Amundi has listed the Amundi European Strategic Autonomy UCITS ETF Acc (ISIN LU3180074463) on the London Stock Exchange.
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Article created by the editorial staff of ETFWorld.co.uk
Benoit Sorel Global Head of ETF, Indexing & Smart Beta Amundi ETF
The physically replicated fund tracks the Euronext European Strategic Autonomy index, which assigns a 10% weight to each of ten themes connected to Europe’s self-reliance.
The fund has traded in sterling under the ticker SOVE since 6 October 2026. It aims to replicate the Euronext European Strategic Autonomy NR index, which selects companies incorporated in the European Economic Area that derive at least half of their revenue from one of ten themes linked to Europe’s strategic autonomy. The total expense ratio is 0.40%. The London listing adds to the fund’s existing quotations on Euronext Paris and Xetra.
A European strategic autonomy ETF reaches London
The ETF is admitted to the Main Market of the London Stock Exchange, within the ETFs segment, and trades on the SETS order book. According to the exchange’s instrument page, the issue date is 6 October 2026, the trading currency is pound sterling, and the SEDOL code is C0GBTH5. The exchange reports assets under management of £22.46 million in the traded currency.
The fund is a sub-fund of a Luxembourg-domiciled SICAV managed by Amundi Luxembourg SA. It was launched on 6 November 2025 and is an accumulating share class: dividends received from underlying companies are reinvested rather than distributed.
According to its investment objective, the ETF seeks to replicate the performance of the Euronext European Strategic Autonomy NR index, whether markets rise or fall, and to minimise tracking error between the fund’s net asset value and the index. The expected level of tracking error under normal market conditions is set out in the sub-fund’s prospectus.
Replication is physical. Before the London listing, the ETF traded on Euronext Paris under the ticker INDEP and on Xetra under the ticker SOVE, both in euros, according to the issuer’s factsheet.
How the Euronext European Strategic Autonomy index is constructed
The index is administered by Euronext Paris. Its rulebook defines a four-step process.
Universe. The starting point is the Euronext Developed Europe Total Market index, restricted to companies incorporated in the European Economic Area. Companies incorporated in the United Kingdom or Switzerland, which are not EEA members, are therefore excluded.
Eligibility screens. Three filters are applied at each review:
Liquidity: a three-month average daily traded value of at least €2 million.
Controversial weapons: companies flagged “red” by ISS ESG for involvement in biological weapons, chemical weapons, anti-personnel landmines or cluster munitions are excluded. Companies not covered by ISS ESG are also ineligible.
Thematic exposure: a company must generate at least 50% of its revenue from one of ten themes, mapped to FactSet RBICS business activities.
The ten themes are:
Aerospace & Defence
Financials
Energy Production & Distribution
Power Grid & Equipment
Infrastructure
Logistics
Food Security
Pharma & Chemicals
Semiconductors
Software
Selection. No ranking is applied. All companies that pass the screens enter the index.
Weighting. Each of the ten themes is set at 10% of the index at every review. Within each theme, companies are weighted by free-float market capitalisation. Between reviews, theme weights move with share prices.
Reviews are semi-annual and take effect after the market close on the third Friday of March and September. The index has a base date of 31 December 2009 and a base value of 1,000, and has been published since 3 July 2025. Euronext calculates price, net return (NR) and gross return (GR) versions. The ETF tracks the NR version.
Portfolio composition: holdings, countries and sectors
Top ten holdings
| Company | Weight |
|---|---|
| ASML Holding | 8.68% |
| SAP | 8.20% |
| Schneider Electric | 4.08% |
| Bayer | 3.63% |
| Airbus | 3.14% |
| TotalEnergies | 3.02% |
| Danone | 2.94% |
| Safran | 2.91% |
| DSV | 2.88% |
| Siemens Energy | 2.82% |
| Total | 42.30% |
The ten largest positions accounted for 42.30% of the portfolio. ASML alone represented 8.68%, close to the 10% allocated to the Semiconductors theme at each review. SAP, at 8.20%, plays a similar role within the Software theme. Because themes receive equal allocations, a single large company can make up most of a theme with few constituents.
