BT FUND, FI

Leaves the portfolio; it was 6.69% of weight.

Leaves the portfolio; it was 1.56% of weight.

Honeywell International Inc. engages in the industrial automation, building automation, and energy and sustainability solutions businesses in the United States, Europe, and internationally. The Industrial Automation segment provides automation control and instrumentation products and services; smart energy products; sensing technologies, including custom-engineered sensors and related services; gas detection technologies and personal protective equipment; and system design automation equipment, as well as software and analytics for manufacturing, distribution, and fulfillment operations. The Building Automation segment provides software applications for building control and optimization; sensors, switches, control systems, and instruments for energy management; access control; video surveillance; fire products; and installation, maintenance, and system upgrade services. The Energy and Sustainability Solutions segment, through its UOP business, delivers licensed process technology, equipment, engineering, catalysts, adsorbents, and services for refining, petrochemicals, low-carbon energy, gas and LNG, and industrial solutions, as well as connectivity, data integration, and software solutions. The company was formerly known as AlliedSignal, Inc. Honeywell International Inc. was founded in 1885 and is headquartered in Charlotte, North Carolina.

Leaves the portfolio; it was 1.28% of weight.

Nestlé S.A., together with its subsidiaries, manufactures and distributes food and beverage, and nutritional science products in the United States, Brazil, Mexico, Greater China, the Philippines, India, the United Kingdom, France, Germany, Switzerland, and internationally. The company offers cereals, chocolate and confectionery, coffee, culinary, chilled and frozen food, dairy, drinks, food service, ice cream, nutrition and health, petcare, water, plant-based portfolio, and recipe products. It sells its products under the Nesquik Cereal, Fitness, Cheerios, Lion Cereals, Cini Minis, KitKat Cereal, Chocapic, Koko Krunch, Shreddies, Shredded Wheat Original, Corn Flakes, Trix Cereal, Aero, Baci Perugina, KitKat, Milkybar, Smarties, Cailler, Quality Street, Garoto, Nestlé Toll House, Munch, Damak, Hsu Fu Chi, Sahne Nuss, Nestlé Sustainably Sourced Cocoa, Blue Bottle Coffee, Nescafé, Nescafé Dolce Gusto, Nespresso, Starbucks Coffee At Home, DiGiorno, Garden Gourmet, Maggi, Thomy, Stouffer's, Hot Pockets, Lean Cuisine, Life Cuisine, Buitoni, Nestlé carnation, Nestlé Coffee Mate, and Nestea brands. The company also offers its products under the Roastelier by Nescafé, Plant-based and so good!, Milo, Chef, Maggi Professional, La Lechera, Minor's, Antica Gelateria Del Corso, Drumstick, Extrême, Häagen-Dazs, Maxibon, Mövenpick, Nancare, Gerber, Cerelac, Nestum, Alfaré HMO, Athéra HMO, Alfamino HMO, Bear Brand, Nido, Orgain, Nestlé Vital, Garden of Life, Pure Encapsulations, Solgar, Compleat, Impact, Peptamen, Vitaflo, Resource, Cat Chow, Dentalife, Dog Chow, Fancy Feast, Felix, Friskies, Gourmet, Purina, Purina ONE, Purina Pro Plan, Purina Pro Plan Veterinary Diets, Acqua Panna, Nestlé Pure Life, Perrier, S.Pellegrino, Sanpellegrino, Buxton, Erikli, Levissima, Vittel, Contrex, HENNIEZ, Hépar, La Vie, Naleczowianka, and Essentia brands. The company was founded in 1866 and is headquartered in Vevey, Switzerland. Aimmune Therapeutics, Inc. operates as a subsidiary of Nestlé S.A.

Leaves the portfolio; it was 1.03% of weight.

Moody's Corporation, together with its subsidiaries, operates as an integrated risk assessment firm in the United States, the rest of the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates through two segments, Moody's Analytics (MA) and Moody's Investors Service (MIS). The MA segment develops a range of products and services that support the risk management activities of institutional participants in financial markets. This segment also offers credit research, credit models and analytics, economic data and models, and structured finance solutions; data sets on companies and securities; and cloud-based SaaS subscription solutions supporting banking, insurance, and know-your-customer workflows. The MIS segment publishes credit ratings and provides assessment services on various debt obligations, programs and facilities, and entities that issue such obligations, including corporate, financial institution, and governmental obligations, as well as structured finance securities. It also provides ratings, investment research, compliance and third-party risk, supplier risk, trade credit, business intelligence sales and marketing, financial and regulatory reporting, balance sheet management, capital management, credit portfolio management, and model risk and governance solutions; Maxsight, a unified risk platform; lending suite, origination, and monitoring solutions; and property, casualty, and sustainable insurance underwriting solutions. The company serves the financial, banking, insurance, corporate, public, and asset management sectors. The company was formerly known as Dun and Bradstreet Company and changed its name to Moody's Corporation in September 2000. Moody's Corporation was founded in 1900 and is headquartered in New York, New York.

