Defense Small-Cap Index Data

SSG Small-Cap Defense Index

The SSG Small-Cap Defense Index tracks the price performance (excluding dividends) of a curated universe of micro- to small-cap companies operating across the defense sector, including aerospace components, unmanned systems, defense electronics & sensors, rare earth resources, simulation & training, space, weapons & ammunition, and adjacent defense verticals.
Constituents are screened by market cap, defense revenue exposure, exchange listing, trading liquidity, and public-data availability; additions/removals are reviewed monthly.
Each constituent is selected through a proprietary research process that combines our team’s ongoing deal monitoring, sector coverage across financial press and trade publications, SEC filings, and direct market intelligence gathered through SSG’s advisory work. The result is a living watchlist of companies that we believe represent the most relevant and active corners of the small-cap defense landscape.
The Index is calculated as the equal-weighted average price return of its constituents and is updated on a weekly basis. Rather than applying complex weighting schemes or frequent rebalancing mechanics, we deliberately keep the methodology transparent and intuitive: each company carries equal influence, and the index moves with the collective price performance of the group.
Important note: Dividends are not included in the index calculation—this is a pure price-return index reflecting only share price appreciation or depreciation.

SSG Deal Tracker

Complementing the Index, the SSG Deal Tracker monitors equity and debt capital raises as well as M&A activity involving both the Index constituents and certain private companies in the broader defense sector. By tracking these transactions in real time, the Deal Tracker provides visibility into capital flows, M&A transactions, strategic shifts, and emerging opportunities within the small-cap and private defense ecosystem. It draws on the same sources and market intelligence used for the Index, offering users deeper context on the transactional dynamics driving the sector. All deal values reflect disclosed terms only. Where transaction values are not publicly available, deals are included with an “N/D” (not disclosed) designation. SSG does not estimate undisclosed deal values.