Industry	Market weight	12M change	Movement	Participation
Aerospace & Defense Lost weight for 1 consecutive month	5.41%	-1.40 pp	Reversing downward	Concentrated
Movies & Entertainment Gained weight for 2 consecutive months	1.47%	+1.38 pp	Accelerating	Concentrated
Diversified Banks Lost weight for 1 consecutive month	6.48%	-1.30 pp	Reversing downward	Concentrated
Systems Software Lost weight for 1 consecutive month	5.60%	+0.92 pp	Slowing	Concentrated
Semiconductors Lost weight for 1 consecutive month	2.97%	-0.68 pp	Reversing downward	Concentrated
Industrial Gases Gained weight for 4 consecutive months	0.83%	+0.62 pp	Slowing	Concentrated
Biotechnology Lost weight for 3 consecutive months	2.47%	-0.61 pp	Reversing downward	Concentrated
Oil & Gas Equipment & Services Lost weight for 3 consecutive months	0.39%	-0.45 pp	Reversing downward	Concentrated
Technology Hardware, Storage & Peripherals Lost weight for 1 consecutive month	1.64%	-0.44 pp	Reversing downward	Concentrated
Oil & Gas Exploration & Production Lost weight for 3 consecutive months	1.04%	-0.42 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.