A universe tilted toward builders
As of 12 November 2026, the tracked universe spans 2,512 companies across eight sectors, and its center of gravity is unmistakably technological and industrial. Technology alone accounts for 662 names — about 26% of everything we follow — ahead of Industrials (481) and Healthcare (416). Those three sectors together make up roughly six in ten tracked companies. Basic Materials adds another 363, while Consumer Cyclical (190), Financials (151), Energy (151) and Communication Services (98) round out a long tail.
Where the names cluster
Technology reads like a roll call of the familiar: Apple, Microsoft, NVIDIA, AMD, Salesforce and Intel. Communication Services is smaller by count but heavy with giants — Alphabet, Meta, Netflix, Disney and Tencent.
Industrials is broader and more global. Honeywell and nVent sit beside Xiamen Solex (603992.SS), shipper ZIM, Taiwan's Arch Meter (4588.TW), and eVTOL hopeful Archer Aviation (ACHR). Basic Materials, fourth-largest by count, leans into hard inputs: lithium (Argentina Lithium & Energy), gold (Galantas), and fertiliser (China XLX). The spread of Shanghai, Taipei and Hong Kong tickers across these sectors is a reminder that the universe is not a US-only index.
The cap numbers deserve a raised eyebrow
Here analysts should slow down. Ranked by reported market cap, the picture inverts the count: Financials tops the list at roughly $159.5T, Energy at ~$106.6T and Basic Materials at ~$47.2T, while Technology sits at only ~$23.1T and Consumer Cyclical — home to Amazon and Tesla — shows just ~$0.8T. Summed, the eight sector totals come to about $358T, far above any plausible figure for the world's equity markets. Something in the aggregation is off.
The likely culprit is visible in the sample names. Cross-listings appear more than once: Tesla as TL0.F and TL0.DE, Alphabet as GOOG and GOOGL, Novo Resources as NVO.TO and NVO.AX, Galantas as GAL.V and GAL.L, Obsidian Energy as OBE and OBE.TO. Duplicate lines inflate counts and can double- or triple-count capitalisation, which plausibly explains why Basic Materials and Financials tower over Technology.
What an investor might watch
Treat company counts as the trustworthy composition signal and the sector cap totals with caution until the feed is de-duplicated by issuer. Beyond the data hygiene, three things are worth watching: the sheer concentration of names in Technology and the mega-caps that dominate it; the global, cyclical breadth of Industrials and Basic Materials, which ties the universe to Chinese and emerging-market activity; and the thematic small caps — Archer's eVTOL bet, lithium, gold — as higher-beta expressions of those sector trends. Composition is destiny for a tracker, so getting the plumbing right matters before any of the ranked numbers can be trusted.