Individual investors snapped up shares of an exchange-traded fund tied to the "Magnificent Seven" group of technology megacap stocks during the recent nosedive in the U.S. stock market, according to data.

The Roundhill Magnificent Seven ETF attracted a net $50 million of inflows in the four trading days ended on Tuesday, according to market analysis firm VettaFi. The MAGS ETF fell more than 7% in that four-day period, while the S&P 500 dropped 4.6%.

The inflows marked a sharp end to a five-week period during which the $1.68 billion fund lost $163 million in assets. The ETF, which also includes megacap stocks such as Nvidia and Apple, is down over 12% this year.

"This is the first decent-sized correction that this cohort has had for some time," said Todd Sohn, market strategist at Strategas. "For investors who still believe in having a concentrated position in those companies, then an ETF like this is a quick way to make that allocation."

Retail investors appeared to be among the purchasers, according to data from Vanda Research. They accounted for about 25% of all purchases of the ETF in the week ended on Tuesday, the firm said.

"Investors are still willing to buy an ETF that lumps all seven of these companies together, even as their individual returns are starting to vary more and more," Sohn said.

Tesla is still 38% lower so far this year as of late afternoon on Wednesday, while shares of Meta Platforms are nearly 6% higher in 2025.

Individuals looking to overweight technology stocks still tend to prefer using products tied to broader indexes, Vanda said. Those include the Invesco QQQ ETF, which tracks the Nasdaq 100, and the Direxion Daily Semiconductor Bull 3x Shares, which targets a return that is three times that of the NYSE Semiconductor Index.

Those ETFs also saw buying by retail investors during the sharpest market decline in recent days, according to Vanda.