ZEGA Investments, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 27, 2025), ZEGA Investments, LLC reported 139 stock positions worth $436.0 million. Its top holding was Apple (AAPL) at 15.7% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 9.2%) and SS Blackstone High Inc. ETF (HYBL, 8.4%). Compared with Q2 2025, it opened 40 new positions, sold out of 27, added to 56 and reduced 37. The biggest buy was Apple (AAPL, shares +2%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −11%).
- Most Recent 13F
- Q2 2026
- Location
- PALM BEACH GARDENS, FL
- CIK
- 0002045703
- Portfolio Value
- $436.0M (Q3 2025)
- SEC Filing
- 0001172661-25-004437 ↗ filed Oct 27, 2025
Holdings Value
Holdings 139 stocks · $436.0M
| AAPL Apple Inc. | 15.69% | 268,626 | $68.4M | Add +1.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 9.18% | 60,060 | $40.0M | Reduce -11.3% |
| HYBL SS Blackstone High Inc. ETF | 8.41% | 1,279,680 | $36.7M | Add +7.8% |
| NVDA Nvidia Corp. | 5.67% | 132,452 | $24.7M | Add +36.6% |
| ZHDG Zega Buy and Hedge ETF | 4.06% | 778,903 | $17.7M | Add +20.3% |
| MSFT Microsoft Corp. | 4.05% | 34,076 | $17.6M | Add +10.0% |
| AMZN Amazon.com Inc. | 3.94% | 78,142 | $17.2M | Reduce -7.8% |
| SJNK SS SPDR BB St Hi Yield ETF | 3.52% | 600,295 | $15.4M | Reduce -0.1% |
| SRLN SS Blackstone Sr Loan ETF | 3.41% | 357,232 | $14.9M | Add +1.6% |
| COST Costco Wholesale Corp. | 2.68% | 12,603 | $11.7M | Add +135.0% |
| TSLA Tesla Inc. | 2.39% | 23,475 | $10.4M | Reduce -11.8% |
| XOM Exxon Mobil Corp. | 1.90% | 73,639 | $8.3M | Add +4.1% |
| AFL Aflac Inc. | 1.74% | 67,859 | $7.6M | No change |
| ABBV Abbvie Inc. | 1.36% | 25,520 | $5.9M | Add +77.7% |
| LLY Eli Lilly & Co. | 1.16% | 6,608 | $5.0M | Add +2.0% |
| JPM JPMorgan Chase & Co. | 1.09% | 15,035 | $4.7M | Add +95.4% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.96% | 45,798 | $4.2M | Add +11.3% |
| GOOG Alphabet Inc. Class C | 0.86% | 15,396 | $3.7M | Reduce -57.1% |
| UNH Unitedhealth Group Inc. | 0.84% | 10,647 | $3.7M | Reduce -0.1% |
| V Visa Inc. Class A | 0.82% | 10,416 | $3.6M | Add +1.8% |
| META Meta Platforms Inc. Class A | 0.74% | 4,405 | $3.2M | Reduce -13.5% |
| SPYT Defiance S&P 500 Tar Inc. ETF | 0.70% | 165,984 | $3.1M | Add +4.1% |
| GOOGL Alphabet Inc. Class A | 0.67% | 12,039 | $2.9M | Add +70.4% |
| HD Home Depot Inc. | 0.66% | 7,070 | $2.9M | Add +25.4% |
| PLTR Palantir Technologies Inc. Class A | 0.65% | 15,523 | $2.8M | Add +125.0% |
| MSTR Strategy Inc. | 0.65% | 8,769 | $2.8M | Add +54.2% |
| NSC Norfolk Southern Corp. | 0.62% | 8,934 | $2.7M | New |
| JEPI JPMorgan Equity Premium Inco | 0.61% | 46,458 | $2.7M | Reduce -51.3% |
| YMAX Yieldmax Universe Fo in Etfs | 0.60% | 205,123 | $2.6M | Reduce -9.7% |
| MCK McKesson Corp. | 0.53% | 2,974 | $2.3M | Add +0.1% |
| WMT Walmart Inc. | 0.53% | 22,226 | $2.3M | Add +0.1% |
| CAT Caterpillar Inc. | 0.46% | 4,184 | $2.0M | Add +149.6% |
| IVV iShares Core S&P 500 ETF | 0.45% | 2,961 | $2.0M | Reduce -2.1% |
