Consists of companies that manufacture healthcare equipment and supplies or that provide healthcarerelated services such as lab services, in-home medical care and operate healthcare facilities. Also included
are companies involved in research, development and production of pharmaceuticals and biotechnology
products, and medical cannabis producers.

Industry

Supersector

Sectorsubsector

Definition

20 Health Care2010 Health Care

201010 Health Care
Providers20101010 HealthCare Facilities

Owners and operators of primary healthcare
property, community hospitals, retirement
homes, nursing homes, and related medical
businesses

20101020 HealthCare Management
Services

Companies that offers managed healthcare
benefits and services (e.g. healthmanagement organisations (HMO), including
state sponsored programs)

20101025 HealthCare Services

Companies that provide various specialised
disease management services to physicians,
health plans, and hospitals. Primary businesslines in this category can also include general
consultation services, paramedical services,
operation of health portals and distribution ofhealth food products

20101030 Health
Care: Misc.

Includes healthcare companies that are notclassified in the healthcare facilities,
healthcare management services orhealthcare services subsectors

20102010 Medical
Equipment

Manufacturers and distributors of medical
devices such as MRI scanners, prosthetics,
pacemakers, X-ray machines and other nondisposable medical devices

20102015 Medical
Supplies

Manufacturers and distributors of medical
supplies used by healthcare providers andthe general public. Includes makers of contactlenses, eyeglass lenses, bandages and otherdisposable medical supplies

20102020 Medical
Services

Companies that operate and manage medicallabs and testing services

20103010
Biotechnology

Companies engaged in research into anddevelopment of biological substances for the
purposes of drug discovery and diagnostic
development, and which derive the majority of
their revenue from either the sale or licensingof these drugs and diagnostic tools

20103015
Pharmaceuticals

Manufacturers of prescription or over-thecounter drugs, such as aspirin, cold remedies
and birth control pills. Includes vaccine
producers but excludes vitamin producers,which are classified under food products
subsector

20103020

Companies that engage in cannabis
cultivation, cannabis distribution including
dispensaries, the processing and distributionof cannabis plants, and the creation of
cannabis derivative products. Companies thatprimarily engage in the research,development and manufacturing of cannabis(THC/CBD) based drugs are classified in thebiotechnology or the pharmaceuticals
subsector

201020 Medical
Equipment andServices201030
Pharmaceuticals andBiotechnology

Cannabis Producers

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6.4

Financials
Consists of companies engaged in savings, loans, security investment and related activities such as
financial data and information providers. Other examples include mortgage/consumer/corporate financing,investment banking and brokerage, asset management and custody, insurance, and mortgage REITs.

Industry

Supersector

SectorSubsector

Definition

30 Financials

3010 Banks

301010 Banks

30101010 Banks

Companies with a banking license which
derive the greatest portion of their revenue
from providing a broad range of banking
services, including retail banking, loans, andmoney transmissions. Does not include
investment banks which are classified under
Investment Services

3020 Financial
Services

302010 Finance andCredit Services

30201020
Consumer Lending

Companies that are not Banks that provide
financial services to consumers or businesses
including payday loans, student loans,
automobile loans, business loans etc.

30201025 Mortgage
FinanceCompanies that are not Banks that provide
mortgages, mortgage insurance and otherrelated services.

30201030 Financial
Data Providers

Companies which provide financial decision
support tools for investment institutions.
Including financial database operators andindex data providers.

30202000
Diversified Financial
Services

Companies providing a range of financial
services, none of which is the dominantbusiness line. See Rule 4.2.3 for full details.
Diversified Investment Holding companies
engaged in acquiring equity stakes of
securities are also classified in this group.

30202010 AssetManagers andCustodians

Companies that provide custodial, trustee andother related fiduciary services. i.e. mutualfund and private investment management.
Also includes companies engaged in private
equity and venture capital.

30202015
Investment Services

Companies that provide trading andbrokerage services for financial assets suchas equities, commodities, debts, currency,
cryptocurrency. Also includes the operators ofstock, currency, and other financial market
exchanges as well as investment banks.

30203000 Mortgage
REITs: Diversified

Mortgage REITs that invest in a combinationof segments with no specific dominance over
one or the other30203010 Mortgage
REITs: Commercial

REITs primarily involved in lending money tocommercial real estate owners and operators
directly or indirectly through the purchase ofmortgages, mortgage backed securities andother mortgage related assets

30203020 Mortgage
REITs: Residential

REITs primarily involved in lending money toresidential real estate owners and operators
directly or indirectly through the purchase ofmortgages, mortgage backed securities andother mortgage related assets

30204000 Closed
End Investments

Corporate closed-ended investment entities
identified under distinguishing legislation,such as investment trusts and venture capitaltrusts

