# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0002000324-25-002521
**Filing Date:** 2025-7
**Character Count:** 63001
**Document Hash:** b60624b0460ce9a2b909b29126127097
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-002521.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0002000324-25-002521

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**PERIOD START**: 20260228

**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:** 251165319

**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 USA Quality Income ETF (Series ID: S000090690)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000257974 | VistaShares Target 15 USA Quality Income ETF | QUSA            |

## Nport-Ex

**VistaShares Target 15 USA Quality Income ETF**

**Schedule of Investments**

**May 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 100.4%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.<sup>(a)</sup> | 872 | $92014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 2044 | 347255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 21.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. - Class A | 1144 | 330616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay, Inc.<sup>(a)</sup> | 392 | 127443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 235 | 107691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 457 | 82795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 562 | 329107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc. - Class A | 652 | 94181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 925 | 337801 |
|  |  | 1409634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. - Class A | 2043 | 344511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 15.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | 1355 | 242193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp. | 4020 | 361518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 1313 | 321790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap-on, Inc. | 341 | 109376 |
|  |  | 1034877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 19.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 1056 | 343760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp. | 1523 | 344959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Co. | 7076 | 292522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | 2004 | 316452 |
|  |  | 1297693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | 975 | 338754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. - REIT | 1742 | 81351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Co. | 3394 | 164270 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 6.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> |  | 819 | 92719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. |  | 313 | 325576 |
|  |  |  | 418295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 16.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC - Class A |  | 951 | 301296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANSYS, Inc.<sup>(a)</sup> |  | 497 | 164418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. |  | 731 | 336523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. |  | 1912 | 316493 |
|  |  |  | 1118730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $6,525,257)** |  |  | 6647384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PURCHASED OPTIONS - 0.1%<sup>(b)(c)(d)</sup>** | **Notional<br> Amount** | **Contracts** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Call Options - 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp., Expiration: 6/20/2025; Exercise Price: $230.00 | $203850 | 9 | 2677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc., Expiration: 6/20/2025; Exercise Price: $290.00 | 289000 | 10 | 4150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Co., Expiration: 6/20/2025; Exercise Price: $43.75 | 285246 | 69 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PURCHASED OPTIONS (Cost $4,143)** |  |  | 7862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 0.1%** |  | **Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.22%<sup>(e)</sup> |  | 3718 | 3718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $3,718)** |  |  | 3718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 100.6% (Cost $6,533,118)** |  |  | $6658964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (0.6)% |  |  | (41720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  |  | $6617244 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

(b) Exchange-traded.

(c) 100 shares per contract.

