# Ishares Europe Defence Ucits ETF (DFEU) **Page:** https://fundology.uk/fund/dfeu · ISIN IE000IAXNM41 ## At a glance > Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise. As of 13/11/2026, DFEU (Ishares Europe Defence Ucits ETF, ISIN IE000IAXNM41) closed at £4.25 on the London Stock Exchange. Its ongoing charge is 0.39% a year (about £39 on £10,000). Over the year to 13/11/2026 its total return was −1.1%, or −4.6% after UK CPIH inflation. ## Summary Ishares V Plc - Ishares Europe Defence Ucits ETF Accum Shs EUR is an exchange-traded fund (ETF) from iShares, launched in 2025. It tracks the Stoxx Europe Targeted Defence Index. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.39% a year — about £39 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. Latest close: **£4.25** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | DFEU | | ISIN | IE000IAXNM41 | | Also listed as | DFNC (Xetra, euros) | | Category | Single sectors | | Type | ETF | | Provider | iShares | | Tracks | Stoxx Europe Targeted Defence Index | | Income | Accumulating | | Ongoing charge | 0.39% a year (£39 per £10,000) | | Fund size | £290m | | Launched | 2025 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 23/05/2025 | ## Past returns (periods to 13/11/2026) After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation. | Window | Return | After CPIH inflation | Measured as | |---|---|---|---| | 1 year | -1.06% | -4.57% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of Ishares V Plc - Ishares Europe Defence Ucits ETF Accum Shs EUR in pounds (price, with income reinvested in the fund): 2026 to 13/11/2026 −5.9%. Returns of Ishares V Plc - Ishares Europe Defence Ucits ETF Accum Shs EUR in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: −11.6%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2026 to 13/11/2026 | -5.9% | -8.9% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 35.90% | -20.14% | ## Largest fall Volatility of Ishares V Plc - Ishares Europe Defence Ucits ETF Accum Shs EUR in pounds, annualised from weekly returns to 13/11/2026: 35.9% over 1 year. Largest fall in the price of Ishares V Plc - Ishares Europe Defence Ucits ETF Accum Shs EUR since July 2025, in pounds: −20.1% from 16/01/2026 to 06/11/2026. On 13/11/2026 the price of Ishares V Plc - Ishares Europe Defence Ucits ETF Accum Shs EUR was 18.7% below its highest weekly close since July 2025 (16/01/2026), in pounds. ## Charges compared with similar funds Ongoing charge of Ishares V Plc - Ishares Europe Defence Ucits ETF Accum Shs EUR 0.39% a year. Compared on 14/11/2026, 68 of the 164 other single-sector funds charge more, 1 the same and 95 less (share classes counted once). ## Charges & eligibility - Ongoing charges figure (OCF): **0.39%** per year - Stocks and shares ISA eligible: usually (check with your platform) - SIPP eligible: usually (check with your provider) - ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify. ## What it holds As of 06/11/2026, DFEU holds 30 positions, according to its published holdings. The largest is Rolls-Royce at 16.27% of the fund; the ten largest make up 84.2%. ### Top holdings Largest positions (as of 06/11/2026), as a percentage of the whole fund: | # | Holding | Ticker | Weight | |---|---|---|---| | 1 | Rolls-Royce | [RR.](https://fundology.uk/stock/RR.) | 16.27% | | 2 | BAE Systems | [BA.](https://fundology.uk/stock/BA.) | 15.36% | | 3 | Rheinmetall | [RHM](https://fundology.uk/stock/RHM) | 10.39% | | 4 | Thales | [HO](https://fundology.uk/stock/HO) | 8.03% | | 5 | Kongsberg Gruppen | [KOG](https://fundology.uk/stock/KOG) | 7.94% | | 6 | Leonardo Finmeccanica | — | 6.84% | | 7 | Saab · Class B | [SAAB_B](https://fundology.uk/stock/SAAB_B) | 6.71% | | 8 | Airbus Group | — | 5.02% | | 9 | Safran | [SAF](https://fundology.uk/stock/SAF) | 4.79% | | 10 | Aselsan Elektronik Sanayi Ve Ticar | — | 2.86% | ## Where it invests Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed. ### By sector As published for the fund, as of 06/11/2026. | Sector | Weight | |---|---| | Industrials | 98.6% | | Information Technology | 1.0% | | Cash and derivatives | 0.5% | ### By country As published for the fund, as of 06/11/2026. | Country | Weight | |---|---| | United Kingdom | 38.1% | | France | 20.6% | | Germany | 13.8% | | Norway | 8.0% | | Sweden | 7.1% | | Italy | 6.9% | | Turkey | 3.0% | | Cash and derivatives | 0.5% | | Other countries | 2.0% | ### By type of asset Added up from the fund’s published holdings, as of 06/11/2026. | Type of asset | Weight | |---|---| | Equity | 99.5% | | Cash and money market | 0.5% | All 37 holdings: https://fundology.uk/fund/dfeu/holdings ## Questions people ask **What is the ongoing charge of DFEU?** The ongoing charge of DFEU is 0.39% a year — about £39 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of Ishares V Plc - Ishares Europe Defence Ucits ETF Accum Shs EUR 0.39% a year. Compared on 14/11/2026, 68 of the 164 other single-sector funds charge more, 1 the same and 95 less (share classes counted once). **What does DFEU track?** DFEU tracks the Stoxx Europe Targeted Defence Index. **Is DFEU accumulating or distributing?** DFEU is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. **What is the ISIN of DFEU?** The ISIN of DFEU is IE000IAXNM41. An ISIN identifies one exact share class of a fund; DFEU is its ticker on the London Stock Exchange. The same share class is also listed as DFNC (Xetra, euros). **What does DFEU hold?** As of 06/11/2026, DFEU holds 30 positions, according to its published holdings. The largest is Rolls-Royce at 16.27% of the fund; the ten largest make up 84.2%. Its ten largest holdings are Rolls-Royce (16.27%), BAE Systems (15.36%), Rheinmetall (10.39%), Thales (8.03%), Kongsberg Gruppen (7.94%), Leonardo Finmeccanica (6.84%), Saab · Class B (6.71%), Airbus Group (5.02%), Safran (4.79%) and Aselsan Elektronik Sanayi Ve Ticar (2.86%). **What were DFEU’s returns in each of the last five years?** Calendar-year returns of DFEU in pounds (price, with income reinvested in the fund): 2026 to 13/11/2026 −5.9%. Past performance is not a guide to future returns. **How has DFEU done after inflation?** Over the year to 13/11/2026 DFEU’s total return was −1.1%, or −4.6% after UK CPIH inflation. Past performance is not a guide to future returns. ## Fund documents - [Fund page at iShares](https://www.ishares.com/uk/individual/en/products/343289/ishares-europe-defence-ucits-etf) - [Key investor information document (KIID)](https://www.ishares.com/gls-download/literature/kiid/ucits_kiid-ishares-europe-defence-ucits-etf-eur-acc-gb-ie000iaxnm41-en.pdf) - [Factsheet](https://www.ishares.com/gls-download/literature/fact-sheet/dfeu-ishares-europe-defence-ucits-etf-fund-fact-sheet-en-gb.pdf) - Links checked 12/10/2026. --- We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments. Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.