Managers / Q1 2025 · view latest →
ZEGA Investments, LLC
CIK 0002045703 · 3801 PGA BOULEVARD, PALM BEACH GARDENS, FL, 33410 · 610-368-1457
Summary
Zega Investments, LLC reported $656M in U.S.-listed holdings across 136 positions for Q1 2025.
Its largest position, AAPL, represents 8.6% of the portfolio.
Compared with Q4 2024, the fund opened 20 new positions and exited 28.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- ETP · 61.1% · $401M
- Common Stock · 38.7% · $254M
- MLP · 0.1% · $573,717
- Other · 0.1% · $519,553
- ADR · 0.0% · $231,764
Quarter-over-Quarter Changes full breakdown →
vs Q4 2024 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| ACWIISHARES TR | NEW | +21.8K | 21.8K | +$3M | $3M |
| SELECT SECTOR SPDR TR | NEW | +16.8K | 16.8K | +$2M | $2M |
| J P MORGAN EXCHANGE TRADED F | NEW | +43.4K | 43.4K | +$2M | $2M |
| GQ9SPDR GOLD TR | NEW | +6.4K | 6.4K | +$2M | $2M |
| SCHWAB STRATEGIC TR | NEW | +62.6K | 62.6K | +$2M | $2M |
| PROSHARES TR | NEW | +15.7K | 15.7K | +$1M | $1M |
| SCHWAB STRATEGIC TR | NEW | +38.7K | 38.7K | +$1M | $1M |
| BNY MELLON ETF TRUST | NEW | +19.5K | 19.5K | +$972,655 | $972,655 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | AAPLAPPLE INChistory → | COM | 8.59% | $56M | 253.6K |
| 2 | SPDR S&P 500 ETF TR | TR UNIT | 4.73% | $31M | 55.4K |
| 3 | SSGA ACTIVE ETF TR | BLACKSTONE SENR | 3.79% | $25M | 605.1K |
| 4 | SPDR SER TR | BLOOMBERG SHT TE | 3.23% | $21M | 841.6K |
| 5 | TIDAL ETF TR | ZEGA BUY AND HED · SOFI ENHANCED YL | 2.59% | $17M | 880.3K |
| 6 | AMZNAMAZON COM INChistory → | COM | 2.47% | $16M | 85.0K |
| 7 | J P MORGAN EXCHANGE TRADED F | EQUITY PREMIUM · ULTRA SHRT ETF · NASDAQ EQT PREM | 1.73% | $11M | 210.3K |
| 8 | MSFTMICROSOFT CORPhistory → | COM | 1.61% | $11M | 28.1K |
| 9 | SSGA ACTIVE TR | SPDR BLACKSTONE | 1.48% | $10M | 346.1K |
| 10 | EXMOCEXXON MOBIL CORPhistory → | COM | 1.28% | $8M | 70.8K |
| 11 | NVDANVIDIA CORPORATIONhistory → | COM | 1.20% | $8M | 72.4K |
| 12 | AFLAFLAC INChistory → | COM | 1.08% | $7M | 64.0K |
| 13 | GOOGALPHABET INC | CAP STK CL C · CAP STK CL A | 1.01% | $7M | 42.5K |
| 14 | UNHUNITEDHEALTH GROUP INC | COM | 0.80% | $5M | 10.1K |
| 15 | TIDAL TR II | YIELDMAX UNIVERS · DEFIANCE S&P 500 | 0.74% | $5M | 324.7K |
| 16 | TSLATESLA INC | COM | 0.73% | $5M | 18.4K |
| 17 | COSTCOSTCO WHSL CORP NEW | COM | 0.71% | $5M | 4.9K |
| 18 | SELECT SECTOR SPDR TR | SBI HEALTHCARE · INDL | 0.65% | $4M | 30.7K |
| 19 | VVISA INC | COM CL A | 0.55% | $4M | 10.3K |
| 20 | ABBVABBVIE INC | COM | 0.51% | $3M | 15.8K |
| 21 | INVESCO ACTIVELY MANAGED EXC | ULTRA SHRT DUR | 0.49% | $3M | 64.4K |
| 22 | METAMETA PLATFORMS INC | CL A | 0.47% | $3M | 5.3K |
| 23 | FIRST TR EXCHANGE-TRADED FD | FIRST TR ENH NEW | 0.45% | $3M | 48.8K |
| 24 | PGIM ETF TR | PGIM ULTRA SH BD | 0.43% | $3M | 57.0K |
| 25 | MCKMCKESSON CORP | COM | 0.32% | $2M | 3.1K |
| 26 | WMTWALMART INC | COM | 0.30% | $2M | 22.4K |
| 27 | FANGDIAMONDBACK ENERGY INC | COM | 0.29% | $2M | 11.8K |
| 28 | GQ9SPDR GOLD TR | GOLD SHS | 0.28% | $2M | 6.4K |
| 29 | PANWPALO ALTO NETWORKS INC | COM | 0.28% | $2M | 10.8K |
| 30 | PACER FDS TR | US CASH COWS 100 | 0.27% | $2M | 31.9K |
| 31 | INTUINTUIT | COM | 0.26% | $2M | 2.8K |
| 32 | ANETARISTA NETWORKS INC | COM SHS | 0.26% | $2M | 21.9K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $890M | 299 | May 11, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $848M | 173 | Jan 27, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $747M | 157 | Oct 27, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $733M | 141 | Aug 6, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $656M | 136 | May 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $398M | 136 | Feb 11, 2025 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.