First Ukrainian stocks added to London-listed fund for reconstruction

Prefer on Google by Luca Léry Moffat A Ukrainian serviceman operates a drone during training exercises on Oct. 5, 2025, amid the Russian invasion of Ukraine. (Yuriy Dyachyshyn/AFP via Getty Images) The first Ukrainian companies have been added to a new investment fund, which hopes to ride the wave of Ukraine's reconstruction and improve access to cash for Ukraine's companies. Drone software provider Swarmer, telecoms giant Kyivstar , and iron ore producer Ferrexpo were added to the Ukraine Reconstruction Exchange Traded Fund (ETF) on April 29, creator of the fund HANetf said in a press release. Launched on the London Stock Exchange (LSE) in March, the creators hope that it will give investors a chance to benefit from the high returns expected from Ukraine's eventual reconstruction, as well as funnel cash to Ukrainian companies from the deep pockets of international capital markets. The ETF includes publicly traded companies set to play a role in Ukraine's postwar recovery, already estimated to require over $500 billion . "Meeting Ukraine’s needs will require the mobilization of both public and private capital," Hector McNeil, co-founder of HANetf said in the press release. "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," he added. Those include infrastructure and energy companies such as Caterpillar and Siemens. The fund has more lenient eligibility requirements for Ukrainian companies, including a lower market capitalization. Ukraine's capital markets have never taken off, with many Ukrainian companies historically choosing Warsaw's stock exchange as a place to raise funds. In August 2025, Kyivstar became the first Ukrainian company to list on the Nasdaq , the New York-based exchange and primary destination for global technology companies. Swarmer followed in March 2026, with shares climbing 520% on its first day.