Leaves the portfolio; it was 0.61% of weight.

Pool Corporation distributes swimming pool supplies, equipment, related leisure, irrigation, and landscape maintenance products in the United States and internationally. It offers maintenance products, including chemicals, supplies, and pool accessories; repair and replacement parts for pool equipment, such as cleaners, filters, heaters, pumps, and lights; and building materials, such as concrete, plumbing and electrical components, functional and decorative pool surfaces, decking materials, tiles, hardscapes, and natural stones for pool installations and remodeling. The company also provides pool equipment and components for new pool construction and the remodeling of existing pools; irrigation and related products, such as irrigation system components, and professional turf care equipment and supplies; commercial products, including heaters, safety equipment, commercial decking equipment, and commercial pumps and filters. In addition, it offers fiberglass pools, and hot tubs and packaged pool kits comprising walls, liners, braces, and coping for in-ground and above-ground pools; and other pool construction and recreational products which consist discretionary recreational and related outdoor living products, such as grills and components for outdoor kitchens. The company serves swimming pool remodelers and builders; specialty retailers that sell swimming pool supplies; swimming pool repair and service businesses; irrigation construction and landscape maintenance contractors; and commercial pool operators and pool contractors. Pool Corporation was incorporated in 1993 and is headquartered in Covington, Louisiana.

Goes from 6.96% to 3.95%.

Alphabet Inc. offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube. It is also involved in the sale of apps and in-app purchases and digital content in Google Play and YouTube; and devices, as well as the provision of YouTube consumer subscription services, such as YouTube TV, YouTube Music and Premium, NFL Sunday Ticket, and Google One. The Google Cloud segment offers consumption-based fees and subscriptions for AI solutions, including AI infrastructure, Vertex AI platform, and Gemini enterprise. It also provides cybersecurity, and data and analytics services; Google Workspace that include cloud-based communication and collaboration tools for enterprises, such as Calendar, Gmail, Docs, Drive, and Meet; and other enterprise services. The Other Bets segment sells transportation and internet services. Alphabet Inc. was incorporated in 1998 and is headquartered in Mountain View, California.

Goes from 4.24% to 2.48%.

Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products. It operates through two segments, Obesity and Diabetes Care, and Rare Disease. The Obesity and Diabetes care segment provides products for diabetes, obesity, cardiovascular, and other emerging therapy areas. The Rare Disease segment offers products in the areas of rare blood disorders, rare endocrine disorders, and hormone replacement therapy. The company also provides NovoPen 6 and NovoPen Echo Plus, smart insulin pens; Dose Check, an insulin dose guidance application; growth hormone pens and injection needles; and Wegovy pill an oral glucagon-like peptide-1 (GLP-1) receptor agonist therapy for weight management. It operates in Europe, Canada, the United States, Japan, Korea, Oceania, Southeast Asia, Mainland China, Hong Kong and Taiwan, Latin America, the Middle East, and Africa. Novo Nordisk A/S was founded in 1923 and is headquartered in Bagsvaerd, Denmark.

Goes from 1.40% to 0.01%.

Wesfarmers Limited engages in the retail business in Australia, New Zealand, and internationally. The company sells outdoor living and building materials, as well as home, garden, and lifestyle improvement products; apparel and general merchandise, including toys and consumables, as well as leisure, entertainment, and soft home products; and office products and solutions, such as stationery, technology, furniture, art supplies, and learning and development resources, as well as print and create, and technical support services through its Officeworks stores. It also provides hardware and software repairs, system security solutions, wireless and wired networking services, virus and spyware prevention and removal, and data backup and recovery solutions. In addition, the company manufactures and supplies ammonia, ammonium nitrate, and industrial chemicals; manufactures, imports, and distributes phosphate, nitrogen, and potassium-based fertilizers, as well as soil and plant analysis service supported; supplies polyvinyl chloride resins; produces wood-plastic composite products; and manufactures and distributes sodium cyanide and lithium hydroxide. Further, it supplies and distributes maintenance, repair, operating, and industrial safety products and services; supplies tools, safety gear, personal protective equipment, electricals, work wear, and other industrial supplies; provides risk and compliance management services, as well as footwear; and offers safety products, uniforms, engineering supplies, and packaging services. Additionally, the company provides health, beauty, and wellbeing products and services; clinical cosmetic and skin care treatments; digital health services; and retail support services, as well as distributes pharmaceutical goods; operates an online marketplace; and manages retail subscription program and retail media network. Wesfarmers Limited was founded in 1914 and is headquartered in Perth, Australia.

