Icelandic Software Defensive Blue Chips

NAURA Technology Group

Market Cap: CN¥344.1b

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

Swiss Re

Market Cap: CHF 38.1b

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

National Bank of Canada

Market Cap: CA$67.3b

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

Sberbank of Russia

Market Cap: ₽3.0t

Sberbank of Russia, together with its subsidiaries, provides corporate and retail banking products and services to individuals, small businesses, corporate clients, and financial institutions.

Holcim

Market Cap: CHF 37.9b

Provides building materials and solutions worldwide.

ASE Technology Holding

Market Cap: NT$1.5t

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

Erste Group Bank

Market Cap: €41.3b

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

Shanghai Pudong Development Bank

Market Cap: CN¥332.4b

Shanghai Pudong Development Bank Co., Ltd.

PICC Property and Casualty

Market Cap: HK$374.6b

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

Federal National Mortgage Association

Market Cap: US$47.7b

Provides financing solutions for residential mortgages in the United States.

Ambev

Market Cap: R$245.9b

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.

Hershey

Market Cap: US$46.8b

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

Kotak Mahindra Bank

Market Cap: ₹4.2t

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

Swisscom

Market Cap: CHF 35.6b

Provides telecommunication services primarily in Switzerland, Italy, and internationally.

Edwards Lifesciences

Market Cap: US$46.0b

Provides products and technologies to treat advanced cardiovascular diseases in the United States, Europe, Japan, and internationally.

Axis Bank

Market Cap: ₹4.2t

Provides various financial products and services in India 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.

DNB Bank

Market Cap: NOK 430.8b

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

Commerzbank

Market Cap: €37.8b

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.

Coca-Cola Europacific Partners

Market Cap: €37.6b

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

RWE

Market Cap: €37.2b

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

ITC

Market Cap: ₹4.0t

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

Microchip Technology

Market Cap: US$43.7b

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

Danske Bank

Market Cap: DKK 274.8b

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

Swedbank

Market Cap: SEK 388.7b

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.

Kroger

Market Cap: US$43.5b

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

SSE

Market Cap: UK£31.6b

Engages in the generation, transmission, distribution, and supply of electricity.

UltraTech Cement

Market Cap: ₹3.8t

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.

Vulcan Materials

Market Cap: US$42.3b

Produces and supplies construction aggregates in the United States.

American International Group

Market Cap: US$42.2b

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

Sysco

Market Cap: US$42.2b

Through its subsidiaries, engages in the marketing and distribution of various food and related products to the foodservice or food-away-from-home industry in the United States, Canada, the United Kingdom, France, and internationally.

Dubai Electricity and Water Authority (PJSC)

Market Cap: د.إ154.5b

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

Skandinaviska Enskilda Banken

Market Cap: SEK 374.8b

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

Koninklijke Ahold Delhaize

Market Cap: €35.0b

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

Aeon

Market Cap: JP¥6.4t

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

Fubon Financial Holding

Market Cap: NT$1.3t

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