January 28, 2026
RA Jainee
Mirae Asset BSE India Defence ETF | Growth
📌 Fund Snapshot & Key Details
| Particulars | Details |
|---|---|
| Fund House | Mirae Asset Mutual Fund |
| Scheme Type | Open-ended |
| Category | Equity: Thematic |
| Benchmark | BSE India Defence TRI |
| NFO Opens | 02 February 2026 |
| NFO Closes | 10 February 2026 |
| Plan / Option | Growth |
| Minimum Investment (Rs.) | 5,000 |
| Exit Load | 0 |
| Lock-in Period | NA |
| Riskometer | Very High |
| Registrar | KFin Technologies Ltd. |
⚖️ Sahifund NFO Review
Mirae Asset BSE India Defence ETF | Growth
PLUS
• Direct exposure to India’s defence manufacturing and indigenisation theme
• Structural tailwinds from rising defence budgets, export push and Make-in-India focus
• Passive ETF structure ensures transparency and minimal fund-manager bias
• No exit load; suitable for long-term thematic holding
• Well-defined index methodology with stock and segment caps
MINUS
• Very high concentration risk (Top 10 stocks ~75% weight)
• Elevated valuations (P/E ~50, P/B ~10) limit near-term upside
• Sector performance closely linked to government orders and execution cycles
• High volatility; sharp drawdowns possible during market corrections
• Not suitable as a core equity allocation
Sahifund View
A high-risk, high-beta thematic ETF best suited as a satellite allocation for investors with long-term conviction in India’s defence growth story.
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⏱️ Last Updated: 28 January 2026, 10.00 AM
📊 Sahifund Interpretation of the Benchmark
BSE India Defence TRI
The BSE India Defence TRI tracks companies associated with India’s defence ecosystem, with core defence stocks capped at 75% and non-core defence stocks capped at 25%, ensuring thematic purity while controlling single-stock risk.
What the numbers indicate
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Strong long-term wealth creation (3Y ~46%, 5Y ~53%)
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High volatility (1Y risk ~36%) reflects cyclical ordering and sentiment-driven rallies
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Heavy concentration: Top 10 stocks account for over 75% of index weight
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Valuations are rich, implying future returns will depend more on earnings delivery than re-rating
Sahifund Insight
The benchmark performs best during sustained defence capex and execution upcycles, but patience is essential during valuation-led consolidations.
👤 Sahifund Interpretation of Fund Managers & Their Performance
Akshay Udeshi
Background in electronics and finance, with experience across institutional and financial services roles. In ETFs, his primary contribution is efficient benchmark tracking, not alpha generation.
Ekta Gala
Strong accounting and AMC execution background. Her role supports operational efficiency, compliance and tracking discipline.
Sahifund Assessment
For this ETF, investor outcomes will be driven by defence sector cycles and tracking error control, rather than active fund-manager calls.
🎯 Suitable for Which Investors?
Suitable if you:
• Believe in India’s long-term defence manufacturing and export story
• Have a minimum 5–7 year investment horizon
• Want thematic exposure alongside diversified equity funds
• Can tolerate sharp interim volatility and drawdowns
Avoid if you:
• Prefer stable or low-volatility returns
• Are investing for the short term
• Already have heavy exposure to PSU / defence stocks
• Seek regular income or valuation comfort
❓ Should You Invest in This NFO?
Yes, selectively.
This NFO is suitable only as a satellite thematic allocation for investors with high risk appetite and long-term conviction in India’s defence sector. It should complement, not replace, diversified equity funds.
Final Word:
A pure play on India’s defence indigenisation story — rewarding over cycles, but demanding patience and discipline.
⚠️ Disclaimer
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully.
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