MAGS ETF Soars as Meta and Apple Stocks Hit Record Highs

The Roundhill Magnificent Seven ETF (MAGS) has been on an upward trajectory, driven by strong performance from its top constituents. Meta Platforms (META) and Apple (AAPL) have seen significant gains, with their stocks surging to record highs. As a result, the MAGS ETF reached a new high of $73.47, up 32% from its lowest point this year.

The fund has attracted substantial inflows, adding over $43 million on September 18 alone. This brings the 30-day total to over $182 million, with the fund now holding over $357 million in assets under management (AUM). The AUM is now at an impressive $4.7 billion.

META's resurgence can be attributed to its Muse product, which has become one of the most downloaded apps on iOS and Android. Sensor Tower data shows that it has garnered over 738,000 downloads in the last five days since its launch. This growth is expected to continue, with Meta's revenue jumping to $60 billion in the second quarter, up from $47.5 billion in the same period last year.

Apple's stock has also been on the rise, hovering near its all-time high of $345 after launching its latest devices, including a foldable iPhone costing about $2,000. Analysts expect Apple to continue performing well, with other smartphone sales expected to surge.