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You Don't Need Nvidia to Beat the S&P 500, Two ETFs Show in 2026

Two funds that hold no Nvidia shares are outperforming the S&P 500 this year, as Jensen Huang steps down as CEO. Barron's reports on the ETFs.

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what happened

Investors do not need Nvidia stock to beat the S&P 500, according to Barron's. Two exchange-traded funds that leave the chipmaker out of their portfolios have posted higher returns than the broad market so far this year.

Nvidia shares fell 5% on Thursday after Jensen Huang announced he would step down as chief executive, and the stock has dropped more than 10% over the week. The Defiance Large Cap ex-Mag 7 ETF is up 16% year to date and the Goldman Sachs Future Tech Leaders Equity ETF has gained 24%, while the S&P 500 is up nearly 12%. Defiance still holds Micron, Broadcom and AMD among its top names, so it benefits from the chip rally tied to AI spending.

Weaker results came from funds that exclude the tech sector but still own Amazon, Alphabet, Meta and Tesla. The ProShares S&P 500 Ex-Technology ETF is up 9.5% and the First Trust Nasdaq-100 Ex-Technology fund is up about 4%.

why it matters

The wider signal matters more than any single fund: uncertainty over Nvidia's leadership is pushing investors to look for ways to reduce reliance on one stock. Next week's earnings could set the tone for the whole chip sector.

market impact

Nvidia and AI chip stocks: the leadership change adds uncertainty and weighs on the shares

  • Nvidia pressure down — Jensen Huang's decision to step down as CEO adds uncertainty about leadership

tags

ETF

instruments

Nvidia ↗S&P 500 ↗Defiance Large Cap ex-Mag 7 ETFGoldman Sachs Future Tech Leaders Equity ETFProShares S&P 500 Ex-Technology ETFRoundhill Magnificent Seven Plus ETF

on polymarket

Will there be no new be CEO of NVIDIA by December 31, 2028?4.5%Will Tim Cook be the next CEO of NVIDIA?5.5%Will Colette Kress be the next CEO of NVIDIA?14.9%

sources

  1. You Don't Need Nvidia to Beat the S&P 500. These ETFs Prove It. — Barrons.com, 12 November 2026 at 18:21 UTC

prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.

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