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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
+9.85%
1 Year Est. Return
+17.33%
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
SPY icon
1
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$107M 14.35%
160,900
-19,800
-11% -$12.7M
SPY icon
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$87M 11.64%
130,600
-77,900
-37% -$49.9M
AAPL icon
3
Apple
AAPL
$5.02T
$68.4M 9.15%
268,626
+4,351
+2% +$983K
SPY icon
4
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$40M 5.35%
60,060
-7,656
-11% -$4.91M
HYBL icon
5
State Street Blackstone High Income ETF
HYBL
$570M
$36.7M 4.91%
1,279,680
+92,389
+8% +$2.64M
AAPL icon
6
CALL
Apple
AAPL
$5.02T
$36.3M 4.85%
142,400
-7,500
-5% -$1.69M
NVDA icon
7
NVIDIA
NVDA
$4.66T
$24.7M 3.31%
132,452
+35,503
+37% +$6.19M
ZHDG icon
8
Zega Buy & Hedge ETF
ZHDG
$34.8M
$17.7M 2.37%
778,903
+131,254
+20% +$2.88M
MSFT icon
9
Microsoft
MSFT
$2.91T
$17.6M 2.36%
34,076
+3,106
+10% +$1.58M
AMZN icon
10
Amazon
AMZN
$2.45T
$17.2M 2.3%
78,142
-6,647
-8% -$1.5M
SJNK icon
11
State Street SPDR Bloomberg Short Term High Yield Bond ETF
SJNK
$4.88B
$15.4M 2.06%
600,295
-605
-0.1% -$15.4K
AMZN icon
12
CALL
Amazon
AMZN
$2.45T
$15M 2.01%
68,400
-12,300
-15% -$2.78M
SRLN icon
13
State Street Blackstone Senior Loan ETF
SRLN
$5.3B
$14.9M 1.99%
357,232
+5,471
+2% +$227K
COST icon
14
Costco
COST
$431B
$11.7M 1.56%
12,603
+7,240
+135% +$6.94M
TSLA icon
15
Tesla
TSLA
$1.21T
$10.4M 1.4%
23,475
-3,157
-12% -$1.09M
AAPL icon
16
PUT
Apple
AAPL
$5.02T
$9.88M 1.32%
38,800
-2,200
-5% -$497K
XOM icon
17
ExxonMobil
XOM
$655B
$8.3M 1.11%
73,639
+2,925
+4% +$325K
QQQ icon
18
PUT
Invesco QQQ Trust
QQQ
$441B
$8.1M 1.08%
13,500
+3,000
+29% +$1.72M
NVDA icon
19
CALL
NVIDIA
NVDA
$4.66T
$8.04M 1.08%
43,100
+8,000
+23% +$1.39M
AFL icon
20
Aflac
AFL
$66.1B
$7.58M 1.01%
67,859
– –
XOM icon
21
CALL
ExxonMobil
XOM
$655B
$7.09M 0.95%
62,900
+1,800
+3% +$200K
AFL icon
22
CALL
Aflac
AFL
$66.1B
$6.63M 0.89%
59,400
– –
ABBV icon
23
AbbVie
ABBV
$470B
$5.91M 0.79%
25,520
+11,161
+78% +$2.27M
MSFT icon
24
CALL
Microsoft
MSFT
$2.91T
$5.7M 0.76%
+11,000
New +$5.61M
LLY icon
25
Eli Lilly
LLY
$1.09T
$5.04M 0.67%
6,608
+132
+2% +$98.2K
1
2 3 4 5

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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.