# EDGAR Filing Document

**Accession Number:** 0001603837
**File Stem:** 0001178913-25-002938
**Filing Date:** 2025-8
**Character Count:** 12168
**Document Hash:** 709d763af7b186200843ab78b1f68f35
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001178913-25-002938.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0001178913-25-002938

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250815

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ion Asset Management Ltd.
- **CENTRAL INDEX KEY:** 0001603837

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16590
- **FILM NUMBER:** 251221400

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 89 MEDINAT HA-YEHUDIM ST
- **CITY:** HERZLIYA
- **PROVINCE COUNTRY:** L3
- **ZIP:** 4676672
- **BUSINESS PHONE:** 972-09-970-3620

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 89 MEDINAT HA-YEHUDIM ST
- **CITY:** HERZLIYA
- **PROVINCE COUNTRY:** L3
- **ZIP:** 4676672

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Ion Asset Management Ltd.<br>**Address:** 89 Medinat Ha-yehudim St<br>Herzliya, L3 4676672

**Form 13F File Number:** 028-16590

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Jonathan Half / Stephen Levey<br>**Title:** Director/Director<br>**Phone:** 972-9-970-3620

**Signature, Place, and Date of Signing:**

/s/ Jonathan Half   /s/ Stephen Levey  Herzliya, L3  08-13-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 2

