At a glance
XMAG charges 0.35% a year, above the 0.06% average of the 8 funds most like it (the most expensive of 9). It has $184.0M in assets, the 9th largest of that group; it paid 0.46% of its price in distributions over the past 12 months, annual. Over the past year it returned +15.0% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds. Its ten largest positions make up 18.6% of the fund, out of 492 in all.
The short version
Defiance Large Cap ex-Mag 7 ETF (XMAG) tracks the BITA US 500 ex-Magnificent 7 Index. The index holds the 500 largest stocks listed on US exchanges but leaves out Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta and Tesla. It may suit investors who want broad large-company exposure without a heavy bet on those seven giants. The tradeoff is cost: its 0.35% expense ratio is well above the 0.06% average of similar funds.
Price history
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XMAG +15.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| XMAG price data to Oct 27, 2026 | +14.7% | +15.0% | — | — | — | +14.1% |
- Over the year to Oct 27, 2026, XMAG returned +15.0%, 2nd of 9 among similar funds.
- Its worst full calendar year was 2025 (+15.6%); its best was 2025 (+15.6%).
- The deepest fall in its price history was 16.2% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 27, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +14.7% |
| 2025 | +15.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.1200 |
What's inside
As of Aug 31, 2026, the fund held 492 securities; the ten largest made up 18.55% of assets.
| Holding | Weight | |
|---|---|---|
| Broadcom Inc | 2.71% | |
| Micron Technology Inc | 2.48% | |
| Eli Lilly & Co | 2.26% | |
| JPMorgan Chase & Co | 2.19% | |
| Advanced Micro Devices Inc | 1.76% | |
| Berkshire Hathaway Inc | 1.62% | |
| ExxonMobil Holdings Corp | 1.53% | |
| Johnson & Johnson | 1.49% | |
| Visa Inc | 1.45% | |
| Walmart Inc | 1.06% | |
| AbbVie Inc | 1.06% | |
| Mastercard Inc | 1.05% | |
| Bank of America Corp | 1.01% | |
| Cisco Systems Inc | 1.01% | |
| Costco Wholesale Corp | 0.98% |
By country
United States 97.11%Ireland 1.27%Switzerland 0.46%United Kingdom 0.4%Sweden 0.18%By asset type
Stocks 99.58%By sector
Sectors of the companies held, for the 84.8% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $36.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.30%, -2.58%, +2.41%.
How it works
XMAG is passively managed. It aims to match the BITA US 500 ex-Magnificent 7 Index, which BITA GmbH builds and runs. The index starts with common stocks listed on the NYSE or Nasdaq. It keeps only the 700 largest by market value and drops any that average less than $1 million a day in trading over three months. It then ranks the rest by free-float market value, meaning the value of shares available to the public, and picks the top 500. Buffer rules make it harder for stocks near the cutoff to keep moving in and out.
Next, the index removes the Magnificent 7: Alphabet (both share classes), Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. The remaining stocks are weighted by free-float market value, so bigger companies get bigger weights. As of August 31, 2026, the fund held 492 stocks, and its 10 largest made up about 19% of assets. Broadcom led at 2.7%, followed by Micron Technology at 2.5% and Eli Lilly at 2.3%.
The index is rebalanced every March, June, September and December on the third Friday, using data from the first Friday of that month. The fund generally buys every stock in the index, but it may hold a representative sample instead. It uses no leverage, options or derivatives. The prospectus lists portfolio turnover of 7%.
What it really costs
- XMAG charges 0.35% a year, versus an average of 0.06% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XMAG | $36 | $113 | $197 | $443 |
In a retirement portfolio
It could sit next to an S&P 500 fund and cut reliance on seven mega-cap companies, but it is still a large-cap US stock fund.
