ZEGA Investments, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 27, 2026), ZEGA Investments, LLC reported 153 stock positions worth $515.5 million. Its top holding was Apple (AAPL) at 18.3% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 9.6%) and SS Blackstone High Inc. ETF (HYBL, 9.3%). Compared with Q3 2025, it opened 31 new positions, sold out of 16, added to 73 and reduced 42. The biggest buy was Apple (AAPL, shares +29%) and the biggest sale SS SPDR BB St Hi Yield ETF (SJNK, shares −28%).
- Most Recent 13F
- Q2 2026
- Location
- PALM BEACH GARDENS, FL
- CIK
- 0002045703
- Portfolio Value
- $515.5M (Q4 2025)
- SEC Filing
- 0001172661-26-000317 ↗ filed Jan 27, 2026
Holdings Value
Holdings 153 stocks · $515.5M
| AAPL Apple Inc. | 18.30% | 347,055 | $94.4M | Add +29.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 9.61% | 72,663 | $49.6M | Add +21.0% |
| HYBL SS Blackstone High Inc. ETF | 9.30% | 1,685,210 | $47.9M | Add +31.7% |
| NVDA Nvidia Corp. | 5.05% | 139,669 | $26.0M | Add +5.5% |
| ZHDG Zega Buy and Hedge ETF | 4.13% | 941,836 | $21.3M | Add +20.9% |
| AMZN Amazon.com Inc. | 3.86% | 86,138 | $19.9M | Add +10.2% |
| MSFT Microsoft Corp. | 3.49% | 37,179 | $18.0M | Add +9.1% |
| TSLA Tesla Inc. | 2.78% | 31,895 | $14.3M | Add +35.9% |
| COST Costco Wholesale Corp. | 2.70% | 16,150 | $13.9M | Add +28.1% |
| SJNK SS SPDR BB St Hi Yield ETF | 2.11% | 429,398 | $10.9M | Reduce -28.5% |
| SRLN SS Blackstone Sr Loan ETF | 2.06% | 257,316 | $10.6M | Reduce -28.0% |
| XOM Exxon Mobil Corp. | 1.72% | 73,862 | $8.9M | Add +0.3% |
| META Meta Platforms Inc. Class A | 1.69% | 13,209 | $8.7M | Add +199.9% |
| LLY Eli Lilly & Co. | 1.60% | 7,656 | $8.2M | Add +15.9% |
| AFL Aflac Inc. | 1.45% | 67,975 | $7.5M | Add +0.2% |
| ABBV Abbvie Inc. | 1.19% | 26,775 | $6.1M | Add +4.9% |
| NVDL Granitesh 2X LNG Nvda ETF | 1.08% | 63,467 | $5.6M | Add +813.3% |
| GOOGL Alphabet Inc. Class A | 1.02% | 16,788 | $5.3M | Add +39.5% |
| JPM JPMorgan Chase & Co. | 1.02% | 16,305 | $5.3M | Add +8.4% |
| GOOG Alphabet Inc. Class C | 0.95% | 15,686 | $4.9M | Add +1.9% |
| V Visa Inc. Class A | 0.74% | 10,817 | $3.8M | Add +3.9% |
| UNH Unitedhealth Group Inc. | 0.72% | 11,276 | $3.7M | Add +5.9% |
| AVGO Broadcom Inc. | 0.66% | 9,874 | $3.4M | Add +82.0% |
| PLTR Palantir Technologies Inc. Class A | 0.54% | 15,610 | $2.8M | Add +0.6% |
| NSC Norfolk Southern Corp. | 0.50% | 8,934 | $2.6M | No change |
| WMT Walmart Inc. | 0.48% | 22,204 | $2.5M | Reduce -0.1% |
| HD Home Depot Inc. | 0.48% | 7,118 | $2.4M | Add +0.7% |
| MCK McKesson Corp. | 0.47% | 2,972 | $2.4M | Reduce -0.1% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.43% | 24,021 | $2.2M | Reduce -47.5% |
| SPYT Defiance S&P 500 Tar Inc. ETF | 0.42% | 125,137 | $2.2M | Reduce -24.6% |
| BIGY YLDM Tar 12 Big 50 Opt I ETF | 0.42% | 41,477 | $2.2M | Add +609.9% |
| CAT Caterpillar Inc. | 0.41% | 3,659 | $2.1M | Reduce -12.6% |
| IVV iShares Core S&P 500 ETF | 0.39% | 2,956 | $2.0M | Reduce -0.2% |
| CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE | 0.39% | 45,950 | $2.0M | New |
| COWG Pacer US LRG Cap Cows GR LD | 0.38% | 55,621 | $2.0M | Add +7.4% |
| SPTI SS SPDR P Int Term TSY ETF | 0.38% | 67,823 | $2.0M | Add +26.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.38% | 3,873 | $1.9M | Add +5.8% |
| MAR Marriott International Class A | 0.34% | 5,696 | $1.8M | Add +0.1% |
| YMAX Yieldmax Universe Fo in Etfs | 0.33% | 171,644 | $1.7M | Reduce -16.3% |
| GLDM SPDR Gold Minishares Trust | 0.33% | 19,931 | $1.7M | Reduce -7.8% |
| USB US Bancorp | 0.33% | 31,467 | $1.7M | Reduce -3.5% |
| PH Parker Hannifin Corp. | 0.31% | 1,841 | $1.6M | Reduce -3.1% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.31% | 19,614 | $1.6M | Add +31.0% |
| EMR Emerson Electric Co. | 0.30% | 11,729 | $1.6M | Reduce -2.7% |
| CRWD CrowdStrike Holdings Inc. Class A | 0.28% | 3,129 | $1.5M | Add +13.1% |
| AMD Advanced Micro Devices | 0.27% | 6,569 | $1.4M | Reduce -12.2% |
| QQQM Invesco Nasdaq 100 ETF | 0.25% | 5,190 | $1.3M | Add +18.7% |
| JNJ Johnson & Johnson | 0.25% | 6,334 | $1.3M | Add +0.2% |
| EXPE Expedia Group Inc. | 0.25% | 4,605 | $1.3M | Add +1.6% |
| SOXY Yieldmax Target 12 SC Oi ETF | 0.25% | 21,894 | $1.3M | Add +50.3% |
| HOOD Robinhood Markets Inc. Class A | 0.25% | 11,417 | $1.3M | Reduce -1.2% |
| LRCX Lam Research Corp. | 0.25% | 7,509 | $1.3M | Reduce -14.3% |
| KMI Kinder Morgan Inc. | 0.24% | 44,467 | $1.2M | No change |
| GS Goldman Sachs Group Inc. | 0.24% | 1,386 | $1.2M | Add +5.1% |
| KO The Coca-Cola Co. | 0.24% | 17,415 | $1.2M | Add +0.6% |
| AXP American Express Co. | 0.24% | 3,290 | $1.2M | Add +1.2% |
| MNST Monster Beverage Corp. | 0.23% | 15,599 | $1.2M | Add +5.8% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.23% | 10,129 | $1.2M | Add +5.1% |
| PEP Pepsico Inc. | 0.23% | 8,162 | $1.2M | Reduce -0.3% |
| MMM 3M Co. | 0.23% | 7,291 | $1.2M | New |
| GEV GE Vernova Inc. | 0.23% | 1,778 | $1.2M | Add +3.3% |
| KLAC KLA Corp. | 0.22% | 950 | $1.2M | Reduce -9.5% |
| PANW Palo Alto Networks Inc. | 0.22% | 6,261 | $1.2M | Add +7.1% |
| PCAR Paccar Inc. | 0.22% | 10,500 | $1.1M | No change |
| GE General Electric filed as GE AEROSPACE | 0.22% | 3,686 | $1.1M | Add +1.8% |
| SYK Stryker Corp. | 0.22% | 3,215 | $1.1M | Add +0.1% |
| ANET Arista Networks Inc. | 0.22% | 8,608 | $1.1M | Reduce -5.2% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.21% | 2,179 | $1.1M | Add +11.1% |
| CDNS Cadence Design SYS Inc. | 0.20% | 3,356 | $1.0M | Add +9.1% |
| PWR Quanta Services Inc. | 0.20% | 2,485 | $1.0M | Reduce -11.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.20% | 6,764 | $1.0M | New |
| GLD SPDR Gold Shares | 0.20% | 2,611 | $1.0M | New |
| SPGI S&P Global Inc. | 0.20% | 1,957 | $1.0M | Add +14.1% |
| ITOT iShares Core S&P Total U.S. | 0.20% | 6,819 | $1.0M | Add +19.8% |
| ABT Abbott Laboratories | 0.19% | 8,012 | $1.0M | Add +98.5% |
| INTU Intuit Inc. | 0.19% | 1,505 | $997K | No change |
| ORCL Oracle Corp. | 0.19% | 5,067 | $988K | Add +13.3% |
