The so-called "Magnificent Seven" stocks have dominated the financial headlines recently, and for good reason. Not only are they some of the largest companies in the world, but they have for the most part delivered market-beating returns for investors in 2024, as well as over longer periods.

However, investing in individual stocks isn't right for everyone. There's a lot of company-specific risk that comes with trying to build a stock portfolio on your own, and not all investors have the time, knowledge, and desire to research and select stocks wisely.

With that in mind, I've made a somewhat different Magnificent Seven list of the largest exchange-traded funds, or ETFs in the market. They are all passive index funds, and track a variety of benchmark indices, and can produce excellent long-term returns without much homework on your part.

Note that this Magnificent Seven ETF list is designed to that all seven ETFs have different investment focuses. For example, the second, third, and fourth-largest ETFs by net asset value are all S&P 500 index funds, so only the largest of that group is included.

1. Vanguard Total Stock Market ETF

With $1.55 trillion in total assets invested, this is the largest index fund in the world. As the name suggests, the Vanguard Total Stock Market ETF (VTI 0.93%) tracks an index that is designed to represent the performance of the overall U.S. stock market over time. It includes large caps, small caps, and everything in between, and it is a weighted index, meaning that larger companies contribute more to the fund's performance.

It's also worth noting that some of these ETFs have asset totals that include different classes of shares, such as mutual funds that have the same investment strategy, management, and holdings. For example, the $1.55 trillion in assets held by the Vanguard Total Stock Market ETF includes the mutual fund versions of the same fund offered by Vanguard.

2. Vanguard S&P 500

The Vanguard S&P 500 ETF (VOO 1.00%) is the largest S&P 500 index fund, and owns shares of all 500 companies that make up the well-known benchmark index. Widely considered the best indicator of how large American corporations are doing, the S&P 500 is also a weighted index.

Investors should also be aware that the S&P 500 makes up roughly 80% of the U.S. stock market's entire market cap. Because of this, the Vanguard Total Stock Market ETF and Vanguard S&P 500 ETF are more similar investment vehicles than you might think.

3. Vanguard Total International Stock ETF

The first two funds on this list are top picks for U.S. stocks, but with $412 billion in assets, the third largest is the Vanguard Total International Stock ETF (VXUS 0.81%). As the name implies, this tracks a weighted index of companies based outside the U.S. and that don't trade on the Nasdaq or New York Stock Exchange.

4. Vanguard Total Bond Market ETF

Since most investors (especially in retirement accounts) have at least some exposure to fixed income, it shouldn't be too surprising to see the Vanguard Total Bond Market ETF (BND 0.23%) among the largest ETFs. This index fund tracks a broad index of government and corporate bonds, aiming to provide an all-in-one fixed income exposure for investors.

5. Invesco QQQ Trust

The first and only non-Vanguard ETF on this list, the Invesco QQQ Trust (QQQ 1.54%) is better known as the "Nasdaq ETF." It aims to replicate the performance of the Nasdaq 100 index, investing proportionally to market cap in the 100 companies that make up this tech-heavy benchmark index. As of the latest information, the Invesco QQQ Trust has $254 billion in total assets invested.

6. Vanguard Growth ETF Shares

Stocks generally fall into one of two categories – growth or value. And with the former seen as the more exciting of the two by many investors, the Vanguard Growth ETF (VUG 1.82%) is the sixth-largest ETF with $222 billion under management. This is more of a diversified index than the QQQ Trust, as it includes growth stocks that are not listed on the Nasdaq, but as you might imagine, there is a lot of overlap.

7. Vanguard Developed Markets ETF

The second foreign ETF on the list, the Vanguard Developed Markets ETF (VEA 0.74%), with $184 billion in assets invests in companies located in Canada, as well as in major European and Pacific markets. Unlike the other international stock ETF on the list, it invests only in developed markets, not emerging markets such as those in Central and South America.

Which is best for you?

These are the seven largest ETFs in the world, by assets. All are index funds, and as you might expect, all track rather broad indices. Any of these could be a great addition to a long-term investment portfolio, and the best choice for you depends on your specific goals and risk tolerance.