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ZI

ZEGA Investments Portfolio holdings

AUM $890M
1-Year Est. Return 17.33%
This Fund
S&P 500
This Quarter Est. Return
-4.41%
1 Year Est. Return
+17.33%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$656M
AUM Growth
+$258M
Cap. Flow
+$48.3M
Cap. Flow %
7.36%
Top 10 Hldgs %
65.93%
Holding
165
New
29
Increased
67
Reduced
31
Closed
29

Top Buys

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$5.68M
2
JEPI icon
JPMorgan Equity Premium Income ETF
JEPI
+$3.82M
3
GOOG icon
Alphabet (Google) Class C
GOOG
+$3.1M
4
AMZN icon
Amazon
AMZN
+$3.08M
5
V icon
Visa
V
+$2.7M

Top Sells

Rank Stock Value
1
FANG icon
Diamondback Energy
FANG
+$3.8M
2
IVV icon
iShares Core S&P 500 ETF
IVV
+$3M
3
GRNY
FundStrat Granny Shots US Large Cap ETF
GRNY
+$2.47M
4
MSFT icon
Microsoft
MSFT
+$1.81M
5
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$1.28M

Sector Composition

Rank Sector Weight
1 Technology 12.9%
2 Consumer Discretionary 3.58%
3 Healthcare 2.59%
4 Financials 2.39%
5 Energy 1.77%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
1
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$777B
$113M 17.26%
202,400
-22,400
-10% -$13.2M
SPY icon
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$777B
$111M 16.99%
199,200
-31,300
-14% -$18.4M
AAPL icon
3
Apple
AAPL
$5.01T
$56.3M 8.59%
253,565
+24,534
+11% +$5.68M
SPY icon
4
State Street SPDR S&P 500 ETF Trust
SPY
$777B
$31M 4.73%
55,447
+2,505
+5% +$1.47M
AAPL icon
5
CALL
Apple
AAPL
$5.01T
$30.4M 4.64%
137,000
+85,900
+168% +$19.9M
SRLN icon
6
State Street Blackstone Senior Loan ETF
SRLN
$5.3B
$24.9M 3.79%
605,136
+21,527
+4% +$895K
SJNK icon
7
State Street SPDR Bloomberg Short Term High Yield Bond ETF
SJNK
$4.88B
$21.2M 3.23%
841,597
+1,348
+0.2% +$34.3K
AMZN icon
8
Amazon
AMZN
$2.47T
$16.2M 2.47%
85,015
+14,189
+20% +$3.08M
ZHDG icon
9
Zega Buy & Hedge ETF
ZHDG
$34.7M
$14.9M 2.27%
768,862
-9,535
-1% -$193K
AAPL icon
10
PUT
Apple
AAPL
$5.01T
$12.9M 1.97%
58,200
+7,800
+15% +$1.81M
AMZN icon
11
CALL
Amazon
AMZN
$2.47T
$10.8M 1.65%
57,000
+28,200
+98% +$6.12M
MSFT icon
12
Microsoft
MSFT
$2.94T
$10.5M 1.61%
28,098
-4,438
-14% -$1.81M
HYBL icon
13
State Street Blackstone High Income ETF
HYBL
$570M
$9.73M 1.48%
346,103
+20,222
+6% +$574K
XOM icon
14
ExxonMobil
XOM
$648B
$8.42M 1.28%
70,809
-8,796
-11% -$973K
NVDA icon
15
NVIDIA
NVDA
$4.67T
$7.85M 1.2%
72,405
-3,172
-4% -$402K
AFL icon
16
Aflac
AFL
$65.6B
$7.12M 1.08%
64,000
– –
JEPI icon
17
JPMorgan Equity Premium Income ETF
JEPI
$45.6B
$5.71M 0.87%
99,974
+65,486
+190% +$3.82M
QQQ icon
18
CALL
Invesco QQQ Trust
QQQ
$441B
$5.58M 0.85%
11,900
– –
GOOGL icon
19
CALL
Alphabet (Google) Class A
GOOGL
$4.12T
$5.37M 0.82%
+34,700
New +$6.29M
UNH icon
20
UnitedHealth
UNH
$385B
$5.27M 0.8%
10,070
+9
+0.1% +$4.6K
XOM icon
21
CALL
ExxonMobil
XOM
$648B
$5.23M 0.8%
+44,000
New +$4.87M
QQQ icon
22
PUT
Invesco QQQ Trust
QQQ
$441B
$4.97M 0.76%
10,600
-1,500
-12% -$762K
TSLA icon
23
Tesla
TSLA
$1.19T
$4.77M 0.73%
18,415
+7,833
+74% +$2.61M
COST icon
24
Costco
COST
$431B
$4.67M 0.71%
4,940
+245
+5% +$239K
GOOG icon
25
Alphabet (Google) Class C
GOOG
$4.12T
$4.17M 0.64%
26,684
+16,920
+173% +$3.1M
1
2 3 4 5

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ZEGA Investments's Q1 2025 Portfolio in Review

As of Q1 2025, ZEGA Investments held 165 positions worth $656M, up 65% from $398M the previous quarter. Its ten largest holdings account for 66% of the portfolio.

ZEGA Investments deployed $48.3M of net new capital in Q1 2025, opening 29 new positions and adding to 67 existing holdings. Its largest new stake was State Street Health Care Select Sector SPDR ETF: 16,775 shares worth $2.45M.

By sector, the portfolio is most concentrated in Technology at 13% of assets, down from 22% a quarter earlier, followed by Consumer Discretionary and Healthcare.

On the sell side, the largest reduction was Diamondback Energy, an estimated $3.8M trimmed.

  • ZEGA Investments's largest Q1 2025 buy was State Street Health Care Select Sector SPDR ETF: 16,775 shares worth $2.45M.
  • ZEGA Investments added most to Apple in Q1 2025, an estimated $5.68M increase.
  • ZEGA Investments's biggest Q1 2025 reduction was Diamondback Energy, cutting an estimated $3.8M.
  • ZEGA Investments fully exited FundStrat Granny Shots US Large Cap ETF in Q1 2025, selling an estimated $2.47M.
  • ZEGA Investments's ten largest holdings make up 66% of its $656M portfolio in Q1 2025.
  • ZEGA Investments opened 29 new positions and closed 29 in Q1 2025.
  • ZEGA Investments's portfolio value rose 65% quarter-over-quarter to $656M.

Based on ZEGA Investments's 13F filing for Q1 2025, filed 14 May 2025.