| ET Energy Transfer LP | 0.18% | 56,165 | $926K | New |
| MCD McDonald's Corp. | 0.18% | 2,995 | $915K | Add +1.5% |
| SBUX Starbucks Corp. | 0.18% | 10,844 | $913K | Add +0.0% |
| PNC PNC Financial Services Group | 0.18% | 4,364 | $911K | New |
| NFLX Netflix Inc. | 0.17% | 9,480 | $889K | Reduce -13.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.17% | 2,639 | $885K | Reduce -6.3% |
| ETN Eaton Corp. PLC | 0.17% | 2,670 | $850K | Reduce -1.9% |
| SOFI Sofi Technologies Inc. | 0.16% | 32,226 | $844K | New |
| QQQ Invesco QQQ Trust Series 1 | 0.16% | 1,369 | $841K | Add +14.8% |
| BA The Boeing Co. | 0.16% | 3,847 | $835K | New |
| XONE Bondbloxx BBG 1 Dur US Treas | 0.16% | 16,751 | $830K | New |
| XHLF Bondbloxx BBG 6 MTH US Treas | 0.16% | 16,497 | $829K | New |
| CVX Chevron Corp. | 0.16% | 5,417 | $826K | Add +114.7% |
| EPD Enterprise Products Partners | 0.16% | 25,492 | $817K | Add +2.7% |
| AXON Axon Enterprise Inc. | 0.16% | 1,433 | $814K | Add +3.0% |
| QQQT Defiance Nasdaq 100 in T ETF | 0.15% | 45,570 | $794K | Reduce -13.9% |
| PG The Procter & Gamble Co. | 0.15% | 5,368 | $769K | Reduce -0.6% |
| DE Deere & Co. | 0.15% | 1,611 | $750K | New |
| ADBE Adobe Inc. | 0.14% | 2,130 | $745K | Add +0.8% |
| WFC Wells Fargo & Co. | 0.14% | 7,769 | $724K | Add +1.8% |
| MSTR Strategy Inc. | 0.14% | 4,676 | $711K | Reduce -46.7% |
| SDTY Yldmx S&P 500 0DTE C C S ETF | 0.14% | 15,784 | $701K | Add +67.6% |
| COIN Coinbase Global Inc. Class A | 0.13% | 2,865 | $648K | New |
Options reported separately and not counted above: SPY calls ($100.0M), SPY puts ($82.3M), AAPL calls ($45.4M), NVDA calls ($16.3M), AMZN calls ($14.4M), QQQ puts ($10.6M), COST calls ($9.4M), AAPL puts ($8.2M), XOM calls ($7.4M), MSFT calls ($6.9M), AFL calls ($6.6M), ABBV calls ($5.7M), and 8 more.
Portfolio Sells Q3 2025 → Q4 2025
| SJNK SS SPDR BB St Hi Yield ETF | Reduce -28.5% | 2.11% | −1.42 |
| SRLN SS Blackstone Sr Loan ETF | Reduce -28.0% | 2.06% | −1.35 |
| JEPI JPMorgan Equity Premium Inco | Reduce -89.5% | 0.05% | −0.55 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -47.5% | 0.43% | −0.54 |
| MSTR Strategy Inc. | Reduce -46.7% | 0.14% | −0.51 |
| SPYT Defiance S&P 500 Tar Inc. ETF | Reduce -24.6% | 0.42% | −0.28 |
| YMAX Yieldmax Universe Fo in Etfs | Reduce -16.3% | 0.33% | −0.27 |
| GRMN Garmin Ltd. | Sold out | 0.00% | −0.26 |
| WTW Willis Towers Watson PLC | Sold out | 0.00% | −0.23 |
| LYV Live Nation Entertainment Inc. | Sold out | 0.00% | −0.20 |
| GILD Gilead Sciences Inc. | Sold out | 0.00% | −0.16 |
| VYM Vanguard High DVD Yield ETF | Reduce -57.9% | 0.08% | −0.13 |
| HOOD Robinhood Markets Inc. Class A | Reduce -1.2% | 0.25% | −0.13 |
| NFLX Netflix Inc. | Reduce -13.3% | 0.17% | −0.13 |
| SYLD Cambria Shareholder Yield Et | Sold out | 0.00% | −0.11 |
| BMNR Bitmine Immersion Technologi | Sold out | 0.00% | −0.09 |
| ANET Arista Networks Inc. | Reduce -5.2% | 0.22% | −0.08 |
| VST Vistra Corp. | Reduce -10.6% | 0.12% | −0.08 |
