Ukraine Reconstruction ETF Report | August 2026

Ukraine Reconstruction ETF – Key Takeaways

War Escalates Between Russia and Ukraine, Amid Aims to End War – Ukrainian forces have liberated 745 square km (288 square miles) of Russian-occupied land ​across a swathe of the southeastern front. Ukraine’s military has sought to heap pressure on Moscow’s war effort ​in recent months, counterattacking on parts of the 1,200-km ​front and striking logistics and energy infrastructure targets. Zelenskiy said ⁠26 settlements in the Dnipropetrovsk, Donetsk, and Zaporizhzhia regions had ​been brought back under Kyiv’s control. The settlements are located along ​an approximately 60 km stretch of the front where the borders of the three regions meet. There is also a growing battle at sea, with Ukraine striking one of Russia’s most important Black Sea naval and export hubs, with Russia warning it could seize European vessels in retaliation. Amid all this turmoil, Ukraine’s President Volodymyr Zelenskyy has said that Kyiv has handed the US new proposals aimed at ending the four-and-a-half-year war with Russia. Zelenskyy also accused Russia of preparing to use its parliamentary elections next month as an excuse for another large-scale military mobilisation. Talks to end Russia’s invasion of Ukraine, which began in 2022, have largely stalled since the US and Israel launched their war on Iran.[1] [2]

Is it Too Early for Reconstruction? – Given recent escalation in a war which has already gone on for 4.5 years, investors might be asking themselves if it is too early to invest in Ukraine’s reconstruction. There is essential infrastructure such as energy and transportation that is already being rebuilt and many companies are laying the foundation to enter Ukraine for the first time, or for those already there, to scale up their operations for when peace finally comes.  But the greatest evidence that the recovery has already started is that Ukraine’s GDP, after falling 30% in 2022, will grow by 4.5% this year with 90% of companies in Ukraine now fully operational.[3]  Ultimately the rebuild of Ukraine is going to be a truly global undertaking with partnership and investment coming from Europe, Asia, the Americas, the Middle East and beyond, from both public and private sources.

Based on the most recent Rapid Damage and Needs Assessment report released by the Ukraine Government, the World Bank Group, the European Commission, and the United Nations last February, the current amount needed for reconstruction and recovery is estimated to be around $589 billion or €510 billion, an amount equivalent to nearly 3X Ukraine’s nominal GDP.  These estimates are based on a report that came out in February assessing damage through the end of 2025, so the end figure is still rising and the recovery effort that will be playing out over the next decade.[4]

The biggest reconstruction and recovery needs are going to be in transportation, energy, and housing which will each require at least 90 billion in funding each.  While public funding from the EU will remain essential, many of Ukraine’s reconstruction needs will be financed from the private sector. Foreign direct investment could reach as much as 87-145 billion, contributing as much as 15-25% of the total funding needs according to Citigroup.[5]

There are many public companies that will be involved in Ukraine’s reconstruction. It is also important to note that Ukraine is also committed to sustainable development with a plan to Build Back Better.  So, reconstruction plans include measures such as clean energy, sustainable agricultural development, green transportation, and environmental goals in alignment with the rest of the EU.  Ukraine is not only committed to rebuilding, but rebuilding better than before.[6]

Western Defence Looking to Ukraine – Western arms makers are increasingly working with Ukrainian weapons companies, looking to learn from them how to build effectively in wartime conditions. Many Western companies, including defence primes, have entered into agreements to develop products with Ukrainian manufacturers, reflecting growing interest in Ukraine’s wartime manufacturing experience. Western firms are interested in partnering with Ukrainian companies “to have those lessons learned that they have gained since the beginning of the full-scale invasion,” Davyd Aloian, deputy secretary of the National Security and Defence Council of Ukraine. Ukraine’s defence industry has expanded rapidly since Russia’s full-scale invasion, producing more weapons domestically and attracting greater interest from foreign governments and companies. Western officials say Ukraine’s manufacturing processes are central to what they want to learn from Ukraine, and they have encouraged their defence companies to partner with Ukrainian firms. Recently, a Ukrainian company delivered the country’s first batch of drones, 2,000 F10’s, to the US for potential military use.[7]  [8]

Past performance is not indicative of future performance and when you invest in ETFs your capital is at risk

Company News – Earnings Analysis (UKRN)

Kyivstar Group – Ukraine’s leading digital telecom operator, reported financial and operating results for the second quarter and half-year ended June 30, 2026. Total revenue rose 19.3% YoY to USD 339 million (UAH 14.9 bn, +27.0%). Digital revenue advanced 83.0% YoY to USD 73.7 million (UAH 3.3 bn, +94.7%) to represent 21.7% of total revenue. On the back of sustained growth, the company raised its full-year 2026 revenue and EBITDA outlook.[9]

