The Roundhill Magnificent Seven ETF (MAGS) traded around $64 on June 23, down 8.5% from its mid-May high of $71.16, officially entering correction territory.
The $3.5 billion equal-weighted fund gives identical exposure to Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla. It is now down roughly 2% year-to-date, a contrast to the Nasdaq-100’s relative strength. The 52-week range spans from $52.77 to that $71.16 peak.
Analysts see classic sector rotation, not a crisis. The AI investment universe has expanded beyond these names into second-tier chipmakers, enterprise software, and robotics. Investors are reallocating capital from the crowded mega-cap trade to new AI plays. Evidence points to rotation: broader indices remain resilient, and the fund attracted $50 million in net inflows during early 2025 dips. Forward earnings for these companies remain strong, supporting long-term conviction.