Magnificent 7 ETF Falls 13% in June as Market Shifts to Chip Suppliers

According to Barron's, the Roundhill Magnificent Seven ETF (MAGS-US) fell 13% in June as of press time, tracking toward its worst monthly performance since inception in April 2023. Meanwhile, the Defiance Large Cap ex-Mag 7 ETF (XMAG-US), which tracks S&P 500 stocks excluding the Magnificent 7, gained 2.6% this month.

The Magnificent 7 tech giants—Amazon, Meta, Microsoft, Alphabet, Nvidia, Apple, and Tesla—lost approximately $3 trillion in combined market value during the month. Investor focus has shifted to chip suppliers, with Micron's market capitalization approaching Meta's following strong recent earnings. According to Hazeltree, hedge funds' top bullish positions last month included Nvidia, Applied Materials (AMAT-US), and Broadcom (AVGO-US).