Industry	Market weight	12M change	Movement	Participation
Consumer Electronics Gained weight for 1 consecutive month	43.56%	+43.49 pp	Accelerating	Concentrated
Diversified Banks Lost weight for 1 consecutive month	4.36%	-4.09 pp	Declining faster	Concentrated
Aerospace & Defense Lost weight for 4 consecutive months	3.45%	-3.63 pp	Declining faster	Concentrated
Pharmaceuticals Lost weight for 1 consecutive month	3.30%	-2.20 pp	Declining faster	Concentrated
Biotechnology Lost weight for 1 consecutive month	1.76%	-1.62 pp	Declining faster	Concentrated
Systems Software Lost weight for 1 consecutive month	2.82%	-1.45 pp	Reversing downward	Concentrated
Semiconductors Lost weight for 3 consecutive months	1.92%	-1.30 pp	Reversing downward	Concentrated
Soft Drinks & Non-alcoholic Beverages Lost weight for 1 consecutive month	1.15%	-1.04 pp	Declining faster	Concentrated
Health Care Equipment Lost weight for 1 consecutive month	1.80%	-1.03 pp	Reversing downward	Broad
Application Software Lost weight for 3 consecutive months	1.80%	-0.99 pp	Reversing downward	Concentrated

How are these descriptive states defined?

Gaining / losing: 12-month weight change above +0.005pp / below −0.005pp. Direction and speed are separate dimensions, not mutually exclusive recommendations.

Accelerating / slowing: compare the most recent 3M change with the preceding 3M change. Accelerating means a positive change speeds up by >0.02pp. Slowing means the magnitude of movement declines by >0.02pp. A falling industry can also slow.

Reversing: the last two 3M changes have opposite signs, outside a ±0.005pp tolerance. Persistence counts consecutive same-direction monthly changes.

Broad / concentrated: company attribution, not a market-cap concentration shortcut. Concentrated means the three largest same-direction contributors account for ≥70% of gross same-direction changes; otherwise broad requires ≥60% of constituents moving with the industry. Other cases are mixed.

Weights use matched S&P 500 members with SEC-reported shares and monthly prices. Companies without both data series are omitted; weights are normalised across matched members each month. These are simple market-cap estimates, not official float-adjusted S&P weights or measured investor flows.