Estonia Retail Defensive Blue Chips

Mega Financial Holding

Market Cap: NT$688.3b

Provides various financial services in Taiwan.

Heineken Holding

Market Cap: €18.4b

Engages in brewing and selling beer and cider in the Netherlands, Europe, the Americas, Africa & Middle East, Asia Pacific and internationally.

BNP Paribas Fortis

Market Cap: €18.4b

Provides various financial services in Belgium, Turkey, Luxembourg, and internationally.

Shanxi Xinghuacun Fen Wine FactoryLtd

Market Cap: CN¥144.6b

Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.

CIMB Group Holdings Berhad

Market Cap: RM 86.2b

Provides various banking products and services in Malaysia and internationally.

Uniper

Market Cap: €18.2b

Operates as an energy company in Germany, the United Kingdom, Sweden, the rest of Europe, and internationally.

ACM Research (Shanghai)

Market Cap: CN¥142.2b

Engages in the research, development, production, and sale of semiconductor equipment in China.

JCET Group

Market Cap: CN¥142.2b

Provides integrated-circuit back-end and technology services in China, South Korea, the United States, and internationally.

Technoprobe

Market Cap: €18.0b

Produces and sells electronic circuits in Italy, Asia, the United States, and rest of Europe.

Banco de Chile

Market Cap: CL$19.4t

Provides commercial banking services in Chile.

CK Infrastructure Holdings

Market Cap: HK$164.4b

An infrastructure company, invests in, develops, and operates infrastructure businesses in Hong Kong, Mainland China, the United Kingdom, Continental Europe, Australia, New Zealand, Canada, and the United States.

Fortum Oyj

Market Cap: €17.9b

Engages in the generation and sale of electricity and heat to private and business customers in Finland, Sweden, Norway, Poland, and internationally.

Bank of Shanghai

Market Cap: CN¥139.8b

Provides various banking products and services in China.

Banco Santander (Brasil)

Market Cap: R$107.4b

Provides various banking products and services to individuals, small and medium enterprises, and corporate customers in Brazil and internationally.

Hwatsing Technology

Market Cap: CN¥138.8b

Engages in the research, development, production, sales, and technical services of semiconductor equipment in China and internationally.

Banco de Sabadell

Market Cap: €17.6b

Provides banking products and services in Spain, the United Kingdom, and Mexico.

MACOM Technology Solutions Holdings

Market Cap: US$20.6b

Provides analog semiconductor solutions for use in wireless and wireline applications across the radio frequency (RF), microwave, millimeter wave, and lightwave spectrum.

Yihai Kerry Arawana Holdings

Market Cap: CN¥138.3b

Engages in the agriculture and food processing businesses in China.

Tyson Foods

Market Cap: US$20.5b

Operates as a food company worldwide.

Cellnex Telecom

Market Cap: €17.6b

Engages in the management of terrestrial telecommunications infrastructures in France, Italy, the United Kingdom, Spain, Poland, the Netherlands, Portugal, Switzerland, Denmark, Sweden, Ireland, and Austria.

ASPEED Technology

Market Cap: NT$654.9b

Operates as a fabless integrated circuit (IC) design company in Taiwan, China, the United States, and internationally.

China Tower

Market Cap: HK$160.8b

Provides telecommunication tower infrastructure services in the People's Republic of China.

Bank of Ireland Group

Market Cap: €17.5b

Provides banking and other financial services in the Republic of Ireland, the United Kingdom, and internationally.

NMBZ Holdings

Market Cap: US$2.6b

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

SiTime

Market Cap: US$20.5b

Engages in the design, development, and sale of silicon timing systems solutions in Hong Kong, Taiwan, the United States, Singapore, and internationally.

Mizrahi Tefahot Bank

Market Cap: ₪60.4b

Provides various banking services in Israel and internationally.

Erste Bank Polska

Market Cap: zł74.2b

Provides various banking products and services for individuals, small or medium-sized enterprises, corporate clients, and public sector institutions.

BE Semiconductor Industries

Market Cap: €17.2b

Develops, manufactures, markets, sells, and services semiconductor assembly equipment for the semiconductor and electronics industries in the Netherlands, Switzerland, Austria, Singapore, Malaysia, and internationally.

Pernod Ricard

Market Cap: €17.1b

Produces and sells wines and spirits worldwide.

Banco do Brasil

Market Cap: R$103.2b

Provides banking products and services for individuals, companies, and public sectors in Brazil and internationally.

Alinma Bank

Market Cap: ر.س74.6b

Provides banking and investment services in the Kingdom of Saudi Arabia.

Telenor

Market Cap: NOK 184.4b

Operates as a telecommunication company worldwide.

Adani Energy Solutions

Market Cap: ₹1.9t

Generates, transmits, and distributes power in India.

China United Network Communications

Market Cap: CN¥132.9b

Provides telecommunication services in the People’s Republic of China.

Lasertec

Market Cap: JP¥3.1t

Engages in the design, manufacture, and sale of inspection and measurement equipment in Japan, South Korea, Taiwan, Other Asia, the United States.

Straumann Holding

Market Cap: CHF 15.5b

Provides tooth replacement and orthodontic solutions in Switzerland, the United States, China, Germany, Brazil, Japan, France, and internationally.