NFO Alert: Mirae Asset launches two BSE India Defence-based passive funds

Mirae Asset Investment Managers (India) has announced the launch of two BSE India Defence-based passive funds: the Mirae Asset BSE India Defence ETF and the Mirae Asset BSE India Defence ETF FOF.

The new fund offers (NFOs) for the schemes will open for subscription on February 2. The NFO for the Mirae Asset BSE India Defence ETF will close on February 10, while the NFO for the Mirae Asset BSE India Defence ETF FOF will close on February 16, 2026. The schemes will reopen for continuous sale and repurchase on February 16 and February 24, respectively.

Also Read | Equity and MF share in household savings jumps from 2% to 15%, SIP contribution soar 7x: Economic Survey


The Mirae Asset BSE India Defence ETF is an open-ended scheme tracking the BSE India Defence Total Return Index, while the Mirae Asset BSE India Defence ETF FOF is an open-ended fund of fund investing in units of the ETF.

The minimum NFO investment for both schemes is Rs 5,000, with fund management by Ekta Gala and Akshay Udeshi. The ETF and FOF provide exposure to the broader defence manufacturing ecosystem, including key system integrators and platform enablers supporting indigenisation.

India’s defence spending has risen steadily, supported by a strong push for indigenisation and self-reliance, said Siddharth Srivastava, Head – ETF Products & Fund Manager at Mirae Asset Investment Managers (India). Given the evolving geopolitical landscape, sustained modernisation and localisation are critical, offering long-term growth opportunities for Indian defence manufacturers, he added.

The Mirae Asset BSE India Defence ETF offers exposure to pure-play defence companies and key enablers positioned to benefit from structural tailwinds in India’s defence production ecosystem. According to the fund house, rising defence spending, indigenisation and export ambitions point to a long-duration structural opportunity rather than a short-term cyclical upturn.

Mandatory indigenisation, along with the Defence Acquisition Procedure (DAP) 2020 and Defence Procurement Manual (DPM) 2025, creates predictable, multi-year order visibility across platforms, subsystems and services.

Also Read | Equity and MF share in household savings jumps from 2% to 15%, SIP contribution soar 7x: Economic Survey

The BSE India Defence Index captures not only pure-play manufacturers but also critical system integrators and ecosystem enablers essential for scaling domestic capability. Its balanced exposure extends beyond defence PSUs, reflecting the growing role of private sector participation and reducing single-ownership concentration risk.

The index spans platforms, electronics, ammunition, systems integration and manufacturing enablers, offering resilience as different sub-segments scale at varying phases.