The S&P 500 Without Big Tech Is Quietly Beating the Full Index in 2026
The S&P 500 index without the seven largest tech companies has outperformed the full index in 2026, with a Defiance Large Cap ex-Mag 7 ETF returning 13.7% over the trailing year. The fund's dividend yield is 1.2%, which is low for a strategy marketed around dividend income, and its modest assets under management pose a closure risk.
A Defiance Large Cap ex-Mag 7 ETF has outperformed the S&P 500 index in 2026. The fund excludes Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta, and Tesla. It holds roughly 490 large-cap companies and has a 0.35% expense ratio. The fund's top holdings include Broadcom, JPMorgan Chase, Exxon Mobil, Johnson & Johnson, and Walmart. The dividend picture across these anchors is strong, but the yield is thin due to the spread of holdings. The fund's total return has been a relative winner in 2026, down less than 1% year-to-date.
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