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The S&P 500 benchmark, comprising over 500 large-cap U.S. companies, has become increasingly concentrated in seven technology-oriented firms—Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla—collectively representing nearly 35% of the index's $46 trillion market cap by mid‑2024, up from under 10% in 2014. This concentration has driven strong index gains but also raises exposure risk, prompting products like the XMAG ETF that exclude these seven stocks. In India, the Motilal Oswal S&P 500 Index Fund – Direct Plan offers investors a passively managed way to track the S&P 500, with a 0.49% expense ratio, ₹4,580 cr AUM, and a reported 5‑year annualised return of 17.93% as of June 2026.
The Magnificent 7 accounted for nearly $16 trillion of the S&P 500’s $46 trillion market cap in mid‑2024, about 35% of the index.
Over the last decade the market cap of the Magnificent 7 grew ~800%, versus ~150% for the broader S&P 500.
Motilala Oswal’s S&P 500 Direct Plan has an expense ratio of 0.49% and assets of ₹4,580 cr.
The fund’s 5‑year annualised return was 17.93% as of 18‑Jun‑2026.
XMAG is positioned as the first ETF to track the S&P 500 excluding the Magnificent 7.
By mid‑2024 the seven stocks represented nearly 35% of the index’s total market capitalization.
The Magnificent 7’s market cap grew about 800% over the past decade, while the broader S&P 500 grew about 150%.
The fund has a 0.49% expense ratio and assets under management of ₹4,580 cr.
It delivered an annualised return of 17.93% over the past five years as of 18‑Jun‑2026.
The XMAG ETF tracks an index that excludes the seven technology giants.
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