Published Date: Giugno 29, 2026
Author: HANetf
Russian Drones Strike NATO Country Romania – The U.S. has criticised Russia’s “reckless” behaviour after a Russian drone packed with explosives crossed into NATO member Romania and detonated, prompting condemnation across Europe and from NATO. A drone violated Romanian airspace last month before striking an apartment building and exploding in the southeastern city of Galați—which borders Ukraine and Moldova. U.S. ambassador to NATO, Matthew Whitaker said, “we stand with our NATO Ally Romania and condemn this reckless incursion on its territory, and we will defend every inch of NATO territory.” Because Romania is a member of NATO, it is protected by Article 5 of the alliance’s founding treaty. This stipulates that all members are obliged to come to the defence of another NATO state under attack, responding how they see fit. Romania’s government has suggested it could invoke Article 4, according to domestic media reports. Article 4 obliges member states to hold discussions when one country feels threatened. NATO said Article 4 has been triggered nine times in the alliance’s history. Poland, which also borders Ukraine, activated Article 4 in September 2025 when Russian drones violated its airspace.[1]
European Defence Stocks in Period of Consolidation – After strong performance in 2025 fuelled by the sharp increase in state military spending in response to less support from the U.S. for Ukraine and growing geopolitical instability, European defence stocks have plateaued YTD. Industry analysts see 2026 as a period of consolidation for the sector, in which bullishness over Europe’s increased defence spending is replaced by greater scrutiny of individual companies’ performance and fundamentals. Investors are becoming much more selective. What investors want to see now are earnings and cash flows. This may indicate upside towards the second part of the year when the orders and deliveries come. However, it will definitely take a while for stock prices to get back to where they were according to Morningstar equity analyst Loredana Muharremi. Missed earnings estimates from industry bellwether Rheinmetall led investors to start questioning the potential for further upside in the sector, amid lofty valuations. Analysts also worry about the potential for companies to struggle to adapt to the dynamic nature of warfare and its changing equipment needs as a factor that could hold back the industry in the future. Companies that are more diversified in their product offering, particularly those with a strong suite of electronic components and technology, will fare better than companies that are predominantly land-based.[2]
Cyber Stocks Rally on AI Driven Demand and Strong Earnings – The new NATO 5% of GDP target includes a 1.5% provision for future of defence and infrastructure initiatives including cyber security. The HAN Global Future of Defence UCITS (NATO) was the first to offer a blend of defence and cyber exposure since its inception. This exposure has been helpful as defence stock performance has cooled. Cybersecurity stocks have been surging in a massive, multi-week market recovery rally. The broad market surge has been driven by strong top-line growth, margin expansion, and successful new offerings tailored toward agentic AI, rather than AI threatening the sector.[3] Some major industry players have hit record highs on strong results include: Fortinet, Palo Alto Networks (recently acquired CyberArk), Crowdstrike, Okta, and Cloudfare.[4]
Defence IPO Market Heats Up – The defence IPO market is experiencing a global resurgence driven by rising geopolitical conflicts, surging government military spending, and increasing investor appetite for “AI-resistant” hardware and tech. This public-market influx follows years of maturation in private equity and venture capital portfolios. Major US listings and pipeline include: Applied Aerospace & Defense (AADX),a private equity-backed hardware and subsystem manufacturer that targets the space, aviation, and precision-strike markets; Doncasters (DPC),a manufacturer of aerospace engine components; aerospace parts manufacturer Arxis (ARXS), drone maker AEVEX (AVEX), components producer Elmet Group (ELMT), and radio signal analyser HawkEye 360 (HAWK). In Europe, there is investor enthusiasm for KNDS, a Franco-German maker of the Leopard 2 tanks backed by multi-billion-euro revenue jumps and massive contract backlogs. Czechoslovak Group (CSG) just completed a record-setting listing on Euronext Amsterdam, kicking off a major wave of new European defence capital raising.[5]
US Offers Conditional Approach – US Defence Secretary Pete Hegseth demanded that Asian allies and partners boost defence spending appeared to make U.S. support increasingly conditional in a region that has long relied on a balance of power underwritten by American military might. The Pentagon chief called on U.S. allies and partners in the Asia-Pacific to commit to spending 3.5 percent of GDP on security. Countries that demonstrate a commitment to a U.S.-led regional defence efforts would be moved “to the front of the line,” Hegseth said during his speech in Singapore. That means “expedited arms sales, deep industrial-base collaboration, and expanded intelligence sharing,” he said. Those that do not “carry their own weight for our collective defence” would be treated less favourably, he warned. These remarks suggest a more “conditional” approach to US security and spending commitments.[10]
Source: VettaFi as of 29.05.2026. For illustrative purposes only.
