The Global Industry Classification Standards (GICS) just went through its first significant structural change since its inception in 1999. After the market close on August 31, 2016, Real Estate (formerly an industry group within Financials) was promoted to its own sector. The new GICS structure now consists of eleven sectors. GICS is the foundation for equity index structures and investment portfolio positioning. This change may have a significant impact on not only sector characteristics but also asset allocation decisions across the entire investment industry.