Schedule 13G/A: 79,058 Shares (4.9%) Reported in Defiance ORCL ETF

Rhea-AI Filing Summary

Tidal Trust II has a Schedule 13G/A reporting that Q Fund Management (Hong Kong) Ltd and GR China Master Fund together beneficially own 79,058 shares of the Defiance Daily Target 2X Long ORCL ETF (CUSIP 88636R511), representing 4.9% of the class. Both the Hong Kong investment manager and the Cayman Islands fund report 0 sole voting or dispositive power and 79,058 shared voting and dispositive power, indicating joint control over these shares. The filing states the holdings were not acquired to influence control of the issuer and includes a joint filing agreement. Signatures by Feng Qian, Director, appear for both reporting persons with a filing date of 09/02/2025.

Insights

Securities Analyst

TL;DR: Filing discloses a 4.9% shared stake by an investment manager and its fund, a routine passive disclosure below the 5% threshold.

The schedule shows 79,058 shares beneficially owned with shared voting and dispositive power and no sole control. Because the position is 4.9%, it remains formally under the 5% reporting threshold for Schedule 13D-level activism, and the filers affirm the stake is not intended to influence control. For investors, this is a transparent, routine disclosure by an investment manager and its managed fund rather than an activist or control-seeking filing.

Compliance/Risk Analyst

TL;DR: Reporting appears complete and compliant, with joint filing and certification by the director.

The form includes required issuer and filer addresses, citizenship, CUSIP, and signature blocks. It specifies shared voting/dispositive power and includes the certification that the holdings were not acquired to influence control. From a compliance perspective, the filing meets Schedule 13G requirements for a passive investor and notes the relationship between the manager and the fund.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Tidal Trust II

(Name of Issuer)

Defiance Daily Target 2X Long ORCL ETF

(Title of Class of Securities)

88636R511

(CUSIP Number)

08/29/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 88636R511

1

Names of Reporting Persons

Q Fund Management (Hong Kong) Ltd

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 79,058.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 79,058.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

79,058.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

FI, IA

Comment for Type of Reporting Person: Both investment manager (Q Fund Management HK Ltd) and the fund (GR China Master Fund) share voting and dispositive power over the same 79058 shares.

SCHEDULE 13G

CUSIP No. 88636R511

1

Names of Reporting Persons

GR China Master Fund

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 79,058.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 79,058.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

79,058.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: Both investment manager (Q Fund Management HK Ltd) and the fund (GR China Master Fund) share voting and dispositive power over the same 79058 shares.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Tidal Trust II
(b)	Address of issuer's principal executive offices: 234 WEST FLORIDA STREET, SUITE 203, MILWAUKEE, WISCONSIN, 53204.
Item 2.
(a)	Name of person filing: Q Fund Management (Hong Kong) Ltd GR China Master Fund
(b)	Address or principal business office or, if none, residence: Unit 1602, 16/F Infinitus Plaza, 199 Des Voeux Road Central, Hong Kong
(c)	Citizenship: Q Fund Management (Hong Kong) Ltd - HONG KONG GR China Master Fund - CAYMAN ISLANDS
(d)	Title of class of securities: Defiance Daily Target 2X Long ORCL ETF
(e)	CUSIP No.: 88636R511
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 79058
(b)	Percent of class: 4.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 79058
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 79058
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. Q Fund Management (Hong Kong) Limited is investment manager of GR China Master Fund, who holds beneficial ownership less than 5% of the issuer identified in Item 1. Exhibit of Joint Filing Agreement attached.
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Q Fund Management (Hong Kong) Ltd

Signature:	Feng Qian
Name/Title:	Direcotr
Date:	09/02/2025

GR China Master Fund

Signature:	Feng Qian
Name/Title:	Director
Date:	09/02/2025

FAQ

What stake does Q Fund Management (Hong Kong) Ltd hold in Defiance Daily Target 2X Long ORCL ETF (QQQY)?

The filing reports a beneficial ownership of 79,058 shares, representing 4.9% of the class, with shared voting and dispositive power.

Do the filers claim intent to influence control of the issuer?

No. The certification states the securities were not acquired to change or influence control of the issuer.

Which entities filed the Schedule 13G/A?

The filers are Q Fund Management (Hong Kong) Ltd (investment manager) and GR China Master Fund (Cayman Islands fund).

What voting and dispositive powers are reported?

Both filers report 0 sole voting/dispositive power and 79,058 shared voting and dispositive power.

When was the Schedule 13G/A signed?

Signatures by Feng Qian, Director, are dated 09/02/2025 for both reporting persons.