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

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

**VistaShares Target 15 USA Quality Income ETF**

**Schedule of Written Options Contracts**

**May 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**WRITTEN OPTIONS - (1.8)%<sup>(a)(b)</sup>** | **Notional<br> Amount** | **Contracts** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Call Options - (1.8)%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC, Expiration: 6/20/2025; Exercise Price: $345.00 | $(253456) | (8) | $(2080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc., Expiration: 6/20/2025; Exercise Price: $185.00 | (232362) | (13) | (2112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., Expiration: 6/20/2025; Exercise Price: $90.00 | (359720) | (40) | (9300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANSYS, Inc., Expiration: 6/20/2025; Exercise Price: $370.00 | (66164) | (2) | (480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANSYS, Inc., Expiration: 6/20/2025; Exercise Price: $360.00 | (66164) | (2) | (1015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co., Expiration: 6/20/2025; Exercise Price: $350.00 | (104232) | (3) | (1860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co., Expiration: 6/20/2025; Exercise Price: $340.00 | (208464) | (6) | (6960) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc., Expiration: 6/20/2025; Exercise Price: $330.00 | (97659) | (3) | (945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc., Expiration: 6/20/2025; Exercise Price: $320.00 | (195318) | (6) | (5100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc., Expiration: 6/20/2025; Exercise Price: $130.00 | (22642) | (2) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc., Expiration: 6/20/2025; Exercise Price: $120.00 | (56605) | (5) | (400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp., Expiration: 6/20/2025; Exercise Price: $227.50 | (135900) | (6) | (2550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp., Expiration: 6/20/2025; Exercise Price: $220.00 | (203850) | (9) | (8280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc., Expiration: 6/20/2025; Exercise Price: $280.00 | (289000) | (10) | (10800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay, Inc., Expiration: 6/20/2025; Exercise Price: $390.00 | (32511) | (1) | (240) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay, Inc., Expiration: 6/20/2025; Exercise Price: $370.00 | (65022) | (2) | (480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp., Expiration: 6/20/2025; Exercise Price: $1,070.00 | (104018) | (1) | (875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp., Expiration: 6/20/2025; Exercise Price: $1,050.00 | (104018) | (1) | (1763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corp., Expiration: 6/20/2025; Exercise Price: $150.00 | (84416) | (8) | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc., Expiration: 6/20/2025; Exercise Price: $480.00 | (45826) | (1) | (202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc., Expiration: 6/20/2025; Exercise Price: $470.00 | (45826) | (1) | (438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Co., Expiration: 6/20/2025; Exercise Price: $41.25 | (285246) | (69) | (6900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc., Expiration: 6/20/2025; Exercise Price: $50.00 | (51370) | (11) | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc., Expiration: 6/20/2025; Exercise Price: $47.50 | (28020) | (6) | (195) |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc., Expiration: 6/20/2025; Exercise Price: $260.00 | (318604) | (13) | (617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc., Expiration: 6/20/2025; Exercise Price: $185.00 | (72468) | (4) | (1130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Expiration: 6/20/2025; Exercise Price: $1,180.00 | (234240) | (1) | (758) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Expiration: 6/20/2025; Exercise Price: $1,170.00 | (468480) | (2) | (2050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Expiration: 6/20/2025; Exercise Price: $595.00 | (117120) | (2) | (1070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp., Expiration: 6/20/2025; Exercise Price: $465.00 | (92072) | (2) | (1125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp., Expiration: 6/20/2025; Exercise Price: $460.00 | (92072) | (2) | (1545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp., Expiration: 6/20/2025; Exercise Price: $455.00 | (92072) | (2) | (2165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., Expiration: 6/20/2025; Exercise Price: $175.00 | (297954) | (18) | (8100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc., Expiration: 6/20/2025; Exercise Price: $160.00 | (110537) | (7) | (1452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc., Expiration: 6/20/2025; Exercise Price: $155.00 | (189492) | (12) | (6060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co., Expiration: 6/20/2025; Exercise Price: $165.00 | (322791) | (19) | (11923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap-on, Inc., Expiration: 6/20/2025; Exercise Price: $340.00 | (96225) | (3) | (225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Co., Expiration: 6/20/2025; Exercise Price: $55.00 | (101640) | (21) | (1732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Co., Expiration: 6/20/2025; Exercise Price: $54.00 | (58080) | (12) | (210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Expiration: 6/20/2025; Exercise Price: $150.00 | (28890) | (2) | (365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Expiration: 6/20/2025; Exercise Price: $145.00 | (57780) | (4) | (1280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Expiration: 6/20/2025; Exercise Price: $370.00 | (182595) | (5) | (2125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Expiration: 6/20/2025; Exercise Price: $360.00 | (109557) | (3) | (2993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc., Expiration: 6/20/2025; Exercise Price: $170.00 | (320397) | (19) | (6745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL WRITTEN OPTIONS (Premiums received $89,742)** |  |  | $(116783) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 Usa Quality Income ETF

- **b. EDGAR series identifier (if any):** S000090690

- **c. LEI of Series:** 254900RF3AXV18M0F482

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-05-31

**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:** $7243901.53

**Total Liabilities:** $626657.19

**Net Assets:** $6617244.34

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000257974 |  |  | 3.08%                |

**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  | $0.00                    | $122126.83                                 |

