# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0002000324-25-003764
**Filing Date:** 2025-9
**Character Count:** 35056
**Document Hash:** a63399cc19971e6bd463c974da84396a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-003764.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0002000324-25-003764

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust III
- **CENTRAL INDEX KEY:** 0001722388

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23312
- **FILM NUMBER:** 251353831

**BUSINESS ADDRESS:**
- **STREET 1:** CORPORATION TRUST CENTER 1209 ORANGE ST
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801
- **BUSINESS PHONE:** 4694428424

**MAIL ADDRESS:**
- **STREET 1:** CORPORATION TRUST CENTER 1209 ORANGE ST
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Impact Shares Trust I
- **DATE OF NAME CHANGE:** 20180319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Impact Shares Funds I Trust
- **DATE OF NAME CHANGE:** 20171113

## Series and Classes Contracts Data

### Rockefeller California Municipal Bond ETF (Series ID: S000086368)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000251862 | Rockefeller California Municipal Bond ETF | RMCA            |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Tidal Trust III

- **b. Investment Company Act file number:** 811-23312

- **c. CIK number of Registrant:** 0001722388

- **d. LEI of Registrant:** 254900O7GV43AAUCM784

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 234 West Florida Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53204

  - **Telephone number:** 8449867676

**Item A.2. Information about the Series.**

- **a. Name of Series:** Rockefeller California Municipal Bond ETF

- **b. EDGAR series identifier (if any):** S000086368

- **c. LEI of Series:** 254900DX9FOOL95T1K22

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-07-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $16890140.75

**Total Liabilities:** $540017.07

**Net Assets:** $16350123.68

**Delayed Delivery Securities:** $520045.00

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** -396.55 | **10-Year:** -7439.42 | **30-Year:** -10024.55

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** -31.61 | **10-Year:** -166.79 | **30-Year:** -499.78

