The Roundhill Magnificent Seven ETF (MAGS) is down 0.79% year-to-date while the Defiance Large Cap ex-Mag 7 ETF (YMAG) has gained 13.66%, marking a dramatic divergence in market leadership. The Mag 7's underperformance over recent months contrasts sharply with the broader 493-stock index rally, reversing the concentration risk that dominated investor focus earlier in the cycle. This shift signals a meaningful rotation away from mega-cap tech dominance toward broader, more diversified market exposure.
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