# Invesco Defence Innovation UCITS ETF AccumUSD (DFNX) **Page:** https://fundology.uk/fund/dfnx · ISIN IE000BRM9046 ## 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, DFNX (Invesco Defence Innovation UCITS ETF AccumUSD, ISIN IE000BRM9046) closed at £6.83 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 +11.5%, or +7.5% after UK CPIH inflation. ## Summary Invesco Defence Innovation UCITS ETF AccumUSD is an exchange-traded fund (ETF) from Invesco, launched in 2024. It tracks the S&P Kensho Global Future Defense. 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: **£6.83** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | DFNX | | ISIN | IE000BRM9046 | | Also listed as | IDFN (London Stock Exchange, US dollars), IVDF (Xetra, euros) | | Category | Technology | | Type | ETF | | Provider | Invesco | | Tracks | S&P Kensho Global Future Defense | | Income | Accumulating | | Ongoing charge | 0.39% a year (£39 per £10,000) | | Fund size | £114m | | Launched | 2024 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 30/10/2024 | ## 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 | +11.47% | +7.52% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of Invesco Defence Innovation UCITS ETF AccumUSD in pounds (price, with income reinvested in the fund): 2025 +44.5%; 2026 to 13/11/2026 +8.0%. Returns of Invesco Defence Innovation UCITS ETF AccumUSD in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +12.0%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2025 | +44.5% | +39.6% | Price | | 2026 to 13/11/2026 | +8.0% | +4.5% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 31.51% | -24.30% | ## Largest fall Volatility of Invesco Defence Innovation UCITS ETF AccumUSD in pounds, annualised from weekly returns to 13/11/2026: 31.5% over 1 year. Largest fall in the price of Invesco Defence Innovation UCITS ETF AccumUSD since November 2024, in pounds: −24.3% from 29/05/2026 to 06/11/2026. The lowest 12-month return of Invesco Defence Innovation UCITS ETF AccumUSD in pounds (price, with income reinvested in the fund) since November 2024 was +5.2% (12 months to 23/10/2026); the highest was +86.3% (12 months to 29/05/2026). On 13/11/2026 the price of Invesco Defence Innovation UCITS ETF AccumUSD was 21.1% below its highest weekly close since November 2024 (29/05/2026), in pounds. ## Charges compared with similar funds Ongoing charge of Invesco Defence Innovation UCITS ETF AccumUSD 0.39% a year. Compared on 14/11/2026, 88 of the 119 other technology funds charge more, 2 the same and 29 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 12/11/2026, DFNX holds 68 positions, according to its published holdings. The largest is Firefly Aerospace at 2.14% of the fund; the ten largest make up 20.4%. ### Top holdings Largest positions (as of 12/11/2026), as a percentage of the whole fund: | # | Holding | Ticker | Weight | |---|---|---|---| | 1 | Firefly Aerospace | [FLY](https://fundology.uk/stock/FLY) | 2.14% | | 2 | Karman | [KRMN](https://fundology.uk/stock/KRMN) | 2.13% | | 3 | Lockheed Martin | [LMT](https://fundology.uk/stock/LMT) | 2.12% | | 4 | Bruker | [BRKR](https://fundology.uk/stock/BRKR) | 2.05% | | 5 | Teledyne Technologies | [TDY](https://fundology.uk/stock/TDY) | 2.01% | | 6 | Heico | [HEI](https://fundology.uk/stock/HEI) | 2.00% | | 7 | L3Harris Technologies | [LHX](https://fundology.uk/stock/LHX) | 2.00% | | 8 | Avio | [AVIO](https://fundology.uk/stock/AVIO) | 1.99% | | 9 | Parsons | [PSN](https://fundology.uk/stock/NYSE:PSN) | 1.99% | | 10 | Northrop Grumman | [NOC](https://fundology.uk/stock/NOC) | 1.96% | ## 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 12/11/2026. | Sector | Weight | |---|---| | Industrials | 74.8% | | Information Technology | 16.3% | | Communication Services | 3.2% | | Health Care | 3.1% | | Consumer Discretionary | 1.4% | | Energy | 1.3% | ### By country As published for the fund, as of 12/11/2026. | Country | Weight | |---|---| | United States | 67.4% | | France | 9.7% | | United Kingdom | 5.2% | | Italy | 3.2% | | Germany | 2.7% | | Australia | 2.2% | | Canada | 1.9% | | Sweden | 1.9% | | Other countries | 5.6% | All 68 holdings: https://fundology.uk/fund/dfnx/holdings ## Questions people ask **What is the ongoing charge of DFNX?** The ongoing charge of DFNX 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 Invesco Defence Innovation UCITS ETF AccumUSD 0.39% a year. Compared on 14/11/2026, 88 of the 119 other technology funds charge more, 2 the same and 29 less (share classes counted once). **What does DFNX track?** DFNX tracks the S&P Kensho Global Future Defense. **Is DFNX accumulating or distributing?** DFNX 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 DFNX?** The ISIN of DFNX is IE000BRM9046. An ISIN identifies one exact share class of a fund; DFNX is its ticker on the London Stock Exchange. The same share class is also listed as IDFN (London Stock Exchange, US dollars) and IVDF (Xetra, euros). **What does DFNX hold?** As of 12/11/2026, DFNX holds 68 positions, according to its published holdings. The largest is Firefly Aerospace at 2.14% of the fund; the ten largest make up 20.4%. Its ten largest holdings are Firefly Aerospace (2.14%), Karman (2.13%), Lockheed Martin (2.12%), Bruker (2.05%), Teledyne Technologies (2.01%), Heico (2.00%), L3Harris Technologies (2.00%), Avio (1.99%), Parsons (1.99%) and Northrop Grumman (1.96%). **What were DFNX’s returns in each of the last five years?** Calendar-year returns of DFNX in pounds (price, with income reinvested in the fund): 2025 +44.5%; 2026 to 13/11/2026 +8.0%. Past performance is not a guide to future returns. **How has DFNX done after inflation?** Over the year to 13/11/2026 DFNX’s total return was +11.5%, or +7.5% after UK CPIH inflation. Past performance is not a guide to future returns. --- 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.