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ZI

ZEGA Investments Portfolio holdings

AUM $973M
1-Year Est. Return 27.27%
This Fund
S&P 500
This Quarter Est. Return
+9.85%
1 Year Est. Return
+27.27%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$747M
AUM Growth
+$14.7M
Cap. Flow
-$47.6M
Cap. Flow %
-6.38%
Top 10 Hldgs %
60.59%
Holding
186
New
45
Increased
60
Reduced
44
Closed
29

Top Buys

Rank Stock Value
1
COST icon
Costco
COST
+$6.94M
2
NVDA icon
NVIDIA
NVDA
+$6.19M
3
ZHDG icon
Zega Buy & Hedge ETF
ZHDG
+$2.88M
4
HYBL icon
State Street Blackstone High Income ETF
HYBL
+$2.64M
5
NSC icon
Norfolk Southern
NSC
+$2.48M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$4.91M
2
GOOG icon
Alphabet (Google) Class C
GOOG
+$4.31M
3
KNG icon
FT Vest S&P 500 Dividend Aristocrats Target Income ETF
KNG
+$3.82M
4
JPST icon
JPMorgan Ultra-Short Income ETF
JPST
+$3.42M
5
GSY icon
Invesco Ultra Short Duration ETF
GSY
+$3.39M

Sector Composition

Rank Sector Weight
1 Technology 17.79%
2 Consumer Discretionary 4.65%
3 Financials 3.64%
4 Healthcare 2.74%
5 Consumer Staples 2.5%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ITOT icon
101
iShares Core S&P Total US Stock Market ETF
ITOT
$97.8B
$829K 0.11%
5,692
+332
+6% +$46.6K
SOXY
102
YieldMax Target 12 Semiconductor Option Income ETF
SOXY
$67.8M
$822K 0.11%
14,567
+3,477
+31% +$185K
EPD icon
103
Enterprise Products Partners
EPD
$81.7B
$776K 0.1%
24,825
+265
+1% +$8.36K
ADBE icon
104
Adobe
ADBE
$105B
$746K 0.1%
2,114
– –
QQQ icon
105
Invesco QQQ Trust
QQQ
$481B
$716K 0.1%
1,193
+190
+19% +$109K
GILD icon
106
Gilead Sciences
GILD
$165B
$680K 0.09%
6,123
+16
+0.3% +$1.82K
NVDL icon
107
GraniteShares ETF Trust GraniteShares 2x Long NVDA Daily ETF
NVDL
$3.85B
$651K 0.09%
+20,847
New +$583K
WFC icon
108
Wells Fargo
WFC
$264B
$640K 0.09%
7,630
+7
+0.1% +$568
KR icon
109
Kroger
KR
$34.8B
$600K 0.08%
8,896
+46
+0.5% +$3.2K
CERY
110
State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF
CERY
$1B
$591K 0.08%
+20,639
New +$576K
FANG icon
111
Diamondback Energy
FANG
$52.7B
$588K 0.08%
4,112
-5,158
-56% -$734K
NOW icon
112
ServiceNow
NOW
$129B
$571K 0.08%
3,100
– –
CRM icon
113
Salesforce
CRM
$158B
$552K 0.07%
+2,328
New +$587K
ABT icon
114
Abbott
ABT
$187B
$541K 0.07%
4,037
-29
-0.7% -$3.81K
EPD icon
115
CALL
Enterprise Products Partners
EPD
$81.7B
$491K 0.07%
+15,700
New +$495K
SYLD icon
116
Cambria Shareholder Yield ETF
SYLD
$1.01B
$460K 0.06%
6,702
-1,468
-18% -$99.4K
GIAX
117
Nicholas Global Equity and Income ETF
GIAX
$108M
$453K 0.06%
25,951
+2,739
+12% +$48.5K
BOXX icon
118
Alpha Architect 1-3 Month Box ETF
BOXX
$13.5B
$451K 0.06%
+3,959
New +$448K
GBTC icon
119
Grayscale Bitcoin Trust
GBTC
$9.76B
$449K 0.06%
+5,000
New +$450K
SDTY
120
YieldMax S&P 500 0DTE Covered Call Strategy ETF
SDTY
$48.2M
$431K 0.06%
9,419
+956
+11% +$43.3K
ITRI icon
121
Itron
ITRI
$4.54B
$404K 0.05%
3,245
+3
+0.1% +$382
CVX icon
122
Chevron
CVX
$366B
$392K 0.05%
2,523
-3
-0.1% -$465
BMNR
123
BitMine Immersion Technologies
BMNR
$11.4B
$386K 0.05%
+7,424
New +$376K
JPST icon
124
JPMorgan Ultra-Short Income ETF
JPST
$40.6B
$381K 0.05%
7,505
-67,474
-90% -$3.42M
UBER icon
125
Uber
UBER
$153B
$371K 0.05%
3,788
-1,062
-22% -$99.3K
3 4
5
6 7

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ZEGA Investments's Q3 2025 Portfolio in Review

As of Q3 2025, ZEGA Investments held 186 positions worth $747M, up 2% from $733M the previous quarter. Its ten largest holdings account for 61% of the portfolio.

ZEGA Investments withdrew a net $47.6M in Q3 2025, closing 29 positions and reducing 44 holdings. Its most notable exit was FT Vest S&P 500 Dividend Aristocrats Target Income ETF, an estimated $3.82M position sold in full.

By sector, the portfolio is most concentrated in Technology at 18% of assets, up from 13% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, ZEGA Investments opened a new position in Norfolk Southern worth $2.68M.

  • ZEGA Investments's largest Q3 2025 buy was Norfolk Southern: 8,934 shares worth $2.68M.
  • ZEGA Investments added most to Costco in Q3 2025, an estimated $6.94M increase.
  • ZEGA Investments's biggest Q3 2025 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $4.91M.
  • ZEGA Investments fully exited FT Vest S&P 500 Dividend Aristocrats Target Income ETF in Q3 2025, selling an estimated $3.82M.
  • ZEGA Investments's ten largest holdings make up 61% of its $747M portfolio in Q3 2025.
  • ZEGA Investments opened 45 new positions and closed 29 in Q3 2025.
  • ZEGA Investments's portfolio value rose 2% quarter-over-quarter to $747M.

Based on ZEGA Investments's 13F filing for Q3 2025, filed 27 Oct 2025.