| COWG Pacer US LRG Cap Cows GR LD | 0.43% | 51,786 | $1.9M | Reduce -4.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.42% | 3,662 | $1.8M | Add +1.8% |
| AVGO Broadcom Inc. | 0.41% | 5,426 | $1.8M | Add +160.2% |
| HOOD Robinhood Markets Inc. Class A | 0.38% | 11,551 | $1.7M | Add +420.1% |
| GLDM SPDR Gold Minishares Trust | 0.38% | 21,609 | $1.7M | New |
| EMR Emerson Electric Co. | 0.36% | 12,059 | $1.6M | New |
| USB US Bancorp | 0.36% | 32,604 | $1.6M | Reduce -2.5% |
| SPTI SS SPDR P Int Term TSY ETF | 0.35% | 53,448 | $1.5M | Add +361.1% |
| MAR Marriott International Class A | 0.34% | 5,692 | $1.5M | Add +233.3% |
| PH Parker Hannifin Corp. | 0.33% | 1,900 | $1.4M | New |
| CRWD CrowdStrike Holdings Inc. Class A | 0.31% | 2,767 | $1.4M | New |
| ANET Arista Networks Inc. | 0.30% | 9,079 | $1.3M | Add +133.3% |
| NFLX Netflix Inc. | 0.30% | 1,093 | $1.3M | Reduce -26.5% |
| KMI Kinder Morgan Inc. | 0.29% | 44,467 | $1.3M | Reduce -0.3% |
| ORCL Oracle Corp. | 0.29% | 4,471 | $1.3M | New |
| AMD Advanced Micro Devices | 0.28% | 7,484 | $1.2M | New |
| PANW Palo Alto Networks Inc. | 0.27% | 5,846 | $1.2M | Reduce -45.5% |
| SYK Stryker Corp. | 0.27% | 3,213 | $1.2M | Add +0.0% |
| LRCX Lam Research Corp. | 0.27% | 8,765 | $1.2M | New |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.27% | 14,977 | $1.2M | Add +2.0% |
| JNJ Johnson & Johnson | 0.27% | 6,320 | $1.2M | Add +0.6% |
| PWR Quanta Services Inc. | 0.27% | 2,798 | $1.2M | Reduce -33.7% |
| PEP Pepsico Inc. | 0.26% | 8,190 | $1.2M | Add +0.2% |
| KO The Coca-Cola Co. | 0.26% | 17,318 | $1.1M | Add +1.3% |
| KLAC KLA Corp. | 0.26% | 1,050 | $1.1M | New |
| GRMN Garmin Ltd. | 0.26% | 4,553 | $1.1M | New |
| GE General Electric filed as GE AEROSPACE | 0.25% | 3,621 | $1.1M | New |
| QQQM Invesco Nasdaq 100 ETF | 0.25% | 4,373 | $1.1M | New |
| CDNS Cadence Design SYS Inc. | 0.25% | 3,076 | $1.1M | New |
| AXP American Express Co. | 0.25% | 3,252 | $1.1M | New |
| GEV GE Vernova Inc. | 0.24% | 1,722 | $1.1M | Reduce -44.9% |
| GS Goldman Sachs Group Inc. | 0.24% | 1,319 | $1.1M | Reduce -47.6% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.24% | 9,640 | $1.1M | New |
| PCAR Paccar Inc. | 0.24% | 10,500 | $1.0M | No change |
| INTU Intuit Inc. | 0.24% | 1,505 | $1.0M | Reduce -46.4% |
| ETN Eaton Corp. PLC | 0.23% | 2,722 | $1.0M | New |
| AXON Axon Enterprise Inc. | 0.23% | 1,391 | $998K | New |
| MNST Monster Beverage Corp. | 0.23% | 14,738 | $992K | New |
| WTW Willis Towers Watson PLC | 0.23% | 2,850 | $985K | New |
| QQQT Defiance Nasdaq 100 in T ETF | 0.23% | 52,937 | $983K | Reduce -1.9% |
| EXPE Expedia Group Inc. | 0.22% | 4,533 | $969K | New |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.22% | 1,962 | $941K | Reduce -0.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.21% | 2,815 | $924K | Add +6.7% |
| VYM Vanguard High DVD Yield ETF | 0.21% | 6,538 | $922K | New |
| SBUX Starbucks Corp. | 0.21% | 10,842 | $917K | Add +0.7% |
| MCD McDonald's Corp. | 0.21% | 2,952 | $897K | Add +96.3% |
| LYV Live Nation Entertainment Inc. | 0.20% | 5,439 | $889K | New |
| VST Vistra Corp. | 0.20% | 4,446 | $871K | New |