302020 Investment
Banking andBrokerage Services

302030 Mortgage
Real Estate
Investment Trusts

302040 Closed End
Investments

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Industry

Supersector

3030 Insurance

6.5

SectorSubsector

Definition

302050 Open End andMiscellaneous
Investment Vehicles

30205000 OpenEnd and
Miscellaneous
Investment Vehicles

Cash shells, special purpose acquisition
company (SPACs), non-corporate, openended investment instruments such as openended investment companies and funds, unit
trusts, ETFs and currency funds and split
capital trusts

303010 Life Insurance

30301010 Life
Insurance

Companies engaged principally in life andhealth insurance

303020 Nonlife
Insurance

30302010 Full Line
Insurance

Companies that provide a wide range of
insurance products such as a combination oflife, property/casualty, and specialty
insurance

30302015 Insurance
Brokers

Insurance brokers and agents

30302020
Reinsurance

Companies engaged principally inreinsurance

30302025 Property
and Casualty
Insurance

Companies engaged principally in accident,
fire, automotive, marine, malpractice andother classes of nonlife insurance

Real estateConsists of companies engaged in real estate investment, development, and other real estate related
services. Also includes equity REITs. Mortgage REITs are classified under financials industry.

Industry

Supersector

SectorSubsector

Definition

35 Real Estate3510 Real Estate

351010 Real Estate
Investment andServices Development

35101010 Real
Estate Holding andDevelopment

Companies that invest directly or indirectly ina variety of types of properties without aconcentration on any single type

35101015 Real
Estate Services

Companies that provide services to realestate companies but do not own theproperties themselves. Includes agencies,
brokers, leasing companies, managementcompanies and advisory services

35102000
Diversified REITs

REITs that invest in a combination of otherdefined REIT categories, none of which is thedominant business line. See Rule 4.2.3 for fulldetails.

35102010 HealthCare REITs

REITs that primarily invest in healthcare
facilities including hospitals, laboratories,
nursing homes and assisted living properties

35102015 Hotel andLodging REITs

REITs that primarily invest in hotels, motels,
resorts or other lodging properties

35102020 Industrial
REITs

REITs that primarily invest in industrial
properties including industrial warehouses
and distribution properties

35102025
Infrastructure REITs

REITs that primarily invest in infrastructure
assets including roads, bridges, tunnels,
airports, power generation, fuels, pipelines,
water and waste management andcommunication assets

35102030 Office
REITs

REITs that primarily invest in office properties

351020 Real Estate
Investment Trusts

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Industry

6.6

Supersector

SectorSubsector

Definition

35102040
Residential REITs

REITs that primarily invest in residential
properties including manufactured homes,
multifamily homes, apartments, and student
housing properties

35102045 Retail
REITs

REITs that primarily invest in retail properties
including malls, shopping centers,neighborhood and community shopping
centers, strip malls, free standing stores, andfactory outlets

35102050 Storage
REITs

REITs that primarily invest in public selfstorage properties

35102060 Timber
REITs

REITs that primarily invest in timberland andtimber-related products and activities

35102070 Other
Specialty REITs

REITs that primarily invest in any single typeof facility or property not specifically definedwithin another REITs industry

Consumer discretionary
Contains companies that provide products and services directly to the consumers, and their purchasing
habits are cyclical in nature (discretionary). Includes companies that manufacture and distribute household
durable goods, apparel, home electronic devices, leisure equipment, and automotive and related parts. The
services segment includes hotels, restaurants, retail/e-retail, passenger transportation, and other leisurefacilities. Also includes media companies that engage in entertainment content creation and traditional
advertisement. Excludes web-portal/hosts that generate revenue through advertisement, which areclassified under technology – consumer digital services.

Industry

Supersector

SectorSubsector

Definition

40 Consumer
Discretionary

4010 Automobiles
and Parts

401010 Automobiles
and Parts

40101010 Auto
Services

Companies that provide assistance toindividual vehicle owners.

40101015 Tires

Manufacturers, distributors and re-treaders ofautomobile, truck and motorcycle tires.

40101020
Automobiles

Makers of passenger vehicles, including cars,
sport utility vehicles (SUVs) and light trucks.
Excludes makers of heavy trucks and makers
of recreational vehicles (RVs and ATVs)

40101025 Auto
Parts

Manufacturers and distributors of new andreplacement parts for motorcycles andautomobiles, such as engines, carburetors
and batteries. Excludes producers of tires,
which are classified under tires subsector

40201010
Education Services

Companies that own and manage higher
education systems, post-secondary degree
programs or other educational services

40201020 Funeral
Parlors andCemeteryCompanies that own and operate funeral
homes, cemeteries, crematoriums and/or
provide other funeral services

40201030 Printing
and Copying
Services

Companies specialising in printing, copying
and/or similar solutions for individuals andsmall businesses

40201040 Rental
and Leasing

Companies that lease automobiles,
appliances, electronics or furniture to
consumers

