# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0002000324-25-004795
**Filing Date:** 2025-12
**Character Count:** 22719
**Document Hash:** f437d9d7c10c784fa97a7ed57a259431
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004795.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0002000324-25-004795

**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:** 251607675

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

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

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

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

## Series and Classes Contracts Data

### Rockefeller U.S. Small-Mid Cap ETF (Series ID: S000086716)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000252324 | Rockefeller U.S. Small-Mid Cap ETF | RSMC            |

## Nport-Ex

**Rockefeller U.S. Small-Mid Cap ETF**

**Schedule of Investments**

**October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.5%** | **Shares** | **Value** |
| **Banking - 2.5%** |  |  |
| Western Alliance Bancorp | 233273 | $18043666 |
| **Consumer Discretionary Products - 1.0%** |  |  |
| Ralph Lauren Corp. - Class A | 23200 | 7416112 |
| **Consumer Discretionary Services - 3.1%** |  |  |
| Stride, Inc.<sup>(a)</sup> | 327515 | 22284121 |
| **Consumer Staple Products - 1.5%** |  |  |
| elf Beauty, Inc.<sup>(a)</sup> | 86604 | 10577813 |
| **Financial Services - 16.2%** |  |  |
| BGC Group, Inc. - Class A | 1859459 | 16995455 |
| HA Sustainable Infrastructure Capital, Inc. - REIT | 629939 | 17455610 |
| PJT Partners, Inc. - Class A | 133887 | 21570534 |
| SEI Investments Co. | 102319 | 8247934 |
| SLM Corp. | 465636 | 12502327 |
| StepStone Group, Inc. - Class A | 234469 | 14274473 |
| StoneX Group, Inc.<sup>(a)</sup> | 274201 | 25204556 |
|  |  | 116250889 |
| **Health Care - 9.0%** |  |  |
| Masimo Corp.<sup>(a)</sup> | 100170 | 14088911 |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 261097 | 22856431 |
| RadNet, Inc.<sup>(a)</sup> | 359193 | 27295076 |
|  |  | 64240418 |
| **Industrial Products - 15.6%** |  |  |
| AAON, Inc. | 152821 | 15036058 |
| Badger Meter, Inc. | 94536 | 17059021 |
| CSW Industrials, Inc. | 50161 | 12561318 |
| ESCO Technologies, Inc. | 50994 | 11191653 |
| Mueller Industries, Inc. | 154954 | 16404980 |
| Nordson Corp. | 82267 | 19081831 |
| RBC Bearings, Inc.<sup>(a)</sup> | 47657 | 20422454 |
|  |  | 111757315 |
| **Industrial Services - 18.3%** |  |  |
| Applied Industrial Technologies, Inc., ADR | 54506 | 14012948 |
| Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 186753 | 16540713 |
| Clean Harbors, Inc.<sup>(a)</sup> | 45716 | 9623675 |
| Core & Main, Inc. - Class A<sup>(a)</sup> | 218127 | 11381867 |
| Korn Ferry | 325461 | 21057327 |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 43866 | 16576961 |
| Tetra Tech, Inc. | 289475 | 9257410 |
| UL Solutions, Inc. - Class A | 185332 | 14431803 |
| WESCO International, Inc. | 69141 | 17944164 |
|  |  | 130826868 |

---

---

| | | |
|:---|:---|:---|
| **Retail & Wholesale - Discretionary - 4.3%** |  |  |
| FirstCash Holdings, Inc. | 193015.0 | 30592877 |
| **Retail & Wholesale - Staples - 6.0%** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 276057.0 | 24364791 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 156216.0 | 18872455 |
|  |  | 43237246 |
| **Software & Tech Services - 10.6%** |  |  |
| Agilysys, Inc., ADR<sup>(a)</sup> | 162462.0 | 20382483 |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 266.0 | 67678 |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | 495524.0 | 14330554 |
| Manhattan Associates, Inc.<sup>(a)</sup> | 86482.0 | 15745778 |
| Pegasystems, Inc. | 113780.0 | 7242097 |
| Q2 Holdings, Inc.<sup>(a)</sup> | 291119.0 | 17979510 |
| Vertex, Inc. - Class A<sup>(a)</sup> | 13596.0 | 311348 |
|  |  | 76059448 |
| **Tech Hardware & Semiconductors - 7.9%** |  |  |
| Impinj, Inc.<sup>(a)</sup> | 56113.0 | 11343804 |
| InterDigital, Inc. | 33886.0 | 12265376 |
| Onto Innovation, Inc.<sup>(a)</sup> | 120335.0 | 16240412 |
| TD SYNNEX Corp. | 106240.0 | 16625498 |
|  |  | 56475090 |
| **Utilities - 1.5%** |  |  |
| ONE Gas, Inc. | 136874.0 | 10975926 |
| **TOTAL COMMON STOCKS (Cost $571,827,393)** |  | 698737789 |
| **TOTAL INVESTMENTS - 97.5% (Cost $571,827,393)** |  | $698737789 |
| U.S. Bank Money Market Deposit Account (MMDA) - 3.8% |  | 27301582 |
| Liabilities in Excess of Other Assets - (1.3)% |  | (9152672) |
| **TOTAL NET ASSETS - 100.0%** |  | $716886699 |

