Estonia Energy Defensive Blue Chips

Commerzbank

Market Cap: €38.3b

Provides banking and capital market products and services to private and small business customers, corporate, financial service providers, and institutional clients in Germany, rest of Europe, the Americas, Asia, and internationally.

Heidelberg Materials

Market Cap: €38.2b

Produces and distributes cement, aggregates, ready-mixed concrete, and asphalt worldwide.

NAURA Technology Group

Market Cap: CN¥314.3b

Engages in the research and development, production, sale, and technical services of semiconductors in the People's Republic of China.

Kroger

Market Cap: US$44.4b

Operates as a food and drug retailer in the United States.

Erste Group Bank

Market Cap: €37.9b

Provides a range of banking and other financial services to retail, corporate, and public sector customers.

United Overseas Bank

Market Cap: S$57.1b

Provides banking products and services worldwide.

JAPAN POST BANK

Market Cap: JP¥6.8t

Provides financial products and services in Japan and internationally.

Axis Bank

Market Cap: ₹3.9t

Provides various financial products and services in India and internationally.

Orange

Market Cap: €37.4b

Operates as a telecommunications operator in France and internationally.

Emirates Telecommunications Group Company PJSC

Market Cap: د.إ160.0b

Provides telecommunications services, media, and related equipment in the United Arab Emirates and internationally.

Emirates NBD Bank PJSC

Market Cap: د.إ159.5b

Provides corporate, institutional, retail, treasury, and Islamic banking services.

Great-West Lifeco

Market Cap: CA$58.3b

Engages in the life and health insurance, retirement savings, wealth and asset management, and reinsurance businesses in Canada, the United States, and Europe.

Coca-Cola Europacific Partners

Market Cap: €35.7b

Produces, distributes, and sells a range of non-alcoholic ready to drink beverages.

American International Group

Market Cap: US$41.3b

Offers insurance products for commercial, institutional, and individual customers in North America and internationally.

Ambev

Market Cap: R$218.3b

Through its subsidiaries, engages in the production, distribution, and sale of beer, draft beer, carbonated soft drinks, malt and food, other alcoholic beverages, and non-alcoholic and non-carbonated products in Brazil, Central America and Caribbean, Latin America South, and Canada.

Target

Market Cap: US$41.0b

Operates as a general merchandise retailer in the United States.

Fubon Financial Holding

Market Cap: NT$1.3t

Provides various financial services in Taiwan, Asia, and internationally.

Skandinaviska Enskilda Banken

Market Cap: SEK 374.9b

Provides corporate, retail, investment, and private banking services.

DNB Bank

Market Cap: NOK 402.2b

Provides financial services to individuals and businesses in Norway and internationally.

CBZ Holdings

Market Cap: US$5.1b

Provides various banking and financial products and services to retail and corporate customers in Zimbabwe.

ACWA Power

Market Cap: ر.س149.0b

Engages in the investment, development, operation, and maintenance of power generation, water desalination, and green hydrogen production plants in the Kingdom of Saudi Arabia, the Middle East, Asia, and Africa.

Veeva Systems

Market Cap: US$39.5b

Provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America.

QNB Bank

Market Cap: ₺1.7t

Provides various banking products and services in Turkey.

Alcon

Market Cap: CHF 31.2b

Researches, develops, manufactures, distributes, and sells eye care products worldwide.

Huadian New Energy Group

Market Cap: CN¥274.9b

Engages in the power generation business in China.

Tesco

Market Cap: UK£29.2b

Operates as a grocery retailer in the United Kingdom, Republic of Ireland, the Czech Republic, Slovakia, and Hungary.

Danske Bank

Market Cap: DKK 248.8b

Provides various banking products and services to corporate, institutional, and international clients.

Vulcan Materials

Market Cap: US$38.3b

Produces and supplies construction aggregates in the United States.

UltraTech Cement

Market Cap: ₹3.4t

Engages in the manufacture and sale of clinker, cement, ready mix concrete, and related products in India, the United Arab Emirates, Bahrain, and Sri Lanka.

Hartford Insurance Group

Market Cap: US$37.8b

Provides insurance and financial services to individual and business customers in the United States, the United Kingdom, and internationally.

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ138.5b

Generates, transmits, and distributes electricity for residential, commercial, industrial, and government customers primarily in Dubai.

Fairfax Financial Holdings

Market Cap: CA$52.7b

Through its subsidiaries, provides property and casualty insurance and reinsurance, and investment management services in the United States, Canada, the Middle East, Asia, and internationally.

Endesa

Market Cap: €32.3b

Engages in the generation, distribution, and sale of electricity in Spain, Portugal, France, Germany, the United Kingdom, Switzerland, Luxembourg, the Netherlands, Singapore, Italy, Morocco, and internationally.

Hershey

Market Cap: US$37.5b

Engages in the manufacture and sale of confectionery products and pantry items in the United States and internationally.

Koninklijke Ahold Delhaize

Market Cap: €31.9b

Operates retail food stores and e-commerce in the Netherlands, the United States, and internationally.

Prudential

Market Cap: UK£27.9b

Through its subsidiaries, provides life and health insurance, and asset management solutions to individuals in Asia and Africa.