# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0002000324-25-004769
**Filing Date:** 2025-12
**Character Count:** 31381
**Document Hash:** be5478beefd4ad65b9a91fc91c009405
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004769.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0002000324-25-004769

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**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:** 251607488

**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

### VistaShares Target 15 DRUKMacro Distribution ETF (Series ID: S000094437)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000262947 | VistaShares Target 15 DRUKMacro Distribution ETF |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **VistaShares Target 15 DRUKMacro Distribution ETF** | **VistaShares Target 15 DRUKMacro Distribution ETF** | **VistaShares Target 15 DRUKMacro Distribution ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 81.5%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 1.8%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 381 | $38569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Call Options - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment PLC<sup>(a)</sup> | 248 | 57682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc. | 512 | 33633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 577 | 83278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 32.2%<sup>(b)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 68 | 58675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc.<sup>(a)</sup> | 84 | 15926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc.<sup>(a)</sup> | 2017 | 401242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries Ltd., ADR<sup>(a)</sup> | 9485 | 194253 |
|  |  | 670096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | 1032 | 94500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc. | 548 | 143637 |
|  |  | 238137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roku, Inc. - Class A<sup>(a)</sup> | 652 | 69197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.<sup>(a)</sup> | 4192 | 94110 |
|  |  | 163307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corp. | 917 | 49133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coupang, Inc. - Class A<sup>(a)</sup> | 2801 | 89548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)</sup> | 36 | 83781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - Class A, ADR<sup>(a)</sup> | 172 | 26875 |
|  |  | 200204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DocuSign, Inc.<sup>(a)</sup> | 853 | 62388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 128 | 66280 |
|  |  | 128668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp.<sup>(a)</sup> | 41 | 5410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 88 | 26438 |
|  |  | 31848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $1,615,325)** |  | 1694555 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PURCHASED OPTIONS - 7.2%<sup>(a)(c)(d)(e)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Call Options - 7.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., Expiration: 11/21/2025; Exercise Price: $105.00 | $30369 | 3 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp., Expiration: 11/7/2025; Exercise Price: $90.00 | 92372 | 7 | 29295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp., Expiration: 11/21/2025; Exercise Price: $135.00 | 92372 | 7 | 6020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc., Expiration: 11/21/2025; Exercise Price: $120.00 | 91570 | 10 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corp., Expiration: 11/21/2025; Exercise Price: $65.00 | 48222 | 9 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment PLC, Expiration: 11/21/2025; Exercise Price: $270.00 | 35070 | 2 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc., Expiration: 11/21/2025; Exercise Price: $200.00 | 189600 | 10 | 4700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc., Expiration: 11/21/2025; Exercise Price: $130.00 | 189600 | 10 | 59500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp., Expiration: 11/21/2025; Exercise Price: $575.00 | 51781 | 1 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc., Expiration: 11/21/2025; Exercise Price: $210.00 | 397860 | 20 | 15800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd., Expiration: 11/21/2025; Exercise Price: $175.00 | 15625 | 1 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 11/7/2025; Exercise Price: $230.00 | 120172 | 4 | 28260 |
|  |  |  | 145294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Put Options - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc., Expiration: 11/21/2025; Exercise Price: $145.00 | 72165 | 5 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roku, Inc., Expiration: 11/21/2025; Exercise Price: $90.00 | 63678 | 6 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries Ltd., Expiration: 11/21/2025; Exercise Price: $18.00 | 192512 | 94 | 2350 |
|  |  |  | 4592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PURCHASED OPTIONS (Cost $139,797)** |  |  | 149886 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 19.5%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 19.5%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.03%<sup>(f)</sup> | 404360 | 404360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $404,360)** |  | 404360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 108.2% (Cost $2,159,482)** |  | $2248801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (8.2)% |  | (170821) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $2077980 |

---

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) To the extent that the Fund invests more heavily in
 a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect
 those industries or sectors.

(c) Exchange-traded.

(d) 100 shares per contract.

(e) Held in connection with written option contracts. See
 Schedule of Written Options Contracts for further information.

(f) The rate shown represents the 7-day annualized effective
 yield as of October 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **VistaShares Target 15 DRUKMacro Distribution ETF** | **VistaShares Target 15 DRUKMacro Distribution ETF** | **VistaShares Target 15 DRUKMacro Distribution ETF** | **VistaShares Target 15 DRUKMacro Distribution ETF** |
| **Schedule of Written Options Contracts** | **Schedule of Written Options Contracts** | **Schedule of Written Options Contracts** | **Schedule of Written Options Contracts** |
| **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** | **October 31, 2025 (Unaudited)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**WRITTEN OPTIONS - (4.6)%<sup>(a)(b)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Call Options - (3.9)%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., Expiration: 11/21/2025; Exercise Price: $100.00 | $(30369) | (3) | $(1057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp., Expiration: 11/21/2025; Exercise Price: $125.00 | (92372) | (7) | (9520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coupang, Inc., Expiration: 11/21/2025; Exercise Price: $35.00 | (89516) | (28) | (1260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DocuSign, Inc., Expiration: 11/21/2025; Exercise Price: $77.50 | (58512) | (8) | (1120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc., Expiration: 11/21/2025; Exercise Price: $105.00 | (91570) | (10) | (1225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corp., Expiration: 11/21/2025; Exercise Price: $60.00 | (48222) | (9) | (373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment PLC, Expiration: 11/21/2025; Exercise Price: $250.00 | (35070) | (2) | (940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc., Expiration: 11/21/2025; Exercise Price: $175.00 | (189600) | (10) | (17500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp., Expiration: 11/21/2025; Exercise Price: $545.00 | (51781) | (1) | (303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc., Expiration: 11/21/2025; Exercise Price: $185.00 | (397860) | (20) | (40300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc., Expiration: 11/21/2025; Exercise Price: $70.00 | (32845) | (5) | (125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd., Expiration: 11/21/2025; Exercise Price: $170.00 | (15625) | (1) | (528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 11/21/2025; Exercise Price: $330.00 | (120172) | (4) | (1020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc., Expiration: 11/21/2025; Exercise Price: $23.00 | (92045) | (41) | (2727) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc., Expiration: 11/21/2025; Exercise Price: $280.00 | (131055) | (5) | (2525) |
|  |  |  | (80523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Put Options - (0.7)%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc., Expiration: 11/21/2025; Exercise Price: $155.00 | (72165) | (5) | (5500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roku, Inc., Expiration: 11/21/2025; Exercise Price: $100.00 | (63678) | (6) | (1458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries Ltd., Expiration: 11/21/2025; Exercise Price: $20.00 | (192512) | (94) | (7285) |
|  |  |  | (14243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL WRITTEN OPTIONS (Premiums received $64,407)** |  |  | (94766) |

