ETF Evaluator:
Defiance Large Cap ex-Mag 7 ETF ()
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(as of Aug 26)
Best Performing in Large Blend Over the Last Year
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ETF Details
Defiance Large Cap ex-Mag 7 ETF Overview
Defiance Large Cap ex-Mag 7 ETF (XMAG) is a passively managed U.S. Equity Large Blend exchange-traded fund (ETF). Defiance ETFs LLC launched the ETF in 2024.
The investment seeks to track the performance, before fees and expenses, of the BITA U.S. 500 ex-Magnificent 7 Index.
The index aims to provide a comprehensive and balanced representation of the U.S. equity market by including the largest 500 publicly traded equity securities, while specifically excluding the seven largest technology companies commonly referred to as the “Magnificent 7”. Under normal circumstances, at least 80% of the fund’s net assets, plus borrowings for investment purposes, will be invested in equity securities of large-cap companies.
About Defiance Large Cap ex-Mag 7 ETF (XMAG)
There are 2 members of the management team with an average tenure of 0.60 years: Andrew Hicks (2025) and Kimberly Chan (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: BITA US 500 ex-Magnificent 7 TR USD index with a weighting of 100%. Defiance Large Cap ex-Mag 7 ETF has 498 securities in its portfolio. The top 10 holdings constitute 18.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Defiance Large Cap ex-Mag 7 ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Defiance Large Cap ex-Mag 7 ETF has 0.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.6% There is 0.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Defiance Large Cap ex-Mag 7 ETF has -1.1% of the portfolio in cash.
Assets Under Management
The fund has $167 million in total assets, which is below the $13 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
XMAG Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Defiance Large Cap ex-Mag 7 ETF expense ratio is below average compared to funds in the Large Blend category. Defiance Large Cap ex-Mag 7 ETF has an expense ratio of 0.35%, which is 15% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Defiance Large Cap ex-Mag 7 ETF has a portfolio turnover rate of 7%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 158% for the Large Blend category.
Recently, in the month of July 2026, Defiance Large Cap ex-Mag 7 ETF returned -2.6%, which earned it a grade of F, as the Large Blend category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Defiance Large Cap ex-Mag 7 ETF has a trailing yield of 0.46%, which is below the 1.16% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Defiance Large Cap ex-Mag 7 ETF Grades
Year to date, the ETF has returned 12.9%, 3.4 percentage points better than the category, which translates into a grade of A. The fund has returned 19.9% over the past year (grade of B).
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XMAG Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| XMAG Return (NAV) | -2.6% | 5.4% | 19.9% | na | na | na |
| XMAG Return (Price) | -2.8% | 5.8% | 20.1% | na | na | na |
| NAV +/- Price Return | 0.183% | -0.328% | -0.200% | na | na | na |
| Large Blend Avg | -0.8% | 3.7% | 17.5% | 17.4% | 11.2% | 13.6% |
| XMAG Grade (NAV) | F | A | B | na | na | na |
| +/- Category (NAV) | -1.7% | 1.7% | 2.4% | na | na | na |
| XMAG Tax-Cost Ratio | na | na | 0.1% | na | na | na |
XMAG Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| XMAG Return (NAV) | 12.9% | 15.1% | na | na | na | na | na | na | na | na | na |
| XMAG Return (Price) | 12.4% | 15.6% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.043% | 0.033% | na | na | na | na | na | na | na | na | na |
| Large Blend Avg | 9.5% | 15.3% | 21.9% | 22.9% | -17.1% | 26.9% | 18.3% | 29.6% | -5.1% | 21.5% | 11.4% |
| XMAG Grade (NAV) | A | C | na | na | na | na | na | na | na | na | na |
| +/- Category | 3.4% | -0.2% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.5% |
| Total Assets: | $ 168 Mil |
| Share Class Assets: | $ 168 Mil |
| Turnover: | 7.0% |
| Expense Ratio: | 0.35% |
| Index Fund: | Yes |
| Index Tracked: | BITA US 500 ex-Magnificent 7 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.6 years | |||
| Average Tenure: 0.6 years | |||
| Managers (Year): Hicks Andrew (2025), Chan Kimberly (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 498 |
| % in Top 10 Holdings: | 18.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.9% |
Portfolio Allocation |
|
| Domestic Stock: | 98.6% |
| Foreign Stock: | 0.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.6% |
| Cash: | -1.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Defiance ETFs LLC |
| Phone Number: | 833-333-9383 |
| Website: | |
| Inception Date: | October 21, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.35% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.41% |
