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Abstract: I provide an analysis of sentences of the form ‘To be F is to be G’ in terms of exact truth-maker semantics—an approach that identifies the meanings of sentences with the states of the world directly responsible for their truth-values. Roughly, I argue that these sentences hold just in case that which makes something F also makes it G. This approach is hyperintensional and possesses desirable logical and modal features. In particular, these sentences are reflexive, transitive, and symmetric, and if they are true, then they are necessarily true, and it is necessary that all and only Fs are Gs. I motivate my account over Correia and Skiles’ [11] prominent alternative and close by defining an irreflexive and asymmetric notion of analysis in terms of the symmetric and reflexive notion.