Goes from 2.09% to 1.32%.

Chubb Limited provides insurance and reinsurance products worldwide. It operates in six segments: North America Commercial Property and Casualty (P&C) Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. The company offers property and general liability, workers' compensation, and umbrella; professional and management liability; environmental, health, and international coverages; and claims and risk management products and services, loss control, and engineering and complex claims management. It also provides homeowners, automobile and collector cars, valuable articles, and personal and excess liability insurance. In addition, the company offers multiple peril crop insurance and crop-hail insurance for farm, ranch, specialty (P&C), and commercial agriculture products; product and employer liability, business interruption, and specialty risk; property insurance products, including traditional commercial fire coverage, energy industry-related, marine, construction, and other technical coverages; personal accident and supplemental medical coverages, such as accidental death, business/holiday travel, specified disease, disability, medical and hospital indemnity, and income protection; and directors and officers, professional indemnity, cyber, surety, aviation, political risk, and specialty personal lines products. Further, it provides property catastrophe reinsurance; traditional and specialty P&C reinsurance; and protection and savings products, which includes individual and group term life, dental, critical illness, dementia, hospital cash, credit life, group employee benefits, whole life, universal life, unit linked contracts, endowment plans, and annuities. The company was formerly known as ACE Limited and changed its name to Chubb Limited in January 2016. Chubb Limited was incorporated in 1985 and is headquartered in Zurich, Switzerland.

Goes from 0.77% to 0.01%.

Shin-Etsu Chemical Co., Ltd. provides infrastructure, electronics, and functional materials in Japan. The company operates through Electronic Materials; Living environment basic materials; Functional materials; and Processing, trading and technical services segments It offers polyvinyl chloride resin, caustic soda, methanol, chloromethanes, and polyvinyl alcohol; and semiconductor silicon, rare earth magnets, semiconductor encapsulating materials, LED packaging materials, photoresists, photomask blanks, and synthetic quartz products. The company also sells silicones, cellulose derivatives, silicon metal, synthetic pheromones, vinyl chloride-vinyl acetate copolymer, liquid fluoroelastomers, pellicles, and silicon anode material for lithium-ion batteries. In addition, it is involved in the processed plastics; export of technologies and plants; export and import of products; and engineering activities. The company was formerly known as Shin-Etsu Nitrogen Fertilizer Co., Ltd. and changed its name to Shin-Etsu Chemical Co., Ltd. in 1940. Shin-Etsu Chemical Co., Ltd. was incorporated in 1926 and is headquartered in Tokyo, Japan.

Goes from 2.62% to 2.07%.

Mastercard Incorporated, a technology company, provides transaction processing and other payment-related products and services in the United States and internationally. The company offers products and services for account holders, merchants, financial institutions, digital partners, businesses, governments, and other organizations, such as programs that enable issuers to provide consumers with credits to defer payments; payment products and solutions that allow its customers to access funds in deposit and other accounts; prepaid programs services; consumer bill payment services; and commercial credit, debit, and prepaid payment products and solutions. It also provides solutions that enable businesses or governments to make payments to businesses, including Virtual Card Number, which is generated dynamically from an existing account and leverages the credit limit of the funding account; and a platform to optimize supplier payment enablement campaigns for financial institutions. In addition, the company offers Mastercard Move, which partners with digital messaging and payment platforms to enable consumers to send money directly within applications to other consumers; and partners with central banks, fintechs, and financial institutions, as well as enables various cross-border payment flows. Further, it provides security solutions; marketing, personalization, and issuer and merchant loyalty services; business and operational intelligence, advanced analytics and AI, consulting and agentic solutions, and payments and portfolio optimization; digital and authentication; processing and gateway solutions; and other solutions. The company offers payment solutions and services under the MasterCard, Maestro, and Cirrus names. Mastercard Incorporated was founded in 1966 and is headquartered in Purchase, New York.

Goes from 1.85% to 1.33%.

