Cross-Sector Theme Definitions

Cross-Sector Theme Definitions

This reference defines market themes by their constituent FINVIZ industries, sectors, proxy ETFs, and representative stocks. The theme_classifier.py script reads these definitions to map industry-level data into theme-level aggregations.

Usage Notes:

• Industry names must exactly match FINVIZ industry names (see finviz_industry_codes.md)
• min_matching_industries: Minimum number of constituent industries that must show activity for the theme to be detected
• static_stocks: Fallback representative stocks used when industry-level data is insufficient
• proxy_etfs: Used for quick volume/momentum checks and as user-facing exposure recommendations

AI & Semiconductors

• Direction bias: Bullish (typically)
• Industries: Semiconductors, Software - Application, Software - Infrastructure, Information Technology Services, Electronic Components, Computer Hardware, Scientific & Technical Instruments
• Sectors: Technology (primary), Communication Services, Industrials
• Proxy ETFs: SMH, SOXX, AIQ, BOTZ, CHAT
• Static stocks: NVDA, AVGO, AMD, INTC, QCOM, MRVL, AMAT, LRCX, KLAC, TSM, MU, ARM, SNPS, CDNS, MCHP
• Min matching industries: 2

Clean Energy & EV

• Direction bias: Bullish (typically)
• Industries: Solar, Utilities - Renewable, Auto Manufacturers, Auto Parts, Electrical Equipment & Parts, Specialty Chemicals
• Sectors: Utilities, Consumer Cyclical, Industrials, Basic Materials
• Proxy ETFs: ICLN, QCLN, TAN, DRIV, LIT
• Static stocks: ENPH, SEDG, FSLR, RUN, TSLA, RIVN, LCID, NIO, PLUG, BE, CHPT, ALB, SQM, LAC, LTHM
• Min matching industries: 2

Cybersecurity

• Direction bias: Bullish (typically)
• Industries: Software - Infrastructure, Information Technology Services, Software - Application, Communication Equipment
• Sectors: Technology (primary)
• Proxy ETFs: CIBR, HACK, BUG
• Static stocks: CRWD, PANW, FTNT, ZS, NET, S, OKTA, CYBR, QLYS, RPD, TENB, VRNS, SAIL, MNDT, DDOG
• Min matching industries: 2

Note: Cybersecurity overlaps with broader software industries. Theme classification uses proxy ETF volume and static stock performance to differentiate from general software themes.

Cloud Computing & SaaS

• Direction bias: Bullish (typically)
• Industries: Software - Application, Software - Infrastructure, Information Technology Services
• Sectors: Technology (primary), Communication Services
• Proxy ETFs: SKYY, WCLD, CLOU
• Static stocks: CRM, NOW, SNOW, DDOG, TEAM, MDB, ESTC, NET, ZS, HUBS, BILL, TTD, PLTR, DOCN, DT
• Min matching industries: 2

Note: Cloud/SaaS overlaps significantly with Cybersecurity and AI themes. When multiple themes share the same industries, proxy ETF performance differentiates them.

Biotech & Genomics

• Direction bias: Bullish (typically, but highly volatile)
• Industries: Biotechnology, Drug Manufacturers - Specialty & Generic, Medical Devices, Diagnostics & Research, Drug Manufacturers - General
• Sectors: Healthcare (primary)
• Proxy ETFs: XBI, IBB, ARKG, GNOM
• Static stocks: AMGN, GILD, VRTX, REGN, MRNA, BIIB, ILMN, CRSP, NTLA, BEAM, EDIT, EXAS, TWST, SGEN, BMRN
• Min matching industries: 2

Infrastructure & Construction

• Direction bias: Bullish (typically, policy-driven)
• Industries: Engineering & Construction, Building Materials, Industrial Distribution, Farm & Heavy Construction Machinery, Steel, Specialty Industrial Machinery, Railroads, Waste Management
• Sectors: Industrials (primary), Basic Materials
• Proxy ETFs: PAVE, IFRA, SIMS
• Static stocks: CAT, DE, VMC, MLM, URI, PWR, EME, MTZ, GVA, AECOM, STRL, GBX, NUE, CLF, RS
• Min matching industries: 3

Gold & Precious Metals

• Direction bias: Bullish (typically in risk-off or inflation)
• Industries: Gold, Silver, Other Precious Metals & Mining
• Sectors: Basic Materials (primary)
• Proxy ETFs: GDX, GDXJ, RING, SIL
• Static stocks: NEM, GOLD, AEM, FNV, WPM, RGLD, KGC, AGI, AU, HMY, PAAS, CDE, HL, MAG, EQX
• Min matching industries: 2

Oil & Gas (Energy Sector)

• Direction bias: Varies (cyclical)
• Industries: Oil & Gas E&P, Oil & Gas Equipment & Services, Oil & Gas Midstream, Oil & Gas Refining & Marketing, Oil & Gas Integrated, Oil & Gas Drilling
• Sectors: Energy (primary)
• Proxy ETFs: XLE, XOP, OIH
• Static stocks: XOM, CVX, COP, EOG, SLB, HAL, PXD, DVN, MPC, VLO, PSX, OXY, FANG, HES, WMB
• Min matching industries: 2

Financial Services & Banks

• Direction bias: Varies (rate-sensitive)
• Industries: Banks - Diversified, Banks - Regional, Capital Markets, Insurance - Diversified, Insurance - Property & Casualty, Financial Data & Stock Exchanges, Credit Services, Asset Management, Insurance Brokers, Mortgage Finance
• Sectors: Financial Services (primary)
• Proxy ETFs: XLF, KBE, KRE, IAI
• Static stocks: JPM, BAC, WFC, GS, MS, C, SCHW, BLK, AXP, ICE, CME, MCO, SPGI, BX, KKR
• Min matching industries: 3

