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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
+2.43%
1 Year Est. Return
+17.33%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$848M
AUM Growth
+$101M
Cap. Flow
+$86.1M
Cap. Flow %
10.15%
Top 10 Hldgs %
59.5%
Holding
191
New
34
Increased
79
Reduced
50
Closed
18

Top Buys

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$21.1M
2
HYBL icon
State Street Blackstone High Income ETF
HYBL
+$11.5M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$8.52M
4
META icon
Meta Platforms (Facebook)
META
+$5.88M
5
NVDL icon
GraniteShares ETF Trust GraniteShares 2x Long NVDA Daily ETF
NVDL
+$5.11M

Top Sells

Rank Stock Value
1
SJNK icon
State Street SPDR Bloomberg Short Term High Yield Bond ETF
SJNK
+$4.33M
2
SRLN icon
State Street Blackstone Senior Loan ETF
SRLN
+$4.12M
3
JEPI icon
JPMorgan Equity Premium Income ETF
JEPI
+$2.37M
4
BIL icon
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
+$1.99M
5
GRMN
Garmin
GRMN
+$1.12M

Sector Composition

Rank Sector Weight
1 Technology 18.76%
2 Consumer Discretionary 5.02%
3 Financials 3.47%
4 Healthcare 2.82%
5 Consumer Staples 2.51%
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
$771B
$100M 11.78%
146,600
-14,300
-9% -$9.67M
AAPL icon
2
Apple
AAPL
$4.97T
$94.4M 11.12%
347,055
+78,429
+29% +$21.1M
SPY icon
3
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$771B
$82.3M 9.7%
120,700
-9,900
-8% -$6.69M
SPY icon
4
State Street SPDR S&P 500 ETF Trust
SPY
$771B
$49.6M 5.84%
72,663
+12,603
+21% +$8.52M
HYBL icon
5
State Street Blackstone High Income ETF
HYBL
$569M
$47.9M 5.65%
1,685,210
+405,530
+32% +$11.5M
AAPL icon
6
CALL
Apple
AAPL
$4.97T
$45.4M 5.35%
167,000
+24,600
+17% +$6.6M
NVDA icon
7
NVIDIA
NVDA
$4.6T
$26M 3.07%
139,669
+7,217
+5% +$1.34M
ZHDG icon
8
Zega Buy & Hedge ETF
ZHDG
$34.5M
$21.3M 2.51%
941,836
+162,933
+21% +$3.74M
AMZN icon
9
Amazon
AMZN
$2.44T
$19.9M 2.34%
86,138
+7,996
+10% +$1.83M
MSFT icon
10
Microsoft
MSFT
$2.9T
$18M 2.12%
37,179
+3,103
+9% +$1.55M
NVDA icon
11
CALL
NVIDIA
NVDA
$4.6T
$16.3M 1.92%
87,400
+44,300
+103% +$8.25M
AMZN icon
12
CALL
Amazon
AMZN
$2.44T
$14.4M 1.7%
62,300
-6,100
-9% -$1.4M
TSLA icon
13
Tesla
TSLA
$1.18T
$14.3M 1.69%
31,895
+8,420
+36% +$3.73M
COST icon
14
Costco
COST
$432B
$13.9M 1.64%
16,150
+3,547
+28% +$3.21M
SJNK icon
15
State Street SPDR Bloomberg Short Term High Yield Bond ETF
SJNK
$4.87B
$10.9M 1.28%
429,398
-170,897
-28% -$4.33M
SRLN icon
16
State Street Blackstone Senior Loan ETF
SRLN
$5.3B
$10.6M 1.25%
257,316
-99,916
-28% -$4.12M
QQQ icon
17
PUT
Invesco QQQ Trust
QQQ
$436B
$10.6M 1.25%
17,200
+3,700
+27% +$2.27M
COST icon
18
CALL
Costco
COST
$432B
$9.4M 1.11%
+10,900
New +$9.88M
XOM icon
19
ExxonMobil
XOM
$650B
$8.89M 1.05%
73,862
+223
+0.3% +$25.9K
META icon
20
Meta Platforms (Facebook)
META
$1.49T
$8.72M 1.03%
13,209
+8,804
+200% +$5.88M
LLY icon
21
Eli Lilly
LLY
$1.08T
$8.23M 0.97%
7,656
+1,048
+16% +$1M
AAPL icon
22
PUT
Apple
AAPL
$4.97T
$8.18M 0.96%
30,100
-8,700
-22% -$2.34M
AFL icon
23
Aflac
AFL
$65.5B
$7.5M 0.88%
67,975
+116
+0.2% +$12.8K
XOM icon
24
CALL
ExxonMobil
XOM
$650B
$7.38M 0.87%
61,300
-1,600
-3% -$186K
MSFT icon
25
CALL
Microsoft
MSFT
$2.9T
$6.92M 0.82%
14,300
+3,300
+30% +$1.65M
1
2 3 4 5

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ZEGA Investments's Q4 2025 Portfolio in Review

As of Q4 2025, ZEGA Investments held 191 positions worth $848M, up 14% from $747M the previous quarter. Its ten largest holdings account for 59% of the portfolio.

ZEGA Investments deployed $86.1M of net new capital in Q4 2025, opening 34 new positions and adding to 79 existing holdings. Its largest new stake was Capital Group Dividend Value ETF: 45,950 shares worth $2.01M.

By sector, the portfolio is most concentrated in Technology at 19% of assets, up from 18% a quarter earlier, followed by Consumer Discretionary and Financials.

On the sell side, the largest reduction was State Street SPDR Bloomberg Short Term High Yield Bond ETF, an estimated $4.33M trimmed.

  • ZEGA Investments's largest Q4 2025 buy was Capital Group Dividend Value ETF: 45,950 shares worth $2.01M.
  • ZEGA Investments added most to Apple in Q4 2025, an estimated $21.1M increase.
  • ZEGA Investments's biggest Q4 2025 reduction was State Street SPDR Bloomberg Short Term High Yield Bond ETF, cutting an estimated $4.33M.
  • ZEGA Investments fully exited Garmin in Q4 2025, selling an estimated $1.12M.
  • ZEGA Investments's ten largest holdings make up 59% of its $848M portfolio in Q4 2025.
  • ZEGA Investments opened 34 new positions and closed 18 in Q4 2025.
  • ZEGA Investments's portfolio value rose 14% quarter-over-quarter to $848M.

Based on ZEGA Investments's 13F filing for Q4 2025, filed 27 Jan 2026.