Norwegian Software Defensive Blue Chips

Cincinnati Financial

Market Cap: US$26.8b

Provides property casualty insurance products in the United States.

Banco do Brasil

Market Cap: R$139.5b

Provides banking products and services for individuals, companies, and public sectors in Brazil and internationally.

CGN Power

Market Cap: HK$208.4b

Operates and manages nuclear power stations, sells electricity generated by these stations, and provides related technical services in the People’s Republic of China.

Aviva

Market Cap: UK£19.6b

Provides various insurance, retirement, and wealth products in the United Kingdom, Ireland, Canada, and internationally.

Regions Financial

Market Cap: US$26.5b

A financial holding company, provides various banking and related products and services to individual and corporate customers.

Markel Group

Market Cap: US$26.4b

Through its subsidiaries, engages in the insurance business in the United States and internationally.

STMicroelectronics

Market Cap: €22.1b

Designs, develops, manufactures, and sells semiconductor products in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.

Luzhou LaojiaoLtd

Market Cap: CN¥180.8b

Produces and sells alcoholic products in China and internationally.

Nanya Technology

Market Cap: NT$818.0b

Research, develops, manufactures, and sells semiconductor products in Taiwan, Japan, Malaysia, China, the United States, Thailand, Germany, Singapore, Poland and internationally.

Abu Dhabi Islamic Bank PJSC

Market Cap: د.إ94.6b

Provides banking, financing, and investing services in the United Arab Emirates, rest of the Middle East, and internationally.

BNP Paribas Fortis

Market Cap: €21.6b

Provides various financial services in Belgium, Turkey, Luxembourg, and internationally.

China National Nuclear Power

Market Cap: CN¥176.9b

Engages in the investment, development, construction, operation, and management of nuclear power projects in the People's Republic of China.

ON Semiconductor

Market Cap: US$25.4b

Provides intelligent sensing and power solutions in Hong Kong, Singapore, the United Kingdom, the United States, and internationally.

VERBUND

Market Cap: €21.3b

Generates, trades in, and sells electricity to energy exchange markets, traders, electric utilities and industrial companies, and household and commercial customers in Austria and internationally.

First Citizens BancShares

Market Cap: US$25.2b

Operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals in the United States and internationally.

First Solar

Market Cap: US$25.1b

A solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, India, Chile, and internationally.

Sigma Healthcare

Market Cap: AU$36.0b

Operates as a retail pharmacy franchisor and pharmaceutical wholesale and distributor to community pharmacies primarily in Australia.

Ajinomoto

Market Cap: JP¥3.9t

Engages in the seasonings and foods, frozen foods, and healthcare and other businesses in Japan and internationally.

KeyCorp

Market Cap: US$25.0b

Operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States.

Banco Santander (Brasil)

Market Cap: R$129.1b

Provides various banking products and services to individuals, small and medium enterprises, and corporate customers in Brazil and internationally.

Huaneng Lancang River Hydropower

Market Cap: CN¥171.2b

Engages in the development, construction, operation, and management of hydropower and new energy power generation projects.

Inner Mongolia Yili Industrial Group

Market Cap: CN¥170.7b

Inner Mongolia Yili Industrial Group Co., Ltd.

United Microelectronics

Market Cap: NT$779.2b

Operates as a semiconductor wafer foundry in Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and internationally.

Hua Hong Semiconductor

Market Cap: HK$191.8b

An investment holding company, engages in the manufacture and sale of semiconductor products in China, North America, Asia, Europe, and Japan.

Telenor

Market Cap: NOK 237.1b

Operates as a telecommunication company worldwide.

American Water Works Company

Market Cap: US$24.5b

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

CLP Holdings

Market Cap: HK$191.0b

An investment holding company, engages in the generation, retail, transmission, and distribution of electricity in Hong Kong, Mainland China, India, Thailand, Taiwan, and Australia.

Brown & Brown

Market Cap: US$24.4b

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

Public Bank Berhad

Market Cap: RM 96.0b

Provides banking products and services.

JD Health International

Market Cap: HK$189.8b

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

China Tower

Market Cap: HK$189.7b

Provides telecommunication tower infrastructure services in the People's Republic of China.

Casey's General Stores

Market Cap: US$24.2b

Operates convenience stores under the Casey's and Casey’s General Store names in the United States.

Astera Labs

Market Cap: US$24.1b

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

Telefónica

Market Cap: €20.4b

Provides telecommunications services in Europe and Latin America.

China Minsheng Banking

Market Cap: CN¥166.8b

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

Sumitomo Mitsui Trust Group

Market Cap: JP¥3.8t

Operates as a trust bank in Japan and internationally.