S&P 500 Without Magnificent 7 ETF Choices and XMAG Alternatives

The only US ETF built as the S&P 500 without the Magnificent 7 is the Defiance Large Cap ex-Mag 7 ETF (XMAG), at 0.35% a year with 497 stocks on October 1, 2026. Vanguard has no such fund. The cheaper ways to hold less of the seven are partial: the equal weight RSP (0.20%) keeps about 1.6% in them, the ex-technology SPXT (0.09% net) still holds 21.7%, and Vanguard Value (VTV, 0.03%) holds none but is a value fund. For most people the practical answer is a blend of an S&P 500 fund with XMAG, sized to the Mag 7 share they want.

The search makes sense. On October 1, 2026, Nvidia, Apple, Microsoft, Alphabet, Amazon, Meta and Tesla were 34.54% of the SPDR S&P 500 ETF, according to its daily holdings file. A third of a fund that people buy for diversification now rides on seven companies, most of them tied to the same AI spending cycle. If you already own those names directly, through company stock or a tech fund, the S&P 500 doubles the bet.

Every fee, weight and holding below comes from the issuer's fund page or holdings file. Dates are given with each number because they move. We make index construction and backtesting software; we do not sell funds or give investment advice.

S&P 500 without Magnificent 7 ETF choices ranked by what they leave in

XMAG, SPXT and RSP figures are from October 1, 2026; the Vanguard funds from their August 31, 2026 holdings. RSP's share is our arithmetic: it resets every stock to the same weight each quarter, about 0.2% each, and the seven fill eight lines because Alphabet has two share classes. Between resets, whatever rose fastest drifts higher.

Is there an ETF that excludes the Magnificent 7?

Yes, one. XMAG, launched by Defiance on October 21, 2024, follows the BITA US 500 ex Magnificent 7 Index: the 500 largest US companies minus the seven, weighted by market value and rebalanced quarterly. It held $196 million on October 1, 2026. Two details matter before you buy. The index is BITA's, not S&P's, so the list is close to the S&P 500 but not identical. And with the seven gone, its largest holdings are Micron (2.9%), Broadcom (2.6%) and AMD (2.4%), so it is not a way out of semiconductors.

The other funds in the table leave out the seven as a side effect of something else. That is fine, as long as you buy them for what they are.

Does Vanguard have an S&P 500 ETF without the Magnificent 7?

No. Vanguard offers no S&P 500 ex Magnificent 7 fund and no equal weight S&P 500 fund. Two Vanguard ETFs held none of the seven on August 31, 2026: Vanguard Value (VTV) at 0.03% and Vanguard High Dividend Yield (VYM) at 0.04%. Their largest holdings show the tilt. VTV leads with Micron, JPMorgan, Berkshire Hathaway, Exxon and Johnson & Johnson; VYM with Broadcom, JPMorgan, Exxon, Johnson & Johnson and AbbVie. Both lean on banks, energy and health care far more than the S&P 493 does.

Watch Vanguard Dividend Appreciation (VIG) if you see it suggested. It held Microsoft at 4.69% and Apple at 4.52% on August 31, 2026, 9.21% of the fund in two of the seven.

Does SPXT exclude the Magnificent 7?

Only three of them. SPXT tracks the S&P 500 Ex-Information Technology Index, so Apple, Microsoft and Nvidia are out. S&P classifies Amazon and Tesla as consumer discretionary and Alphabet and Meta as communication services, so they stay. On October 1, 2026, Amazon was 6.13% of SPXT, Alphabet 8.99% across both classes, Meta 4.02% and Tesla 2.51%: 21.65% in total, compared with 13.0% for the same four in the S&P 500. Removing the tech sector makes the other four bigger.

Its fee also needs a check. ProShares lists a 0.09% net expense ratio under a contractual waiver dated through September 30, 2026, and a 0.13% gross ratio. Confirm which one applies when you buy.

What does it cost to remove each point of Magnificent 7?

Fees alone mislead here, because the funds remove different amounts. A fairer way to compare is the extra yearly cost over VOO on $100,000, divided by how many percentage points of Mag 7 each fund takes away from VOO's 34.5%.

Read it as a price list for different products. XMAG is the most expensive way to cut the seven, and the only one that changes nothing else about the index. RSP is cheaper per point but changes everything: a small company gets the same weight as Berkshire Hathaway, which has historically meant more volatility and a tilt toward smaller and cheaper stocks. VTV costs nothing extra and is a different portfolio altogether.

Is the S&P 493 beating the S&P 500?

This year, slightly; since XMAG launched, no. XMAG returned 13.20% on its net asset value from January 1 to September 30, 2026, while VOO's share price rose 11.76%, before roughly 1% of dividends. Since its launch in October 2024, XMAG has returned 27.84% in total, and VOO's price alone rose 30.63%. Twenty-three months is too short to say which approach wins over a decade. It is long enough to show that leaving out the seven can cost you in years they lead.

The middle option most people actually want

Few people asking this question want zero. They want less. A blend gets you there with most of your money still in a 0.03% fund. Mag 7 share equals 34.5% times the part of the portfolio you keep in the S&P 500 fund, so 75% VOO and 25% XMAG holds about 25.9% and costs $110 a year on $100,000; half and half holds 17.3% for $190; a quarter VOO holds 8.6% for $270. Our S&P 493 index builder charts every step of that dial next to the funds above.

If you hold VOO already in a taxable account, switching costs more than the fee table shows. Selling to buy XMAG realizes any gain, and on a position bought a few years ago that tax can outweigh decades of fee differences. Run the numbers with the capital gains tax calculator first. Directing new money into XMAG, and leaving the old VOO alone, moves the blend without selling anything.

Sometimes the real issue is one or two names. If your worry is Tesla's valuation but you are content to own Nvidia, no fund fits; a basket does. You can test a single-stock thesis against its own price history before deciding which of the seven deserves a place, then build the rest around it.

How to choose

If you want the S&P 500 with none of the seven and no upkeep, XMAG is the only fund built for it, and 0.35% is what that costs. If you want less of the seven at a low fee, a blend of VOO and XMAG lets you pick the share. If you mostly want a different kind of portfolio, value or dividends, VTV and VYM leave the seven out for almost nothing. Avoid SPXT for this purpose, since it keeps four of them.

Indexes is built for the blend and the basket. In the studio you add VOO, XMAG, RSP or individual stocks, up to 20 lines, set the weights, and backtest the result against the S&P 500 over the same dates, with the drawdown next to the return. If you would rather spread the weight evenly across your own list, use the equal weight index builder; if you hold stocks directly through a direct indexing provider, the direct indexing exclusions guide shows which ones let you restrict all seven by name. Then you buy it wherever you already invest.