Hedging Ineffectiveness & Carry Friction

Marine fishing

ISIC 0311 3.2

Support activities for other mining and quarrying

ISIC 0990 3.2

Architectural and engineering activities and related technical consultancy

ISIC 7110 2.7

Growing of sugar cane

ISIC 0114 2.9

Growing of other non-perennial crops

ISIC 0119 3

Growing of beverage crops

ISIC 0127 3

167 more industries

Plant propagation ISIC 0130 Raising of camels and camelids ISIC 0143 Post-harvest crop activities ISIC 0163 Support services to forestry ISIC 0240 Freshwater fishing ISIC 0312 Mining of uranium and thorium ores ISIC 0721 Support activities for petroleum and natural gas extraction ISIC 0910 Manufacture of dairy products ISIC 1050 Manufacture of grain mill products ISIC 1061 Manufacture of starches and starch products ISIC 1062 Manufacture of sugar ISIC 1072 Manufacture of cocoa, chocolate and sugar confectionery ISIC 1073 Manufacture of other food products n.e.c. ISIC 1079 Manufacture of prepared animal feeds ISIC 1080 Distilling, rectifying and blending of spirits ISIC 1101 Manufacture of wines ISIC 1102 Manufacture of malt liquors and malt ISIC 1103 Finishing of textiles ISIC 1313 Manufacture of other textiles n.e.c. ISIC 1399 Manufacture of knitted and crocheted apparel ISIC 1430 Manufacture of builders' carpentry and joinery ISIC 1622 Manufacture of wooden containers ISIC 1623 Manufacture of corrugated paper and paperboard and of containers of paper and paperboard ISIC 1702 Printing ISIC 1811 Manufacture of coke oven products ISIC 1910 Manufacture of fertilizers and nitrogen compounds ISIC 2012 Manufacture of paints, varnishes and similar coatings, printing ink and mastics ISIC 2022 Manufacture of soap and detergents, cleaning and polishing preparations, perfumes and toilet preparations ISIC 2023 Manufacture of man-made fibres ISIC 2030 Manufacture of other rubber products ISIC 2219 Manufacture of plastics products ISIC 2220 Manufacture of clay building materials ISIC 2392 Manufacture of other porcelain and ceramic products ISIC 2393 Manufacture of cement, lime and plaster ISIC 2394 Cutting, shaping and finishing of stone ISIC 2396 Manufacture of other non-metallic mineral products n.e.c. ISIC 2399 Manufacture of basic iron and steel ISIC 2410 Casting of iron and steel ISIC 2431 Casting of non-ferrous metals ISIC 2432 Manufacture of structural metal products ISIC 2511 Manufacture of tanks, reservoirs and containers of metal ISIC 2512 Manufacture of other fabricated metal products n.e.c. ISIC 2599 Manufacture of computers and peripheral equipment ISIC 2620 Manufacture of communication equipment ISIC 2630 Manufacture of consumer electronics ISIC 2640 Manufacture of watches and clocks ISIC 2652 Manufacture of irradiation, electromedical and electrotherapeutic equipment ISIC 2660 Manufacture of optical instruments and photographic equipment ISIC 2670 Manufacture of batteries and accumulators ISIC 2720 Manufacture of domestic appliances ISIC 2750 Manufacture of other electrical equipment ISIC 2790 Manufacture of other pumps, compressors, taps and valves ISIC 2813 Manufacture of ovens, furnaces and furnace burners ISIC 2815 Manufacture of office machinery and equipment (except computers and peripheral equipment) ISIC 2817 Manufacture of other general-purpose machinery ISIC 2819 Manufacture of metal-forming machinery and machine tools ISIC 2822 Manufacture of machinery for mining, quarrying and construction ISIC 2824 Manufacture of machinery for food, beverage and tobacco processing ISIC 2825 Manufacture of bodies (coachwork) for motor vehicles; manufacture of trailers and semi-trailers ISIC 2920 Building of ships and floating structures ISIC 3011 Building of pleasure and sporting boats ISIC 3012 Manufacture of air and spacecraft and related machinery ISIC 3030 Manufacture of bicycles and invalid carriages ISIC 3092 Manufacture of other transport equipment n.e.c. ISIC 3099 Manufacture of jewellery and related articles ISIC 3211 Other manufacturing n.e.c. ISIC 3290 Repair of fabricated metal products ISIC 3311 Repair of machinery ISIC 3312 Manufacture of gas; distribution of gaseous fuels through mains ISIC 3520 Water collection, treatment and supply ISIC 3600 Sewerage ISIC 3700 Collection of hazardous waste ISIC 3812 Materials recovery ISIC 3830 Construction of buildings ISIC 4100 Construction of roads and railways ISIC 4210 Construction of utility projects ISIC 4220 Construction of other civil engineering projects ISIC 4290 Demolition ISIC 4311 Electrical installation ISIC 4321 Sale of motor vehicles ISIC 4510 Maintenance