**Form 13F Information Table Entry Total:** 82

**Form 13F Information Table Value Total:** $1818794610

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                      | Form 13F File Number   |
|:---|:---|:---|
|  | Ion Value Management Ltd. | 028-17382              |
|  | ION Tech Ltd              | 028-19552              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| BLOCK INC | CL A | 852234103 |  | 12227400 | 180000 | SH |  | SOLE | 2 | 180000 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 14472000 | 180000 | SH |  | SOLE | 2 | 180000 | 0 | 0 |
| DYNATRACE INC | COM NEW | 268150109 |  | 16563000 | 300000 | SH |  | SOLE | 2 | 300000 | 0 | 0 |
| ETORO GROUP LTD | SHS CL A | G32089107 |  | 12652100 | 190000 | SH |  | SOLE | 2 | 190000 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 |  | 14311500 | 150000 | SH |  | SOLE | 2 | 150000 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 1108200 | 20000 | SH |  | SOLE | 2 | 20000 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 2448400 | 40000 | SH |  | SOLE | 2 | 40000 | 0 | 0 |
| ITRON INC | COM | 465741106 |  | 9477360 | 72000 | SH |  | SOLE | 2 | 72000 | 0 | 0 |
| MONDAY COM LTD | SHS | M7S64H106 |  | 12579200 | 40000 | SH |  | SOLE | 2 | 40000 | 0 | 0 |
| OKTA INC | CL A | 679295105 |  | 11996400 | 120000 | SH |  | SOLE | 2 | 120000 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 |  | 5759200 | 80000 | SH |  | SOLE | 2 | 80000 | 0 | 0 |
| UNIT SER 1 | INVESCO QQQ TR | 46090E103 |  | 33098400 | 60000 | SH | Put | SOLE | 2 | 60000 | 0 | 0 |
| VOYAGER TECHNOLOGIES INC | COM CL A | 92892B103 |  | 785000 | 20000 | SH |  | SOLE | 2 | 20000 | 0 | 0 |
| AERCAP HOLDINGS NV | SHS | N00985106 |  | 75294414 | 643542 | SH |  | DFND | 1 | 0 | 0 | 643542 |
| CIENA CORP | COM NEW | 171779309 |  | 67843209 | 834172 | SH |  | DFND | 1 | 0 | 0 | 834172 |
| COSTAR GROUP INC | COM | 22160N109 |  | 55241232 | 687080 | SH |  | DFND | 1 | 0 | 0 | 687080 |
| DANAOS CORPORATION | SHS | Y1968P121 |  | 22548742 | 261465 | SH |  | DFND | 1 | 0 | 0 | 261465 |
| DELEK US HLDGS INC NEW | COM | 24665A103 |  | 38174557 | 1802387 | SH |  | DFND | 1 | 0 | 0 | 1802387 |
| ILLUMINA INC | COM | 452327109 |  | 37534294 | 393400 | SH |  | DFND | 1 | 0 | 0 | 393400 |
| LAMB WESTON HLDGS INC | COM | 513272104 |  | 57783403 | 1114434 | SH |  | DFND | 1 | 0 | 0 | 1114434 |
| LUMENTUM HLDGS INC | COM | 55024U109 |  | 873221 | 9186 | SH |  | DFND | 1 | 0 | 0 | 9186 |
| MACOM TECH SOLUTIONS HLDGS I | COM | 55405Y100 |  | 2865800 | 20000 | SH |  | DFND | 1 | 0 | 0 | 20000 |
| MONDAY COM LTD | SHS | M7S64H106 |  | 1817694 | 5780 | SH |  | DFND | 1 | 0 | 0 | 5780 |
| NAVIOS MARITIME PARTNERS L P | COM UNIT LPI | Y62267409 |  | 13010339 | 345285 | SH |  | DFND | 1 | 0 | 0 | 345285 |
| OKTA INC | CL A | 679295105 |  | 4685694 | 46871 | SH |  | DFND | 1 | 0 | 0 | 46871 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 1166448 | 5700 | SH |  | DFND | 1 | 0 | 0 | 5700 |
| PERRIGO CO PLC | SHS | G97822103 |  | 58460688 | 2187900 | SH |  | DFND | 1 | 0 | 0 | 2187900 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 547826947 | 32686572 | SH |  | DFND | 1 | 0 | 0 | 32686572 |
| TTM TECHNOLOGIES INC | COM | 87305R109 |  | 7069167 | 173179 | SH |  | DFND | 1 | 0 | 0 | 173179 |
| AERCAP HOLDINGS NV | SHS | N00985106 |  | 35736597 | 305441 | SH |  | SOLE |  | 305441 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 1316555 | 11070 | SH |  | SOLE |  | 11070 | 0 | 0 |
| CIENA CORP | COM NEW | 171779309 |  | 30668892 | 377092 | SH |  | SOLE |  | 377092 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 24341341 | 302753 | SH |  | SOLE |  | 302753 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 292032 | 295 | SH |  | SOLE |  | 295 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 1010338 | 3085 | SH |  | SOLE |  | 3085 | 0 | 0 |
| CVR ENERGY INC | COM | 12662P108 |  | 743745 | 27700 | SH |  | SOLE |  | 27700 | 0 | 0 |
| CVR ENERGY INC | COM | 12662P108 |  | 4822260 | 179600 | SH | Call | SOLE |  | 179600 | 0 | 0 |
| CVR PARTNERS LP | COM | 126633205 |  | 7693544 | 86600 | SH |  | SOLE |  | 86600 | 0 | 0 |
| DANAOS CORPORATION | SHS | Y1968P121 |  | 33878780 | 392843 | SH |  | SOLE |  | 392843 | 0 | 0 |
