Tesla (TSLA) is set to kick off the "Magnificent Seven" earnings reports next week for the third quarter. But how can investors gain exposure to these megacap tech names without buying individual stocks? Calamos Investments senior vice president and head of ETFs Matt Kaufman joins Yahoo Finance to discuss investing strategies.

Kaufman points out that the Magnificent Seven trade continues to drive strong market returns, with the group up 40% this year. He notes, "The Mag Seven is still accounting for a significant portion" of market gains, even as the other 493 S&P 500 (^GSPC) companies are starting to gain momentum.

"If the leadership in the Mag 7 stops continuing going forward, maybe the innovation doesn't keep up at the same pace, then you would want exposure to those other names as well," Kaufman advises. He suggests investors consider CANQ (CANQ), an ETF that provides exposure to top names using options to remain defensive.

"We're seeing a lot of folks moving into this options-based strategy, which really allows you to control the exposure you want to these Mag 7 names and to others," Kaufman explains.

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This post was written by Angel Smith