Kuwaiti Software Defensive Blue Chips

Bank of Hangzhou

Market Cap: CN¥118.0b

Provides various banking products and services in China.

Huaneng Power International

Market Cap: HK$135.9b

Generates and sells electric power to the regional or provincial grid companies in the People’s Republic of China, the Islamic Republic of Pakistan, and internationally.

Wilmar International

Market Cap: S$22.2b

Operates as an agribusiness company in Singapore, the People's Republic of China, Indonesia, Malaysia, Australia, Europe, South Africa, Nigeria, Vietnam, India, and internationally.

Elia Group

Market Cap: €14.8b

Develops and operates as a transmission system operator in Belgium and Germany.

Suzhou Centec Communications

Market Cap: CN¥116.0b

Engages in the research and development of ethernet switch chips and supporting products in China and internationally.

Zimmer Biomet Holdings

Market Cap: US$17.1b

Operates as a medical technology company worldwide.

Eurobank

Market Cap: €14.6b

Provides retail, corporate and private banking, asset management, treasury and capital market, and other services in Greece, Bulgaria, Cyprus, and Luxembourg.

Banco de Sabadell

Market Cap: €14.5b

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

ING Bank Slaski

Market Cap: zł61.3b

Provides various banking products and services for retail clients and businesses in Poland.

Kansai Electric Power Company

Market Cap: JP¥2.6t

Engages in electricity, gas and heat supply, and telecommunication and gas supply in Japan.

mBank

Market Cap: zł60.2b

Provides various banking and financial services in Poland, the Czech Republic, Slovakia, and internationally.

Bank Polska Kasa Opieki

Market Cap: zł59.8b

A commercial bank, provides banking products and services to retail and corporate clients in Poland.

Performance Food Group

Market Cap: US$16.3b

Through its subsidiaries, engages in the marketing and distribution of food and food-related products in North America.

Bank of Beijing

Market Cap: CN¥110.6b

Provides various banking services to individuals and corporates in China.

Banco Comercial Português

Market Cap: €14.1b

Engages in the provision of various banking and financial products and services in Portugal and internationally.

SDIC Power Holdings

Market Cap: CN¥110.4b

Engages in the electricity generation business in China.

OmniVision Integrated Circuits Group

Market Cap: CN¥110.3b

Engages in the design, development, and sale of integrated circuits and computer software and hardware in China and internationally.

Hua Xia Bank

Market Cap: CN¥110.3b

Provides commercial banking services in China and Hong Kong.

Phison Electronics

Market Cap: NT$512.9b

Designs, manufactures, and sells flash memory controllers and peripheral system applications in Asia, the United States, Europe, Australia, and internationally.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia

Market Cap: Rp289.7t

Provides information and communications technology, and telecommunications network services worldwide.

Hua Nan Financial Holdings

Market Cap: NT$510.8b

Provides financial services in Taiwan and internationally.

SinoPac Financial Holdings

Market Cap: NT$510.1b

Through its subsidiaries, provides banking services worldwide.

Onto Innovation

Market Cap: US$16.1b

Engages in the design, development, manufacture, and support of process control tools that perform macro-defect inspection and metrology in the United States, Taiwan, South Korea, Japan, China, Southeast Asia, Asia, and Europe.

Emirates Islamic Bank PJSC

Market Cap: د.إ58.9b

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

Rambus

Market Cap: US$15.8b

Manufactures and sells semiconductor products in the United States, South Korea, Singapore, and internationally.

Woori Financial Group

Market Cap: ₩23.8t

Operates as a bank which provides various financial services in Korea, China, the United States, the United Kingdom, Japan, and internationally.

Powszechny Zaklad Ubezpieczen

Market Cap: zł57.2b

Provides life and non-life insurance products and services in Poland, the Baltic States, and Ukraine.

FinecoBank Banca Fineco

Market Cap: €13.4b

Provides banking, credit, trading and investment services in Italy.

National Bank of Greece

Market Cap: €13.4b

Provides banking, financial products, and services primarily in Greece, Cyprus, North Macedonia, Romania, Bulgaria, Luxembourg, the Netherlands, and the United Kingdom, and internationally.

ASR Nederland

Market Cap: €13.4b

Provides insurance, pensions, and mortgages products and services for consumers, businesses, and employers in the Netherlands.

Semtech

Market Cap: US$15.5b

Provides semiconductor, Internet of Things systems, and cloud connectivity service solutions in the Asia- Pacific, North America, and Europe.

KGI Financial Holding

Market Cap: NT$488.9b

Operates as a financial company in Taiwan and internationally.

Banco Santander-Chile

Market Cap: CL$13.9t

Provides commercial and retail banking products and services in Chile.

JD Health International

Market Cap: HK$120.6b

An investment holding company, engages in the operation of an online healthcare platform in the People’s Republic of China.

Power Assets Holdings

Market Cap: HK$120.5b

An investment holding company, engages in the generation, transmission, and distribution of electricity in Hong Kong, the United Kingdom, Australia, Canada, mainland China, Netherlands, New Zealand, Thailand, the United States, and internationally.

Dubai Islamic Bank P.J.S.C

Market Cap: د.إ56.4b

Engages in the corporate, retail, and investment banking activities in the United Arab Emirates and internationally.