<p>主导华尔街近三年的结构性趋势正显示出显著的制度转变迹象。</p>
<p><strong>Roundhill Magnificent Seven ETF</strong> (NASDAQ: MAGS)，该基金集中投资于推动人工智能革命的科技巨头，已在 2026 年初出现动能停滞。相比之下，整体市场开始表现优于该基金。</p>
<p>截至 2026 年，标普 500 指数中 493 只股票的表现优于 Magnificent Seven。目前有两个交易所交易基金实时捕捉到这种差异。</p>
<h2>迄今为止的成绩单</h2>
<p>截至周四，<strong>Roundhill Magnificent Seven ETF</strong> (NYSE: MAGS) 年初至今下跌 5.60%，而 <strong>Defiance Large Cap ex-Mag 7 ETF</strong> (NASDAQ: XMAG)——该 ETF 提供不包含 Magnificent Seven 的标普 500 指数敞口——在同一时期上涨 3.23%。这几乎是 9 个百分点的差距。</p>
<p>MAGS 持有 <strong>NVIDIA Corp.</strong> (NASDAQ: NVDA)、<strong>Meta Platforms Inc.</strong> (NASDAQ: META)、<strong>Apple Inc.</strong> (NASDAQ: AAPL)、<strong>Alphabet Inc.</strong> (NASDAQ: GOOG) (NASDAQ: GOOGL)、<strong>Tesla Inc.</strong> (NASDAQ: TSLA)、<strong>Amazon.com Inc.</strong> (NASDAQ: AMZN) 和 <strong>Microsoft Corp.</strong> (NASDAQ: MSFT) 的等权重头寸，管理资产达 35 亿美元。</p>
<h2>XMAG 是什么，为什么存在？</h2>
<p>XMAG 于 2024 年 10 月 21 日在 NASDAQ 上市，追踪 BITA US 500 ex Magnificent 7 Index。该基准包括 500 只最大的美国上市证券，同时明确排除七只巨型科技股。</p>
<p>该指数采用自由流通市值加权，并每季度重新平衡。截至周四，该基金持有 493 只股票，净资产为 1.3779 亿美元。</p>
<h2>‘伟大的估值轮换’ 理论</h2>
<p>XMAG 与 MAGS 之间的差异与资深投资者 <strong>Ed Yardeni</strong> 在 <strong>Yardeni Research</strong> 所称的 “2020 年代的伟大估值轮换” 密切相关。</p>
<p>在本周给客户的报告中，Yardeni 表示，去年底开始的全球再平衡交易可能会 持续到 2026 年。</p>
<p><em>图片来源：JOURNEY STUDIO7，来自 Shutterstock.com</em></p>

标普 500 指数

标普 500 ETF - Vanguard

标普 500 等权指数 ETF - Guggenheim

MAGS

XMAG

标普 500 ETF - iShares

标普 500 低波动率 ETF - PowerShares

标普 500 ETF - SPDR

<p>Roundhill Magnificent Seven ETF（MAGS）在 2026 年迄今为止下跌了 5.60%，而 Defiance Large Cap ex-Mag 7 ETF（XMAG）则上涨了 3.23%，突显出市场动态的显著变化。目前，500 只标普 500 指数股票中有 493 只的表现优于 MAGS，表明市场整体强劲。这一趋势与 Ed Yardeni 的 “伟大估值轮换” 理论相一致，暗示全球再平衡可能会持续到 2026 年</p>

