DFNG

The VanEck Defense UCITS ETF (DFNG) is a UCITS-compliant, physically replicated equity ETF that tracks the MarketVector Global Defense Industry Index, providing targeted exposure to companies serving national defense industries, defense technologies, large-scale cybersecurity and related service providers. The fund is relatively concentrated with 36 holdings (as of the latest factsheet), a total expense ratio of 0.55%, and heavy exposure to Industrials (about 91%) with a smaller Information Technology allocation (about 9%). Country exposure is dominated by the United States (roughly 48%) with meaningful weights in South Korea, France, Israel, Italy and Sweden. Returns for DFNG are primarily driven by defense budgets, government contracts, geopolitical risk dynamics and adoption of defense-related technologies, including aerospace and cybersecurity. The main risks are sector and regional concentration and volatility from smaller or specialized defense firms; the ETF is best used by investors seeking thematic/sector exposure to the global aerospace & defense industry rather than broad-market beta.

Top holdings:

• RTX Corp: 7.9%
• Thales SA: 7.66%
• Leonardo S.p.A.: 7.14%
• Hanwha Aerospace Co Ltd: 6.65%
• Saab AB: 6.31%
• Elbit Systems Ltd: 5.44%
• Curtiss‑Wright Corp: 5.44%
• Palantir Technologies Inc: 4.97%