Last updated: Q2 2026. Figures on this page are computed from ETFLens top holdings data as at Q2 2026, reported from fund manager disclosures and reviewed quarterly.
The "Magnificent 7" is a market term for seven of the largest United States listed companies: Apple, Microsoft, Nvidia, Alphabet (the parent company of Google), Amazon, Meta and Tesla. Many ASX-listed exchange traded funds hold these companies as part of their index construction, because the funds track market-capitalisation-weighted indices in which larger companies represent a larger share of the index.
This page sets out ETFLens data on the weight of these seven companies within four widely held global ETFs available on the ASX: VGS, NDQ, IVV and BGBL. It presents the figures as data as at Q2 2026 and does not draw conclusions about whether any level of exposure is appropriate for any investor. This is general information only and not financial advice. ETFLens does not hold an Australian Financial Services Licence.
What is the Magnificent 7?
The Magnificent 7 is a market term describing seven United States listed technology and technology-adjacent companies: Apple, Microsoft, Nvidia, Alphabet (the parent company of Google), Amazon, Meta (the parent company of Facebook, Instagram and WhatsApp) and Tesla. As at Q2 2026 these are among the largest US-listed companies by market capitalisation.
Most broad share market indices weight their holdings by market capitalisation. Market-cap weighting means a larger company represents a larger share of the index, and therefore a larger share of any fund that tracks that index. The grouping is a descriptive label used by market commentators; it is not a fund, an index or a product, and ETFLens presents it here as a factual grouping only, without describing it as either favourable or unfavourable. This is general information only and not financial advice. ETFLens does not hold an Australian Financial Services Licence.
Magnificent 7 weight in four ASX ETFs
The table below shows the approximate combined weight of the seven companies within the listed top holdings of each fund, as at Q2 2026.
| ETF | Index tracked | Approximate Magnificent 7 weight (top holdings) |
|---|---|---|
| VGS | MSCI World ex-Australia | approximately 24.0% |
| NDQ | Nasdaq-100 | approximately 36.7% |
| IVV | S&P 500 | approximately 34.9% |
| BGBL | Global developed markets ex-Australia | approximately 25.8% |
Weights are based on top holdings data from fund manager disclosures as at Q2 2026 and may not reflect the full portfolio. Holdings change over time.
NDQ tracks the Nasdaq-100 Index. The Nasdaq-100 index construction means technology companies represent a larger share than broad-market indices, so the combined weight of these seven companies in NDQ is higher than in the broad global funds. VGS and BGBL both track global developed markets, so their United States weighting reflects the United States share of global developed-market capitalisation. IVV tracks the S&P 500, so all of its holdings are United States listed.
Some investors may wish to be aware of how these weights compare across the four funds. ETFLens presents the figures without drawing a conclusion about any of them. This is general information only and not financial advice. ETFLens does not hold an Australian Financial Services Licence.
Weight of each company within each ETF
The chart below shows the approximate weight of each of the seven companies within each ETF, based on ETFLens top holdings data as at Q2 2026. This is general information only and not financial advice. ETFLens does not hold an Australian Financial Services Licence.
Approximate Magnificent 7 weight by ETF (data as at Q2 2026)
Each block is sized by the company's approximate weight within that ETF's listed top holdings.
What this means for a combined portfolio
Some investors hold more than one global ETF. An investor holding both VGS and NDQ holds the same underlying companies through two different funds. Because both funds include the seven companies described above, some investors holding multiple ETFs may find that their combined exposure to these companies differs from any single ETF, depending on how their money is split between the funds.
ETFLens does not assess whether any combined exposure is appropriate for any individual. The ETFLens overlap checker can show the overlap between any two ETFs, and the portfolio builder can show the combined sector and geographic exposure across several funds at once.
The overlap between two funds is the proportion of the smaller fund's listed holdings that also appear in the larger fund. A higher overlap figure means the two funds share more of the same underlying companies. ETFLens presents these figures as data; whether any particular combination of funds suits an individual depends on that person's circumstances, which ETFLens cannot assess. This is general information only and not financial advice. ETFLens does not hold an Australian Financial Services Licence.
The seven companies
The following is a factual description of each company and the sector in which it operates, as at Q2 2026. No assessment of any company is made or implied.
- Nvidia (NVDA): a United States semiconductor company that designs graphics processors and artificial-intelligence computing hardware.
- Apple (AAPL): a United States consumer technology company that makes hardware, software and services.
- Microsoft (MSFT): a United States software and cloud-computing company.
- Amazon (AMZN): a United States e-commerce and cloud-computing company.
- Alphabet (GOOGL and GOOG): the United States parent company of Google, operating in internet search, advertising and cloud services. Alphabet is listed under two share classes, which some indices hold separately.
- Meta Platforms (META): a United States company operating Facebook, Instagram and WhatsApp.
- Tesla (TSLA): a United States electric-vehicle and energy company.
These descriptions are factual and do not constitute an assessment of any company or any fund. This is general information only and not financial advice. ETFLens does not hold an Australian Financial Services Licence.
Further reading
The following ETFLens pages cover the funds and tools mentioned above:
- Fund pages: VGS, NDQ, IVV and BGBL.
- Comparisons: NDQ vs VGS, IVV vs NDQ and IVV vs VTS.
- Tools and reviews: the ETF overlap checker, the NDQ ETF review and the VGS ETF review.
This is general information only and not financial advice. ETFLens does not hold an Australian Financial Services Licence.