| DELEK US HLDGS INC NEW | COM | 24665A103 |  | 41121034 | 1941503 | SH |  | SOLE |  | 1941503 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 657855 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| ETORO GROUP LTD | SHS CL A | G32089107 |  | 665900 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 662970 | 6150 | SH |  | SOLE |  | 6150 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 932892 | 21520 | SH |  | SOLE |  | 21520 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 6502500 | 150000 | SH | Call | SOLE |  | 150000 | 0 | 0 |
| GENCO SHIPPING  TRADING LTD | SHS | Y2685T131 |  | 476598 | 36465 | SH |  | SOLE |  | 36465 | 0 | 0 |
| GLOBAL X FDS | GLOBAL X SILVER | 37954Y848 |  | 1482712 | 30800 | SH |  | SOLE |  | 30800 | 0 | 0 |
| GOLAR LNG LTD | SHS | G9456A100 |  | 445058 | 10805 | SH |  | SOLE |  | 10805 | 0 | 0 |
| IBOXX HI YD ETF | ISHARES TR | 464288513 |  | 16130000 | 200000 | SH | Put | SOLE |  | 200000 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 |  | 19799579 | 207521 | SH |  | SOLE |  | 207521 | 0 | 0 |
| IMAX CORP | COM | 45245E109 |  | 21747288 | 777800 | SH |  | SOLE |  | 777800 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 27544500 | 450000 | SH | Put | SOLE |  | 450000 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 36727514 | 1119400 | SH |  | SOLE |  | 1119400 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 52950000 | 600000 | SH | Put | SOLE |  | 600000 | 0 | 0 |
| KE HLDGS INC | SPONSORED ADS | 482497104 |  | 385845 | 21750 | SH |  | SOLE |  | 21750 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 843780 | 28700 | SH |  | SOLE |  | 28700 | 0 | 0 |
| KRATOS DEFENSE  SEC SOLUTIO | COM NEW | 50077B207 |  | 824023 | 17740 | SH |  | SOLE |  | 17740 | 0 | 0 |
| LAMB WESTON HLDGS INC | COM | 513272104 |  | 26595109 | 512924 | SH |  | SOLE |  | 512924 | 0 | 0 |
| MOSAIC CO NEW | COM | 61945C103 |  | 990432 | 27150 | SH |  | SOLE |  | 27150 | 0 | 0 |
| MP MATERIALS CORP | COM CL A | 553368101 |  | 1045676 | 31430 | SH |  | SOLE |  | 31430 | 0 | 0 |
| NAVIOS MARITIME PARTNERS L P | COM UNIT LPI | Y62267409 |  | 17810507 | 472678 | SH |  | SOLE |  | 472678 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 464980 | 67000 | SH |  | SOLE |  | 67000 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 481224 | 1880 | SH |  | SOLE |  | 1880 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 824096 | 14150 | SH |  | SOLE |  | 14150 | 0 | 0 |
| PAR PAC HOLDINGS INC | COM NEW | 69888T207 |  | 838348 | 31600 | SH |  | SOLE |  | 31600 | 0 | 0 |
| PERRIGO CO PLC | SHS | G97822103 |  | 43546145 | 1629721 | SH |  | SOLE |  | 1629721 | 0 | 0 |
| PHINIA INC | COMMON STOCK | 71880K101 |  | 27824580 | 625412 | SH |  | SOLE |  | 625412 | 0 | 0 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 |  | 443344 | 24200 | SH |  | SOLE |  | 24200 | 0 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 729144 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 605983 | 4150 | SH |  | SOLE |  | 4150 | 0 | 0 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 607627 | 6006 | SH |  | SOLE |  | 6006 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 2045409 | 6710 | SH |  | SOLE |  | 6710 | 0 | 0 |
| STAR BULK CARRIERS CORP. | SHS PAR | Y8162K204 |  | 522158 | 30270 | SH |  | SOLE |  | 30270 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | SPONSORED ADS | 881624209 |  | 94883438 | 5661303 | SH |  | SOLE |  | 5661303 | 0 | 0 |
| TRANSOCEAN LTD | REGISTERED SHS | H8817H100 |  | 10101000 | 3900000 | SH |  | SOLE |  | 3900000 | 0 | 0 |
| UNIT SER 1 | INVESCO QQQ TR | 46090E103 |  | 7833288 | 14200 | SH | Put | SOLE |  | 14200 | 0 | 0 |
| VALARIS LTD | CL A | G9460G101 |  | 659022 | 15650 | SH |  | SOLE |  | 15650 | 0 | 0 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 1250415 | 18500 | SH |  | SOLE |  | 18500 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 50965178 | 978970 | SH |  | SOLE |  | 978970 | 0 | 0 |
| VOYAGER TECHNOLOGIES INC | COM CL A | 92892B103 |  | 1177500 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 1229811 | 13695 | SH |  | SOLE |  | 13695 | 0 | 0 |
| ZIM INTEGRATED SHIPPING SERV | SHS | M9T951109 |  | 15242057 | 947300 | SH | Call | SOLE |  | 947300 | 0 | 0 |

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