Q2 2026 13F · SEC CIK 2045703

ZEGA Investments, LLC

Institutional asset managerFiled 2026-07-31 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $599.9M
Reported positions: 215
Holdings vs S&P 500, 3 yrs: —
Assets under management: $614.0M

ZEGA Investments, LLC is an institutional asset manager that reported 215 positions worth $599.9M in its Q2 2026 13F, filed 2026-07-31. Its largest holdings were Apple Inc (AAPL, 15.7%), Ssga Active Tr (HYBL, 9.0%), State Str Spdr S&p 500 ETF T (SPY, 8.1%).

ZEGA Investments, LLC holdings largest 50 of 215 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

ZEGA Investments, LLC 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
AAPLApple Inc	15.7%	16.8%	324,998	-6.8%	$94.0M
HYBLSsga Active Tr	9.0%	10.0%	1,933,377	+2.0%	$54.0M
SPYState Str Spdr S&p 500 ETF T	8.1%	8.8%	64,796	-9.2%	$48.4M
NVDANvidia Corporation	6.0%	5.6%	179,783	+5.9%	$36.0M
COSTCostco Wholesale Corporation	4.1%	4.3%	26,358	+15.3%	$24.7M
ZHDGTidal Trust I	3.9%	4.1%	1,002,872	-3.2%	$23.6M
AMZNAmazon Com Inc	3.5%	3.3%	88,567	+6.0%	$21.1M
TSLATesla Inc	2.6%	2.3%	37,452	+12.3%	$15.8M
MSFTMicrosoft Corp	2.4%	2.4%	38,149	+11.5%	$14.2M
MUMicron Technology Inc	2.1%	—	10,750	—	$12.4M
XOMExxon Mobil Corp	1.6%	2.3%	71,190	+0.3%	$9.7M
GOOGLAlphabet Inc	1.5%	1.0%	25,830	+46.8%	$9.2M
SJNKState Street SPDR Bloomberg Short Term H	1.4%	1.6%	333,266	-1.1%	$8.3M
SRLNSsga Active ETF Tr	1.3%	1.5%	199,821	-0.1%	$8.1M
AFLAflac Inc	1.3%	1.4%	68,087	+0.0%	$8.0M
LLYEli Lilly & Co	1.3%	1.4%	6,635	-15.0%	$8.0M
METAMeta Platforms Inc	1.2%	1.5%	13,246	-5.5%	$7.5M
ABBVAbbvie Inc	1.1%	1.1%	25,513	-4.9%	$6.4M
NVDLGraniteshares ETF Tr	0.9%	0.9%	190,401	+200.0%	$5.7M
UNHUnitedhealth Group Inc	0.8%	0.6%	12,243	+9.3%	$5.1M
GOOGAlphabet Inc	0.6%	0.8%	10,856	-28.2%	$3.8M
VVisa Inc	0.6%	0.6%	10,821	+0.0%	$3.7M
CATCaterpillar Inc	0.6%	0.5%	3,449	-5.6%	$3.7M
ANETArista Networks Inc	0.6%	—	20,760	—	$3.5M
AVGOBroadcom Inc	0.6%	0.6%	9,303	-4.1%	$3.5M
WMTWalmart Inc	0.5%	0.7%	28,402	-4.9%	$3.2M
QQQInvesco Qqq Tr	0.5%	0.4%	4,079	-0.6%	$3.0M
PAVEGlobal X U.s. Infrastructure Development	0.5%	0.3%	50,616	+57.0%	$3.0M
BIGYTidal Trust II	0.5%	0.4%	56,326	+39.3%	$2.9M
SPTISpdr Series Trust	0.5%	0.4%	100,793	+22.9%	$2.9M
NSCNorfolk Southn Corporation	0.5%	0.5%	8,936	+0.0%	$2.8M
HDHome Depot Inc	0.5%	0.4%	7,774	+10.3%	$2.7M
AMDAdvanced Micro Devices Inc	0.5%	—	4,680	—	$2.7M
CGDVCapital Group Dividend Value	0.4%	0.4%	52,744	+18.2%	$2.6M
ADPAutomatic Data Processing in	0.4%	—	11,553	—	$2.6M
GRNJTidal Trust III	0.4%	0.3%	81,509	+42.7%	$2.6M
JPMJpmorgan Chase & Co	0.4%	0.9%	7,609	-53.5%	$2.5M
ABTAbbott Laboratories	0.4%	0.6%	25,706	-9.6%	$2.3M
MCKMckesson Corp	0.4%	0.5%	2,975	+0.1%	$2.2M
GLDSpdr Gold Tr	0.4%	0.5%	6,006	-6.5%	$2.2M
SPLGSpdr Series Trust	0.4%	0.3%	24,357	+23.5%	$2.1M
SOXYTidal Trust II	0.4%	—	18,727	—	$2.1M
SPYTTidal Trust II	0.3%	0.4%	118,905	+2.0%	$2.1M
XARState Streer	0.3%	—	7,239	—	$2.1M
BRK-BBerkshire Hathaway Inc Del	0.3%	0.3%	4,049	+4.8%	$2.0M
IVVIshares Tr	0.3%	0.4%	2,566	-11.7%	$1.9M
MARMarriott Intl Inc New	0.3%	0.4%	5,183	-9.1%	$1.9M
ICOWPacer Fds Tr	0.3%	0.3%	46,116	+30.8%	$1.9M
JNJJohnson & Johnson	0.3%	0.3%	7,517	+18.2%	$1.9M
BILSpdr Series Trust	0.3%	0.3%	20,707	+15.1%	$1.9M

