S&P 493 ETF and S&P 493 index builder to set your own Magnificent 7 weight
An S&P 500 fund puts 34.5% of your money in seven companies. The one S&P 493 ETF puts in none. Choose the share in between that you actually want, blend the funds or pick the stocks, and see how it would have done next to the S&P 500. Then buy it at your own broker.
The backtest did not run just now. Tap Backtest it to try again.
Educational only · Never places a trade
In short
The S&P 493 is the S&P 500 without the Magnificent 7: Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla, which made up 34.54% of the index on October 1, 2026. One US ETF tracks it, the Defiance Large Cap ex-Mag 7 ETF (XMAG) at 0.35% a year. The equal weight RSP cuts the seven to about 1.6%, and the S&P 500 ex-Technology fund SPXT still holds 21.7% of them. Building your own S&P 493 index means choosing that share yourself, often by blending an S&P 500 fund with XMAG, and backtesting the mix before you buy it.
// SPY holdings file, October 1, 2026
How much of the S&P 500 is the Magnificent 7?
A bit more than a third. Seven companies weigh more than half as much as the other 493 stocks combined. Each gray slice is one of the seven, the red ring is everything else.
Nvidia
8.45%
Apple
7.30%
Microsoft
5.76%
Alphabet
5.41%
Amazon
3.69%
Meta
2.42%
Tesla
1.51%
Alphabet counts twice in the fund because it has two listed share classes, GOOGL and GOOG; the 5.41% is both. The next three names are not in the seven and are worth noticing: Broadcom 2.47%, Micron 1.88% and AMD 1.52%. They are what an S&P 493 index leads with.
// The Mag 7 dial
How much Magnificent 7 do you hold with each fund or blend?
The S&P 500 gives you 34.5%. XMAG gives you zero. Everything else on this list sits somewhere between, and the yearly cost on $100,000 moves with it.
100% VOO
34.5% $30 a yr
The S&P 500 as it is
75% VOO and 25% XMAG
25.9% $110 a yr
A quarter less
SPXT (S&P 500 ex tech)
21.7% $90 a yr
Drops Apple, Microsoft and Nvidia only
50% VOO and 50% XMAG
17.3% $190 a yr
Half the S&P 500 weight
50% VOO and 50% VTV
17.3% $30 a yr
Same half, with a value tilt
25% VOO and 75% XMAG
8.6% $270 a yr
A small sleeve
RSP (equal weight)
1.6% $200 a yr
About 0.2% per name at each reset
100% XMAG
0% $350 a yr
None at all
The blends are simple arithmetic: a fund with 34.5% in the seven, mixed with a fund holding none, gives you 34.5% times the share you keep in the first fund. Half VOO and half XMAG is 17.3%. The fee averages the same way, from $30 a year on $100,000 for VOO alone to $350 for XMAG alone. Blend weights drift as prices move, so a blend needs a rebalance once or twice a year to stay where you set it.
One line deserves a second look. Half VOO and half Vanguard Value (VTV) lands on the same 17.3% as half XMAG, and costs $30 a year instead of $190, because VTV held none of the seven on August 31, 2026. The catch is that VTV is a value fund, heavy in banks, energy and health care, so the other half of that blend is not the S&P 493. It is a different bet that happens to leave the seven out. That is exactly the kind of difference a backtest shows you before your money does.
From each issuer's fund page and holdings file
Which ETFs leave out the Magnificent 7, and how far do they go?