| SPGI S&P Global Inc. | 0.19% | 1,715 | $835K | New |
| PG The Procter & Gamble Co. | 0.19% | 5,398 | $829K | Add +22.2% |
| ITOT iShares Core S&P Total U.S. | 0.19% | 5,692 | $829K | Add +6.2% |
| SOXY Yieldmax Target 12 SC Oi ETF | 0.19% | 14,567 | $822K | Add +31.4% |
| EPD Enterprise Products Partners | 0.18% | 24,825 | $776K | Add +1.1% |
| ADBE Adobe Inc. | 0.17% | 2,114 | $746K | No change |
| QQQ Invesco QQQ Trust Series 1 | 0.16% | 1,193 | $716K | Add +18.9% |
| GILD Gilead Sciences Inc. | 0.16% | 6,123 | $680K | Add +0.3% |
| NVDL Granitesh 2X LNG Nvda ETF | 0.15% | 6,949 | $651K | New |
| WFC Wells Fargo & Co. | 0.15% | 7,630 | $640K | Add +0.1% |
| KR Kroger Co. | 0.14% | 8,896 | $600K | Add +0.5% |
| CERY SS SPDR BBG En RY CM St N-Ui | 0.14% | 20,639 | $591K | New |
| FANG Diamondback Energy Inc. | 0.14% | 4,112 | $588K | Reduce -55.6% |
| NOW ServiceNow Inc. | 0.13% | 620 | $571K | No change |
| CRM Salesforce Inc. | 0.13% | 2,328 | $552K | New |
| ABT Abbott Laboratories | 0.12% | 4,037 | $541K | Reduce -0.7% |
| SYLD Cambria Shareholder Yield Et | 0.11% | 6,702 | $460K | Reduce -18.0% |
| GIAX Nicholas GLBL Eq Inc. ETF | 0.10% | 25,951 | $453K | Add +11.8% |
| BOXX Alpha Architect 1-3 MNTH Box | 0.10% | 3,959 | $451K | New |
Options reported separately and not counted above: SPY calls ($107.2M), SPY puts ($87.0M), AAPL calls ($36.3M), AMZN calls ($15.0M), AAPL puts ($9.9M), QQQ puts ($8.1M), NVDA calls ($8.0M), XOM calls ($7.1M), AFL calls ($6.6M), MSFT calls ($5.7M), ABBV calls ($4.4M), JPM calls ($4.2M), and 6 more.
Portfolio Sells Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -11.3% | 9.18% | −1.32 |
| KNG FT Vest S&P 500 DVD Arst TRG | Sold out | 0.00% | −0.96 |
| JPST JPMorgan Ultra-Short Income | Reduce -90.0% | 0.09% | −0.87 |
| GSY Invesco Ultra Short Duration | Sold out | 0.00% | −0.85 |
| JEPI JPMorgan Equity Premium Inco | Reduce -51.3% | 0.61% | −0.75 |
| FTSM First Trust Enh Short Mat FD | Sold out | 0.00% | −0.75 |
| SCHV Schwab US Large-Cap Value | Sold out | 0.00% | −0.75 |
| GOOG Alphabet Inc. Class C | Reduce -57.1% | 0.86% | −0.74 |
| PULS Pgim Ultra Short Bond ETF | Sold out | 0.00% | −0.74 |
| AMZN Amazon.com Inc. | Reduce -7.8% | 3.94% | −0.73 |
| IBIT iShares Bitcoin Trust ETF | Reduce -90.9% | 0.06% | −0.66 |
| JEPQ JPM Nasdaq Equity Premium | Sold out | 0.00% | −0.61 |
| GLD SPDR Gold Shares | Sold out | 0.00% | −0.46 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −0.46 |
| ULST SS Ultra Short TM Bond ETF | Sold out | 0.00% | −0.43 |
| ICSH iShares Ultra Short Duration | Sold out | 0.00% | −0.42 |
| GSST Goldman Sachs Ultra Short Bo | Sold out | 0.00% | −0.41 |
| BUFZ FT Vest Laddered Moderate Bu | Sold out | 0.00% | −0.40 |
| HON Honeywell International Inc. | Reduce -78.3% | 0.08% | −0.38 |
| PGR Progressive Corp. | Sold out | 0.00% | −0.36 |
| SPYD SS SPDR P S&P 500 Hi Div ETF | Sold out | 0.00% | −0.36 |
| INTU Intuit Inc. | Reduce -46.4% | 0.24% | −0.32 |
| SJNK SS SPDR BB St Hi Yield ETF | Reduce -0.1% | 3.52% | −0.32 |
| BKUI BNY Mellon Ultr SHRT Inc. ETF | Sold out | 0.00% | −0.30 |