4020 Consumer
Products andServices

FTSE Russell

402010 Consumer
Services

16 of 31Industry Classification Benchmark (Equity), v4.8, August 2024

Industry

Supersector

SectorSubsector

Definition

Services:
Consumer

402020 Household
Goods and Home
Construction

402030 Leisure Goods

FTSE Russell

40201050 Storage
Facilities

Companies that own and operate storage
facilities (does not include companies
structured as REITs

40201060 Vending
and Catering
ServiceCompanies that provide catering and foodservice and/or food ingredients to individuals
or institutions

40201070
Consumer
Services: Misc.

Consumer services companies that are notcategorised in the education services, funeralparlors and cemeteries, printing and copying
services, rental and leasing services, storage
facilities or vending and catering services
categories

40202010 Home
Construction

Constructors of residential homes, including
manufacturers of mobile and prefabricatedhomes intended for use in one place.
Excludes companies earning material
revenue from property rental or leasing, which
are classified under the Real Estate Holding
and Development Subsector.

40202015
Household
Furnishings

Manufacturers and distributors of furniture,including chairs, tables, desks, and officefurniture

40202020
HouseholdAppliance

Companies that manufacture and market
household electrical appliances

40202025
Household
Equipment andProducts

Companies that manufacture and supply
various household products. Includes
manufacturers of gardening tools, kitchenutensils, dishes and other home related
products

40203010
ConsumerElectronics

Companies involved in the application oftechnology and electronics to the consumer
discretionary sector

40203040
ElectronicEntertainment

Companies that design, manufacture andmarket video game software and related
elements. Also includes non-consumer
entertainment technology, e.g. Dolby

40203045 Toys

Manufacturers and distributors of toys,
including such toys and games as playing
cards, board games, stuffed animals and dolls

40203050
Recreational
Products

Manufacturers and distributors of recreational
equipment not classified in other “leisuregoods” categories, including musicalinstruments

40203055
Recreational
Vehicles and Boats

Companies that design, manufacture andmarket recreation vehicles (RVs), motorcycles or passenger boats

40203060
Photography

Companies that produce and/or market
professional and/or personal imaging
products including digital cameras and film
cameras.

17 of 31Industry Classification Benchmark (Equity), v4.8, August 2024

Industry

Supersector

4030 Media

4040 Retailers

FTSE Russell

SectorSubsector

Definition

402040 PersonalGoods

40204020 Clothing
and Accessories

Manufacturers and distributors of all types ofclothing and accessories. Includes
sportswear, sunglasses, eyeglass frames,
leather clothing and goods, and processors of
hides and skins. Excludes jewellery, which iscategorised under luxury items

40204025
Footwear

Manufacturers and distributors of shoes,
boots, sandals, sneakers and other types offootwear

40204030 Luxury
Items

Companies that manufacture and market
jewellery, watches and gemstones

40204035
Cosmetics

Companies that produce and market make-up
and fragrance products (perfume). Excludes
personal care products, which are classified
under consumer staples industry

40301010
Entertainment

Companies that provide various media
services including feature films, music andtelevision shows and stations

40301020 Media
Agencies

Companies that provide a wide range ofmarketing and public relations services suchas promoting advertising space in telephone
and professional directories, analysing market
research and other various marketing
activities. Excluding website
design/publishing, which are classified under
the consumer digital services subsector

40301030
Publishing

Companies that provide advertising andpublishing services to customers in industrial,commercial, and design markets. This
includes companies that publish books,
magazines, comics, encyclopaedias, financial
reports, journals and/or newspapers

40301035 Radioand TV
Broadcasters

Companies with principal activities that
include operating commercial TV stations
and/or radio broadcasting

40401010
Diversified Retailers

Retail outlets and wholesalers offering a wide
variety of products including both hard goods
and soft goods

40401020 Apparel
Retailers

Retailers and wholesalers specialising mainly
in clothing, shoes, jewellery, sunglasses andother accessories

40401025 Home
Improvement
Retailers

Retailers and wholesalers concentrating on
the sale of home improvement products,
including garden equipment, carpets,
wallpaper, paint, home furniture, blinds andcurtains, and building materials

40401030 Specialty
Retailers

Retailers and wholesalers concentrating on asingle class of goods, such as electronics,
books, automotive parts or closeouts.
Includes automobile dealerships, video rental
stores, dollar stores, duty-free shops andautomotive fuel stations not owned by oil
companies. Excludes apparel and home
improvement retailers

403010 Media

404010 Retailers

18 of 31Industry Classification Benchmark (Equity), v4.8, August 2024

Industry

6.7

Supersector

SectorSubsector

Definition

4050 Travel and
Leisure405010 Travel and
Leisure40501010 Airlines

Companies providing primarily passenger airtransport. Excludes airports, which areclassified under transportation services sector