| Fund | Expense ratio | Stocks | What it tracks | Mag 7 share | Largest positions |
|---|---|---|---|---|---|
| Defiance Large Cap ex-Mag 7 (XMAG) | 0.35% | 497 | BITA US 500 ex Magnificent 7 Index, market value weighted, quarterly | 0% | Micron 2.9%, Broadcom 2.6%, AMD 2.4% (Oct 1) |
| Invesco S&P 500 Equal Weight (RSP) | 0.20% | 504 | S&P 500 Equal Weight Index, every stock reset to the same weight each quarter | About 1.6% at each reset | All about 0.2% at the reset |
| ProShares S&P 500 ex-Technology (SPXT) | 0.09% net, 0.13% gross | 431 | S&P 500 Ex-Information Technology Index | 21.7% | Amazon 6.1%, Alphabet 9.0%, Meta 4.0%, Tesla 2.5% (Oct 1) |
| Vanguard Value (VTV) | 0.03% | 306 | CRSP US Large Cap Value Index | 0% | Micron 3.9%, JPMorgan 3.5%, Berkshire 2.9% (Aug 31) |
| Vanguard High Dividend Yield (VYM) | 0.04% | 603 | FTSE High Dividend Yield Index | 0% | Broadcom 6.9%, JPMorgan 3.8%, Exxon 2.7% (Aug 31) |
| Vanguard S&P 500 (VOO) | 0.03% | 503 | S&P 500, market value weighted | 33.5% (Aug 31) | Nvidia 8.1%, Apple 7.0%, Microsoft 5.7% (Aug 31) |
XMAG is the only fund here built to be the S&P 493, and even it is not S&P's: it follows the BITA US 500 ex Magnificent 7 Index, so its 497 holdings track the S&P 500 closely without matching it name for name. With the seven gone, its largest positions are chip companies, Micron, Broadcom and AMD, 7.8% between them. Anyone leaving the seven to get away from semiconductors should know that. XMAG held $196 million on October 1, 2026, small for an S&P fund, so check the bid and ask spread before a large order.
SPXT is the trap in this list. Its name says ex-technology, and it does drop Apple, Microsoft and Nvidia. But S&P files Amazon and Tesla under consumer discretionary and Alphabet and Meta under communication services, so all four stay in. On October 1, 2026 they were 21.65% of the fund, more than their 13% share of the S&P 500. Its 0.09% fee also rests on a fee waiver that ProShares dated through September 30, 2026; the gross figure is 0.13%. If you want to drop all seven at once, the direct indexing exclusions guide shows which providers let you restrict named stocks in your own account.
From a number in your head to a portfolio you can buy
How to build your own S&P 493 index in four steps
1
Pick your Mag 7 share
Decide the number first: 0%, a 10% sleeve, half the index weight. That one figure tells you the blend.
2
Blend funds or pick stocks
Add VOO with XMAG, RSP or VTV at the weights that hit your number, or build up to 20 of the largest stocks outside the seven.
3
Backtest against the S&P 500
See the return, the drawdown and the gap to the S&P 500 over the same dates, and add a one-line index of XMAG to compare.
4
Track it, then buy it
Follow it daily against the benchmark, export the weights, and place the trades at your own broker.
Mind the history when you test. XMAG has traded only since October 21, 2024, so a blend that holds it can be tested from that date. To see how leaving out the biggest stocks behaved over a full cycle, test the equal weight RSP or a basket of the largest non-Mag 7 stocks over ten years, through 2020 and 2022, and compare the maximum drawdown with the S&P 500 before the return. Backtests are hypothetical, and past returns do not predict future ones.
A top 20 basket is a different animal from the fund. Twenty large stocks outside the seven, Broadcom, Micron, AMD, Berkshire Hathaway, Eli Lilly, JPMorgan and so on, is a concentrated large cap portfolio, not a 493 stock index, and it will track the S&P 500 less closely than XMAG does. Some people want exactly that. If you would rather spread weight evenly, the equal weight index builder sets every line to the same share and keeps it there with a scheduled rebalance.
Three ways to cut the Magnificent 7, compared honestly
XMAG vs an ETF blend vs your own S&P 493 basket
| XMAG alone | VOO and XMAG blend | Your own basket, designed in Indexes | |
|---|---|---|---|
| Mag 7 share | 0%, fixed | Any share from 0% to 34.5% you set | Any share, including single names such as Nvidia only |
| Yearly cost on $100,000 | $350 | $110 to $270 | From $24 a month for the software, no fund fee on stocks you hold |
| Number of stocks | 497 | About 500 through the two funds | Up to 20 lines, each a stock or a fund |
| Tax losses per stock | No | No, only per fund | Yes, when you hold the stocks at your broker |
| Where it falls short | The highest fee here, short history | Drifts, needs a rebalance | You place the trades, fewer names than the index |
XMAG wins when you want zero Magnificent 7 in one ticker with no upkeep, and the 0.35% fee is the price of that. A blend wins for most people who want less of the seven rather than none, because it keeps most of your money in a 0.03% fund. Your own basket wins when the share you want is not a blend of two funds, for example dropping Tesla and Meta but keeping Nvidia, or when you want to harvest losses stock by stock in a taxable account.