---

Percentages are stated as a percent of net assets.

(a) 100 shares per contract.

(b) Exchange-traded.

## 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:** Vistashares Target 15 Drukmacro Distribution ETF

- **b. EDGAR series identifier (if any):** S000094437

- **c. LEI of Series:** 254900RF5YJZNNQUR573

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $2249003.32

**Total Liabilities:** $171054.62

**Net Assets:** $2077948.70

**Cash Not Reported:** $207365.16

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000262947 |  |  | 5.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $37401.14                | $79229.91                                  |

**Designated Index Information**

- **Index Name:** NYSE FANG+ Total Return Index

- **Index Identifier:** NYFANGT

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Citigroup Inc                  | Citigroup Inc                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |       381 | NS      | $38568.63     | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                  | Coherent Corp                              | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |        41 | NS      | $5410.36      | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                    | Coupang Inc                                | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |      2801 | NS      | $89547.97     | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Docusign Inc                   | Docusign Inc                               | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |       853 | NS      | $62388.42     | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                             | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |        68 | NS      | $58674.48     | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                   | Entegris Inc                               | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |      1032 | NS      | $94500.24     | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                       | EQT Corp                                   | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |       917 | NS      | $49132.86     | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    121807 | NS      | $121806.54    | 5.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Flutter Entertainment PLC      | Flutter Entertainment PLC                  | CUSIP: N/A<br>LEI: 635400EG4YIJLJMZJ782       | Long             | EC               | CORP              | US        |       248 | NS      | $57682.32     | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                     | Insmed Inc                                 | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |        84 | NS      | $15926.40     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                           | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |        36 | NS      | $83781.36     | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       128 | NS      | $66279.68     | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Citigroup Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -3 | NC      | $-1057.50     | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Citigroup Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         3 | NC      | $397.50       | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Coherent Corp                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -7 | NC      | $-9520.00     | -0.46%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Coherent Corp                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         7 | NC      | $6020.00      | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Coherent Corp                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         7 | NC      | $29295.00     | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Coupang Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -28 | NC      | $-1260.00     | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Docusign Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -8 | NC      | $-1120.00     | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Entegris Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-1225.00     | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Entegris Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        10 | NC      | $375.00       | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | EQT Corp                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -9 | NC      | $-373.50      | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | EQT Corp                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         9 | NC      | $45.00        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Flutter Entertainment PLC                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-940.00      | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Flutter Entertainment PLC                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         2 | NC      | $405.00       | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Insmed Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        10 | NC      | $59500.00     | 2.86%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Insmed Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-17500.00    | -0.84%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Insmed Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        10 | NC      | $4700.00      | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Microsoft Corp                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $-302.50      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Microsoft Corp                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $69.50        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Natera Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -20 | NC      | $-40300.00    | -1.94%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Natera Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        20 | NC      | $15800.00     | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Philip Morris International Inc            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         5 | NC      | $1900.00      | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Philip Morris International Inc            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -5 | NC      | $-5500.00     | -0.26%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Restaurant Brands International Inc        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -5 | NC      | $-125.00      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Roku Inc                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -6 | NC      | $-1458.00     | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Roku Inc                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         6 | NC      | $342.00       | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Sea Ltd                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $-527.50      | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Sea Ltd                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $427.50       | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         4 | NC      | $28260.00     | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -4 | NC      | $-1020.00     | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Teva Pharmaceutical Industries Ltd         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        94 | NC      | $2350.00      | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Teva Pharmaceutical Industries Ltd         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -94 | NC      | $-7285.00     | -0.35%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Warner Bros Discovery Inc                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -41 | NC      | $-2726.50     | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Woodward Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -5 | NC      | $-2525.00     | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Natera Inc                     | Natera Inc                                 | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2017 | NS      | $401241.81    | 19.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International Inc            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |       577 | NS      | $83278.41     | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands Internationa | Restaurant Brands International Inc        | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Long             | EC               | CORP              | CA        |       512 | NS      | $33633.28     | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Roku Inc                       | Roku Inc                                   | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Long             | EC               | CORP              | US        |       652 | NS      | $69196.76     | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                        | Sea Ltd                                    | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |       172 | NS      | $26875.00     | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Teva Pharmaceutical Industries | Teva Pharmaceutical Industries Ltd         | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |      9485 | NS      | $194252.80    | 9.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |        88 | NS      | $26437.84     | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc      | Warner Bros Discovery Inc                  | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |      4192 | NS      | $94110.40     | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Inc                   | Woodward Inc                               | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |       548 | NS      | $143636.28    | 6.91%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-29

**Name of Applicant:** Tidal Trust III

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial Officer