and repair of motor vehicles ISIC 4520 Sale of motor vehicle parts and accessories ISIC 4530 Wholesale trade, except of motor vehicles and motorcycles ISIC 46 Wholesale of food, beverages and tobacco ISIC 4630 Wholesale of textiles, clothing and footwear ISIC 4641 Wholesale of electronic and telecommunications equipment and parts ISIC 4652 Wholesale of other machinery and equipment ISIC 4659 Wholesale of construction materials, hardware, plumbing and heating equipment and supplies ISIC 4663 Wholesale of waste and scrap and other products n.e.c. ISIC 4669 Retail sale of food in specialized stores ISIC 4721 Retail sale of tobacco products in specialized stores ISIC 4723 Retail sale of automotive fuel in specialized stores ISIC 4730 Retail sale of audio and video equipment in specialized stores ISIC 4742 Retail sale of hardware, paints and glass in specialized stores ISIC 4752 Retail sale of carpets, rugs, wall and floor coverings in specialized stores ISIC 4753 Retail sale of music and video recordings in specialized stores ISIC 4762 Retail sale of sporting equipment in specialized stores ISIC 4763 Retail sale of games and toys in specialized stores ISIC 4764 Retail sale of pharmaceutical and medical goods, cosmetic and toilet articles in specialized stores ISIC 4772 Retail sale of second-hand goods ISIC 4774 Retail sale via stalls and markets of food, beverages and tobacco products ISIC 4781 Retail sale via stalls and markets of other goods ISIC 4789 Passenger rail transport, interurban ISIC 4911 Freight rail transport ISIC 4912 Other passenger land transport ISIC 4922 Freight transport by road ISIC 4923 Passenger air transport ISIC 5110 Freight air transport ISIC 5120 Service activities incidental to water transportation ISIC 5222 Service activities incidental to air transportation ISIC 5223 Cargo handling ISIC 5224 Courier activities ISIC 5320 Short term accommodation activities ISIC 5510 Other accommodation ISIC 5590 Restaurants and mobile food service activities ISIC 5610 Event catering ISIC 5621 Other food service activities ISIC 5629 Publishing of newspapers, journals and periodicals ISIC 5813 Motion picture, video and television programme production activities ISIC 5911 Sound recording and music publishing activities ISIC 5920 Television programming and broadcasting activities ISIC 6020 Satellite telecommunications activities ISIC 6130 Computer programming activities ISIC 6201 Data processing, hosting and related activities ISIC 6311 Web portals ISIC 6312 Financial leasing ISIC 6491 Other financial service activities, except insurance and pension funding activities, n.e.c. ISIC 6499 Life insurance ISIC 6511 Reinsurance ISIC 6520 Activities of insurance agents and brokers ISIC 6622 Accounting, bookkeeping and auditing activities; tax consultancy ISIC 6920 Management consultancy activities ISIC 7020 Technical testing and analysis ISIC 7120 Research and experimental development on natural sciences and engineering ISIC 7210 Research and experimental development on social sciences and humanities ISIC 7220 Advertising ISIC 7310 Photographic activities ISIC 7420 Veterinary activities ISIC 7500 Renting and leasing of motor vehicles ISIC 7710 Renting of video tapes and disks ISIC 7722 Renting and leasing of other personal and household goods ISIC 7729 Renting and leasing of other machinery, equipment and tangible goods ISIC 7730 Other human resources provision ISIC 7830 Travel agency activities ISIC 7911 Tour operator activities ISIC 7912 Private security activities ISIC 8010 Security systems service activities ISIC 8020 Landscape care and maintenance service activities ISIC 8130 Activities of call centres ISIC 8220 Organization of conventions and trade shows ISIC 8230 Packaging activities ISIC 8292 Defence activities ISIC 8422 Higher education ISIC 8530 Other education n.e.c. ISIC 8549 Hospital activities ISIC 8610 Medical and dental practice activities ISIC 8620 Other human health activities ISIC 8690 Residential care activities for mental retardation, mental health and substance abuse ISIC 8720 Creative, arts and entertainment activities ISIC 9000 Museums activities and operation of historical sites and buildings ISIC 9102 Operation of sports facilities ISIC 9311 Other sports activities ISIC 9319 Other amusement and recreation activities n.e.c. ISIC 9329 Repair of computers and peripheral equipment ISIC 9511 Hairdressing and other beauty treatment ISIC 9602 Funeral and related activities ISIC 9603 Undifferentiated goods-producing activities of private households for own use ISIC 9810

