Industry	Market weight	12M change	Movement	Participation
Aerospace & Defense Gained weight for 1 consecutive month	5.54%	-1.28 pp	Reversing upward	Concentrated
Systems Software Gained weight for 3 consecutive months	5.68%	+1.16 pp	Reversing upward	Concentrated
Diversified Banks Gained weight for 1 consecutive month	6.92%	-1.07 pp	Reversing upward	Concentrated
Biotechnology Lost weight for 2 consecutive months	2.50%	-0.59 pp	Accelerating	Concentrated
Industrial Gases Gained weight for 3 consecutive months	0.80%	+0.58 pp	Accelerating	Concentrated
Transaction & Payment Processing Services Gained weight for 3 consecutive months	2.06%	+0.51 pp	Accelerating	Concentrated
Oil & Gas Equipment & Services Lost weight for 2 consecutive months	0.47%	-0.40 pp	Reversing upward	Concentrated
Application Software Gained weight for 1 consecutive month	3.34%	+0.37 pp	Accelerating	Concentrated
Personal Care Products Lost weight for 1 consecutive month	1.49%	+0.37 pp	Accelerating	Concentrated
Investment Banking & Brokerage Gained weight for 1 consecutive month	1.27%	-0.37 pp	Reversing upward	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.