No stock accounts for more than 1.19% of DEF’s and well-known foreign firms found in the ETF include European oil giants Total (NYSE: TOT), Staoil (NYSE: STO), Royal Dutch Shell (NYSE: RDS-A) and BP (NYSE: BP) as well as Taiwan Semiconductor (NYSE: TSM), AstraZeneca (NYSE: AZN) and Novartis (NYSE: NVS).

Although investors are often forced to pay up in terms of valuation with value stocks, DEF is not richly value relative to the broader U.S. market, including U.S. large-caps. DEF sports a P/E ratio of 16.6 and a price-to-book ratio of two, both of which are well below the comparable valuations found on the S&P 100 and the S&P 500.

Guggenheim Defensive Equity Index ETF