| PANW Palo Alto Networks Inc. | Reduce -45.5% | 0.27% | −0.28 |
| GS Goldman Sachs Group Inc. | Reduce -47.6% | 0.24% | −0.21 |
| META Meta Platforms Inc. Class A | Reduce -13.5% | 0.74% | −0.20 |
| NFLX Netflix Inc. | Reduce -26.5% | 0.30% | −0.20 |
| FANG Diamondback Energy Inc. | Reduce -55.6% | 0.14% | −0.18 |
| YMAX Yieldmax Universe Fo in Etfs | Reduce -9.7% | 0.60% | −0.18 |
| GEV GE Vernova Inc. | Reduce -44.9% | 0.24% | −0.17 |
| PWR Quanta Services Inc. | Reduce -33.7% | 0.27% | −0.13 |
| TECL Dire Dai Tec Bull 3X ETF-Usd | Sold out | 0.00% | −0.12 |
| PDBC Invesco Optimum Yield Divers | Sold out | 0.00% | −0.11 |
| WTMF Wisdomtree MGD Futures Strat | Sold out | 0.00% | −0.06 |
| COWZ Pacer US Cash Cows 100 ETF | Sold out | 0.00% | −0.06 |
| SPYV SS SPDR P S&P 500 Value ETF | Sold out | 0.00% | −0.06 |
| TIDAL TRUST II | Sold out | 0.00% | −0.06 |
| USFR Wisdomtree Floating Rate Tre | Reduce -35.1% | 0.08% | −0.06 |
| YQQQ Yieldmax N100 Short Opt Inc. | Reduce -40.5% | 0.05% | −0.05 |
| FIAX Nicholas Fixed Inc. Alt ETF | Sold out | 0.00% | −0.05 |
| JAAA Janus Henderson Aaa Clo ETF | Sold out | 0.00% | −0.05 |
| XLV SS Health Care Select Sector | Sold out | 0.00% | −0.05 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.05 |
| JCPB JPMorgan Core Plus Bond ETF | Reduce -37.0% | 0.06% | −0.05 |
| UITB Victoryshares Core Intermedi | Reduce -36.3% | 0.07% | −0.05 |
| COWG Pacer US LRG Cap Cows GR LD | Reduce -4.0% | 0.43% | −0.04 |
| KMI Kinder Morgan Inc. | Reduce -0.3% | 0.29% | −0.04 |
| YFYA Yields for You Income Strate | Sold out | 0.00% | −0.04 |
| UBER Uber Technologies Inc. | Reduce -21.9% | 0.09% | −0.03 |
Portfolio Buys Q2 2025 → Q3 2025
| AAPL Apple Inc. | Add +1.6% | 15.69% | +2.08 |
| NVDA Nvidia Corp. | Add +36.6% | 5.67% | +1.83 |
| COST Costco Wholesale Corp. | Add +135.0% | 2.68% | +1.34 |
| ABBV Abbvie Inc. | Add +77.7% | 1.36% | +0.69 |
| NSC Norfolk Southern Corp. | New | 0.62% | +0.62 |
| ZHDG Zega Buy and Hedge ETF | Add +20.3% | 4.06% | +0.60 |
| JPM JPMorgan Chase & Co. | Add +95.4% | 1.09% | +0.53 |
| PLTR Palantir Technologies Inc. Class A | Add +125.0% | 0.65% | +0.41 |
| GLDM SPDR Gold Minishares Trust | New | 0.38% | +0.38 |
| EMR Emerson Electric Co. | New | 0.36% | +0.36 |
| GOOGL Alphabet Inc. Class A | Add +70.4% | 0.67% | +0.36 |
| PH Parker Hannifin Corp. | New | 0.33% | +0.33 |
| HOOD Robinhood Markets Inc. Class A | Add +420.1% | 0.38% | +0.33 |
| CRWD CrowdStrike Holdings Inc. Class A | New | 0.31% | +0.31 |
| CAT Caterpillar Inc. | Add +149.6% | 0.46% | +0.29 |
| ORCL Oracle Corp. | New | 0.29% | +0.29 |
| AMD Advanced Micro Devices | New | 0.28% | +0.28 |
| SPTI SS SPDR P Int Term TSY ETF | Add +361.1% | 0.35% | +0.27 |
| LRCX Lam Research Corp. | New | 0.27% | +0.27 |
| AVGO Broadcom Inc. | Add +160.2% | 0.41% | +0.27 |
| KLAC KLA Corp. | New | 0.26% | +0.26 |
| GRMN Garmin Ltd. | New | 0.26% | +0.26 |
| GE General Electric | New | 0.25% | +0.25 |
| QQQM Invesco Nasdaq 100 ETF | New | 0.25% | +0.25 |
| CDNS Cadence Design SYS Inc. | New | 0.25% | +0.25 |
