The 3 ETFs That Hold the Most Magnificent 7 — and How They're Performing in a Tougher 2026

The 3 ETFs That Hold the Most Magnificent 7 — and How They're Performing in a Tougher 2026 ETF. com Staff Mon, August 3, 2026 at 10:58 PM GMT+2 14 min read AAPL QQQ MAGS MGK VMGAX Magnificent Seven - Number 7 For three years, owning the Magnificent 7 was the only trade that mattered. Apple , Microsoft , Nvidia , Amazon , Alphabet , Meta and Tesla drove the majority of the S&P 500's gains and came to represent more than a third of the entire index.

But 2026 has been different. The group is on track for its worst year since 2022, the performance within it has splintered dramatically, and investors are rethinking just how much concentration they want. If you want targeted Magnificent 7 exposure, or want to understand how much you already own, these are the three Magnificent 7 ETFs that hold the most.

Key Takeaways MAGS , MGK and QQQ are the three largest ETFs that hold all seven Magnificent 7 stocks, with Magnificent 7 weightings of roughly 100%, 56% and 38%, respectively. MAGS is the only pure play, but it is actively managed and gets most of its exposure through swaps and forwards rather than by owning the shares. MGK is the cheapest at 0.

05%, while QQQ charges 0. 18% and MAGS charges 0. 30%.

The seven names have splintered in 2026: Amazon is up about 23% while Tesla is down about 28%, a spread of more than 50 percentage points. Popular tech funds XLK and VGT do not hold all seven, so they are poor proxies for the group. Magnificent 7 ETFs Compared: MAGS vs.

MGK vs. QQQ Fund Magnificent 7 weight Expense ratio Assets 2026 YTD return 1-year return MAGS — Roundhill Magnificent Seven ETF ~100% (notional) 0. 30% $3.

6B -0. 04% +14. 2% MGK — Vanguard Mega Cap Growth ETF ~56% 0.

05% $31. 9B +4. 8% +13.

9% QQQ — Invesco QQQ Trust ~38% 0. 18% $450B +12. 3% +22.

4% Not every "tech" ETF actually holds all seven names. The popular sector funds XLK and VGT , for example, exclude Amazon , Alphabet , Meta and Tesla because those companies are classified outside the technology sector. That makes them poor vehicles for pure Magnificent 7 exposure.

The three funds below are the ones that own all seven — ranked from the most concentrated to the most diversified. 1. MAGS — Roundhill Magnificent Seven ETF (The Pure Play) If you want the Magnificent 7 and nothing but the Magnificent 7, MAGS is the largest and best-known Magnificent 7 ETF built to do exactly that.

The Roundhill Magnificent Seven ETF was the first ETF dedicated to the group, and it targets equal-weight exposure to those seven names, so roughly 100% of its notional exposure is Magnificent 7, with no dilution from other companies. One important caveat that investors should understand: MAGS is actively managed, tracks no underlying index and obtains most of that exposure through swaps and forward contracts rather than by owning the shares outright. As of July 29, its reported portfolio was 58.

3% Treasury bills, 8. 4% Roundhill Ultra Short Duration No Dividend Target ETF, 6. 0% a government money market fund and 4.

6% cash, with only about 23% held directly in the seven stocks — and those direct positions are far from equal, ranging from 5. 5% in Microsoft to 0. 7% in Alphabet .

The economic exposure is the intended one, but it comes with counterparty risk that a plain-vanilla stock fund does not carry. Story Continues MAGS carries an expense ratio of 0. 30% and has grown to roughly $3.

6 billion in assets since its April 2023 launch — a testament to how much demand there was for a clean, single-ticker way to own the group. Its equal-weight construction is a meaningful design choice: rather than letting the largest company dominate (as happens in market-cap-weighted funds), MAGS rebalances quarterly toward equal exposure across all seven, which spreads risk more evenly within the group and forces a disciplined "trim the winners, add to the laggards" approach. It is no longer the only choice, either — CMAG , MAGY , TMGN and YMAG all run Magnificent 7-focused strategies, though most are derivative-income variants rather than straight equity exposure.

Performance: MAGS is a high-beta vehicle, with a beta near 1. 5 against the S&P 500 over the past three years. That leverage cuts both ways almost symmetrically: over the same stretch it captured roughly 150% of the index's monthly gains and roughly 150% of its monthly losses, so it is not a structurally asymmetric trade.

Year to date it is essentially flat, down 0. 04% on a NAV basis through Aug. 3, and over the trailing year it returned 14.

2%, trailing the Nasdaq-100's 22. 4% — a reflection of how equal weighting forced full-sized positions in the year's biggest losers. Outlook: MAGS is the highest-conviction way to bet that the Magnificent 7 collectively resume leadership.