Growing of cereals (except rice), leguminous crops and oil seeds

ISIC 0111 2.8

Growing of rice

ISIC 0112 2.7

Growing of fibre crops

ISIC 0116 2.9

140 more industries

Growing of tropical and subtropical fruits ISIC 0122 Growing of pome fruits and stone fruits ISIC 0124 Growing of oleaginous fruits ISIC 0126 Growing of spices, aromatic, drug and pharmaceutical crops ISIC 0128 Growing of other perennial crops ISIC 0129 Raising of cattle and buffaloes ISIC 0141 Raising of horses and other equines ISIC 0142 Raising of sheep and goats ISIC 0144 Raising of swine/pigs ISIC 0145 Raising of poultry ISIC 0146 Raising of other animals ISIC 0149 Hunting, trapping and related service activities ISIC 0170 Silviculture and other forestry activities ISIC 0210 Logging ISIC 0220 Gathering of non-wood forest products ISIC 0230 Freshwater aquaculture ISIC 0322 Mining of hard coal ISIC 0510 Mining of iron ores ISIC 0710 Mining of other non-ferrous metal ores ISIC 0729 Extraction of peat ISIC 0892 Extraction of salt ISIC 0893 Other mining and quarrying n.e.c. ISIC 0899 Processing and preserving of fish, crustaceans and molluscs ISIC 1020 Processing and preserving of fruit and vegetables ISIC 1030 Manufacture of bakery products ISIC 1071 Manufacture of prepared meals and dishes ISIC 1075 Manufacture of soft drinks; production of mineral waters and other bottled waters ISIC 1104 Manufacture of made-up textile articles, except apparel ISIC 1392 Manufacture of cordage, rope, twine and netting ISIC 1394 Manufacture of wearing apparel, except fur apparel ISIC 1410 Manufacture of luggage, handbags and the like, saddlery and harness ISIC 1512 Sawmilling and planing of wood ISIC 1610 Manufacture of other products of wood; manufacture of articles of cork, straw and plaiting materials ISIC 1629 Reproduction of recorded media ISIC 1820 Manufacture of refined petroleum products ISIC 1920 Manufacture of basic chemicals ISIC 2011 Manufacture of plastics and synthetic rubber in primary forms ISIC 2013 Manufacture of pesticides and other agrochemical products ISIC 2021 Manufacture of other chemical products n.e.c. ISIC 2029 Manufacture of pharmaceuticals, medicinal chemical and botanical products ISIC 2100 Manufacture of rubber tyres and tubes; retreading and rebuilding of rubber tyres ISIC 2211 Manufacture of glass and glass products ISIC 2310 Manufacture of refractory products ISIC 2391 Manufacture of articles of concrete, cement and plaster ISIC 2395 Manufacture of steam generators, except central heating hot water boilers ISIC 2513 Manufacture of weapons and ammunition ISIC 2520 Manufacture of cutlery, hand tools and general hardware ISIC 2593 Manufacture of electronic components and boards ISIC 2610 Manufacture of measuring, testing, navigating and control equipment ISIC 2651 Manufacture of other electronic and electric wires and cables ISIC 2732 Manufacture of electric lighting equipment ISIC 2740 Manufacture of lifting and handling equipment ISIC 2816 Manufacture of machinery for metallurgy ISIC 2823 Manufacture of other special-purpose machinery ISIC 2829 Manufacture of motor vehicles ISIC 2910 Manufacture of railway locomotives and rolling stock ISIC 3020 Manufacture of military fighting vehicles ISIC 3040 Manufacture of furniture ISIC 3100 Manufacture of imitation jewellery and related articles ISIC 3212 Manufacture of musical instruments ISIC 3220 Manufacture of games and toys ISIC 3240 Manufacture of medical and dental instruments and supplies ISIC 3250 Repair of electronic and optical equipment ISIC 3313 Repair of other equipment ISIC 3319 Site preparation ISIC 4312 Plumbing, heat and air-conditioning installation ISIC 4322 Building completion and finishing ISIC 4330 Other specialized construction activities ISIC 4390 Wholesale of computers, computer peripheral equipment and software ISIC 4651 Wholesale of metals and metal ores ISIC 4662 Retail sale in non-specialized stores with