**Designated Index Information**

- **Index Name:** S&P 500 Total Return Index

- **Index Identifier:** SPTR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Accenture PLC                  | Accenture PLC                              | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |       951 | NS      | $301295.82    | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                     | AMETEK Inc                                 | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      1355 | NS      | $242192.70    | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                              | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      4020 | NS      | $361518.60    | 5.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ANSYS Inc                      | ANSYS Inc                                  | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |       497 | NS      | $164417.54    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co                    | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |       975 | NS      | $338754.00    | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing Inc              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      1056 | NS      | $343759.68    | 5.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I | BJ's Wholesale Club Holdings Inc           | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |       819 | NS      | $92718.99     | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                    | Cintas Corp                                | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1523 | NS      | $344959.50    | 5.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                              | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      1144 | NS      | $330616.00    | 5.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                     | Corpay Inc                                 | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |       392 | NS      | $127443.12    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp                      | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       313 | NS      | $325576.34    | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp           | Deckers Outdoor Corp                       | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |       872 | NS      | $92013.44     | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc   | FactSet Research Systems Inc               | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |       235 | NS      | $107691.10    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                    | Fastenal Co                                | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |      7076 | NS      | $292521.84    | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |      3855 | NS      | $3854.94      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties  | Gaming and Leisure Properties Inc          | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |      1742 | NS      | $81351.40     | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc        | Illinois Tool Works Inc                    | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |      1313 | NS      | $321790.04    | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc    | Jack Henry & Associates Inc                | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |       457 | NS      | $82794.69     | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       562 | NS      | $329107.20    | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       731 | NS      | $336523.16    | 5.09%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Accenture PLC                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -8 | NC      | $-2080.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | AMETEK Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -13 | NC      | $-2112.50     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Amphenol Corp                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -40 | NC      | $-9300.00     | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | ANSYS Inc                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-1015.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | ANSYS Inc                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-480.00      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Arthur J Gallagher & Co                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -6 | NC      | $-6960.00     | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Arthur J Gallagher & Co                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -3 | NC      | $-1860.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Automatic Data Processing Inc              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -6 | NC      | $-5100.00     | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Automatic Data Processing Inc              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -3 | NC      | $-945.00      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | BJ's Wholesale Club Holdings Inc           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -5 | NC      | $-400.00      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | BJ's Wholesale Club Holdings Inc           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-15.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Cintas Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -9 | NC      | $-8280.00     | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Cintas Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -6 | NC      | $-2550.00     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Cintas Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         9 | NC      | $2677.50      | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | CME Group Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-10800.00    | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | CME Group Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        10 | NC      | $4150.00      | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Corpay Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-480.00      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Corpay Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $-240.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Costco Wholesale Corp                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $-1762.50     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Costco Wholesale Corp                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $-875.00      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Deckers Outdoor Corp                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -8 | NC      | $-40.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | FactSet Research Systems Inc               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $-437.50      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | FactSet Research Systems Inc               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $-202.50      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Fastenal Co                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -69 | NC      | $-6900.00     | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Fastenal Co                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        69 | NC      | $1035.00      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Gaming and Leisure Properties Inc          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -6 | NC      | $-195.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Gaming and Leisure Properties Inc          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -11 | NC      | $-82.50       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Illinois Tool Works Inc                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -13 | NC      | $-617.50      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Jack Henry & Associates Inc                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -4 | NC      | $-1130.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Mastercard Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-2050.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Mastercard Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $-757.50      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Mastercard Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-1070.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Microsoft Corp                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-2165.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Microsoft Corp                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-1545.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Microsoft Corp                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-1125.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Oracle Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -18 | NC      | $-8100.00     | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Paychex Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -12 | NC      | $-6060.00     | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Paychex Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -7 | NC      | $-1452.50     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Procter & Gamble Co/The                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -19 | NC      | $-11922.50    | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Snap-on Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -3 | NC      | $-225.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Tractor Supply Co                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -12 | NC      | $-210.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Tractor Supply Co                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -21 | NC      | $-1732.50     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Tradeweb Markets Inc                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -4 | NC      | $-1280.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Tradeweb Markets Inc                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-365.00      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Visa Inc                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -3 | NC      | $-2992.50     | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Visa Inc                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -5 | NC      | $-2125.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Zoetis Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -19 | NC      | $-6745.00     | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      1912 | NS      | $316493.36    | 4.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                    | Paychex Inc                                | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      2004 | NS      | $316451.64    | 4.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The                    | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      2044 | NS      | $347255.16    | 5.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                    | Snap-on Inc                                | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |       341 | NS      | $109375.75    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co              | Tractor Supply Co                          | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |      3394 | NS      | $164269.60    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc           | Tradeweb Markets Inc                       | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       652 | NS      | $94181.40     | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       925 | NS      | $337800.75    | 5.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                     | Zoetis Inc                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      2043 | NS      | $344511.09    | 5.