The first Ukrainian companies have been added to the Ukraine Reconstruction UCITS ETF and the Drone UCITS ETF

April 2026, London

HANetf, Europe’s first and leading white-label UCITS ETF and ETC platform,[1] is delighted to announce that Swarmer and Kyivstar have been added to the Ukraine Reconstruction UCITS ETF (UKRN), marking the first inclusion of Ukrainian companies in the strategy.

The index’s lower liquidity thresholds for Ukrainian names are designed to facilitate earlier inclusion of domestic companies as they list, while also signalling to Ukrainian companies that there is a buyer for their public equity. Over time, this should support both capital formation and the broader development of Ukraine’s equity market.

Separately, Swarmer has also been added to the Drone UCITS ETF (DRON) via the index’s IPO fast-track mechanism, allowing inclusion as soon as 10 days post-listing rather than waiting for a scheduled rebalance. This is particularly important in emerging themes such as drones, where innovation is rapid. The same mechanism exists within UKRN, reflecting expectations that Ukrainian IPO activity, particularly in defence and technology, will increase over time. Ukraine currently holds a significant lead in drone technology and Swarmer is a great example of this.[2]

Swarmer

Swarmer provides AI-enabled software that coordinates drone swarms, enabling autonomous, synchronised operations. Its technology has been deployed in Ukraine, with over 100,000 combat missions completed over the past two years.

The company remains at an early stage, but analyst forecasts point to a sharp inflection in revenues, from ~$0.3 million in 2025 to $9 million in 2026 and $25 million by 2027.[3]  This reflects a shift from development into deployment,[4] with growth typical of defence technology platforms once adoption begins.

Kyivstar

Kyivstar represents a more established part of the Ukrainian economy, with revenues expected to grow from c.$915 million in 2023 to ~$1.2 billion in 2025 and ~$1.4 billion by 2027, alongside steady EPS expansion. Margins remain robust (c.24% operating margin),[5] The business has remained operational throughout the conflict and continues to benefit from demand and ongoing digital infrastructure investment. The company provides exposure to Ukraine’s core communications infrastructure and its gradual economic normalisation.

HANetf is also pleased to be supporting Ukrainian Rugby League through donations to finance their U19s European Rugby League Championships campaign, strengthening their commitment to growing the game and developing the next generation of athletes in Eastern Europe.

Hector McNeil, Co-Founder and Co-CEO of HANetf, commented: “It’s exciting to see the first Ukrainian companies enter Ukraine Reconstruction UCITS ETF. Both companies represent a different aspect of Ukraine’s reconstruction. Kyivstar is a key player in providing Ukraine with digital connectivity, while Swarmer represents growing global attention being given to Ukraine-tested defence tech. While its primary customer base is Ukraine, we would expect global demand for its AI-software in the near future as governments reckon with the need for integrating drones into their defence and security.

“The ETF now gives exposure to both the global companies positioned to assist in Ukraine’s rebuild alongside Ukrainian companies that will also participate and benefit from Ukraine’s reconstruction. The World Bank estimate that reconstruction in Ukraine will cost over $500 billion over the next decade – a number which is sadly regularly revised upward. Meeting Ukraine’s needs will require the mobilisation of both public and private capital.[6]

“The addition of Swarmer to DRON is also exciting, particularly because it entered through the ETF’s fast-track IPO mechanism. As many have noted, companies are often coming to public markets later. While ETFs cannot buy companies before they go public, we believe it is important to accelerate, where possible, the inclusion of companies when they do list. This is particularly important in emerging tech areas such as drones, where new players can rapidly emerge as leaders in their field. Drones are not widely recognised as essential to modern defence, being utilised by militaries of all sizes and capabilities.”

When you invest in ETFs your capital is fully at risk and may not get back the amount originally invested. The ongoing conflict between Ukraine and Russia is a source of instability for Ukraine and the Ukrainian economy. This instability may detrimentally affect the ETF’s investments which have exposure to Ukraine or the Ukrainian economy. If the Conflict continues for a prolonged period of time, this may significantly impede any efforts to rebuild Ukraine’s infrastructure and wider economy. Exchange rates can have a positive or negative effect on returns. The ETF shall invest predominantly in companies in the defence, energy, and infrastructure sectors. These industries can be significantly affected by government regulation and spending policies because companies involved in these industries rely, to a significant extent, on government demand for their products and services.

Key risks DRON

Drone and UAV companies are closely tied to the economic fortunes of such companies’ research, design, manufacture, operation, or enabling technologies of drones and other unmanned aerial systems.

The market for drone and UAV-related products and services is nascent, highly competitive, and characterized by rapid technological change, evolving regulatory frameworks, and heightened geopolitical sensitivities.

Drone and UAV companies may derive a significant portion of their revenue from supplying drones, sub-assemblies, sensors, or software to military or intelligence customers. As a result, their financial performance is heavily dependent on national defence budgets, foreign-military-sales approvals, and shifting geopolitical priorities, any of which can be affected by changes in administrations, governmental funding allocations, multilateral treaty obligations, or fiscal austerity measures.

Military-focused drone and UAV companies are also exposed to strict export-control regimes, heightened sanctions risks, and enhanced compliance obligations under anticorruption, anti-boycott, and anti-money laundering laws; violations or compliance failures can result in substantial fines, loss of export privileges, or debarment from future government contracts.

[1] As shown in the ETF Database.

[2]https://samf.substack.com/p/is-ukraine-winning-the-drone-race

[3] Source: Bloomberg. Data as of 14.04.2026

[4] Source: Bloomberg. Data as of 14.04.2026

[5] Source: Bloomberg. Data as of 14.04.2026

[6] https://www.worldbank.org/en/news/press-release/2026/02/23/updated-ukraine-recovery-and-reconstruction-needs-assessment-released