The accompanying table includes an updated version of the ETFI Highly Defensive PerformIdex of 40 companies based in the U.S., Canada, and Europe with market caps over $10B, which are the leaders by market cap in their defensive industry groups. The updates include removing retail exposure at CVS Caremark (CVS) and Tesco (TSCDY) in favor of keeping Wal-Mart (WMT) as the major beneficiary of a trade-down effect and mass merchant discounter, which integrates groceries, pharmacy, everyday clothing, c