food, beverages or tobacco predominating ISIC 4711 Other retail sale in non-specialized stores ISIC 4719 Retail sale of beverages in specialized stores ISIC 4722 Retail sale of computers, peripheral units, software and telecommunications equipment in specialized stores ISIC 4741 Retail sale of textiles in specialized stores ISIC 4751 Retail sale of electrical household appliances, furniture, lighting equipment and other household articles in specialized stores ISIC 4759 Retail sale of books, newspapers and stationary in specialized stores ISIC 4761 Other retail sale of new goods in specialized stores ISIC 4773 Retail sale via mail order houses or via Internet ISIC 4791 Other retail sale not in stores, stalls or markets ISIC 4799 Urban and suburban passenger land transport ISIC 4921 Sea and coastal passenger water transport ISIC 5011 Sea and coastal freight water transport ISIC 5012 Inland passenger water transport ISIC 5021 Service activities incidental to land transportation ISIC 5221 Other transportation support activities ISIC 5229 Accommodation ISIC 55 Beverage serving activities ISIC 5630 Publishing of directories and mailing lists ISIC 5812 Motion picture, video and television programme post-production activities ISIC 5912 Motion picture, video and television programme distribution activities ISIC 5913 Motion picture projection activities ISIC 5914 Radio broadcasting ISIC 6010 Wired telecommunications activities ISIC 6110 Wireless telecommunications activities ISIC 6120 Computer consultancy and computer facilities management activities ISIC 6202 Other information technology and computer service activities ISIC 6209 News agency activities ISIC 6391 Other information service activities n.e.c. ISIC 6399 Activities of holding companies ISIC 6420 Trusts, funds and similar financial entities ISIC 6430 Non-life insurance ISIC 6512 Pension funding ISIC 6530 Other activities auxiliary to financial service activities ISIC 6619 Fund management activities ISIC 6630 Real estate activities with own or leased property ISIC 6810 Real estate activities on a fee or contract basis ISIC 6820 Legal activities ISIC 6910 Market research and public opinion polling ISIC 7320 Specialized design activities ISIC 7410 Other professional, scientific and technical activities n.e.c. ISIC 7490 Activities of employment placement agencies ISIC 7810 Temporary employment agency activities ISIC 7820 Other reservation service and related activities ISIC 7990 Combined facilities support activities ISIC 8110 Other building and industrial cleaning activities ISIC 8129 Combined office administrative service activities ISIC 8211 Photocopying, document preparation and other specialized office support activities ISIC 8219 Activities of collection agencies and credit bureaus ISIC 8291 Other business support service activities n.e.c. ISIC 8299 General public administration activities ISIC 8411 Foreign affairs ISIC 8421 Public order and safety activities ISIC 8423 Compulsory social security activities ISIC 8430 Pre-primary and primary education ISIC 8510 General secondary education ISIC 8521 Sports and recreation education ISIC 8541 Residential care activities for the elderly and disabled ISIC 8730 Other residential care activities ISIC 8790 Other social work activities without accommodation ISIC 8890 Gambling and betting activities ISIC 9200 Activities of business and employers membership organizations ISIC 9411 Activities of other membership organizations n.e.c. ISIC 9499 Repair of furniture and home furnishings ISIC 9524 Repair of other personal and household goods ISIC 9529 Washing and (dry-) cleaning of textile and fur products ISIC 9601 Other personal service activities n.e.c. ISIC 9609 Activities of households as employers of domestic personnel ISIC 9700 Undifferentiated service-producing activities of private households for own use ISIC 9820 Activities of extraterritorial organizations and bodies ISIC 9900

