Adding a new sector to GICS is the largest change in the structure since GICS began; it is also the latest step in industry classifications that go back to the 1920s and Standard Statistics Corporation’s (one of S&P Dow Jones’ predecessors) first index to classify stocks into industries. That history explains why industry classification must change with the market: among those industries that no longer stand alone are cigar manufacturing, radio and phonograph and leather.
Details on the changes to GICS can be found HERE or HERE
This article was written by David Blitzer, chairman of the index committee, S&P Dow Jones Indices.
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