| AXP American Express Co. | New | 0.25% | +0.25 |
| BNY Bank of New York Mellon Corp. | New | 0.24% | +0.24 |
| ETN Eaton Corp. PLC | New | 0.23% | +0.23 |
| AXON Axon Enterprise Inc. | New | 0.23% | +0.23 |
| MNST Monster Beverage Corp. | New | 0.23% | +0.23 |
| WTW Willis Towers Watson PLC | New | 0.23% | +0.23 |
| MAR Marriott International Class A | Add +233.3% | 0.34% | +0.22 |
| EXPE Expedia Group Inc. | New | 0.22% | +0.22 |
| VYM Vanguard High DVD Yield ETF | New | 0.21% | +0.21 |
| LYV Live Nation Entertainment Inc. | New | 0.20% | +0.20 |
| ANET Arista Networks Inc. | Add +133.3% | 0.30% | +0.20 |
| VST Vistra Corp. | New | 0.20% | +0.20 |
| SPGI S&P Global Inc. | New | 0.19% | +0.19 |
| MSFT Microsoft Corp. | Add +10.0% | 4.05% | +0.18 |
| NVDL Granitesh 2X LNG Nvda ETF | New | 0.15% | +0.15 |
| HD Home Depot Inc. | Add +25.4% | 0.66% | +0.14 |
| CERY SS SPDR BBG En RY CM St N-Ui | New | 0.14% | +0.14 |
| CRM Salesforce Inc. | New | 0.13% | +0.13 |
| BOXX Alpha Architect 1-3 MNTH Box | New | 0.10% | +0.10 |
| GBTC Grayscale Bitcoin Trust ETF | New | 0.10% | +0.10 |
| MCD McDonald's Corp. | Add +96.3% | 0.21% | +0.10 |
| BMNR Bitmine Immersion Technologi | New | 0.09% | +0.09 |
| MSTR Strategy Inc. | Add +54.2% | 0.65% | +0.07 |
| BIGY YLDM Tar 12 Big 50 Opt I ETF | New | 0.07% | +0.07 |
| BRNY Burney US Factor Rotation | New | 0.07% | +0.07 |
Options Activity Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | call | Reduce -11.0% | 160,900 | $107.2M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -37.4% | 130,600 | $87.0M |
| AAPL Apple Inc. | call | Reduce -5.0% | 142,400 | $36.3M |
| AMZN Amazon.com Inc. | call | Reduce -15.2% | 68,400 | $15.0M |
| AAPL Apple Inc. | put | Reduce -5.4% | 38,800 | $9.9M |
| QQQ Invesco QQQ Trust Series 1 | put | Add +28.6% | 13,500 | $8.1M |
| NVDA Nvidia Corp. | call | Add +22.8% | 43,100 | $8.0M |
| XOM Exxon Mobil Corp. | call | Add +3.0% | 62,900 | $7.1M |
| MSFT Microsoft Corp. | call | New | 11,000 | $5.7M |
| ABBV Abbvie Inc. | call | Add +64.7% | 19,100 | $4.4M |
| JPM JPMorgan Chase & Co. | call | New | 13,200 | $4.2M |
| QQQ Invesco QQQ Trust Series 1 | call | Reduce -13.2% | 6,600 | $4.0M |
| PLTR Palantir Technologies Inc. Class A | call | New | 14,000 | $2.6M |
| IBIT iShares Bitcoin Trust ETF | call | Sold out | 26,900 | $1.6Mbefore exit |
| USB US Bancorp | call | Reduce -3.0% | 31,900 | $1.5M |
| HOOD Robinhood Markets Inc. Class A | call | New | 10,600 | $1.5M |
| ACWI iShares MSCI Acwi ETF | call | Sold out | 10,900 | $1.4Mbefore exit |
| EPD Enterprise Products Partners | call | New | 15,700 | $491K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 215 | $599.9M | AAPL, HYBL, SPY, NVDA, COST |
| Q1 2026 | 190 | $528.2M | AAPL, HYBL, SPY, NVDA, COST |
| Q4 2025 | 153 | $515.5M | AAPL, SPY, HYBL, NVDA, ZHDG |
| Q3 2025 | 139 | $436.0M | AAPL, SPY, HYBL, NVDA, ZHDG |
| Q2 2025 | 126 | $398.6M | AAPL, SPY, HYBL, AMZN, MSFT |
| Q1 2025 | 119 | $340.3M | AAPL, SPY, SRLN, SJNK, AMZN |
| Q4 2024 | 128 | $337.8M | AAPL, SPY, SRLN, SJNK, AMZN |