Its equal weighting is an advantage if you believe the laggards ( Tesla and Meta in 2026) will mean-revert higher, but a disadvantage if a single name — as Nvidia did in prior years — powers ahead and you're structurally underweight it. It is the most concentrated, most volatile and most direct of the three. 2.

MGK — Vanguard Mega Cap Growth ETF (The Low-Cost Core) MGK holds all seven Magnificent 7 names as the anchor of a broader mega-cap growth portfolio. The Magnificent 7 make up roughly 56% of the fund as of June 29, with the remainder spread across other large-cap growth companies like Broadcom , Eli Lilly and Advanced Micro Devices . That gives investors heavy Magnificent 7 exposure while softening the single-stock concentration that MAGS embraces.

Its standout feature is cost: at an expense ratio of just 0. 05% , MGK is the cheapest Magnificent 7 ETF of the three and one of the cheapest ways to get concentrated mega-cap growth exposure — a fraction of what MAGS or QQQ charge. The fund tracks the Morningstar US Mega Cap Growth Index and weights by market cap within that growth screen, so its biggest positions track the biggest companies: Nvidia at 13.

2% and Apple at 12. 1%, with Alphabet at 10. 5% across its two share classes and Microsoft at 7.

5%. The top 10 holdings account for about 63% of the fund's $31. 9 billion in assets.

Performance: MGK has had a muted 2026, up 4. 8% year to date through Aug. 3 and 13.

9% over the trailing year. That reflects the broader mean-reversion theme of the year — mega-cap growth cooled while equal-weight indices, small-caps and midcaps attracted money that had been crowded into the giants. The equal-weighted RSP , for instance, is up 13.

9% year to date against 11. 6% for the S&P 500. Outlook: MGK is the best "set it and forget it" option of the three.

Its rock-bottom fee, all-seven exposure and broader growth cushion make it suitable as a long-term core holding rather than a tactical trade. Investors who want the Magnificent 7 thesis without betting the entire portfolio on seven stocks — and who care about compounding costs over years — will find MGK the most efficient vehicle. 3.

QQQ — Invesco QQQ Trust (The Liquid Standard) QQQ tracks the Nasdaq-100, and the Magnificent 7 make up approximately 38% of the fund — the lowest concentration of the three, but still a commanding share of a much larger and more diversified portfolio of 100 non-financial Nasdaq companies (104 line items, since Alphabet carries two share classes). Its largest positions are Nvidia (~8. 1%), Apple (~7.

5%), Microsoft (~5. 7%), Amazon (~4. 8%), Micron (~4.

2%) and Advanced Micro Devices (~3. 6%), with Alphabet at about 6. 7% across both classes.

The top 10 add up to roughly 46% of the portfolio. QQQ 's advantages are scale and liquidity. With about $450 billion in assets and one of the deepest options markets of any equity ETF — second only to SPY — it is the default vehicle for institutional-scale Nasdaq exposure and for anyone who wants to trade or hedge around the position.

Its expense ratio is 0. 18% , and since Dec. 22, 2025 the fund has operated as a conventional open-end fund rather than the unit investment trust it was for its first 26 years.

The trade-off is that roughly 62% of the fund sits outside the Magnificent 7, in names like Micron , Advanced Micro Devices , Broadcom , Netflix and dozens of others — so a portion of your money is riding the broader Nasdaq rather than the seven specifically. Performance: QQQ has been the best performer of the three in 2026, up 12. 3% year to date through Aug.

3 and 22. 4% over the trailing year. Its market-cap weighting helped: it carried outsized weights in Nvidia and Apple while holding only about 2.

5% in Tesla , the group's worst performer, and it also owns large semiconductor winners outside the seven — Micron and Advanced Micro Devices among them — that MAGS does not hold at all. Outlook: QQQ is the most balanced of the three — enough Magnificent 7 to ride the mega-cap AI thesis, enough diversification to weather single-stock blowups, and deep liquidity for active management. It is the right choice for investors who want strong Magnificent 7 exposure inside a more resilient wrapper, and the only one of the three that offers a genuinely deep options market for hedging.

Magnificent 7 Performance in 2026: A Splintering of the Seven The most important context for all three funds is that the Magnificent 7 stopped moving as a bloc in 2026. For the first time in years, the dispersion within the group has been enormous. Amazon has been the group's best performer, up about 23% year to date, followed by Alphabet at roughly 20%.

Apple has gained about 13% and Nvidia — the prior years' undisputed leader — roughly 12%, essentially in line with the S&P 500's 11. 6%. Microsoft is close to flat for the year, up about 1% after jumping more than 5% on Aug.