40501015 Travel
and Tourism

Companies providing travel and tourism
related services, including travel agents,
online travel reservation services, andcompanies that provide passenger
transportation for leisure are included, suchas tour buses, leisure cruisers and railways,
and taxis. Excludes mass public
transportation services which are classified
under industrial transportation sector

40501020 Casino
and Gambling

Providers of gambling and casino facilities.
Includes online casinos, racetracks and the
manufacturers of pachinko machines andcasino and lottery equipment

40501025 Hotels
and Motels

Operators and managers of hotels, motels,lodges, resorts, spas and campgrounds

40501030
Recreational
Services

Providers of leisure facilities and services,
including fitness centers, amusement parks,
concerts and sports/e-sports event promotion.
Also includes companies that own andmanage professional sports teams

40501040
Restaurants andBars

Operators of restaurants, fast-food facilities,
coffee shops and bars. Includes integrated
brewery companies. Excludes catering
companies, which are classified under
vending and catering service subsector

Consumer staples
Contains companies that provide products and services directly to the consumers, and their purchasing
habits are non-cyclical in nature (staples). Includes companies that manufacture, distribute, and/or retailfood, beverages, and other non-durable household goods. It also includes drug-retailing companies as well
as agriculture, fishing, ranching and milling companies.

Industry

Supersector

Sectorsubsector

Definition

45 Consumer
Staples

4510 Food,
Beverage andTobacco451010 Beverages

45101010 Brewers

Manufacturers and shippers of cider or malt
products such as beer, ale and stout

45101015 Distillers
and Vintners

Producers, distillers, vintners, blenders andshippers of wine and spirits such as whisky,brandy, rum, gin or liqueurs

45101020 Soft
DrinksManufacturers, bottlers and distributors of
non-alcoholic beverages, such as soda, fruit
juices, tea, coffee and bottled water

45102010 Farming,
Fishing, Ranching
and Plantations

Companies that grow crops or raise livestock,
operate fisheries or own nontobacco
plantations. Includes manufacturers oflivestock feeds and seeds and otheragricultural products

451020 Food Producers

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19 of 31Industry Classification Benchmark (Equity), v4.8, August 2024

Industry

Supersector

4520 Personal Care,
Drug and Grocery
Stores

6.8

Sectorsubsector

Definition

45102020 Food
Products

Food producers, including meatpacking,snacks, fruits, vegetables, dairy products andfrozen seafood. Includes producers of pet
food and manufacturers of dietary
supplements, vitamins and related items.
Excludes producers of fruit juices, tea, coffee,
bottled water and other non-alcoholic
beverages, which are classified under softdrinks subsector

45102030 Fruit andGrain Processing

Companies involved in the value-adding
process of various “raw” or “unprocessed”
agricultural products. May also produce andmarket such products

45102035 Sugar

Companies that grow, refine, process anddistribute sugar

451030 Tobacco

45103010 Tobacco

Manufacturers and distributors of cigarettes,
cigars and other tobacco products. Includes
tobacco plantations

452010 Personal Care,
Drug and Grocery Stores

45201010 Food
Retailers andWholesalers

Supermarkets, food-oriented convenience
stores and other food retailers anddistributors. Includes retailers of dietary
supplements and vitamins

45201015 Drug
RetailersOperators of pharmacies, including
wholesalers and distributors catering to thesebusinesses

45201020 Personal
Products

Makers and distributors of toiletries andpersonal-care and hygiene products,
including deodorants, soaps, toothpaste,
perfumes, diapers, shampoos, razors,
condoms and feminine-hygiene products.
Excludes makers of hormonal (oral or
injection) and implants (intrauterine devices)and contraceptives, which are classified
under the pharmaceuticals subsector

45201030
Nondurable Househ
old Products

Producers and distributors of pens, paper
goods, batteries, light bulbs, tissues, toilet
paper and cleaning products such as soaps
and polishes

45201040
Miscellaneous
Consumer Staple
Goods

Includes consumer staples companies thatare not classified in any other consumer
staples industry

Industrials
Consists of companies engaged in manufacturing and distribution of capital goods and provider of businesssupport services. Includes aerospace, weapons/defense, commercial vehicles, construction materials,
industrial machinery and equipment manufacturers. The service segment includes commercial
transportation services, business support, maintenance and security services, international trade,transaction processing, and diversified logistic support services.

