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See exactly how XMAG's revenue becomes profit — a Sankey that traces revenue (and its reported segments) through gross profit, operating expenses, and net profit, with the year-over-year change on every line.
The same diagram the Chart Builder draws, right on the Summary tab. Upgrade to unlock it for XMAG and 80,000+ other tickers.
The Defiance Large Cap ex-Magnificent Seven ETF endeavors to replicate the investment outcomes of the BITA US 500 ex-Magnificent 7 Index, exclusive of any fees and expenditures.
An exchange-traded fund holding the S&P 500 minus those seven names is outperforming the Magnificent Seven group by nearly 17 percentage points this year.
In H1 2026, part of my 2026 framework was confirmed: AI‑driven productivity, industrial strength, and utilities' power‑demand tailwinds played out, while the Iran shock created the only major deviation from expectations. However, the macro backdrop is changing: Brent is back in contango, Warsh is firmly higher‑for‑longer, growth and labor remain resilient, and hyperscalers continue pushing toward trillion‑dollar cumulative AI capex.
If you own an ETF tracking the S&P 500 or the Nasdaq-100, the Magnificent Seven are unavoidable.
The Defiance Large Cap ex-Mag 7 ETF (NASDAQ:XMAG) and the Roundhill Magnificent Seven ETF (NASDAQ:MAGS) are photographic negatives of one another.
XMAG has overtaken both RSP and the Mag-7 since May 2026, reversing the first four months of the year when the equal-weight index was leading the breadth rotation trade. Beneath the 2026 outperformance, XMAG's top holdings have shifted dramatically in just one month. Understanding which names are climbing is the first step to evaluating this ETF. In this article, I explore the central paradox of XMAG: an ETF engineered to reduce Mag-7 exposure whose outperformance may owe more to those same seven companies than its construction.