Estonia Software Defensive Blue Chips

National Bank of Canada

Market Cap: CA$66.0b

Provides financial services to individuals, businesses, institutional clients, and governments in Canada and internationally.

United Overseas Bank

Market Cap: S$60.8b

Provides banking products and services worldwide.

Erste Group Bank

Market Cap: €40.5b

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

Swiss Re

Market Cap: CHF 37.2b

Provides reinsurance, insurance, other insurance-based forms of risk transfer, and other insurance-related services worldwide.

Kotak Mahindra Bank

Market Cap: ₹4.2t

Provides a range of banking and financial services to corporate and individual customers in India.

Emirates Telecommunications Group Company PJSC

Market Cap: د.إ169.6b

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

Kuwait Finance House K.S.C.P

Market Cap: د.ك14.1b

Provides Islamic banking products and services in the Middle East, Europe, and internationally.

ITC

Market Cap: ₹4.2t

Engages in the fast-moving consumer goods, paperboards, paper and packaging, and agri businesses in India and internationally.

Orange

Market Cap: €39.4b

Operates as a telecommunications operator in France and internationally.

PICC Property and Casualty

Market Cap: HK$356.3b

Engages in property and casualty insurance business in People’s Republic of China.

Axis Bank

Market Cap: ₹4.1t

Provides various financial products and services in India and internationally.

Great-West Lifeco

Market Cap: CA$60.5b

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

Commerzbank

Market Cap: €37.4b

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.

Heineken

Market Cap: €37.2b

Heineken N.V. brews and sells beer and cider in the Americas, Europe, Africa, the Middle East, and the Asia Pacific.

RWE

Market Cap: €36.8b

Generates and supplies electricity from renewable and conventional sources in Germany, the United Kingdom, rest of Europe, North America, and internationally.

AST SpaceMobile

Market Cap: US$42.9b

Designs and develops the constellation of BlueBird satellites in the United States.

Disco

Market Cap: JP¥6.8t

Manufactures and sells precision cutting, grinding, and polishing machines in Japan and internationally.

Moore Threads Technology

Market Cap: CN¥297.7b

Engages in the development of GPU chips and related products.

Skandinaviska Enskilda Banken

Market Cap: SEK 390.7b

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

Swedbank

Market Cap: SEK 384.5b

Provides various banking products and services to private and corporate customers in Sweden, Estonia, Latvia, Lithuania, Norway, the United States, Finland, Denmark, Luxembourg, and China.

ASE Technology Holding

Market Cap: NT$1.3t

Provides semiconductor manufacturing services in the United States, Taiwan, rest of Asia, Europe, and internationally.

Fubon Financial Holding

Market Cap: NT$1.3t

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

Ambev

Market Cap: R$219.9b

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.

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ150.0b

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

Prudential

Market Cap: UK£30.2b

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

Danske Bank

Market Cap: DKK 260.5b

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

Vulcan Materials

Market Cap: US$40.4b

Produces and supplies construction aggregates in the United States.

Microchip Technology

Market Cap: US$40.4b

Develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia.

DNB Bank

Market Cap: NOK 406.0b

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

Hershey

Market Cap: US$40.1b

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

Coca-Cola Europacific Partners

Market Cap: €34.4b

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

Kroger

Market Cap: US$40.0b

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

UltraTech Cement

Market Cap: ₹3.6t

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.

Aeon

Market Cap: JP¥6.2t

Operates in the retail industry in Japan, China, ASEAN countries, and internationally.

ASM International

Market Cap: €33.8b

Engages in the research, development, manufacture, marketing, and servicing of equipment and materials used to produce semiconductor devices in Europe, the United States, and Asia.

American International Group

Market Cap: US$39.4b

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