HANetf Ukraine Reconstruction ETF (UKRN) Adds First Portfolio Holdings

The London-listed Ukraine Reconstruction UCITS ETF (UKRN), managed by HANetf, has integrated its first three Ukrainian companies into its portfolio. The move provides international institutional investors with a more direct route to invest in the domestic corporate entities of Ukraine as the country seeks to renew its industrial base.

The fund, which launched in March 2026, has officially added drone software firm Swarmer, telecoms enterprise Kyivstar, and the iron ore company Ferrexpo. This integration marks a strategic shift for the ETF, which previously relied on international firms that had only peripheral exposure to the region.

Addressing Capital Shortages in a War Economy

The decision to include domestic Ukrainian firms comes as the country’s war economy continues to struggle with a lack of foreign capital. According to reports, the cost of reconstruction is already estimated at more than €420 billion and continues to rise.

Kyiv has maintained that neither the Ukrainian government nor Western governments can independently fund the total cost of the recovery. Creating mechanisms to put Ukrainian firms in front of global institutional investors is viewed as a critical step in bridging the funding gap and ensuring the survival of the nation’s industrial infrastructure.

Meeting Ukraine’s needs will require the mobilisation of both public and private capital

Hector McNeil, co-founder of HANetf

By incorporating these national leaders, the fund aims to provide a more authentic reflection of the economic engines that will be responsible for driving the future recovery of the country.

Strategic Rebalancing and Indexing

The inclusion of Swarmer, Kyivstar, and Ferrexpo follows a rigorous rebalancing of the EQM Ukraine Recovery Index, which serves as the underlying benchmark for the UKRN UCITS ETF.

The fund focuses on publicly traded companies that are positioned to play a central role in the postwar recovery process. The transition from international companies with indirect ties to direct holdings in Ukrainian enterprises represents an evolution in how the fund targets the long-term renewal of the region’s industrial capacity.