Growing of vegetables and melons, roots and tubers

ISIC 0113 2.7

Growing of grapes

ISIC 0121 2.6

Growing of citrus fruits

ISIC 0123 2.8

90 more industries

Growing of other tree and bush fruits and nuts ISIC 0125 Mixed farming ISIC 0150 Support activities for crop production ISIC 0161 Support activities for animal production ISIC 0162 Seed processing for propagation ISIC 0164 Marine aquaculture ISIC 0321 Mining of lignite ISIC 0520 Extraction of natural gas ISIC 0620 Quarrying of stone, sand and clay ISIC 0810 Mining of chemical and fertilizer minerals ISIC 0891 Processing and preserving of meat ISIC 1010 Manufacture of vegetable and animal oils and fats ISIC 1040 Manufacture of macaroni, noodles, couscous and similar farinaceous products ISIC 1074 Preparation and spinning of textile fibres ISIC 1311 Manufacture of knitted and crocheted fabrics ISIC 1391 Manufacture of carpets and rugs ISIC 1393 Manufacture of articles of fur ISIC 1420 Tanning and dressing of leather; dressing and dyeing of fur ISIC 1511 Manufacture of footwear ISIC 1520 Manufacture of veneer sheets and wood-based panels ISIC 1621 Manufacture of other articles of paper and paperboard ISIC 1709 Service activities related to printing ISIC 1812 Manufacture of basic precious and other non-ferrous metals ISIC 2420 Forging, pressing, stamping and roll-forming of metal; powder metallurgy ISIC 2591 Treatment and coating of metals; machining ISIC 2592 Manufacture of magnetic and optical media ISIC 2680 Manufacture of electric motors, generators, transformers and electricity distribution and control apparatus ISIC 2710 Manufacture of fibre optic cables ISIC 2731 Manufacture of wiring devices ISIC 2733 Manufacture of engines and turbines, except aircraft, vehicle and cycle engines ISIC 2811 Manufacture of fluid power equipment ISIC 2812 Manufacture of bearings, gears, gearing and driving elements ISIC 2814 Manufacture of power-driven hand tools ISIC 2818 Manufacture of agricultural and forestry machinery ISIC 2821 Manufacture of machinery for textile, apparel and leather production ISIC 2826 Manufacture of parts and accessories for motor vehicles ISIC 2930 Manufacture of motorcycles ISIC 3091 Manufacture of sports goods ISIC 3230 Repair of electrical equipment ISIC 3314 Repair of transport equipment, except motor vehicles ISIC 3315 Installation of industrial machinery and equipment ISIC 3320 Electric power generation, transmission and distribution ISIC 3510 Collection of non-hazardous waste ISIC 3811 Treatment and disposal of non-hazardous waste ISIC 3821 Treatment and disposal of hazardous waste ISIC 3822 Remediation activities and other waste management services ISIC 3900 Other construction installation ISIC 4329 Sale, maintenance and repair of motorcycles and related parts and accessories ISIC 4540 Wholesale of agricultural raw materials and live animals ISIC 4620 Wholesale of other household goods ISIC 4649 Wholesale of agricultural machinery, equipment and supplies ISIC 4653 Wholesale of solid, liquid and gaseous fuels and related products ISIC 4661 Non-specialized wholesale trade ISIC 4690 Retail sale of clothing, footwear and leather articles in specialized stores ISIC 4771 Retail sale via stalls and markets of textiles, clothing and footwear ISIC 4782 Transport via pipeline ISIC 4930 Inland freight water transport ISIC 5022 Warehousing and support activities for transportation ISIC 52 Warehousing and storage ISIC 5210 Postal activities ISIC 5310 Camping grounds, recreational vehicle parks and trailer parks ISIC 5520 Book publishing ISIC 5811 Other publishing activities ISIC 5819 Software publishing ISIC 5820 Other telecommunications activities ISIC 6190 Other monetary intermediation ISIC 6419 Other credit granting ISIC 6492 Administration of financial markets ISIC 6611 Security and commodity contracts brokerage ISIC 6612 Risk and damage evaluation ISIC 6621 Other activities auxiliary to insurance and pension funding ISIC 6629 Activities of head offices ISIC 7010 Renting and leasing of recreational and sports goods ISIC 7721 Leasing of intellectual property and similar products, except copyrighted works ISIC 7740 Investigation activities ISIC 8030 Regulation of the activities of providing health care, education, cultural services and other social services, excluding social security ISIC 8412 Technical and vocational secondary education ISIC 8522 Cultural education ISIC 8542 Educational support activities ISIC 8550 Residential nursing care facilities ISIC 8710 Botanical and zoological gardens and nature reserves activities ISIC 9103 Activities of sports clubs ISIC 9312 Activities of amusement parks and theme parks ISIC 9321 Activities of trade unions ISIC 9420 Activities of religious organizations ISIC 9491 Activities of political organizations ISIC 9492 Repair of communication equipment ISIC 9512 Repair of consumer electronics ISIC 9521 Repair of household appliances and home and garden equipment ISIC 9522 Repair of footwear and leather goods ISIC 9523

Growing of tobacco

ISIC 0115 2.7

Extraction of crude petroleum

ISIC 0610 3.5

Manufacture of tobacco products

ISIC 1200 2.7

5 more industries

Weaving of textiles ISIC 1312 Manufacture of pulp, paper and paperboard ISIC 1701 Steam and air conditioning supply ISIC 3530 Central banking ISIC 6411 Regulation of and contribution to more efficient operation of businesses ISIC 8413

Wholesale on a fee or contract basis

ISIC 4610 2.6

Social work activities without accommodation for the elderly and disabled

ISIC 8810 2.5