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Livermore
Livermore
ZHEN

HAP Trading, LLC

SEC CIK
0001484972
Latest filing
Aug 13, 2025

The latest 13F from HAP Trading, LLC covers Q2 2025 (filed Aug 13, 2025): 107 long positions worth $229.9M. The top 10 holdings make up 37.7% of the portfolio, and the largest is VanEck Semiconductor ETF at 5.0%. Livermore has 18 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2025

Share counts compared with Q1 2025: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
56
Est. +$115.5M
Added
22
Est. +$21.9M
Reduced
29
Est. −$58.0M
Sold out
58
Est. −$162.6M

Top 5 holdings

Share of this quarter's portfolio value

  1. VanEck Semiconductor ETF92189F676
    5.0%$11.4M
  2. iShares Inc464286509
    4.8%$11.1M
  3. COINCoinbase Global, Inc.
    4.6%$10.5MHistory
  4. AMZNAmazon Com Inc
    4.1%$9.52MHistory
  5. TSMTaiwan Semiconductor Manufacturing Co Ltd
    3.9%$8.95MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. VanEck Semiconductor ETF92189F676
    +$11.4MNew
  2. AMZNAmazon Com Inc
    +$9.52MNewHistory
  3. iShares Inc464286509
    +$9.51MAdded
  4. METAMeta Platforms, Inc.
    +$8.09MNewHistory
  5. CLSCelestica Inc
    +$6.71MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. VanEck Semiconductor ETF92189F676
    +4.97 pp0.0% → 5.0%
  2. iShares Inc464286509
    +4.33 pp0.5% → 4.8%
  3. AMZNAmazon Com Inc
    +4.14 pp0.0% → 4.1%History
  4. METAMeta Platforms, Inc.
    +3.52 pp0.0% → 3.5%History
  5. CLSCelestica Inc
    +2.92 pp0.0% → 2.9%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. NVDANVIDIA Corp
    −$15.9MSold outHistory
  2. TKOTKO Group Holdings, Inc.
    −$11.6MReducedHistory
  3. BABAAlibaba Group Holding Ltd
    −$11.2MSold outHistory
  4. SPYSPDR S&P 500 ETF Trust
    −$9.62MSold outHistory
  5. GOOGLAlphabet Inc.
    −$9.02MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. NVDANVIDIA Corp
    −5.66 pp5.7% → 0.0%History
  2. BABAAlibaba Group Holding Ltd
    −4.01 pp4.0% → 0.0%History
  3. SPYSPDR S&P 500 ETF Trust
    −3.43 pp3.4% → 0.0%History
  4. GOOGLAlphabet Inc.
    −3.21 pp3.2% → 0.0%History
  5. TKOTKO Group Holdings, Inc.
    −2.69 pp5.1% → 2.5%History

Metrics

13F metrics for Q2 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$229.9M
−$50.9M (−18.1%) vs. prior quarter
Positions
107
−2 vs. prior quarter
Top 10 concentration
37.7%
Top 10 as share of value
Turnover
53.8%
Q2 2025, one quarter
Average holding period
2.6 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

18 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.61B (Q2 2021)

Q1 2021: $875.5MQ2 2021: $1.61BQ3 2021: $1.36BQ4 2021: $1.44BQ1 2022: $878.3MQ2 2022: $800.4MQ3 2022: $774.4MQ4 2022: $610.9MQ1 2023: $412.2MQ2 2023: $354.5MQ3 2023: $404.2MQ4 2023: $340.8MQ1 2024: $322.8MQ2 2024: $229.2MQ3 2024: $197.2MQ4 2024: $298.7MQ1 2025: $280.7MQ2 2025: $229.9M
Q1 2021Q2 2025
13F filings of HAP Trading, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2025Aug 13, 2025107$229.9MVanEck Semiconductor ETFiShares IncCOINvs. Q1 2025SEC
Q1 2025May 14, 2025109$280.7MNVDATKOTSMvs. Q4 2024SEC
Q4 2024Feb 13, 2025102$298.7MNVDATSLAiShares Incvs. Q3 2024SEC
Q3 2024Nov 12, 202482$197.2MPRMWPARBAvs. Q2 2024SEC
Q2 2024Aug 14, 202492$229.2MVSTOCRTOPRMWvs. Q1 2024SEC
Q1 2024May 13, 2024118$322.8MZCYTKKRvs. Q4 2023SEC
Q4 2023Feb 14, 2024126$340.8MZCHTRCIvs. Q3 2023SEC
Q3 2023Nov 9, 2023159$404.2MVMWUPSAIVvs. Q2 2023SEC
Q2 2023Aug 11, 2023136$354.5MARMKAIVBVNvs. Q1 2023SEC
Q1 2023May 12, 2023146$412.2MARMKEXESIMOvs. Q4 2022SEC
Q4 2022Feb 14, 2023228$610.9MARMKInvesco Exch Traded FD Tr IIDBX ETF Trvs. Q3 2022SEC
Q3 2022Nov 14, 2022296$774.4MARMKDIAiShares Incvs. Q2 2022SEC
Q2 2022Aug 12, 2022355$800.4MSUARMKDIAvs. Q1 2022SEC
Q1 2022May 12, 2022408$878.3MSUARMKDIAvs. Q4 2021SEC
Q4 2021Feb 14, 2022513$1.44BState Street SPDR S&P Biotech ETFWARMKvs. Q3 2021SEC
Q3 2021Nov 10, 2021523$1.36BSPYiShares TriShares Incvs. Q2 2021SEC
Q2 2021Aug 11, 2021518$1.61BAMZNiShares TrSPGvs. Q1 2021SEC
Q1 2021May 14, 2021383$875.5MNFLXAMZNARK ETF Tr–SEC

13D and 13G filings

Companies where HAP Trading, LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

HAP Trading, LLC does not currently report owning 5% or more of any company.

Latest filings

2 filings on file made by HAP Trading, LLC or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by HAP Trading, LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
CLARClarus CorpSep 15, 202213G/AOld format–––SEC
CLARClarus CorpSep 15, 202213GOld format–New–SEC