Estonia Software Defensive Blue Chips

China Everbright Bank

Market Cap: CN¥228.2b

Provides a range of financial products and services to corporations and government agencies, retail customers, and individuals in Mainland China, Hong Kong, Luxembourg, Macao, Seoul, and Sydney.

Brown & Brown

Market Cap: US$31.9b

Brown & Brown, Inc. markets and sells insurance products and services in the United States, Canada, Ireland, the United Kingdom, and internationally.

CEZ a. s

Market Cap: Kč668.3b

Engages in the generation, distribution, trade, and sale of electricity and heat in Western, Central, and Southeastern Europe.

Dai-ichi Life Holdings

Market Cap: JP¥4.6t

Through its subsidiaries, provides insurance products in Japan, the United States, and internationally.

Fresenius SE KGaA

Market Cap: €26.9b

A health care company, provides products and services for chronically ill patients.

M&T Bank

Market Cap: US$31.2b

Operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that provides retail and commercial banking products and services in the United States.

Sampo Oyj

Market Cap: €26.6b

Provides non-life insurance products and services in Finland, Sweden, Norway, Denmark, Estonia, Lithuania, Latvia, Spain, Gibraltar, Germany, the Netherlands, France, and the United Kingdom.

Cathay Financial Holding

Market Cap: NT$947.6b

Through its subsidiaries, provides various financial products and services in Taiwan, rest of Asia, and internationally.

Abu Dhabi Commercial Bank PJSC

Market Cap: د.إ113.7b

Provides banking products and services in the United Arab Emirates and internationally.

Poste Italiane

Market Cap: €26.3b

Provides postal, logistics, and financial and insurance products and services in Italy.

Japan Post Holdings

Market Cap: JP¥4.5t

Provides postal, banking, and insurance services in Japan.

Naturgy Energy Group

Market Cap: €26.3b

Engages in the supply, liquefaction, regasification, transport, storage, distribution, and sale of gas.

Telefónica

Market Cap: €26.2b

Provides telecommunications services in Europe and Latin America.

RWE

Market Cap: €25.9b

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

Archer-Daniels-Midland

Market Cap: US$30.2b

Engages in the procurement, transportation, storage, processing, and merchandising of agricultural commodities, ingredients, flavors, and solutions.

Power Grid Corporation of India

Market Cap: ₹2.6t

An electric power transmission utility, engages in the power transmission business in India and internationally.

Pernod Ricard

Market Cap: €25.6b

Produces and sells wines and spirits worldwide.

Astera Labs

Market Cap: US$29.8b

Designs, manufactures, and sells semiconductor-based connectivity solutions for cloud and AI infrastructure.

Sompo Holdings

Market Cap: JP¥4.4t

Provides property and casualty insurance services in Japan and internationally.

Federal Home Loan Mortgage

Market Cap: US$29.7b

Operates in the secondary mortgage market in the United States.

National Bank of KuwaitK.P

Market Cap: د.ك9.1b

Provides financial and investment services and solutions to individual, corporate, and institutional clients in Kuwait, the Middle East, North Africa, Europe, the United Kingdom, and internationally.

Fifth Third Bancorp

Market Cap: US$29.6b

Operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States.

American Water Works Company

Market Cap: US$29.6b

Through its subsidiaries, provides water and wastewater services in the United States.

Constellation Brands

Market Cap: US$29.5b

Produces, imports, markets, and sells beer, wine, and spirits in the United States, Canada, Mexico, New Zealand, and Italy.

Disco

Market Cap: JP¥4.4t

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

Fomento Económico Mexicano. de

Market Cap: Mex$540.1b

Through its subsidiaries, operates as a franchise bottler of Coca-Cola trademark beverages worldwide.

KB Financial Group

Market Cap: ₩40.2t

Provides various banking and related financial services to consumers and corporations in South Korea, the United States, New Zealand, China, Cambodia, the United Kingdom, Indonesia, and internationally.

Vodafone Group

Market Cap: UK£21.4b

Provides telecommunication services in Germany, the United Kingdom, rest of Europe, Turkey, and South Africa.

Luzhou LaojiaoLtd

Market Cap: CN¥204.6b

Produces and sells alcoholic products in China and internationally.

China Minsheng Banking

Market Cap: CN¥204.0b

Provides banking products and services in the People's Republic of China.

Bank of Jiangsu

Market Cap: CN¥203.1b

Provides various banking products and services in China.

Malayan Banking Berhad

Market Cap: RM 119.0b

Provides commercial banking and related financial products and services.

BT Group

Market Cap: UK£20.9b

Provides communications products and services in the United Kingdom, Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

Bank Mandiri (Persero)

Market Cap: Rp462.0t

Provides various banking products and services to individuals and businesses in Indonesia, Singapore, Hong Kong, Timor Leste, Shanghai, Malaysia, England, and the Cayman Islands.

Amrize

Market Cap: CHF 22.6b

Focuses on building materials business in North America.

Kellanova

Market Cap: US$27.9b

Manufactures and markets snacks and convenience foods in North America, Europe, Latin America, the Asia Pacific, the Middle East, Australia, and Africa.