<p>主導華爾街近三年的結構性趨勢正顯示出顯著的制度轉變跡象。</p>
<p><strong>Roundhill Magnificent Seven ETF</strong> (NASDAQ: MAGS)，該基金集中投資於推動人工智能革命的科技巨頭，已在 2026 年初出現動能停滯。相比之下，整體市場開始表現優於該基金。</p>
<p>截至 2026 年，標普 500 指數中 493 只股票的表現優於 Magnificent Seven。目前有兩個交易所交易基金實時捕捉到這種差異。</p>
<h2>迄今為止的成績單</h2>
<p>截至週四，<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)——該 ETF 提供不包含 Magnificent Seven 的標普 500 指數敞口——在同一時期上漲 3.23%。這幾乎是 9 個百分點的差距。</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) 的等權重頭寸，管理資產達 35 億美元。</p>
<h2>XMAG 是什麼，為什麼存在？</h2>
<p>XMAG 於 2024 年 10 月 21 日在 NASDAQ 上市，追蹤 BITA US 500 ex Magnificent 7 Index。該基準包括 500 只最大的美國上市證券，同時明確排除七隻巨型科技股。</p>
<p>該指數採用自由流通市值加權，並每季度重新平衡。截至週四，該基金持有 493 只股票，淨資產為 1.3779 億美元。</p>
<h2>‘偉大的估值輪換’ 理論</h2>
<p>XMAG 與 MAGS 之間的差異與資深投資者 <strong>Ed Yardeni</strong> 在 <strong>Yardeni Research</strong> 所稱的 “2020 年代的偉大估值輪換” 密切相關。</p>
<p>在本週給客户的報告中，Yardeni 表示，去年底開始的全球再平衡交易可能會 持續到 2026 年。</p>
<p><em>圖片來源：JOURNEY STUDIO7，來自 Shutterstock.com</em></p>

標普 500 指數

標普 500 ETF - Vanguard

標普 500 等權指數 ETF - Guggenheim

MAGS

XMAG

標普 500 ETF - iShares

標普 500 低波動率 ETF - PowerShares

標普 500 指數股票型基金

<p>Roundhill Magnificent Seven ETF（MAGS）在 2026 年迄今為止下跌了 5.60%，而 Defiance Large Cap ex-Mag 7 ETF（XMAG）則上漲了 3.23%，突顯出市場動態的顯著變化。目前，500 只標普 500 指數股票中有 493 只的表現優於 MAGS，表明市場整體強勁。這一趨勢與 Ed Yardeni 的 “偉大估值輪換” 理論相一致，暗示全球再平衡可能會持續到 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>主導華爾街近三年的結構性趨勢正顯示出顯著的制度轉變跡象。</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)，該基金集中投資於推動人工智能革命的科技巨頭，已在 2026 年初出現動能停滯。相比之下，整體市場開始表現優於該基金。</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，標普 500 指數中 493 只股票的表現優於 Magnificent Seven。目前有兩個交易所交易基金實時捕捉到這種差異。</p>
</div><h2>Scorecard So Far</h2>
<div class="lb-trans"><h2>迄今為止的成績單</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>截至週四，<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)——該 ETF 提供不包含 Magnificent Seven 的標普 500 指數敞口——在同一時期上漲 3.23%。這幾乎是 9 個百分點的差距。</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) 的等權重頭寸，管理資產達 35 億美元。</p>
</div><h2>What Is XMAG And Why Does it Exist?</h2>
<div class="lb-trans"><h2>XMAG 是什麼，為什麼存在？</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 於 2024 年 10 月 21 日在 NASDAQ 上市，追蹤 BITA US 500 ex Magnificent 7 Index。該基準包括 500 只最大的美國上市證券，同時明確排除七隻巨型科技股。</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>該指數採用自由流通市值加權，並每季度重新平衡。截至週四，該基金持有 493 只股票，淨資產為 1.3779 億美元。</p>
</div><h2>‘Great Valuation Rotation’ Thesis</h2>
<div class="lb-trans"><h2>‘偉大的估值輪換’ 理論</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 與 MAGS 之間的差異與資深投資者 <strong>Ed Yardeni</strong> 在 <strong>Yardeni Research</strong> 所稱的 “2020 年代的偉大估值輪換” 密切相關。</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>在本週給客户的報告中，Yardeni 表示，去年底開始的全球再平衡交易可能會 持續到 2026 年。</p>
</div><p><em>Photo Courtesy: JOURNEY STUDIO7 on Shutterstock.com</em></p>
<div class="lb-trans"><p><em>圖片來源：JOURNEY STUDIO7，來自 Shutterstock.com</em></p>
</div>

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

- 華爾街主導的結構性趨勢出現重大轉變跡象。  
- Roundhill Magnificent Seven ETF 2026 年年初動能停滯，跌幅 5.60%。  
- 493 只標普 500 成分股表現優於 Magnificent Seven，反映市場分化。

壯麗七巨頭失去主導地位，493 只標普 500 股票在 2026 年領跑