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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
GOOY icon
151
YieldMax GOOGL Option Income Strategy ETF
GOOY
$237M
$182K 0.02%
+12,887
New +$171K
APLY icon
152
YieldMax AAPL Option Income Strategy ETF
APLY
$120M
$166K 0.02%
+12,209
New +$162K
AMZY icon
153
YieldMax AMZN Option Income Strategy ETF
AMZY
$259M
$150K 0.02%
+10,574
New +$164K
ULTY icon
154
YieldMax Ultra Option Income Strategy ETF
ULTY
$764M
$109K 0.01%
+2,000
New +$118K
DIPS
155
YieldMax Short NVDA Option Income Strategy ETF
DIPS
$6.98M
$96K 0.01%
1,622
+519
+47% +$34.2K
CRSH
156
YieldMax Short TSLA Option Income Strategy ETF
CRSH
$16.1M
$95.2K 0.01%
3,061
+1,030
+51% +$41.9K
FIAT
157
YieldMax Short COIN Option Income Strategy ETF
FIAT
$33.1M
$91.5K 0.01%
3,351
+1,502
+81% +$47K
ACWI icon
158
CALL
iShares MSCI ACWI ETF
ACWI
$33.4B
– –
-10,900
Closed -$1.4M
BKUI icon
159
BNY Mellon Ultra Short Income ETF
BKUI
$581M
– –
-24,220
Closed -$1.21M
BUFZ icon
160
FT Vest Laddered Moderate Buffer ETF
BUFZ
$1.02B
– –
-64,541
Closed -$1.61M
CONY icon
161
YieldMax COIN Option Income Strategy ETF
CONY
$336M
– –
-1,236
Closed -$113K
COWZ icon
162
Pacer US Cash Cows 100 ETF
COWZ
$19.4B
– –
-4,392
Closed -$242K
FIAX icon
163
Nicholas Fixed Income Alternative ETF
FIAX
$129M
– –
-11,489
Closed -$210K
FTSM icon
164
First Trust Enhanced Short Maturity ETF
FTSM
$6.54B
– –
-49,935
Closed -$2.99M
GLD icon
165
SPDR Gold Trust
GLD
$142B
– –
-6,025
Closed -$1.84M
GSST icon
166
Goldman Sachs Access Ultra Short Bond ETF
GSST
$1.59B
– –
-32,656
Closed -$1.65M
GSY icon
167
Invesco Ultra Short Duration ETF
GSY
$3.88B
– –
-67,643
Closed -$3.39M
IBIT icon
168
CALL
iShares Bitcoin Trust
IBIT
$48.4B
– –
-26,900
Closed -$1.65M
ICSH icon
169
iShares Ultra Short Duration Bond Active ETF
ICSH
$8.4B
– –
-32,653
Closed -$1.66M
ISRG icon
170
Intuitive Surgical
ISRG
$134B
– –
-3,363
Closed -$1.83M
JAAA icon
171
Janus Henderson AAA CLO ETF
JAAA
$29.8B
– –
-4,114
Closed -$209K
JEPQ icon
172
JPMorgan Nasdaq Equity Premium Income ETF
JEPQ
$41.4B
– –
-44,351
Closed -$2.41M
KNG icon
173
FT Vest S&P 500 Dividend Aristocrats Target Income ETF
KNG
$3.47B
– –
-77,773
Closed -$3.82M
PDBC icon
174
Invesco Actively Managed Exch-Traded Commodity Fd Tr Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF
PDBC
$6.42B
– –
-33,450
Closed -$436K
PGR icon
175
Progressive
PGR
$125B
– –
-5,431
Closed -$1.45M
4 5 6
7
8

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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.