Groww Mutual Fund has launched Groww Nifty India Defence ETF and Groww Nifty India Defence ETF FOF. The new fund offer or NFO is open for subscription and will close on October 4. The scheme will reopen for continuous sale and repurchase on October 18.

The schemes will be benchmarked against Nifty India Defence Index - Total Return Index. Both the schemes will be managed by Abhishek Jain.

The investment objective of the scheme is to generate long-term capital growth by investing in securities of the Nifty India Defence in the same proportion/weightage with an aim to provide returns before expenses that track the total return of Nifty India Defence Index, subject to tracking errors.

The scheme will allocate 95-100% in constituents of Nifty India Defence Index and 0-5% in money market instruments / debt securities, instruments and/or units of debt/liquid schemes of domestic mutual funds.