XMAG spreads money across about 492 large US companies instead of leaning on the Magnificent 7. Over the year to October 27, 2026, it moved somewhat less than the market, with a beta of 0.85. It launched on October 21, 2024, so it has no record from the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2025, returned 15.6%. Its deepest drop was 16.2%, from February 19 to April 8, 2025. It got back to its old peak by June 27, 2025, about 2.6 months later. Anyone forced to sell near that low would have locked in the loss. Income is small: the yield was 0.46% as of October 27, 2026, paid once a year. In the SEC's standard example, costs on $10,000 come to $443 over 10 years. Past results don't predict future ones. A plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who think S&P 500 funds rely too much on Apple, Microsoft, Nvidia and the rest of the Magnificent 7.
- People who want about 492 large US companies, led by Broadcom, Micron and Eli Lilly, with no leverage, options or derivatives.
- Long-term holders comfortable with a rules-based index that rebalances quarterly and had 7% turnover, where technology made up 21.5% of classified assets.
Look elsewhere if
- Cost-focused investors: the 0.35% expense ratio ranks 9th of 9 among similar funds, against 0.03% for VOO and IVV.
- Retirees seeking income: the yield was 0.46% as of October 27, 2026, and the fund pays only once a year.
- Anyone who wants a long track record: the fund launched October 21, 2024 and has only one full calendar year of results.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| XMAG this fund | — | 0.35% | $184.0M | +15.0% | — |
| DSPY Tema S&P 500 Historical Weight ETF Strategy | 78% | 0.18% | $997.2M | +15.3% | — |
| SPXT ProShares S&P 500 Ex-Technology ETF | 72% | 0.09% | $296.6M | +9.5% | +19.5% |
| USPX Franklin U.S. Equity Index ETF | 66% | 0.03% | $1.98B | +12.9% | +24.9% |
| VOTE TCW Transform 500 ETF | 66% | 0.05% | $1.10B | +13.5% | +25.2% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 66% | 0% | $5.47B | +13.4% | +25.4% |
| SPY SPDR S&P 500 ETF Trust | 65% | 0.0945% | $781.19B | +11.5% | +21.9% |
| IVV iShares Core S&P 500 ETF | 65% | 0.03% | $888.13B | +11.5% | +22.0% |
Questions investors ask
What stocks does XMAG exclude?
XMAG excludes the Magnificent 7: Alphabet (both GOOGL and GOOG shares), Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. Otherwise, its index holds the 500 largest stocks listed on US exchanges, weighted by market value. As a result, the fund held 492 stocks as of August 31, 2026. Its largest holdings were Broadcom at 2.7%, Micron Technology at 2.5%, Eli Lilly at 2.3% and JPMorgan Chase at 2.2%.
Is XMAG good for retirement?
XMAG may work as a complement to a core stock fund, not as an income source. It spreads money across about 492 large US companies and leaves out the seven biggest tech-related names. But it yielded only 0.46% as of October 27, 2026, and it pays once a year. It launched in October 2024, and its deepest drop was 16.2% in early 2025. It recovered in about 2.6 months. Past results don't predict future ones.
XMAG vs VOO: what's the difference?
The main difference is that VOO tracks the full S&P 500, Magnificent 7 included, while XMAG leaves those seven companies out. About 65% of their holdings overlap. VOO charges 0.03% a year, compared with 0.35% for XMAG. Over the past year, XMAG returned 15% through October 27, 2026, and VOO returned 12.4% through October 30, 2026. One year is a short period, and that gap could reverse if the largest tech stocks lead.
Does XMAG pay dividends?
Yes, but the payments are small and come once a year. Over the 12 months to October 27, 2026, XMAG paid about $0.12 per share, a yield of 0.46%. That income comes from dividends paid by the large US companies it holds, such as JPMorgan Chase, ExxonMobil and Johnson & Johnson. Investors who want regular monthly or quarterly income may want to compare it with funds built around dividends.
What is XMAG's expense ratio?
XMAG's expense ratio is 0.35%, according to the prospectus filed December 22, 2025, and there is no fee waiver. In the SEC's standard example, $10,000 earning 5% a year would cost about $36 after one year, $113 after three years, $197 after five years and $443 after ten years. Among similar funds, the average expense ratio is 0.06%, and XMAG ranks 9th of 9 on cost.