-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000914121-09-000903.txt : 20090520
<SEC-HEADER>0000914121-09-000903.hdr.sgml : 20090520
<ACCEPTANCE-DATETIME>20090520161807
ACCESSION NUMBER:		0000914121-09-000903
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20090520
DATE AS OF CHANGE:		20090520
EFFECTIVENESS DATE:		20090520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ETAP Fund, L.L.C.
		CENTRAL INDEX KEY:			0001464500
		IRS NUMBER:				261540117
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-131387
		FILM NUMBER:		09842756

	BUSINESS ADDRESS:	
		STREET 1:		C/O GRESHAM INVESTMENT MANAGEMENT LLC
		STREET 2:		67 IRVING PLACE, 12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003
		BUSINESS PHONE:		212-984-1430

	MAIL ADDRESS:	
		STREET 1:		C/O GRESHAM INVESTMENT MANAGEMENT LLC
		STREET 2:		67 IRVING PLACE, 12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0301</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001464500</cik>
        <entityName>ETAP Fund, L.L.C.</entityName>
        <issuerAddress>
            <street1>C/O GRESHAM INVESTMENT MANAGEMENT LLC</street1>
            <street2>67 IRVING PLACE, 12TH FLOOR</street2>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <zipCode>10003</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>212-984-1418</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DE</jurisdictionOfInc>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2007</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Henry</firstName>
                <middleName>G.</middleName>
                <lastName>Jarecki</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>67 Irving Place</street1>
                <street2>12th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10003</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of Gresham Investment Management LLC (the &quot;Member Manager&quot;)</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jonathan</firstName>
                <middleName>S.</middleName>
                <lastName>Spencer</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>67 Irving Place</street1>
                <street2>12th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10003</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the Member Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Douglas</firstName>
                <middleName>J.</middleName>
                <lastName>Hepworth</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>67 Irving Place</street1>
                <street2>12th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <zipCode>10003</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>of the Member Manager</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-03-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>2000000000</totalOfferingAmount>
            <totalAmountSold>201000000</totalAmountSold>
            <totalRemaining>1799000000</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>3</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The issuer pays the Member Manager a monthly management fee equal to a varying percentage of the NAV of each investor's capital account at the end of each month.   The amount of the management fee is not quantifiable at this time.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>ETAP Fund, L.L.C.</issuerName>
                <signatureName>/s/ Jonathan S. Spencer</signatureName>
                <nameOfSigner>Jonathan S. Spencer</nameOfSigner>
                <signatureTitle>President of the Managing Member</signatureTitle>
                <signatureDate>2009-05-19</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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