What Indexes does and does not do: it is index construction, backtesting and tracking software. It does not hold money, place trades or give investment advice. You design and test the S&P 493 index here and hold it wherever you already invest. If you are weighing XMAG against the funds above as a straight purchase, our S&P 500 without Magnificent 7 ETF comparison ranks them by fee and by what they leave in.
S&P 493 and Magnificent 7 questions
What people ask before they cut the Magnificent 7
Is there an S&P 493 ETF?
Yes, one fund is built for it. The Defiance Large Cap ex-Mag 7 ETF (XMAG) tracks the BITA US 500 ex Magnificent 7 Index, which drops Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla from a 500 stock large cap index. It charges 0.35% a year and held 497 stocks and $196 million on October 1, 2026. It is not run by S&P, so its list differs slightly from the S&P 500.
How much of the S&P 500 is the Magnificent 7?
The Magnificent 7 made up 34.54% of the SPDR S&P 500 ETF (SPY) on October 1, 2026: Nvidia 8.45%, Apple 7.30%, Microsoft 5.76%, Alphabet 5.41% across its two share classes, Amazon 3.69%, Meta 2.42% and Tesla 1.51%. Vanguard's VOO, which tracks the same index, showed 33.53% on August 31, 2026.
What is XMAG's expense ratio?
XMAG's expense ratio is 0.35%, which is $350 a year on $100,000. That is more than ten times Vanguard's S&P 500 ETF at 0.03% and above the equal weight RSP at 0.20%. Defiance launched the fund on October 21, 2024, and it weights its 497 stocks by market value and rebalances quarterly.
Is the S&P 493 beating the S&P 500?
In 2026 so far, slightly. 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 about 1% of dividends). Since XMAG's launch in October 2024 the S&P 500 is ahead: XMAG returned 27.84% in total, and VOO's price alone rose 30.63%.
Does RSP hold the Magnificent 7?
Yes, but at equal weight. The Invesco S&P 500 Equal Weight ETF (RSP, 0.20%) holds every S&P 500 stock and resets each one to the same weight every quarter, so each of the seven, Alphabet counted twice for its two share classes, starts each quarter near 0.2%, about 1.6% in total. Between resets the winners drift higher.
Does SPXT exclude the Magnificent 7?
Only three of them. The ProShares S&P 500 ex-Technology ETF (SPXT) drops the information technology sector, which removes Apple, Microsoft and Nvidia. Amazon, Alphabet, Meta and Tesla sit in other sectors and stay in, and they made up 21.65% of SPXT on October 1, 2026, a larger share than in the S&P 500 itself.
Does Vanguard have an S&P 500 ETF without the Magnificent 7?
No. Vanguard has no S&P 500 ex Magnificent 7 fund. Two of its funds happen to hold none of the seven: Vanguard Value (VTV, 0.03%) and Vanguard High Dividend Yield (VYM, 0.04%), on their August 31, 2026 holdings. Both tilt toward banks, energy and health care, so they are not a plain S&P 493.
Can I build my own S&P 493 index?
Yes, in two ways. Blend a few ETFs, such as VOO with XMAG or VTV, to set the Magnificent 7 share you want, or pick up to 20 of the largest stocks outside the seven and weight them yourself. Backtest it against the S&P 500 here, then buy the ETFs or stocks at your own broker.
Sources
S&P 500 weights from the SPDR S&P 500 ETF Trust daily holdings file, as of October 1, 2026. XMAG fee, assets, holdings count, index, weighting, rebalancing and performance from defianceetfs.com, data as of October 1, 2026 and performance to September 30, 2026. SPXT fee, waiver date and holdings from proshares.com, as of October 1, 2026. RSP fee and holdings count from invesco.com. VOO, VTV, VYM and VIG holdings and expense ratios from Vanguard's fund pages, as of August 31, 2026. VOO price changes from daily closing prices, before dividends. The Mag 7 share of RSP at each reset and the blend figures are our own arithmetic from these weights. Holdings and fees change, so confirm them on the fund page before you buy. Indexes is not affiliated with any fund issuer or broker named here. We make index construction and backtesting software: we do not manage money, place trades or give investment advice, and backtested results are hypothetical.
Set your Magnificent 7 share and test it against the S&P 500
Blend the funds or pick the stocks, backtest the result over the same dates as the index, and track it every day. Then buy it wherever you invest.
Keep reading