Luxembourg Software Defensive Blue Chips

ASE Technology Holding

Market Cap: NT$1.9t

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

Wal-Mart de México. de

Market Cap: Mex$1.0t

Owns and operates self-service stores in Mexico and Central America.

Teradyne

Market Cap: US$57.9b

Engages in the design, development, manufacture, and sale of automated test systems and robotics products in the United States, Asia Pacific, Europe, the Middle East, and Africa.

Aflac

Market Cap: US$57.8b

Through its subsidiaries, provides supplemental health and life insurance products.

Industrial Bank

Market Cap: CN¥393.0b

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

Saudi Telecom

Market Cap: ر.س215.1b

Provides telecommunications, information, media, and digital payment services in the Kingdom of Saudi Arabia and internationally.

Arthur J. Gallagher

Market Cap: US$57.2b

Provides insurance and reinsurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to entities and individuals worldwide.

Orange

Market Cap: €47.3b

Operates as a telecommunications operator in France and internationally.

First Abu Dhabi Bank P.J.S.C

Market Cap: د.إ204.2b

Provides various banking products and services in the United Arab Emirates, Europe, Arab countries, the Americas, Asia, and internationally.

Allstate

Market Cap: US$55.5b

Provides property and casualty, and other insurance products in the United States and Canada.

National Bank of Canada

Market Cap: CA$76.2b

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

KBC Group

Market Cap: €46.6b

Provides banking, insurance, and asset management services in Belgium, Bulgaria, the Czech Republic, Hungary, and Slovakia.

Life Insurance Corporation of India

Market Cap: ₹5.1t

Provides life insurance products in India, Fiji, Mauritius, and the United Kingdom.

Target

Market Cap: US$53.4b

Operates as a general merchandise retailer in the United States.

Standard Chartered

Market Cap: UK£39.0b

Provides various banking products and services in Asia, Africa, the Middle East, Europe, and the Americas.

Loblaw Companies

Market Cap: CA$72.5b

A food and pharmacy company, provides grocery, pharmacy and healthcare services, health and beauty products, apparel, general merchandise, financial services, and wireless mobile products and services in Canada and the United States.

NXP Semiconductors

Market Cap: US$52.6b

Provides semiconductor products in the United States, Germany, Japan, South Korea, Taiwan, Singapore, the Netherlands, Mainland China, Hong Kong, and internationally.

Emirates NBD Bank PJSC

Market Cap: د.إ189.5b

Engages in the provision of corporate, institutional, retail, treasury, and Islamic banking services.

Holcim

Market Cap: CHF 40.1b

Provides building materials and solutions in Europe, Latin America, and Asia, Middle East, and Africa.

NAURA Technology Group

Market Cap: CN¥349.1b

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

Danone

Market Cap: €43.2b

Operates in the food and beverage industry in Europe, Ukraine, North America, China, North Asia, the Oceania, Latin America, rest of Asia, Africa, Turkey, the Middle East, and the Commonwealth of Independent States.

Alimentation Couche-Tard

Market Cap: CA$70.2b

Operates and licenses convenience stores in North America, Europe, and Asia.

China Pacific Insurance (Group)

Market Cap: CN¥345.3b

Provides insurance products to in the People’s Republic of China.

Barito Renewables Energy

Market Cap: Rp869.6t

Generates and sells power through geothermal and wind resources in Indonesia.

Cardinal Health

Market Cap: US$50.4b

Operates as a healthcare services and products company in the United States and internationally.

Siemens Healthineers

Market Cap: €42.7b

Through its subsidiaries, develops, manufactures, and sells a range of diagnostic and therapeutic products and services to healthcare providers in Germany, the United States, rest of Europe, CIS, Africa, the Middle East, the Americas, the Asia Pacific, Japan, and China.

Ambev

Market Cap: R$248.5b

Through its subsidiaries, engages in the production, distribution, and sale of beer, draft beer, soft drinks, malt and food, and other beverages in Brazil, Central America and Caribbean, Latin America South, and Canada.

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.

MetLife

Market Cap: US$49.1b

A financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide.

RWE

Market Cap: €41.7b

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

Shanghai Pudong Development Bank

Market Cap: CN¥334.7b

Shanghai Pudong Development Bank Co., Ltd.

Disco

Market Cap: JP¥7.8t

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

United Overseas Bank

Market Cap: S$62.2b

Provides banking products and services worldwide.

Swiss Re

Market Cap: CHF 38.1b

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

Erste Group Bank

Market Cap: €41.2b

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

Bank Central Asia

Market Cap: Rp830.3t

Provides commercial banking and other financial services.