| QQQT Defiance Nasdaq 100 in T ETF | Reduce -13.9% | 0.15% | −0.07 |
| ETN Eaton Corp. PLC | Reduce -1.9% | 0.17% | −0.07 |
| TIDAL TRUST II | Sold out | 0.00% | −0.07 |
| GDXY Yldmax Gold Min Op in St ETF | Sold out | 0.00% | −0.07 |
| UITB Victoryshares Core Intermedi | Sold out | 0.00% | −0.07 |
| JCPB JPMorgan Core Plus Bond ETF | Sold out | 0.00% | −0.06 |
| NOW ServiceNow Inc. | Reduce -27.4% | 0.07% | −0.06 |
| PWR Quanta Services Inc. | Reduce -11.2% | 0.20% | −0.06 |
| IVV iShares Core S&P 500 ETF | Reduce -0.2% | 0.39% | −0.06 |
| EMR Emerson Electric Co. | Reduce -2.7% | 0.30% | −0.06 |
| MCK McKesson Corp. | Reduce -0.1% | 0.47% | −0.05 |
| CAT Caterpillar Inc. | Reduce -12.6% | 0.41% | −0.05 |
| VNQ Vanguard Real Estate ETF | Sold out | 0.00% | −0.05 |
| GPTY Yldmx AI & T PRT Optn in ETF | Sold out | 0.00% | −0.05 |
| ARM Arm Holdings PLC-ADR | Sold out | 0.00% | −0.05 |
| GLDM SPDR Gold Minishares Trust | Reduce -7.8% | 0.33% | −0.05 |
| WMT Walmart Inc. | Reduce -0.1% | 0.48% | −0.05 |
| GIAX Nicholas GLBL Eq Inc. ETF | Reduce -27.8% | 0.06% | −0.04 |
| PG The Procter & Gamble Co. | Reduce -0.6% | 0.15% | −0.04 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -6.3% | 0.17% | −0.04 |
| PEP Pepsico Inc. | Reduce -0.3% | 0.23% | −0.04 |
| KLAC KLA Corp. | Reduce -9.5% | 0.22% | −0.04 |
| USB US Bancorp | Reduce -3.5% | 0.33% | −0.04 |
| ITRI Itron Inc. | Reduce -0.6% | 0.06% | −0.03 |
| CERY SS SPDR BBG En RY CM St N-Ui | Reduce -9.6% | 0.10% | −0.03 |
| TIDAL TRUST II | Sold out | 0.00% | −0.03 |
| BOXX Alpha Architect 1-3 MNTH Box | Reduce -9.9% | 0.08% | −0.02 |
| TIDAL TRUST II | Sold out | 0.00% | −0.02 |
| TIDAL TRUST II | Sold out | 0.00% | −0.02 |
| TSLY Yieldmax Tsla Option Inc. ETF | Reduce -51.6% | 0.04% | −0.02 |
| JPST JPMorgan Ultra-Short Income | Reduce -10.0% | 0.07% | −0.02 |
| LRCX Lam Research Corp. | Reduce -14.3% | 0.25% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| AAPL Apple Inc. | Add +29.2% | 18.30% | +2.61 |
| META Meta Platforms Inc. Class A | Add +199.9% | 1.69% | +0.95 |
| NVDL Granitesh 2X LNG Nvda ETF | Add +813.3% | 1.08% | +0.93 |
| HYBL SS Blackstone High Inc. ETF | Add +31.7% | 9.30% | +0.89 |
| LLY Eli Lilly & Co. | Add +15.9% | 1.60% | +0.44 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +21.0% | 9.61% | +0.43 |
| CGDV Cap Group Dividend Value | New | 0.39% | +0.39 |
| TSLA Tesla Inc. | Add +35.9% | 2.78% | +0.39 |
| BIGY YLDM Tar 12 Big 50 Opt I ETF | Add +609.9% | 0.42% | +0.35 |
| GOOGL Alphabet Inc. Class A | Add +39.5% | 1.02% | +0.35 |
| AVGO Broadcom Inc. | Add +82.0% | 0.66% | +0.25 |
| MMM 3M Co. | New | 0.23% | +0.23 |
| TJX TJX Companies Inc. | New | 0.20% | +0.20 |
| GLD SPDR Gold Shares | New | 0.20% | +0.20 |
| ET Energy Transfer LP | New | 0.18% | +0.18 |
| PNC PNC Financial Services Group | New | 0.18% | +0.18 |
| SOFI Sofi Technologies Inc. | New | 0.16% | +0.16 |
| BA The Boeing Co. | New | 0.16% | +0.16 |
| XONE Bondbloxx BBG 1 Dur US Treas | New | 0.16% | +0.16 |
| XHLF Bondbloxx BBG 6 MTH US Treas | New | 0.16% | +0.16 |