RELX PLC, together with its subsidiaries, provides information-based analytics and decision tools for professional and business customers in North America, Europe, and internationally. It operates through four segments: Risk; Scientific, Technical & Medical; Legal; and Exhibitions. The Risk segment offers information-based analytics and decision tools that combine public and industry specific content with technology and algorithms to assist clients in evaluating and predicting risk, as well as a portfolio of commercial healthcare products. Its Scientific, Technical & Medical segment provides scientific and medical information and data sets for science and healthcare. The Legal segment provides legal, regulatory, and business information and analytics. Its Exhibitions segment combines digital tools and data to help customers connect in-person and online, discover new markets, source products, generate leads, and transact. The company was formerly known as Reed Elsevier PLC and changed its name to RELX PLC in July 2015. RELX PLC was incorporated in 1903 and is headquartered in London, the United Kingdom.

Goes from 1.59% to 1.12%.

Hermès International Société en commandite par actions engages in the production, wholesale, and retail of various goods. The company offers leather goods and saddlery, such as bags for men and women, travel articles, small leather goods and accessories, saddles, bridles, and various equestrian products and clothing; ready-to-wear garments for men and women; and accessories, including jewelry, belts, hats, gloves, internet of things products, and shoes. It also provides silk and textiles for men and women; art of living and tableware products; beauty and perfume products; and watches. In addition, the company is involved in weaving, engraving, printing, dyeing, finishing, and producing textiles; purchasing, tanning, dyeing, finishing, and selling tanneries and precious leathers; and creating and producing of metal parts. It sells its products through a network of stores in France, rest of Europe, Japan, the Asia Pacific, the Americas, and the Middle East, as well as sells watches, perfumes, and tableware through a network of specialized stores. The company was founded in 1837 and is headquartered in Paris, France. Hermès International Société en commandite par actions is a subsidiary of H51 SAS.

Goes from 1.16% to 0.74%.

Chipotle Mexican Grill, Inc., together with its subsidiaries, owns and operates Chipotle Mexican Grill restaurants. The company sells food and beverages, such as burritos, burrito bowls, quesadillas, tacos, and salads, as well as kids' meals, chips, and sides. It also offers Mexican-inspired meals using responsibly sourced meats, such as chicken, beef, and pork under the Responsibly Raised brand. In addition, the company provides digital ordering through its website, mobile app, and third-party delivery platforms. It operates in the United States, Canada, France, Germany, South Korea, and the United Kingdom. Chipotle Mexican Grill, Inc. was founded in 1993 and is headquartered in Newport Beach, California.

Goes from 2.46% to 2.07%.

Iberdrola, S.A. engages in the generation, production, transmission, distribution, and supply of electricity in Spain, the United Kingdom, the United States, Mexico, Brazil, Germany, France, and Australia. It generates electricity from renewable sources, such as onshore and offshore wind, photovoltaic, hydro, other energy sources, conventional nuclear, and combined cycle plants, as well as through batteries. The company is involved in the purchase and sale of electricity and gas on wholesale markets; energy retail supply activities, such as gas and electricity, and other products and services, including hydrogen, as well as non-renewable generation; and production of green hydrogen. It has a total installed capacity of 46,177 MW. In addition, the company offers heat pumps, self-consumption, solar, electric mobility, solar, etc. services to residential customers; and management of energy facilities, as well as supplies green H2, industrial heat, etc. to industrial customers. Iberdrola, S.A. was founded in 1840 and is headquartered in Bilbao, Spain.

Goes from 2.06% to 1.68%.

Allianz SE, together with its subsidiaries, provides property-casualty insurance, life/health insurance, and asset management products and services worldwide. The company's Property-Casualty segment offers various insurance products, including motor liability, accident, fire and property, general liability, credit, and travel, and assistance services to private and corporate customers. Its Life/Health segment provides a range of life and health insurance products on an individual and a group basis, such as annuities, endowment and term insurance, and unit-linked and investment-oriented products, as well as private and supplemental health, and long-term care insurance products. The company's Asset Management segment offers institutional and retail asset management products and services to third-party investors comprising equity and fixed income funds, cash, and multi-assets; and alternative investment products that include real estate, infrastructure debt/equity, real assets, liquid alternatives, and solutions business. In addition, it provides banking services for retail clients; and digital investment services. Allianz SE was founded in 1890 and is headquartered in Munich, Germany.

Goes from 1.19% to 0.82%.

