Groww Nifty India Defence ETF FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 11, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Groww Nifty India Defence ETF FOF Direct Growth Plan is a High Risk fund of fund with a NAV of ₹14.4304 as of 10 September 2026 and a scheme AUM of ₹157 Cr. Its 1-year, 3-year and 5-year returns are 26.97%, 0% and 0%, respectively. Our view is that the fund has shown a strong 1-year showing, but the short track record and the absence of longer horizon returns mean it suits investors who can tolerate sharp swings and want exposure to a defence-themed allocation rather than a steady core holding.
The benchmark behaviour matters here too: the fund’s recent return profile has been much stronger than NIFTY 50 over the same 1-year window, while the portfolio itself is highly concentrated in a single underlying holding. That combination can create meaningful upside when the theme is in favour, but it also makes the experience more dependent on one underlying sleeve.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹14.4304 as of 10 Sep 2026 |
| AUM | ₹157 Cr |
| Expense Ratio | 0.21% |
| Launch Date | 11 Oct 2024 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Fund of Fund |
| Exit Load | 1% on or before 30D, Nil after 30D |
| Fund Managers | Aakash Chauhan, Nikhil Satam, Shashi Kumar |
The fund is managed by Aakash Chauhan, Nikhil Satam and Shashi Kumar.
Source data date: as of 10 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 2.11% | -4.06% |
| 3M | 11.83% | 1.37% |
| 1Y | 26.97% | -7.31% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The last month and the latest quarter both point to a fund that has held up better than the benchmark, even though the benchmark itself has been uneven. The 1-month return is positive while the benchmark is negative, and the 3-month return shows a wider gap in favour of the fund. That tells us the recent stretch has been constructive for the strategy even when the broader market reference has not been supportive.
The bigger picture is still limited by the fund’s short history. Launched in October 2024, it does not yet have meaningful 3-year or 5-year trailing returns, so there is no long cycle to judge. Still, the 1-year figure suggests that the theme has worked well over the past year, while the benchmark has been lower over the same period. That makes the fund look materially different from a plain market tracker.
At the same time, the path has not been smooth. The 1-year series shows periods of weakness and recovery rather than a straight climb, which is consistent with a high-risk thematic exposure. Our view is that the recent numbers are encouraging, but they do not remove the need to treat the fund as a cyclical, sentiment-sensitive exposure.
Source data date: as of 10 Sep 2026
Should you BUY or HOLD Groww Nifty India Defence ETF FOF?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding Groww Nifty India Defence ETF FOF? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Groww Nifty India Defence ETF FOF Direct Growth Plan | 26.97% | Data not available | Data not available |
| SBI Silver ETF FOF Direct Growth Plan | 88.17% | Data not available | Data not available |
| Kotak Silver ETF FoF Direct Growth Plan | 86.54% | 46.64% | Data not available |
| Axis Silver FoF Direct Growth Plan | 85.6% | 46.72% | Data not available |
| Zerodha Silver ETF FoF Direct Growth Plan | 85.48% | Data not available | Data not available |
| Aditya Birla SL Silver ETF FOF Direct Growth Plan | 84.59% | 46.31% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On the available 1-year numbers, the fund trails the silver-themed peer set by a wide margin, even though it has outpaced its benchmark. That means the recent story is mixed: it has done better than the market reference, but it has not matched the stronger peer returns in the table. Because the fund has no usable 3-year or 5-year return history yet, the comparison remains tilted toward recent performance rather than long-cycle compounding.
For investors, the more useful takeaway is that the fund’s benchmark-relative strength does not automatically translate into peer leadership. The longer-term peer figures that are available for some silver funds also underline how different thematic sleeves can be, while this defence-focused fund still needs time before its own longer-horizon record can be judged on the same basis.
Source data date: as of 10 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Groww Nifty India Defence ETF | Domestic Mutual Funds Units | 100.29% |
The portfolio is highly concentrated because the fund holds only one disclosed underlying position. That single holding therefore is likely to have the greatest influence on day-to-day movements, and any change in the underlying ETF can be reflected directly in the fund’s own experience.
With just one disclosed holding, there is no decline in weight across a larger basket to assess. The disclosed position itself is above 100% by weightage, which reinforces that this is a very focused structure rather than a broad multi-holding portfolio.
Because the disclosed holdings add up to the entire visible portfolio and only one holding is shown, the fund appears concentrated rather than spread across a long tail. For investors, that may mean stronger theme exposure, but it could also mean less diversification within the fund wrapper.
Source data date: as of 10 Sep 2026
Who should invest
This fund fits investors who are comfortable with High Risk exposure and who can stay invested with a longer horizon, ideally long enough to ride through sharp swings in a thematic allocation. The 1-year return has been strong, but the lack of longer trailing history means the case rests more on recent momentum than on a multi-cycle record.
The main trade-off is between theme-driven upside and portfolio stability. The fund has outperformed the benchmark over the recent periods shown, yet the concentrated structure means the outcome can depend heavily on one underlying holding and on the defence theme remaining in favour. Investors looking for a core diversified allocation may find that trade-off too narrow, while those seeking targeted thematic exposure may view it differently.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load: 1% on or before 30D, Nil after 30D.
Source data date: as of 10 Sep 2026
Frequently asked questions
What is the current NAV of Groww Nifty India Defence ETF FOF Direct Growth Plan?
The current NAV is ₹14.4304 as of 10 September 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 26.97%, while the 3-year and 5-year returns are Data not available in the available history.
How does the fund compare with Nifty 50?
It has beaten Nifty 50 over the recent periods shown. The fund’s 1-year return is positive, while the benchmark’s 1-year return is negative.
How does the fund compare with the listed peer funds?
Its 1-year return is lower than the silver-themed peers listed here, while some peers also show longer trailing records that are not yet available for this fund.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
Who manages the fund and what is the exit load?
The fund is managed by Aakash Chauhan, Nikhil Satam and Shashi Kumar. The exit load is 1% on or before 30D, and nil after 30D.
Bottom line
This fund’s recent return profile is stronger than its benchmark, but its long-term record is not yet available, so the case rests on a short history rather than a full market cycle. The peer table also shows that its 1-year outcome trails the silver-themed funds listed here. With High Risk positioning and a very concentrated disclosed portfolio, it is better suited to investors who want direct thematic exposure and can accept sharp swings in return for that exposure.
Published on 11 September 2026 at 6:44 PM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.