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New Global X ETF Targets ‘Magnificent Seven’ — With a Notable Exception

BY | ETF Database
11:38 am ET 11/04/26 | 1 VIEW
Global X marked the day after the midterm elections — which saw a paradigm shift in the balance of power between the parties — with the launch of an ETF covering the Magnificent Seven, minus one. The actively managed Global X Magnificent Six ETF (SIX) will invest in equities and derivatives contracts associated with the companies included in its reference index, the Akros Magnificent Six Index.That list encompasses Alphabet Inc. (GOOG), Amazon.com, Inc. (AMZN), Apple Inc. (APPL), Meta Platforms, Inc. (META), Microsoft Corporation (MSFT) and Nvidia Corporation (NVDA). “These six companies have been a significant contributor to recent U.S. earnings growth," said Pedro Palandrani, Global X’s Head of Product Research & Development. Read More: Tech Growth Reimagined: Inside Global X’s Launch of NYSX “Over the 12 months ending September 30, 2026, they delivered almost two-thirds – roughly 66% – of the Bloomberg 500 Index’s earnings per share growth over the trailing 12 months. And these six companies could invest, based on current estimates, approximately $700 billion in capital expenditures in 2026 and $1 trillion in 2027, with much of that spending expected to go toward AI,” he added.A Key OmissionNotably missing from the portfolio is Tesla Inc. (TSLA), the only one of the Magnificent Seven stocks to record a negative year-to-date return in 2026, with a decline of more than 13%. The timing of SIX’s launch is also notable, given that Elon Musk spent heavily on the midterm elections to back Republican candidates, contributing as much as $474 million in all, according to Democracy Now. The party faced a resounding defeat on November 3, which provided further downward pressure on TSLA’s share price, landing it below its price five years ago. The company’s stock price had already been struggling due to — among other things — its large investments in artificial intelligence and other technologies, as well as concerns around competitive threats and regulatory efforts. At launch, the new ETF held Apple as its largest holding, representing 24% of the portfolio. SIX comes with an expense ratio of 0.20% and lists on the Cboe BZX Exchange. The fund is one of more than 115 ETFs offered by Global X, which has roughly $89 billion in assets under management. For more news, information, and analysis, visit the Equity ETF Content Hub.

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