Tidal Trust II - Defiance Pure Quantum ETF
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- Tidal Trust II – Defiance Pure Quantum ETF is a non-diversified, actively managed exchange-traded fund that seeks long-term capital appreciation through concentrated exposure to companies principally engaged in quantum computing and machine-learning technologies. The fund, formerly named Defiance Long Pure Quantum ETF, invests directly or synthetically in equity securities of Pure Quantum Companies, defined as companies deriving at least 50% of annual revenue from, or dedicating at least 50% of operating activity to, quantum computing or machine learning. Its investment activities include exposure to developers of quantum-computing hardware and software; quantum communication systems; technologies enabling interaction between quantum and conventional computing; quantum sensors, advanced materials and other enabling components; and machine-learning technologies. The fund may also invest in secondary technology companies that develop, support or apply quantum-computing technologies when qualifying pure-play issuers are limited. The fund employs a thematic, qualitative and proprietary selection process that considers quantum-related revenue and operations, research and development, patent ownership, industry partnerships, product-development activity, market capitalization, liquidity, trading frequency and public float. It generally maintains a focused, generally equally weighted portfolio of approximately three to 10 holdings, primarily comprising large-capitalization companies listed on U.S. exchanges, including American depositary receipts representing non-U.S. issuers. Portfolio holdings are reviewed at least quarterly and may be changed in response to material company developments, technological breakthroughs, market conditions, liquidity constraints or concentration considerations. The fund is concentrated in the quantum-computing industry and normally invests at least 80% of net assets, plus borrowings for investment purposes, in Pure Quantum Companies or derivatives providing exposure to such companies. Tidal Trust II – Defiance Pure Quantum ETF may obtain investment exposure through direct share ownership, listed options and over-the-counter swap agreements, and may hold cash, short-term U.S. Treasury securities and other liquid instruments as collateral for derivative positions. Its portfolio has included quantum-computing and related technology companies such as IonQ Inc., Quantinuum Inc., D-Wave Quantum Inc., Infleqtion Inc., Arqit Quantum Inc., IQM Quantum Computers Oyj, Rigetti Computing Inc., Quantum Computing Inc., Xanadu Quantum Technologies Ltd. and BTQ Technologies Corp. The fund is advised by Tidal Investments LLC, a Tidal Financial Group company, and is offered under the Defiance ETFs brand. It is domiciled in the United States, launched on June 8, 2026, and its shares trade on Cboe BZX Exchange under the ticker symbol QTUP. Recent developments include the fund’s June 2026 launch as Defiance Long Pure Quantum ETF, a May 2026 ticker change from LQTM to QTUP, and a June 24, 2026 name change to Defiance Pure Quantum ETF. The fund represents a concentrated satellite offering within Defiance ETFs’ quantum-focused product range, complementing the broader Defiance Quantum ETF product with targeted exposure to pure-play quantum-computing issuers.