Garmin Ltd. designs, develops, manufactures, markets, and distributes a diverse range of GPS-enabled products and navigation, communications, sensor-based, and information products and services worldwide. It offers running; cycling products; smartwatch devices; scales and monitors; and sports timing and performance analysis; Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, which enables third parties to create applications that run on Garmin devices. It also provides adventure watches; outdoor handhelds and satellite communicators; golf devices; consumer automotive; dog devices; InReach and Gramin response; and dive devices. In addition, it designs, manufactures, and markets various aircraft avionics solutions, including integrated flight decks, electronic flight displays and instrumentation, navigation and communication products, automatic flight control systems and safety-enhancing technologies, audio control systems, engine indication systems, traffic awareness and avoidance solutions, ADS-B and transponders, weather information and avoidance solutions, datalink and connectivity solutions, and portable GPS navigators and wearables, as well as service products to the aviation market. Further, it offers chartplotters and multi-function displays, cartography, fishfinders, sonar, autopilot systems, radars, compliant instrument displays and sensors, VHF communication radios, handhelds and wearable devices, sailing, audio, digital switching, trolling motors, and lighting; and domain controllers and infotainment units, as well as software, map database, camera, wearable, and automotive solutions. The company sells its products through independent retailers, dealers, distributors, installation and repair shops, OEM, and online webshop. Garmin Ltd. was founded in 1989 and is based in Schaffhausen, Switzerland.

Goes from 3.99% to 3.68%.

Visa Inc. operates as a payment technology company in the United States and internationally. The company operates VisaNet, a transaction processing network that enables authorization, clearing, and settlement of payment transactions. It also offers credit, debit, and prepaid card products; tap to pay, tokenization, and click to pay services; Visa Direct, a platform which facilitates money movement, enabling clients to collect, hold, convert, and send funds across its network; and issuing solutions, such as airport lounge access, dining reservations, shopping experiences, event tickets, and seller offers. In addition, the company provides acceptance solutions, an omnichannel payment integration with e-commerce platforms; risk detection and prevention solutions; and advisory and other services comprising consulting practice, proprietary analytics models, data scientists and economists, marketing services, and managed services. It provides its services under the Visa, Visa Electron, V PAY, Interlink, and PLUS brands. The company serves consumers, sellers, financial institutions, and government entities. Visa Inc. was founded in 1958 and is headquartered in San Francisco, California.

Goes from 1.21% to 0.98%.

SLB N.V. engages in the provision of technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company provides field development and hydrocarbon production, carbon management, and integration of adjacent energy systems; reservoir interpretation and data processing services for exploration data; and well construction and production improvement services and products. It also offers subsurface geology and fluids evaluation information; stimulation services to restore or enhance well productivity through hydraulic fracturing, matrix stimulation, and water treatment; and intervention services to oil and gas operators. In addition, the company offers mud logging, directional drilling, measurement-while-drilling, and logging-while-drilling services, as well as engineering support services; supplies drilling fluid systems; designs, manufactures, and markets roller cone and fixed cutter drill bits; bottom-hole-assembly and borehole enlargement technologies; well planning, well drilling, engineering, supervision, logistics, procurement, and contracting of third parties, as well as drilling rig management solutions; and drilling equipment and services, as well as land drilling rigs and related services. Further, it provides artificial lift; supplies packers, safety valves, sand control technology, and various intelligent systems; midstream production systems; valves, chokes, actuators, and surface trees; and OneSubsea, an integrated solutions, products, systems, and services, including wellheads, subsea trees, manifolds and flowline connectors, control systems, connectors, and services. SLB N.V. was formerly known as Schlumberger Limited and change its name to SLB N.V. in October 2025. The company was founded in 1926 and is based in Houston, Texas.

Goes from 1.97% to 1.75%.

The TJX Companies, Inc., together with its subsidiaries, operates as an off-price apparel and home fashions retailer worldwide. It operates through four segments: Marmaxx, HomeGoods, TJX Canada, and TJX International. The company provides family apparel comprising footwear; accessories, such as beauty and jewelry; home fashion products, including home basics, decorative accessories and giftware, as well as furniture, rugs, lighting, soft home, decorative accessories, tabletop, and cookware; pet and gourmet food; and other merchandise. It also offers home decor, furniture, and seasonal home merchandise. The company sells its products through stores and e-commerce sites. The TJX Companies, Inc. was incorporated in 1962 and is headquartered in Framingham, Massachusetts.

Goes from 1.93% to 1.72%.

Automatic Data Processing, Inc. provides cloud-based human capital management (HCM) solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions. This segment's offerings include RUN Powered by ADP, a software platform for small business payroll, HR, and compliance; ADP Workforce Now, a HCM solution used across mid-sized and large businesses to manage employees; and ADP Lyric HCM, a solution for HR management, payroll, workforce management, talent, and data analytics. Its PEO Services segment provides HR outsourcing solutions under ADP TotalSource name to businesses through a co-employment model. This segment also provides guidance, user-friendly technology, comprehensive employee benefits, and a risk management, safety, and workers' compensation program. The company was founded in 1949 and is headquartered in Roseland, New Jersey.