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Zega Investments, LLC
ZEGA Investments, LLC is an SEC-registered investment adviser headquartered in Plano, TX. Founded in 2011, the firm offers progressive, options-based investment strategies with over 75 years of combined management experience among its principals. ZEGA serves institutions and individual investors seeking risk-managed equity exposure. The firm has approximately 10 employees and is recognized in prominent financial media outlets.
Investment Strategy
ZEGA Investments specializes in options-based investing, using sophisticated derivatives strategies to manage risk and generate returns. The firm focuses on risk/reward optimization, utilizing options calculus to protect portfolios from market volatility while aiming for consistent returns. Their approach is described as progressive and forward-thinking in strategy, but disciplined and conservative in risk management, with a strong ethical commitment to acting in clients' best interests.
Latest 13F Filing Activity
Zega Investments, LLC filed their most recent 13F report on Jun 30, 2025 disclosing 119 equity positions and 15 options positions with a total 13F market value of $733M. The fund increased holdings in Ssga Active TR, SPDR S&P 500 Etf TR, Nvidia Corporation among other positions. Zega Investments, LLC reduced exposure to Ssga Active Etf TR, SPDR Series Trust, Select Sector SPDR TR among others.
Top Holdings
Equity Positions (119)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
A AAPL | APPLE INC | 7.40% | $54.2M | 264,275 | $245.96 | $205.17 | -$2.1M |
S SPY | SPDR S&P 500 ETF TR | 5.71% | $41.8M | 67,716 | $590.85 | $617.85 | +$10.8M |
H HYBL | SSGA ACTIVE TR | 4.63% | $33.9M | 1,187,291 | $28.52 | $28.59 | +$24.2M |
A AMZN | AMAZON COM INC | 2.54% | $18.6M | 84,789 | $214.53 | $219.39 | +$2.4M |
M MSFT | MICROSOFT CORP | 2.10% | $15.4M | 30,970 | $428.54 | $497.41 | +$4.9M |
Options Positions (10)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
S SPY | SPDR S&P 500 ETF TR | Bought | Put | $128.8M | 2,085 | $617.85 | $587.50 | +93 | +$17.4M |
S SPY | SPDR S&P 500 ETF TR | Sold | Call | $111.6M | 1,807 | $617.85 | $586.08 | -217 | -$1.6M |
A AAPL | APPLE INC | Bought | Call | $30.8M | 1,499 | $205.17 | $230.31 | +129 | +$323.2K |
A AMZN | AMAZON COM INC | Bought | Call | $17.7M | 807 | $219.39 | $209.21 | +237 | +$6.9M |
A AAPL | APPLE INC | Sold | Put | $8.4M | 410 | $205.17 | $246.63 | -172 | -$4.5M |
Industry Allocation
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