Swarmer – Ukrainian drone autonomy software maker Swarmer is scheduled to report earnings in August. Swarmer surged 520% on its trading debut in March 2026. Swarmer’s combat-proven AI platform has been deployed across 100,000+ real-world Ukraine missions. The company is led by former Blackwater founder Erik Prince’s who lends defence-sector credibility.[10]

Caterpillar– US construction equipment manufacturer Caterpillar supports Ukraine’s recovery through philanthropic grants and workforce development partnerships aimed at regional small businesses, while its heavy machinery and equipment are positioned globally as vital assets for future post-war reconstruction.  Caterpillar raised its annual revenue growth forecast after beating second quarter earnings estimates in August.  The company is benefiting from the infrastructure buildout of AI data centres which has spurred demand for its power and construction equipment.[11]

UKRN August

Past performance is not indicative of future performance. When you invest your capital is at risk.

Latest rebalance – 28.07.2026

UKRN August2

Macro Outlook

Based on the last Rapid Damage and Needs Assessment report released by the Ukraine Government, the World Bank Group, the European Commission, and the United Nations last February, a total of $589 billion(€510 billion) will be required to repair damage through the end of 2025, with 90 billion in funding will be needed to tackle the three largest areas of need: transportation, energy, and housing.  International partnerships, private investments, and targeted humanitarian aid will drive this ongoing, massive recovery effort. The recovery of Ukraine is expected to become the largest economic project in Europe of our time.[12] [13]

  • Housing & Communities: Repairing over 130,000 damaged residential buildings and setting up temporary modular housing for displaced families.
  • Energy & Power: Restoring bombed power stations, modernizing the electrical grid, and expanding renewable solar infrastructure.
  • Public Infrastructure: Rebuilding schools, hospitals, water supply networks, and vital transportation routes.
  • Economy & Investment: Mobilizing international business coalitions through major initiatives like the ReBuild Ukraine exhibition and conference platform.

[1] https://www.reuters.com/world/ukraine-has-retaken-745-sq-km-precision-operation-this-year-zelenskiy-says-2026-08-12/

[2] https://www.aljazeera.com/news/2026/8/12/zelenskyy-says-ukraine-has-sent-proposals-to-us-to-end-war-with-russia

[3] https://www.proactiveinvestors.co.uk/companies/news/1096977/ukraine-gdp-growing-4-5-as-589bn-reconstruction-theme-opens-up-tmx-vettafi-1096977.html

[4] https://www.undp.org/ukraine/publications/ukraine-fifth-rapid-damage-and-needs-assessment-rdna5-february-2022-december-2025

[5] https://www.citigroup.com/global/insights/rebuilding-ukraine

[6] Source: VettaFi

[7] https://www.businessinsider.com/western-companies-learn-from-ukraine-defense-weapons-firms-2026-7

[8] https://www.stripes.com/theaters/europe/2026-08-06/ukraine-delivers-first-batch-drones-united-states-22473535.html

[9] https://finance.yahoo.com/markets/stocks/articles/kyivstar-reports-2q26-results-040100212.html

[10] https://www.cnbc.com/2026/08/04/caterpillar-cat-q2-2026-earnings.html

[11] Ibid

[12] https://rebuildukraine.in.ua/en

[13] https://www.undp.org/ukraine/publications/ukraine-fifth-rapid-damage-and-needs-assessment-rdna5-february-2022-december-2025

IMPORTANT INFORMATION This document is approved for professional use only.

Communications issued in the UK

The content in this document is issued by HANetf Limited (“HANetf”) and approved by Privium Fund Management (UK) Limited (“Privium”). HANetf is an appointed representative of Privium, which is authorised and regulated by the Financial Conduct Authority. The registered office of Privium is The Shard, 24th Floor, 32 London Bridge Street, London, SE1 9SG

This communication has been prepared for professional investors, but the exchange traded product (“ETCs”) and exchange traded fund (“ETFs”) set out in this communication (“Products”) may be available in some jurisdictions to any investors. Please check with your broker or intermediary that the relevant Product is available in your jurisdiction and suitable for your investment profile.

Disclaimers

Past performance is not a reliable indicator of future performance. The price of the Products may vary and they do not offer a fixed income. This document may contain forward looking statements including statements regarding our belief or current expectations with regards to the performance of certain assets classes. Forward looking statements are subject to certain risks, uncertainties and assumptions. There can be no assurance that such statements will be accurate and actual results could differ materially from those anticipated in such statements. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. The content of this document is for information purposes and for your internal use only, and does not constitute an investment advice, recommendation, investment research or an offer for sale nor a solicitation of an offer to buy any Product or make any investment.

An investment in an exchange traded product is dependent on the performance of the underlying asset class, less costs, but it is not expected to track that performance exactly. The Products involve numerous risks including among others, general market risks relating to underlying adverse price movements in an Index (for ETFs) or underlying asset class and currency, liquidity, operational, legal and regulatory risks. In addition, in relation to Cryptocurrency ETCs, these are highly volatile digital assets and performance is unpredictable.

How to Buy