Healthcare & Pharma

• Direction bias: Varies (defensive in downturns)
• Industries: Drug Manufacturers - General, Health Care Plans, Medical Care Facilities, Health Information Services, Medical Distribution, Medical Instruments & Supplies, Pharmaceutical Retailers
• Sectors: Healthcare (primary)
• Proxy ETFs: XLV, IHE, IHI
• Static stocks: UNH, JNJ, LLY, PFE, ABT, TMO, DHR, MDT, ISRG, SYK, BSX, EW, HCA, CVS, CI
• Min matching industries: 3

Note: Healthcare & Pharma is distinct from Biotech & Genomics. Healthcare focuses on established pharma, insurance, and medical devices; Biotech focuses on emerging drug development and genomics.

Defense & Aerospace

• Direction bias: Bullish (typically in geopolitical tension)
• Industries: Aerospace & Defense, Airlines, Security & Protection Services
• Sectors: Industrials (primary)
• Proxy ETFs: ITA, PPA, ROKT, ARKX
• Static stocks: LMT, RTX, NOC, BA, GD, LHX, HII, TDG, HWM, AXON, LDOS, BWXT, KTOS, RKLB, SPR
• Min matching industries: 2

Real Estate & REITs

• Direction bias: Varies (rate-sensitive)
• Industries: REIT - Residential, REIT - Industrial, REIT - Retail, REIT - Office, REIT - Healthcare Facilities, REIT - Diversified, REIT - Hotel & Motel, REIT - Specialty, Real Estate Services, Real Estate - Diversified, Real Estate - Development
• Sectors: Real Estate (primary)
• Proxy ETFs: VNQ, XLRE, IYR
• Static stocks: PLD, AMT, CCI, EQIX, SPG, O, WELL, DLR, PSA, VICI, EXR, AVB, ARE, MAA, IRM
• Min matching industries: 3

Retail & Consumer

• Direction bias: Varies (consumer sentiment driven)
• Industries: Internet Retail, Specialty Retail, Apparel Retail, Home Improvement Retail, Department Stores, Discount Stores, Luxury Goods, Restaurants, Leisure, Resorts & Casinos, Gambling, Apparel Manufacturing, Footwear & Accessories
• Sectors: Consumer Cyclical (primary), Consumer Defensive
• Proxy ETFs: XLY, XRT, XLP, IBUY
• Static stocks: AMZN, HD, LOW, TJX, COST, WMT, TGT, NKE, SBUX, MCD, DPZ, LULU, ROST, BURL, DECK
• Min matching industries: 3

Crypto & Blockchain

• Direction bias: Bullish (typically in risk-on)
• Industries: Capital Markets, Software - Application, Financial Data & Stock Exchanges, Information Technology Services
• Sectors: Financial Services, Technology
• Proxy ETFs: BITO, BLOK, BITQ, IBIT, DAPP
• Static stocks: COIN, MSTR, MARA, RIOT, CLSK, HUT, BITF, SQ, PYPL, HOOD, CIFR, IREN, HIVE, CORZ, BTBT
• Min matching industries: 2

Note: Crypto theme uses proxy ETFs and static stocks as primary signals rather than industry classification, since blockchain companies span multiple traditional industries.

Nuclear Energy

• Direction bias: Bullish (policy-driven, AI data center demand)
• Industries: Uranium, Utilities - Independent Power Producers, Specialty Industrial Machinery, Electrical Equipment & Parts
• Sectors: Energy, Utilities, Industrials
• Proxy ETFs: URA, URNM, NLR, NUKZ
• Static stocks: CCJ, UEC, NXE, DNN, UUUU, LEU, SMR, OKLO, BWX, GEV, CEG, VST, TLN, NRG, BWXT
• Min matching industries: 2

Uranium

• Direction bias: Bullish (supply deficit narrative)
• Industries: Uranium, Other Industrial Metals & Mining
• Sectors: Energy (primary), Basic Materials
• Proxy ETFs: URA, URNM, URNJ
• Static stocks: CCJ, UEC, NXE, DNN, UUUU, LEU, URG, GLATF, EU, PALAF, SRUUF, LTBR, FCUUF, AEC, WSTRF
• Min matching industries: 1

Note: Uranium is a sub-theme of Nuclear Energy but tracked separately due to its distinct commodity-driven dynamics. Requires only 1 matching industry due to narrow sector focus.

Obesity & GLP-1

• Direction bias: Bullish (medical innovation)
• Industries: Drug Manufacturers - General, Drug Manufacturers - Specialty & Generic, Medical Devices, Biotechnology
• Sectors: Healthcare (primary)
• Proxy ETFs: SLIM, HRTS
• Static stocks: LLY, NVO, AMGN, VKTX, ALT, GPCR, SMLR, RVMD, PTGX, IVA
• Min matching industries: 2

Note: Obesity/GLP-1 is a narrow theme that overlaps with Healthcare & Pharma. It is differentiated primarily through proxy ETF volume and static stock performance rather than industry classification.

Summary Table

Total: 17 themes covering all major market narratives.

Theme Overlap Matrix

Some industries contribute to multiple themes. When scoring, each industry's data is used in all applicable themes:

This overlap is intentional - a strong software industry may boost multiple themes simultaneously, reflecting the interconnected nature of market narratives.