Industry

Supersector

SectorSubsector

Definition

50 Industrials

5010 Construction
and Materials

501010 Construction
and Materials

50101010
Construction

Companies that provide construction andinfrastructure development services to private
and/or public-sector clients

FTSE Russell

20 of 31Industry Classification Benchmark (Equity), v4.8, August 2024

Industry

Supersector

5020 Industrial Goods
and Services

Sector502010 Aerospaceand Defense

502020 Electronic andElectrical Equipment

FTSE Russell

Subsector

Definition

50101015
Engineering andContracting
Services

Companies that provide capital projectplanning and solutions. Includes engineering
contracts, infrastructure development, bidpreparation, interior enhancement designs
and architects

50101020 Building,Roofing/Wallboard
and Plumbing

Companies that design, manufacture, market
and/or install non-climate control systems andrelated products such as siding, windows andwater pipes

50101025 Building:
Climate Control

Companies that design, manufacture, market
and/or install air conditioning, heating and/or
refrigeration systems

50101030 Cement

Companies primarily engaged in
manufacturing and distributing cement andcement-derived products

50101035 Building
Materials: Other

Companies that provide materials to thebuilding and construction industry, excluding
air-conditioning, cement, heating, plumbing,roofing, and wall boards

50201010
Aerospace

Manufacturers, assemblers and distributors ofaircraft and aircraft parts primarily used incommercial or private air transport. Excludes
manufacturers of communications satellites,
which are classified undertelecommunications equipment subsector

50201020 Defense

Producers of components and equipment forthe defense industry, including military
aircraft, radar equipment and weapons

50202010 Electrical
Components

Makers and distributors of basic electricalparts for finished products such as radios,
televisions and other consumer electronics.
Includes makers of cables, wires, ceramics,
transistors, and electric adapters. Excludes
communications-related equipment, which areclassified under telecommunications
equipment and makers of high-technology
parts, which are classified under electronic
components subsector

50202020 Electronic
Equipment: Control
and Filter

Companies primarily involved in providing
mechanical and electronic security and/or
filtration systems

50202025 Electronic
Equipment: Gauges
and Meters

Companies that design, manufacture andmarket products used to measure electric,gas, water and other data for use in a variety
of industries

50202030 Electronic
Equipment: Pollution
ControlCompanies primarily engaged in the
production of pollution control equipment for
purification of air and liquids. Also included
are companies that provide services such as
decontamination, solvent disposal
management, used oil collection, vacuum
truck services and recycling

50202040 Electronic
Equipment: Other

Companies that specialise in thedevelopment and production of electricaldevices/components marketed to businessclients

21 of 31Industry Classification Benchmark (Equity), v4.8, August 2024

Industry

Supersector

SectorSubsector

Definition

502030 GeneralIndustrials

50203000
Diversified
Industrials

Companies engaged in two or more industrial
business activities, none of which is thedominant business line. See Rule 4.2.3 for fulldetails.

50203010 Paints
and Coatings

Companies that manufacture and distribute
paint, material coatings, and resins

50203015 Plastics

Companies that manufacture and market
plastic products or chemicals used to makeplastic

50203020 Glass

Companies that manufacture various
structural glasses such as float glass,architectural glass, delicacy glass, automotive
glass, and other glass products. Excludes
glass containers/bottles prepared for othermarkets

50203030
Containers andPackaging

Companies that may produce a wide range of
packaging products and packaging relatedmaterials, including cartons, plastic bottles,
jars, glass bottles, aluminium cans,dispensing pumps, aerosol valves, etc.

50204000
Machinery:
Industrial

Companies that design, develop,
manufacture, sell, and support generalindustrial machines and parts. This excludes
all the other machinery subsectors specified

50204010
Machinery:
Agricultural

Manufacturers and distributers of a range of
farming equipment for irrigation, harvesting,ploughing and other processes

50204020
Machinery:
Construction and
Handling

Companies that design, manufacture andmarket large-size industrial equipment for
construction and ports

50204030
Machinery: Engines

Companies that manufacture and distributeenergy output devices and component parts,
including diesel engines and gas engines

50204040
Machinery: Tools

Companies that manufactures and market
value-adding equipment for various heavy
industries

50204050
Machinery:Specialty

Companies that design, manufacture andmarket a specific type or group of industrial
machines and parts. This excludes all theother machinery industries categorised in themachinery subsector.

50205010 Industrial
Suppliers

Distributors and wholesalers of diversified
products and equipment primarily used in thecommercial and industrial sectors. Includes
builder’s merchants and companies providing
maintenance/repair services

50205015

Providers of computerised transaction
processing services. Includes companies thatengages in any aspects of global payment
services such as routing of payment
information and related data services thatfacilitate the authorisation, clearing, andsettlement of transactions. Includes card
network operators, issuer and acquirer
processors

502040 Industrial
Engineering

502050 Industrial
Support Services

Transaction
Processing Services

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Industry

Supersector

Sector502060 Industrial
Transportation

FTSE Russell

Subsector

Definition

50205020
Professional
Business Support
Services

Companies that provide outsourced business
operation services. This includes consulting
services, corporate taxes, and businessdecision tools such as credit monitoring and
KYC database service. Credit agencies andrating firms are classified under the financial
data providers subsector

50205025 BusinessTraining and
Employment
Agencies

Providers of business or management training
courses and employment services

50205030 Forms
and Bulk Printing
Services

Companies that provide printed businessproducts including forms, checks, labels andIDs

