XMAG is passively managed to provide exposure to the stocks similar to the S&P 500 Index, while deselecting the Magnificent 7 Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla. The objective is to provide a more broad, balanced representation of the US equity market as compared to other broad-based index funds. Constituents are selected from the 700 largest stocks, ranked by descending market capitalization.