Mirae Asset BSE India Defence ETF FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Mirae Asset BSE India Defence ETF FOF Direct Growth Plan currently has a NAV of ₹11.382 as of 16 September 2026 and an AUM of ₹123 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the scheme sits in the High Risk category. Our view is that this is a niche, concentrated FOF with no long public return history yet, so it is better assessed through its underlying exposure and current risk profile than through trailing performance alone.

The fund’s structure is simple: it invests fully in a single underlying ETF, which means the outcome is closely tied to one theme. That can create sharper swings than broader diversified equity funds, so the fund suits investors who are comfortable with theme-led volatility and want a focused defence allocation rather than a core portfolio holding.

Quick facts

Particular	Details
NAV	₹11.382 as of 16 Sep 2026
AUM	₹123 Cr
Expense Ratio	0.0%
Launch Date	23 Feb 2026
Min SIP	₹99
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	0.05% on or before 15D, Nil after 15D
Fund Managers	Ekta Gala, Vishal Singh

The fund is managed by Ekta Gala and Vishal Singh.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-6.95%	-4.41%
3M	-2.64%	-3.6%
1Y	Data not available	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The short-term pattern has been uneven. Over 1 month, the fund fell more than the benchmark, which points to sharper recent weakness in the underlying defence theme. Over 3 months, the fund still declined, but it held up a little better than the benchmark, so the gap versus Nifty 50 narrowed.

Because the scheme launched in February 2026, the standard 1-year, 3-year and 5-year trailing return fields are not available yet. That means the current assessment depends more on near-term behaviour than on long compounding history. In practice, this makes the fund harder to judge as a standalone performance record and more useful as a thematic satellite allocation.

Viewed alongside the time pattern, the fund has shown brief recoveries, but the overall path has remained choppy rather than steadily rising. Compared with the benchmark, the recent 1-month setback looks heavier, while the 3-month move suggests the fund may sometimes recover faster in shorter windows. We think that combination points to theme sensitivity rather than broad-market steadiness.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Mirae Asset BSE 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
Mirae Asset BSE India Defence ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available
Axis Gold and Silver Passive FoF Direct Growth Plan	Data not available	Data not available	Data not available
HSBC Gold ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available
Bandhan Silver ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available
The Wealth Company Gold ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available
Mirae Asset BSE Midcap 150 Momentum 30 ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

On the available return data, the current fund cannot yet be compared meaningfully on 1-year, 3-year or 5-year trails because those figures are not available for it or its peers in this slice. That leaves the short-term benchmark comparison as the clearest guide, and there the fund has been more volatile than a broad market index. The peer set also looks like a thematic and commodity-linked group, so the more important question is portfolio fit rather than trailing-return leadership.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Mirae Asset BSE India Defence ETF	Domestic Mutual Funds Units	100.21%

The single disclosed holding is the Mirae Asset BSE India Defence ETF, which carries a weight of 100.21%. That means the fund’s outcome is likely to depend almost entirely on one underlying vehicle, so there is very little internal diversification at the fund-of-funds level.

With only one disclosed holding, the weight does not fall away across a long list of positions. Instead, the structure is fully concentrated, and the disclosed exposure leaves the fund with a clear theme focus rather than a layered portfolio mix. That may make the fund more responsive when the defence theme moves well, but it could also magnify weak periods.

Because the table contains the only disclosed holding, the portfolio is easy to read but also easy to misunderstand as diversified. Our reading is that this is a concentrated thematic wrapper, not a broad equity basket, so investors should treat it as a satellite allocation with a narrow driver set.

Source data date: as of 16 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk products and can tolerate short-term swings tied to a single defence-focused underlying ETF. The lack of a long trailing record means the case for it rests more on theme exposure than on demonstrated multi-year compounding.

It is more suitable for a medium- to long-term horizon, where a theme-led allocation has time to play out. The main trade-off is concentration: you get targeted exposure, but you also give up diversification and may experience sharper short-term moves than with a broad equity fund.

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: 0.05% on or before 15D, Nil after 15D.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Mirae Asset BSE India Defence ETF FOF Direct Growth Plan?

The current NAV is ₹11.382 as of 16 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The 1-year, 3-year and 5-year returns are Data not available, Data not available and Data not available.

How does the fund compare with the benchmark in the recent period?

Over 1 month, the fund lagged the benchmark, while over 3 months it held up slightly better. The recent profile is therefore mixed rather than consistently ahead or behind.

What is the minimum SIP amount?

The minimum SIP amount is ₹99.

Who manages the fund?

The fund is managed by Ekta Gala and Vishal Singh.

What is the portfolio style of this fund?

The portfolio is fully concentrated in one disclosed holding, Mirae Asset BSE India Defence ETF, so the fund is closely tied to a single theme.

Bottom line

Mirae Asset BSE India Defence ETF FOF Direct Growth Plan is a concentrated thematic fund with a High Risk label and a very short live history. Recent movement has been mixed versus the benchmark, and the longer trailing-return fields are not yet available, so the investment case rests more on the defence theme than on established multi-year performance. The single-holding structure keeps the portfolio simple, but it also leaves very little diversification buffer for investors.

Published on 17 September 2026 at 3:04 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.