The outperformance of XMAG comes as the "Magnificent Seven" stocks, particularly Tesla with a 26.94% decline and Microsoft with only a 3.85% gain, have stalled. MAGS, designed to provide equal-weighted exposure to these seven mega-caps, holds only 34.11% of its net assets in actual equities, with 52.67% in Treasury bills and the rest in swap derivatives. XMAG tracks the BITA US 500 ex-Magnificent 7 Index, focusing on the broader S&P 500 components excluding the top seven.