Country and sector breakdown
The following figures are taken from the issuer’s factsheet dated 31 May 2026 and refer to the index. At that date the fund held 229 securities.
France was the largest country allocation at 30.66%, followed by Germany (20.02%), the Netherlands (11.95%), Denmark (9.01%), Spain (8.54%) and Italy (5.61%). Norway, Sweden, Finland, Belgium and Austria together accounted for 13.44%, with 0.76% classified as other.
By sector classification, industrials made up 33.28% of the index and information technology 23.23%. Financials accounted for 10.24%, health care for 8.00%, consumer staples for 7.50%, utilities for 6.19%, materials for 4.17%, energy for 4.16% and communication services for 3.23%.
The sector figures differ from the 10% theme allocation because the themes are defined by business activity, while the breakdown above follows a standard sector classification. Aerospace & Defence, Power Grid & Equipment, Infrastructure and Logistics companies, for example, are largely classified as industrials.
| Product Name | Amundi European Strategic Autonomy UCITS ETF Acc |
| ISIN | LU3180074463 |
| SEDOL | C0GBTH5 |
| Currency | GBP |
| Benchmark | Euronext European Strategic Autonomy NR |
| TER | 0.40% |
Launch background and issuer statements
Amundi and Euronext announced the fund in a joint press release on 6 November 2025. In that release, Amundi described the product as the first ETF to invest in companies across ten themes linked to European sovereignty and resilience. This description is the issuer’s own.
The release stated that the fund would be eligible for the French PEA scheme and that it complemented Amundi’s range of European equity ETFs, which the company said represented more than €65 billion of assets under management at the time.
Benoit Sorel, Global Head of ETF & Indexing at Amundi, said the company wanted to develop solutions that allow clients to support Europe’s strategic autonomy. He referred to “persistent geopolitical risks and more regionalisation” as part of the background to the launch.
Aurélien Narminio, Head of Indices, ETFs & Securitised Derivatives at Euronext, said that Euronext, as an index provider, was positioned to help direct capital towards European companies that reinforce the region’s strategic autonomy, and welcomed Amundi’s decision to replicate the index.
Amundi, a subsidiary of the Crédit Agricole group, reports assets under management of close to €2.6 trillion as at 30 June 2026.
What UK investors should note
Currency exposure. The London line trades in sterling, but the share-class reference currency is the euro and the index holds shares listed in euros and other European currencies, including the Danish krone. Trading in pounds does not remove currency risk: investors measuring returns in sterling are exposed to movements in these currencies against the pound. The fund does not hedge currency risk.
No UK companies. Because eligibility requires incorporation in the EEA, the portfolio contains no UK-incorporated companies. Investors seeking UK defence, energy or infrastructure names will not find them in this index.
Performance reporting. The fund was launched less than 12 months ago. Under ESMA and FCA rules, as stated in the issuer’s factsheet, funds distributed in the EU or the UK cannot report performance returns until they have a 12-month track record. The fund reaches that point on 6 November 2026.
Concentration. The ten largest holdings accounted for 42.30% of the portfolio at 30 September 2026. The theme-based allocation produces higher weights in the largest semiconductor and software companies than a market-capitalisation-weighted European index would typically assign.
Conclusions
The London listing of the Amundi European Strategic Autonomy UCITS ETF Acc gives UK-based investors a sterling line, under the ticker SOVE, for a thematic European equity fund that has traded in Paris and Frankfurt since November 2025. The fund charges 0.40% a year and physically replicates an index that combines ten themes, from defence and energy to food security and software, each set at 10% at every semi-annual review.
The index excludes companies incorporated outside the EEA, including the UK and Switzerland, and its weighting method gives a high share of the portfolio to a small number of large companies in the narrower themes.
Source: ETFWorld.co.uk
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