---

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
| (a) | Non-income producing security. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53204

  - **Telephone number:** 8449867676

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

- **a. Name of Series:** Rockefeller U.S. Small-Mid Cap ETF

- **b. EDGAR series identifier (if any):** S000086716

- **c. LEI of Series:** 254900HYDMSDX6E17709

**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:** $717290608.90

**Total Liabilities:** $472236.35

**Net Assets:** $716818372.55

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000252324 | 2.79%                | -0.26%               | -3.57%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $13088284.29             | $7565944.47                                |
| Month 2  | $477030.62               | $-2761840.88                               |
| Month 3  | $-11775336.83            | $-14677048.21                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                   | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AAON Inc                               | AAON Inc                                  | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    152821 | NS      | $15036058.19  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                           | Agilysys Inc                              | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |    162462 | NS      | $20382482.52  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie         | Applied Industrial Technologies Inc       | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |     54506 | NS      | $14012947.54  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                       | Badger Meter Inc                          | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |     94536 | NS      | $17059021.20  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BGC Group Inc                          | BGC Group Inc                             | CUSIP: 088929104<br>LEI: 2549001IGRCG4F0RLD36 | Long             | EC               | CORP              | US        |   1859459 | NS      | $16995455.26  | 2.37%             |  |  |  | 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        |    276057 | NS      | $24364790.82  | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                  | Camden Property Trust                     | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |    118883 | NS      | $11826480.84  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc              | Casella Waste Systems Inc                 | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |    148471 | NS      | $13150076.47  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc                      | Clean Harbors Inc                         | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     45716 | NS      | $9623675.16   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                        | Core & Main Inc                           | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    218127 | NS      | $11381866.86  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc                    | CSW Industrials Inc                       | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |     50161 | NS      | $12561317.62  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| elf Beauty Inc                         | elf Beauty Inc                            | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     69476 | NS      | $8485798.64   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc                  | ESCO Technologies Inc                     | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |     50994 | NS      | $11191653.18  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc                 | FirstCash Holdings Inc                    | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    193015 | NS      | $30592877.50  | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure          | HA Sustainable Infrastructure Capital Inc | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |    629939 | NS      | $17455609.69  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Impinj Inc                             | Impinj Inc                                | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |     56113 | NS      | $11343804.08  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc                       | InterDigital Inc                          | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33886 | NS      | $12265376.56  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                             | Korn Ferry                                | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |    325461 | NS      | $21057326.70  | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyndryl Holdings Inc                   | Kyndryl Holdings Inc                      | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |    495524 | NS      | $14330554.08  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc               | Manhattan Associates Inc                  | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |     86482 | NS      | $15745777.74  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corp                            | Masimo Corp                               | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |    100170 | NS      | $14088910.50  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc              | Merit Medical Systems Inc                 | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |    261097 | NS      | $22856431.38  | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc                 | Mueller Industries Inc                    | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |    154954 | NS      | $16404979.98  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                           | Nordson Corp                              | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |     82267 | NS      | $19081830.65  | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holding         | Ollie's Bargain Outlet Holdings Inc       | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |    156216 | NS      | $18872454.96  | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                            | ONE Gas Inc                               | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |    136874 | NS      | $10975926.06  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc                    | Onto Innovation Inc                       | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |    120335 | NS      | $16240411.60  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc                       | PJT Partners Inc                          | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |    133887 | NS      | $21570534.57  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                        | Q2 Holdings Inc                           | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |    291119 | NS      | $17979509.44  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet Inc                             | RadNet Inc                                | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |    359193 | NS      | $27295076.07  | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp                      | Ralph Lauren Corp                         | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |     23200 | NS      | $7416112.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                       | RBC Bearings Inc                          | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47657 | NS      | $20422454.21  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                     | SEI Investments Co                        | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |    102319 | NS      | $8247934.59   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                               | SLM Corp                                  | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    465636 | NS      | $12502326.60  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc                    | StepStone Group Inc                       | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    182219 | NS      | $11093492.72  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc            | Sterling Infrastructure Inc               | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |     43866 | NS      | $16576961.40  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                       | StoneX Group Inc                          | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |    274201 | NS      | $25204555.92  | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                             | Stride Inc                                | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |    292859 | NS      | $19926126.36  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                         | TD SYNNEX Corp                            | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |    106240 | NS      | $16625497.60  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                         | Tetra Tech Inc                            | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |    289475 | NS      | $9257410.50   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account    | CUSIP: 8AMMF0A84<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  27301582 | NS      | $27301581.81  | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| UL Solutions Inc                       | UL Solutions Inc                          | CUSIP: 903731107<br>LEI: 549300F7CUV5ESKV9P71 | Long             | EC               | CORP              | US        |    185332 | NS      | $14431802.84  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Inc                             | Vertex Inc                                | CUSIP: 92538J106<br>LEI: 549300QMYW171MP1PL50 | Long             | EC               | CORP              | US        |     18488 | NS      | $423375.20    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc                | WESCO International Inc                   | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     67004 | NS      | $17389548.12  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp               | Western Alliance Bancorp                  | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |    209221 | NS      | $16183244.35  | 2.26%             |  |  |  | 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