3 on its fourth-quarter results. The real damage came from Meta , down about 10%, and Tesla , down about 28% and the group's clear worst performer. Top to bottom, that is a spread of more than 50 percentage points inside a group that used to trade as one.

That splintering matters enormously for fund selection. In an equal-weight fund like MAGS , Tesla 's 28% decline drags on the portfolio just as much as Amazon 's rally lifts it. In a market-cap fund like QQQ or MGK , the weighting naturally tilts toward whichever names are winning — Tesla is under 4% of MGK and about 2.

5% of QQQ . When the group moves together, weighting methodology barely matters. When it splinters, as in 2026, it matters a great deal.

Magnificent 7 Outlook: The Bull and Bear Cases The bull case rests on artificial intelligence. The Magnificent 7 collectively account for an outsized share of the S&P 500's total economic profit, and they are the primary builders and beneficiaries of the AI infrastructure boom. If AI monetization accelerates — through enterprise software, cloud demand, advertising and devices — the group's earnings could grow into their valuations and reassert market leadership.

In that scenario, MAGS offers the most leverage, MGK the most cost-efficient exposure and QQQ the most liquid. The bear case is concentration and mean reversion. At roughly 34% of the S&P 500, the Magnificent 7 still represent historically extreme index concentration.

2026's rotation toward equal-weight indices and smaller companies may be the early stage of a broader unwind, and any disappointment in AI returns-on-investment could hit these names hardest precisely because expectations are so high. Tesla 's 28% slide and Meta 's 10% decline this year are a reminder that even the strongest franchises can de-rate quickly. The realistic middle path is that the "Magnificent 7" label itself may fade — not because the companies fail, but because they stop moving as a single trade.

As Apple , Nvidia and the others increasingly diverge on their own fundamentals, owning all seven in one basket becomes less a thematic bet and more a concentrated large-cap growth allocation. That's not necessarily bad, but investors should understand which of these funds they own and why. Magnificent 7 ETF FAQs Is there an ETF that holds only the Magnificent 7?

Yes. MAGS , the Roundhill Magnificent Seven ETF, targets equal-weight exposure to only those seven stocks, so effectively 100% of its notional exposure is Magnificent 7. It is actively managed and obtains most of that exposure through swaps and forward contracts rather than by holding the shares directly.

Which ETF has the most Magnificent 7 exposure? MAGS has the most, at roughly 100%. Among diversified funds, MGK carries about 56% in the seven names and QQQ about 38%.

All three hold every one of the seven, which most tech sector funds do not. What percentage of QQQ is the Magnificent 7? The Magnificent 7 account for approximately 38% of QQQ , led by Nvidia at about 8.

1% and Apple at about 7. 5%. The remaining roughly 62% sits in other Nasdaq-100 names such as Micron , Advanced Micro Devices and Broadcom .

What percentage of the S&P 500 is the Magnificent 7? The seven stocks make up roughly 34% of the S&P 500 as of early August 2026 — down from their peak but still an unusually concentrated share of the index for seven companies. Do XLK and VGT hold all of the Magnificent 7?

No. XLK and VGT are technology sector funds, and Amazon , Alphabet , Meta and Tesla are classified outside the technology sector. Both funds therefore hold only Apple , Microsoft and Nvidia from the group.

Which Magnificent 7 ETF has the lowest expense ratio? MGK at 0. 05%, versus 0.

18% for QQQ and 0. 30% for MAGS . Over long holding periods that gap compounds meaningfully, which is why MGK suits a core allocation better than a tactical trade.

Which Magnificent 7 ETF Fits Your Portfolio? For the most concentrated Magnificent 7 exposure, MAGS is the pure play — all seven, equal weight, highest beta, though delivered largely through swaps rather than shares. For the most cost-efficient long-term core, MGK delivers roughly 56% Magnificent 7 exposure at a rock-bottom 0.

05% fee. And for the best balance of exposure, diversification and liquidity, QQQ remains the standard, with the Magnificent 7 at about 38% inside a broader, more resilient Nasdaq-100. In a year where the seven have splintered and the group faces its toughest stretch since 2022, the choice among these three Magnificent 7 ETFs is really a choice about how much concentration you want — and how much you believe the Magnificent 7 will move together again.

Data as of Aug. 3, 2026. Fund performance, expense ratios and assets from ETF.

com/FactSet; QQQ holdings from Invesco; S&P 500 index weights from Slickcharts; single-stock returns calculated from Dec. 31, 2025 closing prices. MAGS holdings as of July 29, 2026 and MGK holdings as of June 29, 2026.

Holdings weights, performance figures and expense ratios are subject to change. Past performance does not guarantee future results. This article is for informational purposes only and does not constitute investment advice.

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