News

First-ever Thematic NATO ETF Newly Listed on GPW

The first-ever thematic ETF, the Future of Defence UCITS ETF issued by HANetf ICAV, has been newly listed on the Warsaw Stock Exchange. The ETF provides exposure to the modern defence technology industry, including cyber security. It is the fifteenth ETF listed on GPW and yet another step in the development of the offering of passive investment instruments with a global reach.

• the largest ETF in the HANetf ICAV portfolio, with assets exceeding USD 2.8 billion
• tracks the EQM Future of Defence Index, which covers global defence companies
• listed on the LSE, Xetra, Euronext Paris, Borsa Italiana, SIX, and BMV, among others
• Santander Biuro Maklerskie is the ETF’s market maker on GPW

The Future of Defence UCITS ETF tracks the performance of the EQM Future of Defence Index, which covers global defence companies operating in sectors including cybersecurity, satellite technology, unmanned systems, and advanced military engineering. The ETF is physically replicated, which means that it invests directly in the stocks of the companies covered by the index.

Thematic ETFs are different from traditional broad-market ETFs and typical sector-based ETFs. Instead of focusing on a single industry, thematic ETFs cover companies selected according to a thematic criterion, most often related to global trends such as artificial intelligence, digitalisation, clean energy, and robotics. This allows investors to get exposure to the megatrends which underlie the economy. These types of products are often described as a combination of passive and active investing.

“We welcome the first thematic ETF in the history of our trading floor to the Warsaw Stock Exchange. The Future of Defence UCITS ETF addresses the needs of investors seeking exposure to the modern defence and cybersecurity sectors which are key to economic and geopolitical security, particularly in our region. We are delighted that HANetf ICAV has decided to list its second ETF on GPW after The Royal Mint Responsibly Sourced Physical Gold ETC (ETCGLDRMAU), and we look forward to further products,” said Michał Kobza, Member of the Management Board of the Warsaw Stock Exchange.

The ETF is issued by HANetf ICAV, a UCITS registered in Ireland, managing 21 sub-funds with total assets of USD 3.63 billion. The Future of Defence UCITS ETF is its largest product, with assets now exceeding USD 2.8 billion. The ETF generated return of 51.8% from January to the end of July 2025.

“We are proud that the Future of Defence UCITS ETF has been newly listed on the Warsaw Stock Exchange. Poland is one of the fastest growing economies in Europe, with a rapidly expanding base of investors who are increasingly turning to ETFs. Furthermore, Poland plays a key role in the renaissance of the European defence industry as an important member of NATO and one of the leaders in defence spending within the alliance. The NATO ETF has been designed to reflect this fundamental change,” said Hector McNeil, co-founder and Co-CEO of HANetf.

There are currently 15 ETFs listed on the Warsaw Stock Exchange. These include ETFs which cover domestic indices (WIG20, mWIG40, sWIG80) and foreign markets (including S&P500, Nasdaq-100, DAX), as well as thematic, dividend, inverse, and leveraged ETFs. ETF turnover on GPW exceeded PLN 1.65 billion from January to July 2025, an increase of 103.1% year on year. The new listing of the Future of Defence UCITS ETF further strengthens this dynamically growing market segment. Santander Biuro Maklerskie is the market maker of the new ETF.