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

0$200.0M$400.0M$600.0M Q4 2024: $337.8M Q4 2024 Q1 2025: $340.3M Q1 2025 Q2 2025: $398.6M Q2 2025 Q3 2025: $436.0M $436.0M Q3 2025 Q4 2025: $515.5M Q4 2025 Q1 2026: $528.2M Q1 2026 Q2 2026: $599.9M Q2 2026

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
GBTC Grayscale Bitcoin Trust ETF 0.10% 5,000 $449K New
SDTY Yldmx S&P 500 0DTE C C S ETF 0.10% 9,419 $431K Add +11.3%
ITRI Itron Inc. 0.09% 3,245 $404K Add +0.1%
CVX Chevron Corp. 0.09% 2,523 $392K Reduce -0.1%
BMNR Bitmine Immersion Technologi 0.09% 7,424 $386K New
JPST JPMorgan Ultra-Short Income 0.09% 7,505 $381K Reduce -90.0%
UBER Uber Technologies Inc. 0.09% 3,788 $371K Reduce -21.9%
USFR Wisdomtree Floating Rate Tre 0.08% 7,171 $360K Reduce -35.1%
HON Honeywell International Inc. 0.08% 1,704 $359K Reduce -78.3%
MGC Vngrd Mrngstr MG Cap ETF-Usd 0.07% 1,284 $313K Add +9.3%
BIGY YLDM Tar 12 Big 50 Opt I ETF 0.07% 5,843 $306K New
BRNY Burney US Factor Rotation 0.07% 6,219 $301K New
IWM iShares Russell 2000 ETF 0.07% 1,228 $297K Add +2.9%
TIDAL TRUST II 0.07% 21,227 $296K Add +21.8%
GDXY Yldmax Gold Min Op in St ETF 0.07% 16,422 $290K Add +3.9%
UITB Victoryshares Core Intermedi 0.07% 6,012 $286K Reduce -36.3%
JCPB JPMorgan Core Plus Bond ETF 0.06% 5,943 $283K Reduce -37.0%
IBIT iShares Bitcoin Trust ETF 0.06% 4,301 $280K Reduce -90.9%
SPYG SS SPDR P S&P 500 Growth ETF 0.06% 2,625 $274K Reduce -15.3%
ITW Illinois Tool Works 0.06% 1,029 $268K New
JPO Yieldmax JP Option Income St 0.06% 15,307 $265K Add +28.6%
NVDY Yieldmax Nvda Option Inc. ETF 0.06% 15,506 $261K New
MA Mastercard Inc. Class A 0.06% 446 $254K Add +1.4%
FDVV Fidelity High Dividend ETF 0.06% 4,407 $246K No change
SHEL Shell PLC-ADR 0.05% 3,198 $229K Add +0.7%
YQQQ Yieldmax N100 Short Opt Inc. 0.05% 17,796 $227K Reduce -40.5%
VNQ Vanguard Real Estate ETF 0.05% 2,448 $224K Reduce -18.4%
VOO Vanguard S&P 500 ETF 0.05% 359 $220K Reduce -20.4%
GPTY Yldmx AI & T PRT Optn in ETF 0.05% 4,639 $217K New
ARM Arm Holdings PLC-ADR 0.05% 1,520 $215K New
TIDAL TRUST II 0.04% 20,506 $193K Reduce -2.3%
CDE Coeur Mining Inc. 0.04% 10,100 $189K No change
GOOY Yieldmax Googl Option Income 0.04% 12,887 $182K New
APLY Yieldmax Aapl Option Income 0.04% 12,209 $166K New
AMZY Yieldmax Amazn Option Income 0.03% 10,574 $150K New
TIDAL TRUST II 0.03% 19,999 $109K New
TIDAL TRUST II 0.02% 16,220 $96K Add +47.1%
TIDAL TRUST II 0.02% 30,612 $95K Add +50.8%
CONY Tidal Trust II 0.02% 33,513 $91K Add +81.2%

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 215$599.9MAAPL, HYBL, SPY, NVDA, COST
Q1 2026 190$528.2MAAPL, HYBL, SPY, NVDA, COST
Q4 2025 153$515.5MAAPL, SPY, HYBL, NVDA, ZHDG
Q3 2025 139$436.0MAAPL, SPY, HYBL, NVDA, ZHDG
Q2 2025 126$398.6MAAPL, SPY, HYBL, AMZN, MSFT
Q1 2025 119$340.3MAAPL, SPY, SRLN, SJNK, AMZN
Q4 2024 128$337.8MAAPL, SPY, SRLN, SJNK, AMZN