Overview
Swedish equity market with Ericsson, Volvo, and Hexagon among top holdings. NATO membership and defense ramp drove 2025 outperformance. Innovation economy with global technology and industrial champions at European valuations.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| ERIC B | Ericsson | 12.8% |
| VOLV B | Volvo AB | 10.4% |
| HEXA B | Hexagon AB | 8.4% |
| SWED A | Swedbank | 7.8% |
| SEB A | SEB Group | 7.4% |
| INVE B | Investor AB | 6.8% |
| NDA SE | Nordea Bank | 5.8% |
| SAND | Sandvik AB | 5.4% |
| HM B | H&M | 4.8% |
| SKF B | SKF AB | 4.4% |
Fund Details
Investment Thesis
Sweden punches well above its weight in the global innovation economy with world-class companies in telecommunications (Ericsson), precision machinery (Hexagon, Sandvik), commercial vehicles (Volvo), and banking (Nordea, SEB). NATO membership formalized in 2024 triggered significant defense spending increases benefiting Swedish defense and industrial companies. Sweden's highly educated workforce, strong rule of law, and transparent business environment create conditions for sustained corporate innovation. The 2025 performance reflected defense spending tailwinds plus valuation recovery from 2024's SEK weakness.
Who It's For
Investors seeking exposure to Nordic innovation economy companies with strong corporate governance and global market positions. EWD suits those who want Scandinavian equity exposure as part of a developed European allocation, and investors with a thesis on Northern European defense spending increases. Sweden's technology and industrial sector concentration makes EWD more growth-oriented than many other European country ETFs.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $30.42 | -- |
| 2017 | $40.42 | +32.9% |
| 2018 | $33.42 | -17.3% |
| 2019 | $40.82 | +22.1% |
| 2020 | $44.82 | +9.8% |
| 2021 | $52.42 | +16.9% |
| 2022 | $38.42 | -26.7% |
| 2023 | $46.42 | +20.8% |
| 2024 | $37.82 | -18.5% |
| 2025 | $48.74 | +28.9% |
| Year | Yield |
|---|---|
| 2016 | 2.12% |
| 2017 | 1.98% |
| 2018 | 2.22% |
| 2019 | 2.02% |
| 2020 | 1.82% |
| 2021 | 1.62% |
| 2022 | 2.08% |
| 2023 | 1.88% |
| 2024 | 1.98% |
| 2025 | 2.12% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.6B | -- |
| 2017 | $0.8B | +33.3% |
| 2018 | $0.6B | -25.0% |
| 2019 | $0.7B | +16.7% |
| 2020 | $0.8B | +14.3% |
| 2021 | $1.0B | +25.0% |
| 2022 | $0.7B | -30.0% |
| 2023 | $0.8B | +14.3% |
| 2024 | $0.6B | -25.0% |
| 2025 | $0.52B | -13.3% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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