We report on the magnetization of ensembles of etched quantum dots with a lateral diameter of 460 nm, which we prepared from InGaAs/InP heterostructures. The quantum dots exhibit 1/B-periodic de-Haas–van-Alphen-type oscillations in the magnetization M(B) for external magnetic fields B > 2 T, measured by torque magnetometry at 0.3 K. We compare the experimental data to model calculations assuming different confinement potentials and including ensemble broadening effects. The comparison shows that a hard wall potential with an edge depletion width of 100 nm explains the magnetic behavior. Beating patterns induced by Rashba spin–orbit interaction (SOI) as measured in unpatterned and nanopatterned InGaAs/InP heterostructures are not observed for the quantum dots. From our model we predict that signatures of SOI in the magnetization could be observed in larger dots in tilted magnetic fields.