50205040 Security
Services

Companies that provide security services,
install, service and monitor alarm and security
systems

50206010 Trucking

Companies that provide commercial trucking
or mass public bus services. Excludes roadand tunnel operators, which are classified
under transportation services subsector

50206015
Commercial
Vehicles and Parts

Companies that design, develop,
manufacture, and distribute light, medium andheavy-duty trucks and vans. Also includes
related aftermarket distribution of parts

50206020 Railroads

Companies that operate railway systems fortransporting goods and mass public rail
services

50206025 Railroad
Equipment

Companies that manufacture, supply anddistribute railroad supplies

50206030 Marine
Transportation

Providers of on-water transportation forcommercial markets, such as container
shipping. Also includes shipbuilders.
Excludes ports, which are classified undertransportation services

50206040 Delivery
Services

Operators of mail and package delivery
services for commercial and consumer use.
Includes courier and logistic services primarily
involving air transportation

50206050
Commercial
Vehicle-Equipment
LeasingCompanies that rents and lease operational
equipment to commercial clients, such as:
rails, tankers, freight cars, related equipment
plus aviation assets (jets and airplanes)

50206060
Transportation
Services

Companies providing services to the industrial
transportation sector, including companies
that manage airports, train depots, roads,
bridges, tunnels, ports, and providers oflogistic services to shippers of goods.
Includes companies that provide aircraft andvehicle maintenance services

23 of 31Industry Classification Benchmark (Equity), v4.8, August 2024

6.9

Basic materials
Consists of companies that extract or process raw materials, and manufacturers of semi-finished goods
such as chemicals, textile, paper, forest products and related packaging products. Metals and minerals
miners, metal alloy producers, and metal fabricators are also included.

Industry

Supersector

SectorSubsector

Definition

55 Basic Materials

5510 Basic
Resources

551010 Industrial
Materials

55101000
Diversified Materials

Companies involved in manufacturing adiversified range of materials (e.g., bauxite,
abrasive materials and composite material).
Also includes companies which manufacturematerials for which an exact description isunavailable.

55101010 Forestry

Owners and operators of timber tracts, forest
tree nurseries and sawmills. Excludes
providers of finished wood products such as
wooden beams, which are classified underbuilding materials. Also excludes timber
REITs, which are classified under real estateindustry

55101015 Paper

Companies that manufacture and market
paper products including office paper,
cardboard, tissue paper, newsprint,
commercial pulp, etc.

55101020 Textile
Products

Companies that produce and distribute
various textile products such as cotton yarns,
denims, and other finished fabrics

55102000 General
MiningCompanies engaged in the exploration,
extraction or refining of minerals not definedelsewhere within the Mining Sector. Includes
companies involved in the mining of morethan one resource, none of which is thedominant business line. See Rule 4.2.3 for fulldetails. Also includes companies engaged in
the marketing of mining commodities, andproviders of contracted drilling services.
Excludes companies that primarily provide
services to Oil and Gas companies which areclassified in Oil Equipment and Services
Subsector and companies that mine, process
and market coal, which are classified under
Coal Subsector.

55102010 Iron andSteelCompanies that mine for iron ore andcompanies that produce, process, anddistribute steel products. This can include
welding consumables, strip steel, rods, bars,
wires, piping, tubing, rails, and structural
products as well as sheets and coils

55102015 Metal
Fabricating

Companies that manufacture and supply
fabricated metal components such as rings,
piping materials, hinges, springs, etc.

55102035 Aluminum

Companies that mine or process bauxite or
manufacture and distribute aluminum bars,
rods and other products for use by otherindustries. Excludes manufacturers of finishedaluminum products, such as siding, which are
categorised according to the type of end
product

55102040 Copper

Companies primarily involved in the mining,
extraction and distribution of copper andrelated minerals

551020 Industrial
Metals and Mining

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24 of 31Industry Classification Benchmark (Equity), v4.8, August 2024

Industry

Supersector

Sector551030 Precious
Metals and Mining

5520 Chemicals

6.10

552010 Chemicals

Subsector

Definition

55102050
Nonferrous Metals

Producers and traders of metals and primary
metal products other than iron, aluminum andsteel. Excludes companies that make finishedproducts, which are categorised according to
the type of end product55103020
Diamonds andGemstones

Companies engaged in the exploration forand production of diamonds and othergemstones

55103025 Gold
Mining

Prospectors for and extractors or refiners ofgold-bearing ores

55103030 Platinum
and Precious Metals

Companies engaged in the exploration forand production of platinum, silver and otherprecious metals not defined elsewhere

55201000
Chemicals:
Diversified

Companies that manufacture and market adiversified range of industrial chemicals. Also
includes companies which manufacturechemicals for which an exact description isunavailable.

