# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0002000324-25-004527
**Filing Date:** 2025-11
**Character Count:** 20320
**Document Hash:** f5d3bb33bbd63564bce03d932c56a5cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004527.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002000324-25-004527

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**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:** 251527408

**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

### The BeeHive ETF (Series ID: S000088484)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000254761 | The BeeHive ETF | BEEX            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **The Beehive ETF** | **The Beehive ETF** | **The Beehive ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| &nbsp;&nbsp;&nbsp;**COMMON STOCKS - 95.4%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;**Banking - 3.3%** | | |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. - Class A | 906 | $1620979 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 13908 | 4387000 |
|  |  | 6007979 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc. | 47446 | 3043186 |
| &nbsp;&nbsp;&nbsp;**Consumer Staple Products - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | 87817 | 5485928 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA, ADR | 152063 | 2974352 |
|  |  | 8460280 |
| &nbsp;&nbsp;&nbsp;**Financial Services - 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 49283 | 3249721 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.<sup>(a)</sup> | 32923 | 4244762 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 37114 | 6252967 |
|  |  | 13747450 |
| &nbsp;&nbsp;&nbsp;**Health Care - 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories, ADR | 28581 | 3828139 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 29227 | 5794545 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 6730 | 2174597 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.<sup>(a)</sup> | 37043 | 3517974 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 6287 | 3049321 |
|  |  | 18364576 |
| &nbsp;&nbsp;&nbsp;**Industrial Products - 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Airbus SE, ADR | 120553 | 7018596 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 33555 | 1643859 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | 49107 | 4843915 |
| &nbsp;&nbsp;&nbsp;Ralliant Corp. | 11132 | 486802 |
|  |  | 13993172 |
| &nbsp;&nbsp;&nbsp;**Industrial Services - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 47197 | 3515705 |
| &nbsp;&nbsp;&nbsp;**Insurance - 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Aon PLC - Class A | 18304 | 6526841 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 5019 | 2523252 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 18301 | 5165457 |
|  |  | 14215550 |
| &nbsp;&nbsp;&nbsp;**Materials - 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 562518 | 4601397 |
| &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 28360 | 6321728 |
|  |  | 10923125 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Media - 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 49727 | $12088634 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 4336 | 1056033 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. - Class A | 73653 | 2314177 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(a)</sup> | 16041 | 4144353 |
|  |  | 19603197 |
| &nbsp;&nbsp;&nbsp;**Real Estate - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. - REIT | 40884 | 4682036 |
| &nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 32262 | 7083767 |
| &nbsp;&nbsp;&nbsp;**Software & Tech Services - 17.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd.<sup>(a)</sup> | 26869 | 5559465 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 34072 | 17647592 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 30472 | 8569945 |
|  |  | 31777002 |
| &nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 22980 | 5646186 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 34970 | 8904411 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 23230 | 4334254 |
|  |  | 18884851 |
| &nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $91,569,412)** |  | 174301876 |
| &nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Money Market Funds - 4.6%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.05%<sup>(b)</sup> | 8487176 | 8487176 |
| &nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $8,487,176)** |  | 8487176 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 100.0% (Cost $100,056,588)** |  | $182789052 |
| &nbsp;&nbsp;&nbsp;Other Assets in Excess of Liabilities - 0.0%<sup>(c)</sup> |  | 15869 |
| &nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $182804921 |
| &nbsp;&nbsp;&nbsp;Percentages are stated as a percent of net assets. |  |  |

---

ADR American Depositary Receipt <br> PLC Public Limited Company <br> REIT Real Estate Investment Trust

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized effective yield as of September 30, 2025.

(c) Does not round to 0.1% or (0.1)%, as applicable.

## 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:** The Beehive ETF

- **b. EDGAR series identifier (if any):** S000088484

- **c. LEI of Series:** N/A

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $182934888.41

**Total Liabilities:** $129974.71

**Net Assets:** $182804913.70

**Cash Not Reported:** $614.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254761 | 0.58%                | 1.91%                | 3.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2614511.30              | $-1703433.21                               |
| Month 2  | $1123341.04              | $2258574.71                                |
| Month 3  | $6069130.44              | $433337.29                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Abbott Laboratories            | Abbott Laboratories                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     28581 | NS      | $3828139.14   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                      | Airbus SE                                  | CUSIP: 009279100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |    120553 | NS      | $7018595.66   | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4336 | NS      | $1056032.80   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     49727 | NS      | $12088633.70  | 6.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     32262 | NS      | $7083767.34   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor PLC                      | Amcor PLC                                  | CUSIP: N/A<br>LEI: 549300GSODGFCDQ3DI89       | Long             | EC               | CORP              | CH        |    562518 | NS      | $4601397.24   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                         | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     22980 | NS      | $5646186.00   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                        | Aon PLC                                    | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | GB        |     18304 | NS      | $6526840.32   | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     34970 | NS      | $8904411.10   | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      5019 | NS      | $2523252.06   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City L | Canadian Pacific Kansas City Ltd           | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     47197 | NS      | $3515704.53   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technolog | Check Point Software Technologies Ltd      | CUSIP: N/A<br>LEI: 2549003ZVBH73EPNS513       | Long             | EC               | CORP              | IL        |     26869 | NS      | $5559464.79   | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                  | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |     18301 | NS      | $5165457.25   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     73653 | NS      | $2314177.26   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                               | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     29227 | NS      | $5794545.02   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      6730 | NS      | $2174597.60   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information  | Fidelity National Information Services Inc | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     49283 | NS      | $3249721.02   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   8486561 | NS      | $8486561.10   | 4.64%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/ | First Citizens BancShares Inc/NC           | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       906 | NS      | $1620978.96   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv Inc                                 | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     32923 | NS      | $4244762.39   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corp                   | Fortive Corp                               | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |     33555 | NS      | $1643859.45   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp             | Franco-Nevada Corp                         | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |     28360 | NS      | $6321727.60   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                   | Illumina Inc                               | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |     37043 | NS      | $3517973.71   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc              | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     37114 | NS      | $6252966.72   | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                        | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     13908 | NS      | $4387000.44   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     34072 | NS      | $17647592.40  | 9.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc     | Mondelez International Inc                 | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     87817 | NS      | $5485927.99   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC             | nVent Electric PLC                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |     49107 | NS      | $4843914.48   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     23230 | NS      | $4334253.40   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     30472 | NS      | $8569945.28   | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Pernod Ricard SA               | Pernod Ricard SA                           | CUSIP: 714264306<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |    152063 | NS      | $2974352.28   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                   | Prologis Inc                               | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     40884 | NS      | $4682035.68   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralliant Corp                  | Ralliant Corp                              | CUSIP: 750940108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11132 | NS      | $486802.36    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands Internationa | Restaurant Brands International Inc        | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Long             | EC               | CORP              | CA        |     47446 | NS      | $3043186.44   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software  | Take-Two Interactive Software Inc          | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |     16041 | NS      | $4144352.76   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc               | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      6287 | NS      | $3049320.74   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** Tidal Trust III

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial Officer