<p>The structural trend that dominated Wall Street for the better part of three years is showing signs of a significant regime shift.</p>
<div class="lb-trans"><p>主导华尔街近三年的结构性趋势正显示出显著的制度转变迹象。</p>
</div><p>The <strong>Roundhill Magnificent Seven ETF</strong> (NASDAQ: MAGS), which provides concentrated exposure to the tech giants driving the artificial intelligence revolution, has seen its momentum stall in early 2026. In comparison, the broader market begins to outperform.</p>
<div class="lb-trans"><p><strong>Roundhill Magnificent Seven ETF</strong> (NASDAQ: MAGS)，该基金集中投资于推动人工智能革命的科技巨头，已在 2026 年初出现动能停滞。相比之下，整体市场开始表现优于该基金。</p>
</div><p>493 of the 500 stocks in the S&amp;P 500 are outperforming the Magnificent Seven so far in 2026. Two exchange-traded funds are capturing this divergence in real time.</p>
<div class="lb-trans"><p>截至 2026 年，标普 500 指数中 493 只股票的表现优于 Magnificent Seven。目前有两个交易所交易基金实时捕捉到这种差异。</p>
</div><h2>Scorecard So Far</h2>
<div class="lb-trans"><h2>迄今为止的成绩单</h2>
</div><p>As of Thursday, the <strong>Roundhill Magnificent Seven ETF</strong> (NYSE: MAGS) is down 5.60% year-to-date, while <strong>Defiance Large Cap ex-Mag 7 ETF</strong> (NASDAQ: XMAG) — the ETF offering S&amp;P 500 exposure with the Magnificent Seven removed — is up 3.23% over the same period. That’s a nearly 9-percentage-point gap.</p>
<div class="lb-trans"><p>截至周四，<strong>Roundhill Magnificent Seven ETF</strong> (NYSE: MAGS) 年初至今下跌 5.60%，而 <strong>Defiance Large Cap ex-Mag 7 ETF</strong> (NASDAQ: XMAG)——该 ETF 提供不包含 Magnificent Seven 的标普 500 指数敞口——在同一时期上涨 3.23%。这几乎是 9 个百分点的差距。</p>
</div><p>MAGS, which holds equal-weight positions in <strong>NVIDIA Corp.</strong> (NASDAQ: NVDA), <strong>Meta Platforms Inc.</strong> (NASDAQ: META), <strong>Apple Inc.</strong> (NASDAQ: AAPL), <strong>Alphabet Inc.</strong> (NASDAQ: GOOG) (NASDAQ: GOOGL), <strong>Tesla Inc.</strong> (NASDAQ: TSLA), <strong>Amazon.com Inc.</strong> (NASDAQ: AMZN) and <strong>Microsoft Corp.</strong> (NASDAQ: MSFT), carries $3.50 billion in assets under management.</p>
<div class="lb-trans"><p>MAGS 持有 <strong>NVIDIA Corp.</strong> (NASDAQ: NVDA)、<strong>Meta Platforms Inc.</strong> (NASDAQ: META)、<strong>Apple Inc.</strong> (NASDAQ: AAPL)、<strong>Alphabet Inc.</strong> (NASDAQ: GOOG) (NASDAQ: GOOGL)、<strong>Tesla Inc.</strong> (NASDAQ: TSLA)、<strong>Amazon.com Inc.</strong> (NASDAQ: AMZN) 和 <strong>Microsoft Corp.</strong> (NASDAQ: MSFT) 的等权重头寸，管理资产达 35 亿美元。</p>
</div><h2>What Is XMAG And Why Does it Exist?</h2>
<div class="lb-trans"><h2>XMAG 是什么，为什么存在？</h2>
</div><p>XMAG, listed on NASDAQ and launched on Oct. 21, 2024, tracks the BITA US 500 ex Magnificent 7 Index .It is a benchmark that includes the 500 largest U.S. publicly traded securities while explicitly excluding the seven mega-cap tech names.</p>
<div class="lb-trans"><p>XMAG 于 2024 年 10 月 21 日在 NASDAQ 上市，追踪 BITA US 500 ex Magnificent 7 Index。该基准包括 500 只最大的美国上市证券，同时明确排除七只巨型科技股。</p>
</div><p>The index uses free-float market capitalization weighting and rebalances quarterly. As of Thursday, the fund holds 493 stocks and carries net assets of $137.79 million.</p>
<div class="lb-trans"><p>该指数采用自由流通市值加权，并每季度重新平衡。截至周四，该基金持有 493 只股票，净资产为 1.3779 亿美元。</p>
</div><h2>‘Great Valuation Rotation’ Thesis</h2>
<div class="lb-trans"><h2>‘伟大的估值轮换’ 理论</h2>
</div><p>The divergence between XMAG and MAGS tracks closely with what veteran investor <strong>Ed Yardeni</strong> of <strong>Yardeni Research</strong> is calling the “Great Valuation Rotation of the Roaring 2020s.”</p>
<div class="lb-trans"><p>XMAG 与 MAGS 之间的差异与资深投资者 <strong>Ed Yardeni</strong> 在 <strong>Yardeni Research</strong> 所称的 “2020 年代的伟大估值轮换” 密切相关。</p>
</div><p>In a note to clients this week, Yardeni said the global rebalancing trade that began late last year is likely to extend well into 2026.</p>
<div class="lb-trans"><p>在本周给客户的报告中，Yardeni 表示，去年底开始的全球再平衡交易可能会 持续到 2026 年。</p>
</div><p><em>Photo Courtesy: JOURNEY STUDIO7 on Shutterstock.com</em></p>
<div class="lb-trans"><p><em>图片来源：JOURNEY STUDIO7，来自 Shutterstock.com</em></p>
</div>

Magnificent 7 Lose Their Grip As 493 S&P 500 Stocks Lead In 2026

- 华尔街主导的结构性趋势出现重大转变迹象。  
- Roundhill Magnificent Seven ETF 2026 年年初动能停滞，跌幅 5.60%。  
- 493 只标普 500 成分股表现优于 Magnificent Seven，反映市场分化。

壮丽七巨头失去主导地位，493 只标普 500 股票在 2026 年领跑