While we are seeing a short-term consolidation trade for defence stocks, other areas of defence such as cyber security and drones are soaring on increased adoption related to AI agent demand and capabilities. Defence industry analysts appear to be on “pause” waiting for orders to hit earnings results. But there remains plenty of earnings evidence for growth based on longer-term projections and robust order backlog. Defence companies with a strong suite of electronic components and technology, will fare better in the short-term than companies that are predominantly land-based. The IPO market indicates further evidence that investor enthusiasm has not waned. Recent IPO’s have been well received and there are more on the way. While performance may have plateaued somewhat in the US and Europe, Asia Pacific remains a pocket of opportunity with 3.5% of GDP becoming the new suggested spending target for the region. Japan is rearming and new and multilayered security partnerships are emerging in Asia. Japan is working more closely with Australia, the Philippines, India, New Zealand, Singapore and others. Increasingly the US is becoming more “conditional” with its relationships in the region, requiring upsized spending in return for favoured nation status. Similar to Europe, the Indo-Pac region is responding with a resolve for increased autonomy.[11]
Source: SIPRI. Data as of April 2026. For illustrative purposes only.
Data as of 28.04.2026. For illustrative purposes only.
Data as of 17.04.2026. Past performance is not indicative of future performance. For illustrative purposes only.
Data as of 20.04.2026. Past performance is not indicative of future performance. For illustrative purposes only.
NATO (Fund)NATONTR (Index)1M-4.22%-4.20%3M2.19%2.32%6M9.28%9.51%YTD12.64%13.00%12M5.47%5.90%3Y169.33%173.43%Since Inception (03/07/2023)167.11%171.37%
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 30.09.2026
Performance before inception is based on back-tested data. Backtesting is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. When you invest in ETFs your capital is at risk.
[1] https://www.newsweek.com/russian-drone-strikes-apartment-building-in-romania-nato-territory-ukraine-war-12007206
[2] https://www.cnbc.com/2026/05/30/defense-stocks-consolidation-rheinmetall-saab-renk.html
[3] https://www.morningstar.com/stocks/cybersecurity-stocks-are-heating-up-after-fortinets-blowout-quarter
[4] https://finance.yahoo.com/markets/article/crowdstrike-cisco-and-palo-alto-hit-records-as-cyber-stocks-outrun-chips-chart-of-the-day-130252349.html
[5] https://gfmag.com/capital-raising-corporate-finance/defense-stocks-reload-with-ipo-momentum/
[6] https://www.sipri.org/media/press-release/2026/global-military-spending-rise-continues-european-and-asian-expenditures-surge
[7] https://www.nbcnews.com/world/asia/pete-hegseth-sounds-alarm-china-buildup-asian-allies-rcna347657
[8] https://www.middleeasteye.net/live-blog/live-blog-update/hegseth-unveils-15-trillion-defence-push-cites-iran-nuclear-threat
[9] https://www.bbc.co.uk/news/articles/clyp9mk3mrgo
[10] https://www.newsweek.com/hegseth-tells-asian-allies-increase-defense-spending-12014211
[11] Source: VettaFi
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