55201010
Chemicals andSynthetic Fibers

Companies that manufacture and distributechemical fibres for various applications

55201015 Fertilisers

Companies that manufacture and market
nitrogen fertilisers and other agriculturalchemicals

55201020 Specialty
Chemicals

Companies that manufacture and market a
specific type or group of chemicals elsewherein the chemicals subsector

EnergyContains of companies that engage in energy extraction, process, and production activities and produce
related energy equipment. Includes both renewable and non-renewable energy companies. Companies thatprimarily engages in distribution of energy are classified in utilities industry.

Industry

Supersector

SectorSubsector

Definition

60 Energy

6010 Energy

601010 Oil, Gas andCoal

60101000
Integrated Oil andGas

Companies that engage in all three fields ofpetroleum production: Extraction (upstream),Transportation (midstream), and Refining andMarketing (downstream).

60101010 Oil:
Crude Producers

Companies engaged in the exploration forand drilling, production, and supply of crude
oil or natural gas on land.

60101015 Offshore
Drilling and Other
Services

Companies engaged in the exploration forand drilling, production, and supply of crude
oil or natural gas in offshore areas.

60101020 Oil
Refining andMarketingCompanies primarily engaged in the refining
and marketing of petroleum products(downstream).

60101030 Oil
Equipment andServices

Suppliers of equipment and services to oil orgas fields and offshore platforms, such as
drilling, exploration, seismic-information
services and platform construction.

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25 of 31Industry Classification Benchmark (Equity), v4.8, August 2024

Industry

Supersector

Sector

601020 Alternative
Energy6.11

Subsector

Definition

60101035 Pipelines

Operators of pipelines carrying oil, gas orother forms of fuel. Excludes pipeline
operators that derive the majority of theirrevenues from direct sales to end users,
which are classified under Gas Distributionsubsector.

60101040 Coal

Companies that mine, process and market
coal.

60102010
Alternative Fuels

Companies that produce alternative fuelssuch as ethanol, methanol, hydrogen and biofuels that are mainly used to power vehicles,
and companies that are involved in the
production of vehicle fuel cells and/or thedevelopment of alternative fuelinginfrastructure.

60102020
Renewable Energy
Equipment

Companies that develop or manufacture
renewable energy equipment utilizing sources
such as solar, wind, tidal, geothermal, hydroand waves.

Utilities
Contains companies that distributes electric, gas, and water. Most companies in this industry are heavily
affected by government regulation. Also includes companies that provide waste, recycle, and related
environmental services.

Industry

Supersector

Sectorsubsector

Definition

65 Utilities

6510 Utilities

651010 Electricity

65101010
Alternative
Electricity

Companies generating and distributing
electricity from a renewable source. Includes
companies that produce solar, water, windand geothermal electricity

65101015
Conventional
Electricity

Companies generating and distributing
electricity through the burning of fossil fuelssuch as coal, petroleum and natural gas, andthrough nuclear energy

65102000 MultiUtilities

Companies that engage in multiple utilities
none of which individually generates 50% ormore of revenue. See Rule 4.2.3 for fulldetails.

65102020 Gas
Distribution

Distributors of gas to end users. Excludes
providers of natural gas as a commodity,
which are classified under the oil, gas andcoal sector

65102030 Water

Companies providing water to end users,
including water treatment plants

65103035
Waste and Disposal
Services

Providers of pollution control andenvironmental services for the management,
recovery and disposal of solid and hazardous
waste materials, such as landfills andrecycling centers. Excludes manufacturers ofindustrial air and water filtration equipment,
which are classified under electronicequipment: pollution control subsector

651020 Gas, Water
and Multi-utilities

651030 Waste andDisposal Services

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Appendix A

Collective investment schemes

Collective Investment Schemes and Financial Holding Companies

Entity calls itself
Cash Pool, BDC,SPAC or Cash Shell

Entity calls itself an
Open-end Fund

Entity consists of holdings/investments
in other companies or non-listed assets(including infrastructure funds)

Unlisted Assets

Entity calls itself a
Closed-end FundREIT or REIT
equivalent structure

Oil Royalty Income
Trust or Patent
Income Trust

Listed or Unlisted Companies
REIT Equivalent

REIT

Does the entity
hold controlling or
non-controllingstakes?

No

Is the entity a
Canadian Openend Income Trust?

Controlling

Does it primarily
invest in mortgages
or mortgage backed
securities?

Does it own theassets that it
manages?