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                              | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |       951 | NS      | $301295.82    | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                     | AMETEK Inc                                 | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      1355 | NS      | $242192.70    | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp                              | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      4020 | NS      | $361518.60    | 5.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ANSYS Inc                      | ANSYS Inc                                  | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |       497 | NS      | $164417.54    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co                    | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |       975 | NS      | $338754.00    | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing Inc              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      1056 | NS      | $343759.68    | 5.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I | BJ's Wholesale Club Holdings Inc           | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |       819 | NS      | $92718.99     | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                    | Cintas Corp                                | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1523 | NS      | $344959.50    | 5.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                              | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      1144 | NS      | $330616.00    | 5.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                     | Corpay Inc                                 | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |       392 | NS      | $127443.12    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp                      | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       313 | NS      | $325576.34    | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp           | Deckers Outdoor Corp                       | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |       872 | NS      | $92013.44     | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc   | FactSet Research Systems Inc               | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |       235 | NS      | $107691.10    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                    | Fastenal Co                                | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |      7076 | NS      | $292521.84    | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |      3855 | NS      | $3854.94      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties  | Gaming and Leisure Properties Inc          | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |      1742 | NS      | $81351.40     | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc        | Illinois Tool Works Inc                    | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |      1313 | NS      | $321790.04    | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc    | Jack Henry & Associates Inc                | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |       457 | NS      | $82794.69     | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       562 | NS      | $329107.20    | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       731 | NS      | $336523.16    | 5.09%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Accenture PLC                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -8 | NC      | $-2080.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | AMETEK Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -13 | NC      | $-2112.50     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Amphenol Corp                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -40 | NC      | $-9300.00     | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | ANSYS Inc                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-1015.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | ANSYS Inc                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-480.00      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Arthur J Gallagher & Co                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -6 | NC      | $-6960.00     | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Arthur J Gallagher & Co                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -3 | NC      | $-1860.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Automatic Data Processing Inc              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -6 | NC      | $-5100.00     | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Automatic Data Processing Inc              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -3 | NC      | $-945.00      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | BJ's Wholesale Club Holdings Inc           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -5 | NC      | $-400.00      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | BJ's Wholesale Club Holdings Inc           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-15.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Cintas Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -9 | NC      | $-8280.00     | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Cintas Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -6 | NC      | $-2550.00     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Cintas Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         9 | NC      | $2677.50      | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | CME Group Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -10 | NC      | $-10800.00    | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | CME Group Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        10 | NC      | $4150.00      | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Corpay Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-480.00      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Corpay Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $-240.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Costco Wholesale Corp                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $-1762.50     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Costco Wholesale Corp                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $-875.00      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Deckers Outdoor Corp                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -8 | NC      | $-40.00       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | FactSet Research Systems Inc               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $-437.50      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | FactSet Research Systems Inc               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $-202.50      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Fastenal Co                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -69 | NC      | $-6900.00     | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Fastenal Co                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        69 | NC      | $1035.00      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Gaming and Leisure Properties Inc          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -6 | NC      | $-195.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Gaming and Leisure Properties Inc          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -11 | NC      | $-82.50       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Illinois Tool Works Inc                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -13 | NC      | $-617.50      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Jack Henry & Associates Inc                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -4 | NC      | $-1130.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Mastercard Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-2050.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Mastercard Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $-757.50      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Mastercard Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-1070.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Microsoft Corp                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-2165.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Microsoft Corp                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-1545.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Microsoft Corp                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-1125.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Oracle Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -18 | NC      | $-8100.00     | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Paychex Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -12 | NC      | $-6060.00     | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Paychex Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -7 | NC      | $-1452.50     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Procter & Gamble Co/The                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -19 | NC      | $-11922.50    | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Snap-on Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -3 | NC      | $-225.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Tractor Supply Co                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -12 | NC      | $-210.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Tractor Supply Co                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -21 | NC      | $-1732.50     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Tradeweb Markets Inc                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -4 | NC      | $-1280.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Tradeweb Markets Inc                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-365.00      | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Visa Inc                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -3 | NC      | $-2992.50     | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Visa Inc                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -5 | NC      | $-2125.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Zoetis Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -19 | NC      | $-6745.00     | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      1912 | NS      | $316493.36    | 4.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                    | Paychex Inc                                | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      2004 | NS      | $316451.64    | 4.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The                    | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      2044 | NS      | $347255.16    | 5.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                    | Snap-on Inc                                | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |       341 | NS      | $109375.75    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co              | Tractor Supply Co                          | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |      3394 | NS      | $164269.60    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc           | Tradeweb Markets Inc                       | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       652 | NS      | $94181.40     | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       925 | NS      | $337800.75    | 5.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                     | Zoetis Inc                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      2043 | NS      | $344511.09    | 5.21%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

**Name of Applicant:** Tidal Trust III

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial Officer