What ZEGA Investments, LLC bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Added to

NVDL Graniteshares ETF Tr+200.0% shares
PAVE Global X U.s. Infrastructure Development+57.0% shares
GOOGL Alphabet Inc+46.8% shares
GRNJ Tidal Trust III+42.7% shares
BIGY Tidal Trust II+39.3% shares
ICOW Pacer Fds Tr+30.8% shares
SPLG Spdr Series Trust+23.5% shares
SPTI Spdr Series Trust+22.9% shares

Reduced

JPM Jpmorgan Chase & Co-53.5% shares
GOOG Alphabet Inc-28.2% shares
LLY Eli Lilly & Co-15.0% shares
IVV Ishares Tr-11.7% shares
ABT Abbott Laboratories-9.6% shares
SPY State Str Spdr S&p 500 ETF T-9.2% shares
MAR Marriott Intl Inc New-9.1% shares
AAPL Apple Inc-6.8% shares

Left the top 50

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +15.6% /yr; S&P 500 +20.1%
3 years: —
5 years: —

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$599.9M	215
Q1 2026	$528.2M	190
Q4 2025	$515.5M	153
Q3 2025	$436.0M	139
Q2 2025	$398.6M	126
Q1 2025	$340.3M	119
Q4 2024	$337.8M	128

Questions about ZEGA Investments, LLC's portfolio

What stocks does ZEGA Investments, LLC own?

ZEGA Investments, LLC's latest 13F, for Q2 2026 and filed Jul 31, 2026, lists 215 positions worth $599.9M. The largest are Apple Inc (AAPL) at 15.7%, Ssga Active Tr (HYBL) at 9.0%, State Str Spdr S&p 500 ETF T (SPY) at 8.1%, Nvidia Corporation (NVDA) at 6.0% and Costco Wholesale Corporation (COST) at 4.1%.

What did ZEGA Investments, LLC buy last quarter?

In Q2 2026, ZEGA Investments, LLC added Graniteshares ETF Tr (NVDL) (+200.0% shares), Global X U.s. Infrastructure Development (PAVE) (+57.0% shares) and Alphabet Inc (GOOGL) (+46.8% shares), compared with its Q1 2026 filing.

What did ZEGA Investments, LLC sell last quarter?

In Q2 2026, ZEGA Investments, LLC cut from its top 50 Chevron Corporation (CVX), cut from its top 50 Ishares Tr (ITOT), cut from its top 50 World Gold Tr (GLDM), cut from its top 50 Rtx Corporation (RTX), cut from its top 50 Kinder Morgan Inc Del (KMI), Jpmorgan Chase & Co (JPM) (-53.5% shares), Alphabet Inc (GOOG) (-28.2% shares) and Eli Lilly & Co (LLY) (-15.0% shares), compared with its Q1 2026 filing.

When is ZEGA Investments, LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. ZEGA Investments, LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does ZEGA Investments, LLC manage?

ZEGA Investments, LLC reported $614.0M of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $599.9M.