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000251862 | -0.92%               | 0.20%                | -1.15%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-106580.13              | $-81113.81                                 |
| Month 2  | $-30141.48               | $17185.49                                  |
| Month 3  | $-142617.37              | $-114374.77                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                               | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Antonio B Won Pat International Airport Authority  | Antonio B Won Pat International Airport Authority                            | CUSIP: 40064RFX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101648.69    | 0.62%             | 2041-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Avenal Public Financing Authority                  | Avenal Public Financing Authority                                            | CUSIP: 053559AZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $38867.95     | 0.24%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                            | Bay Area Toll Authority                                                      | CUSIP: 072024YE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $120000.00    | 0.73%             | 2055-04-01      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Burbank-Glendale-Pasadena Airport Authority Brick  | Burbank-Glendale-Pasadena Airport Authority Brick                            | CUSIP: 120827CQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $59231.92     | 0.36%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Burbank-Glendale-Pasadena Airport Authority Brick  | Burbank-Glendale-Pasadena Airport Authority Brick                            | CUSIP: 120827EF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503442.10    | 3.08%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC                     | California County Tobacco Securitization Agency                              | CUSIP: 13016NBY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85651.32     | 0.52%             | 2042-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency    | California County Tobacco Securitization Agency                              | CUSIP: 13016NCH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $22192.72     | 0.14%             | 2050-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency    | California County Tobacco Securitization Agency                              | CUSIP: 13016NCX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $331228.00    | 2.03%             | 2046-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority        | California Educational Facilities Authority                                  | CUSIP: 130179VJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $234942.23    | 1.44%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority   | California Health Facilities Financing Authority                             | CUSIP: 13032U3C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517876.95    | 3.17%             | 2048-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority   | California Health Facilities Financing Authority                             | CUSIP: 13032US74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255800.33    | 1.56%             | 2049-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority   | California Health Facilities Financing Authority                             | CUSIP: 13032USL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $92672.80     | 0.57%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority   | California Health Facilities Financing Authority                             | CUSIP: 13032UYJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $326232.90    | 2.00%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Housing Finance Agency                  | California Housing Finance Agency                                            | CUSIP: 13032WDK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499703.85    | 3.06%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development B | California Infrastructure & Economic Development B                           | CUSIP: 13034A7C8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515661.25    | 3.15%             | 2059-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development B | California Infrastructure & Economic Development B                           | CUSIP: 13035CAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $264854.31    | 1.62%             | 2054-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH STUDEN                     | California Municipal Finance Authority                                       | CUSIP: 13051EAJ9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $227342.93    | 1.39%             | 2055-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority             | California Municipal Finance Authority                                       | CUSIP: 130486BC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $136093.50    | 0.83%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority             | California Municipal Finance Authority                                       | CUSIP: 13048DDG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $111629.40    | 0.68%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority             | California Municipal Finance Authority                                       | CUSIP: 13048T7N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $241580.55    | 1.48%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority             | California Municipal Finance Authority                                       | CUSIP: 13048TVF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $42638.14     | 0.26%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority             | California Municipal Finance Authority                                       | CUSIP: 13048VMX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $165314.27    | 1.01%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority             | California Municipal Finance Authority                                       | CUSIP: 13048VPX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $43458.72     | 0.27%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority             | California Municipal Finance Authority                                       | CUSIP: 13048VXC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10807.00     | 0.07%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN                     | California Public Finance Authority                                          | CUSIP: 13057GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $160568.75    | 0.98%             | 2054-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN                     | California Public Finance Authority                                          | CUSIP: 13057GAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $377740.28    | 2.31%             | 2065-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| California School Facilities Financing Authority   | California School Facilities Financing Authority                             | CUSIP: 13058RAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $684604.25    | 4.19%             | 2049-08-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                | California School Finance Authority                                          | CUSIP: 13058TCK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $63676.21     | 0.39%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                | California School Finance Authority                                          | CUSIP: 13058TEZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $190278.90    | 1.16%             | 2047-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                | California School Finance Authority                                          | CUSIP: 13058TKK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $276101.79    | 1.69%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                | California School Finance Authority                                          | CUSIP: 13058TLY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $274107.10    | 1.68%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                | California School Finance Authority                                          | CUSIP: 13058TUF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $141072.77    | 0.86%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                | California School Finance Authority                                          | CUSIP: 13058TUW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $133958.88    | 0.82%             | 2064-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                | California School Finance Authority                                          | CUSIP: 13059TCQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250094.28    | 1.53%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                | California School Finance Authority                                          | CUSIP: 13059TFG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40262.90     | 0.25%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                | California School Finance Authority                                          | CUSIP: 13059TFU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $214395.71    | 1.31%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                | California School Finance Authority                                          | CUSIP: 13059TJR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $112967.52    | 0.69%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                     | California Municipal Finance Authority                                       | CUSIP: 13048VUP1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    410000 | PA      | $320159.37    | 1.96%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California State University                        | California State University                                                  | CUSIP: 13077DEY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250743.20    | 1.53%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State University                        | California State University                                                  | CUSIP: 13077DWG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520318.25    | 3.18%             | 2056-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Autho | California Statewide Communities Development Autho                           | CUSIP: 13077ENQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $178649.55    | 1.09%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Autho | California Statewide Communities Development Autho                           | CUSIP: 13079PZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $222089.88    | 1.36%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Autho | California Statewide Communities Development Autho                           | CUSIP: 13080S2T0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $248704.73    | 1.52%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Autho | California Statewide Communities Development Autho                           | CUSIP: 13080SMK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $93470.96     | 0.57%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Autho | California Statewide Communities Development Autho                           | CUSIP: 13080SVL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24555.20     | 0.15%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Autho | California Statewide Communities Development Autho                           | CUSIP: 13080SX33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $317662.35    | 1.94%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Financing Authority           | California Statewide Financing Authority                                     | CUSIP: 130923BG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $122591.08    | 0.75%             | 2037-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT                     | California Statewide Communities Development Authority                       | CUSIP: 13080SEX8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     70000 | PA      | $67796.40     | 0.41%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                              | Children's Trust Fund                                                        | CUSIP: 16876QBF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25350.01     | 0.16%             | 2039-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                              | Children's Trust Fund                                                        | CUSIP: 16876QBG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $147446.56    | 0.90%             | 2043-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports         | City of Los Angeles Department of Airports                                   | CUSIP: 5444453B3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508644.25    | 3.11%             | 2050-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports         | City of Los Angeles Department of Airports                                   | CUSIP: 5444453D9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $414566.20    | 2.54%             | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Roseville CA                               | City of Roseville CA                                                         | CUSIP: 7778706Q4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94131.66     | 0.58%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of West Sacramento CA Enhanced Infrastructure | City of West Sacramento CA Enhanced Infrastructure                           | CUSIP: 955636AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249166.58    | 1.52%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Desert Sands Unified School District               | Desert Sands Unified School District                                         | CUSIP: 250433WR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $433899.50    | 2.65%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Independent Cities Finance Authority               | Independent Cities Finance Authority                                         | CUSIP: 45385LFG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $49295.29     | 0.30%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lammersville Joint Unified School District         | Lammersville Joint Unified School District                                   | CUSIP: 513533JW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $492288.20    | 3.01%             | 2055-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P                     | Los Angeles Department of Water & Power Water System Revenue                 | CUSIP: 544525A81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 3.06%             | 2050-07-01      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power            | Los Angeles Department of Water & Power                                      | CUSIP: 544532NJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $49861.85     | 0.30%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power            | Los Angeles Department of Water & Power                                      | CUSIP: 544532NK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $457926.66    | 2.80%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| M-S-R Energy Authority                             | M-S-R Energy Authority                                                       | CUSIP: 55374SAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21151.81     | 0.13%             | 2029-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Poway Unified School District Public Financing Aut | Poway Unified School District Public Financing Aut                           | CUSIP: 73885QDN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100061.55    | 0.61%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Rev | Puerto Rico Sales Tax Financing Corp Sales Tax Rev                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     27000 | PA      | $25536.18     | 0.16%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                     | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JQH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $143999.00    | 0.88%             | 2051-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority        | San Diego County Regional Airport Authority                                  | CUSIP: 79739GTE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516437.35    | 3.16%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority        | San Diego County Regional Airport Authority                                  | CUSIP: 79742GAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $424968.51    | 2.60%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY                     | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DXP9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504768.50    | 3.09%             | 2055-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Marcos Unified School District                 | San Marcos Unified School District                                           | CUSIP: 798762QK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $85543.99     | 0.52%             | 2048-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Silicon Valley Tobacco Securitization Authority    | Silicon Valley Tobacco Securitization Authority                              | CUSIP: 82706TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $539200.80    | 3.30%             | 2036-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SILICON VLY CA TOBACCO SECURIT                     | Silicon Valley Tobacco Securitization Authority                              | CUSIP: 82706TAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $172911.15    | 1.06%             | 2041-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern Calif | Tobacco Securitization Authority of Southern Calif                           | CUSIP: 888804BA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $276710.55    | 1.69%             | 2046-06-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington Township Health Care District           | Washington Township Health Care District                                     | CUSIP: 940642CV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $266634.20    | 1.63%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-29

**Name of Applicant:** Tidal Trust III

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial Officer