Tuttle Capital Files For 'Magnificent 10' ETF As AI Trade Expands Beyond Mag 7
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Tuttle Capital is seeking to widen the most crowded corner of the U. S. equity ETF market, filing to launch a Tuttle Capital Magnificent 10 ETF that would bundle the mega-cap tech winners with three additional high-profile names in semiconductors and AI-adjacent software.
While the ticker has not yet been disclosed, the fund will come with an expense ratio of 0.50%, according to the filing.
What's Inside Magnificent 10 ETF
According to Tuesday’s post by ETF Tracker on X, the proposed ETF will track a basket of 10 companies. This would include the so-called "Magnificent Seven" — Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), Microsoft Corp. (NASDAQ:MSFT), Amazon.com Inc. (NASDAQ:AMZN), Meta Platforms Inc. (NASDAQ:META), Apple Inc. (NASDAQ:AAPL), Nvidia Corp. (NASDAQ:NVDA), and Tesla Inc. (NASDAQ:TSLA).
In addition to the mega-cap names, the ETF would provide exposure to Advanced Micro Devices Inc. (NASDAQ:AMD), Broadcom Inc. (NASDAQ:AVGO) and Palantir Technologies Inc. (NASDAQ:PLTR).
The filing stated that the proposed ETF will be actively managed, and all 10 stocks will be equally weighted at each rebalance.
Mag 7 Becomes Most Crowded Trade
BlackRock highlighted growing concerns about market concentration as a group of seven stocks accounts for approximately 55% and 37% of total expected earnings growth for the S&P 500 this quarter and year, respectively.
ETF Competition Intensifies
The filing follows the launch of Tuttle Capital Magnificent 7 Income Blast ETF (BATS:MAGO) in December, which has amassed about $2.2 million in assets under management (AUM) in less than six months. It has an expense ratio of 0.99%.
Meanwhile, the Roundhill Magnificent Seven ETF (BATS:MAGS), which offers equal-weight exposure to the "Magnificent Seven" stocks, has attracted about $4.8 billion in AUM since its inception in April 2023. It charges 0.30% in annual fees from investors.
The latest filing also follows the recent proposal to launch the Roundhill Magnificent Seven Plus ETF under the ticker name MAGP, which aims to combine the leading mega-cap tech stocks with emerging players in AI and space. The proposed fund is set to include Broadcom and private companies such as Anthropic, OpenAI, and SpaceX, along with the "Magnificent Seven" stocks.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by a Benzinga editor.
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