| DE Deere & Co. | New | 0.15% | +0.15 |
| COIN Coinbase Global Inc. Class A | New | 0.13% | +0.13 |
| XTWO Bondbloxx BBG 2Y US TSY ETF | New | 0.11% | +0.11 |
| EFX Equifax Inc. | New | 0.11% | +0.11 |
| GOLI Defiance Gold Enhnced Oi ETF | New | 0.10% | +0.10 |
| GOOG Alphabet Inc. Class C | Add +1.9% | 0.95% | +0.09 |
| ZHDG Zega Buy and Hedge ETF | Add +20.9% | 4.13% | +0.07 |
| ABT Abbott Laboratories | Add +98.5% | 0.19% | +0.07 |
| CVX Chevron Corp. | Add +114.7% | 0.16% | +0.07 |
| NET Cloudflare Inc. Class A | New | 0.07% | +0.07 |
| UPS United Parcel Service Class B | New | 0.07% | +0.07 |
| SOXY Yieldmax Target 12 SC Oi ETF | Add +50.3% | 0.25% | +0.06 |
| INTC Intel Corp. | New | 0.06% | +0.06 |
| LVLN SS SPDR S&P Leveraged Loan | New | 0.05% | +0.05 |
| DGRW Wisdomtree U.S. Quality Divi | New | 0.05% | +0.05 |
| KGC Kinross Gold Corp. | New | 0.04% | +0.04 |
| SPYV SS SPDR P S&P 500 Value ETF | New | 0.04% | +0.04 |
| PAVE Global X US Infrastructure | New | 0.04% | +0.04 |
| IBM Intl Business Machines Corp. | New | 0.04% | +0.04 |
| WNTR Yieldmax MSTR Short Ois ETF | New | 0.04% | +0.04 |
| QGRW Wisdomtree US Quality Growth | New | 0.04% | +0.04 |
| PLTY Yieldmax PLTR Option Inc. ETF | New | 0.04% | +0.04 |
| OEF iShares S&P 100 ETF | New | 0.04% | +0.04 |
| MSFO Yieldmax MSFT Option Is ETF | New | 0.04% | +0.04 |
| SDTY Yldmx S&P 500 0DTE C C S ETF | Add +67.6% | 0.14% | +0.04 |
| FBY Yieldmax Meta Option Yield | New | 0.04% | +0.04 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Add +31.0% | 0.31% | +0.04 |
| TIDAL TRUST II | New | 0.04% | +0.04 |
| EXPE Expedia Group Inc. | Add +1.6% | 0.25% | +0.03 |
| COST Costco Wholesale Corp. | Add +28.1% | 2.70% | +0.03 |
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | call | Reduce -8.9% | 146,600 | $100.0M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -7.6% | 120,700 | $82.3M |
| AAPL Apple Inc. | call | Add +17.3% | 167,000 | $45.4M |
| NVDA Nvidia Corp. | call | Add +102.8% | 87,400 | $16.3M |
| AMZN Amazon.com Inc. | call | Reduce -8.9% | 62,300 | $14.4M |
| QQQ Invesco QQQ Trust Series 1 | put | Add +27.4% | 17,200 | $10.6M |
| COST Costco Wholesale Corp. | call | New | 10,900 | $9.4M |
| AAPL Apple Inc. | put | Reduce -22.4% | 30,100 | $8.2M |
| XOM Exxon Mobil Corp. | call | Reduce -2.5% | 61,300 | $7.4M |
| MSFT Microsoft Corp. | call | Add +30.0% | 14,300 | $6.9M |
| ABBV Abbvie Inc. | call | Add +30.9% | 25,000 | $5.7M |
| NVDL Granitesh 2X LNG Nvda ETF | call | New | 62,700 | $5.5M |
| JPM JPMorgan Chase & Co. | call | Reduce -3.0% | 12,800 | $4.1M |
| QQQ Invesco QQQ Trust Series 1 | call | Reduce -30.3% | 4,600 | $2.8M |
| PLTR Palantir Technologies Inc. Class A | call | Reduce -2.9% | 13,600 | $2.4M |
| USB US Bancorp | call | Reduce -5.6% | 30,100 | $1.6M |
| HOOD Robinhood Markets Inc. Class A | call | Sold out | 10,600 | $1.5Mbefore exit |
| YMAX Yieldmax Universe Fo in Etfs | put | New | 99,400 | $992K |
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 |