Non-controlling

No
Yes

Yes

Yes

Investment Theme

No

SingleClassified in OpenEnd and
Miscellaneous
Investment
Vehicles(30205000)

Classified via theDecision Tree in Rule4.2.3 (Starting at
Step 2)

Diversified

Classified as
Diversified Financial
Services (30202000)

Classified in Closed
End Investments(30204000)

Classified by REIT
type in REIT Sector(351020)

Classified in
Mortgage REIT
Sector (302030)

Classified
according to theprimary assets
held i.e.: Oil
Royalty Trust to
Oil: Crude
Producers(60101010),
Mining Rights
Trust to General
Mining(55102000),
Pharmaceutical
Patent Trust to
Pharmaceuticals(20103015)

Controlling stakes
A holding greater than 50% is defined as ‘controlling’. When assessing a portfolio of investments, the number ofinvestments in which the company holds >50% must equate to 50% or more of the entire portfolio (i.e. half or more of
the portfolio is made up of controlling stakes). As part of the assessment, the investment objective of the company may
also be referenced. If the objective is to exert influence, have board representation or be involved in management
responsibilities of minority holdings then those holdings will be categorised as controlling interests.

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Appendix B

REIT and REIT equivalent company
structures

Markets that have REITs or REIT equivalent company structures are listed below:
MarketDescription

Treatment for ICB

Australia

Listed Property Trust (LPT), A-REIT

REIT

Belgium

Société d’Investissement à Capital Fixe Immobilière (SICAFI)REIT

BE-REITS
BrazilFundo de Investimento Imobiliário (FII)

REIT

Bulgaria

Real Estate Investment Trust (REIT)

REIT

CanadaMutual Fund Trust (MFT) – open-end

REIT or Real EstateSpecified Investment Flow-Through (SIFT) Trust – Real Estate Investment

REIT

Real Estate Investment Trust (REIT) – unincorporated closed-end

REIT

Chile

Public Investment Funds (FI), Private Investment Funds (FIP) – Real Estate Investment

REIT

China

China Real Estate Investment Trust (C-REIT)

REIT

Dubai

Closed-End Investment Company (CEIC) – Real Estate Investment

REIT

Finland

Real Estate Investment Trust (REIT)

REITFranceSociétés d’Investissements Immobiliers Cotées (SIIC)

REIT

Germany

Real Estate Investment Trust (REIT)REITGreeceReal Estate Investment Company (REIC)

REIT

Hong Kong

Real Estate Investment Trust (REIT)

REIT

Hungary

Real Estate Investment Trust (REIT)

REIT

India

Real Estate Investment Trust (REIT)

REIT

Indonesia

Dana Investasi Real Estat Berbentuk Kontrak Investasi Kolektif (DIRE)

REIT

Ireland

Real Estate Investment Trust (REIT)

REIT

IsraelReal Estate Investment Trust (REIT)

REIT

Italy

Societa di investimento immobiliare quotata (SIIQ)

REIT

Japan

Japanese Real Estate Investment Trust (J-REIT)

REIT

Kenya

Real Estate Investment Trust (REIT)

REIT

Korea

Real Estate Investment Trust (REIT)

REIT

Lithuania

Real Estate Investment Trust (REIT)

REIT

Luxembourg

Reserved Alternative Investment Fund (RAIF) – Real Estate Investment

REIT

Specialised Investment Fund (SIF) – Real Estate Investment

REIT

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MarketDescription

Treatment for ICB

Malaysia

Property Trust Funds

REIT

MexicoFideicomiso de Infraestructura en Bienes Raíces (FIBRA)REIT

Netherlands

Fiscal investment institution/Fiscale Beleggingsinstelling (FBI)REIT

New Zealand

Listed Property Vehicles (LPVs)

REIT

Portfolio Investment Entity (PIE) – Real Estate Investment

REIT

Pakistan

Real Estate Investment Trust (REIT)

REIT

Philippines

Real Estate Investment Trust (REIT)

REITPortugal

Sociedades de Investimento e Gestão Imobiliária or ‘SIGI’REIT

Saudi Arabia

Real Estate Investment Traded Fund

REIT

Real Estate Investment Trust (REIT) – unincorporated closed-end

REIT

Singapore

Singapore Real Estate Investment Trust (S-REIT)

REIT

Spain

Sociedades Cotizadas de Inversión en el Mercado Inmobiliario (SOCIMI)

REITSouth Africa

Real Estate Investment Trust (REIT)

REIT

TaiwanReal Estate Investment Trust (REIT)

REIT

ThailandInfrastructure FundICB assigned based on theassets held
REIT

Property Fund for Public Offering (PFPO)
TurkeyGayrimenkul Yatirim Ortakligi – Real Estate Investment Companies (REICs)

REIT

UK

Real Estate Investment Trust (REIT)

REIT

US

Real Estate Investment Trust (REIT)REITFTSE Russell

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Appendix C

Further information
A glossary of terms used in FTSE Russell’s Ground Rule documents can be found using the following link:
Glossary.pdf
Further information on the ICB is available from FTSE Russell.
For contact details please visit the FTSE Russell website or contact FTSE Russell client services at
info@ftserussell.com.
Website: www.lseg.com/en/ftse-russell/

FTSE Russell

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