# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0002000324-26-000291
**Filing Date:** 2026-1
**Character Count:** 60204
**Document Hash:** 5d51fa6e3ff5577643e2aee18ffe9580
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-000291.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0002000324-26-000291

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**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:** 26572452

**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** | **VistaShares Target 15 USA Quality Income ETF** | **VistaShares Target 15 USA Quality Income ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 101.0%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 2.0%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 2586 | $80787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 1735 | 119212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 931 | 66222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TFS Financial Corp. | 975 | 13894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 2609 | 97159 |
|  |  | 377274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.<sup>(a)</sup> | 549 | 86599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 5714 | 846586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 24.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. - Class A | 3371 | 948802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay, Inc.<sup>(a)</sup> | 1288 | 380990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 730 | 202407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes, Inc. - Class B | 1453 | 72897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 1418 | 247413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 696 | 114067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 1625 | 894611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PJT Partners, Inc. - Class A | 429 | 72076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | 5425 | 645684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc. - Class A | 2298 | 250160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 2590 | 866200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Union Co. | 6411 | 56353 |
|  |  | 4751660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immunovant, Inc.<sup>(a)</sup> | 1321 | 31902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 439 | 260090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempus AI, Inc. - Class A<sup>(a)</sup> | 1480 | 115336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.<sup>(a)</sup> | 2162 | 79583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. - Class A | 5687 | 728960 |
|  |  | 1215871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 17.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | 4454 | 881402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 558 | 99626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 2277 | 204702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. | 3402 | 1162225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 3807 | 949009 |
|  |  | 3296964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 16.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 2952 | 753646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brady Corp. - Class A | 820 | 64157 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp. |  | 4273 | 794863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Co. |  | 21935 | 886174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. |  | 6054 | 676171 |
|  |  |  | 3175011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 3.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. |  | 2796 | 692345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMI Holdings, Inc.<sup>(a)</sup> |  | 1459 | 55661 |
|  |  |  | 748006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 3.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc. |  | 1281 | 159805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balchem Corp. |  | 620 | 96850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. |  | 1272 | 259284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WD-40 Co. |  | 262 | 51300 |
|  |  |  | 567239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Ltd. - Class A<sup>(a)</sup> |  | 47966 | 261415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate - 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corp. - REIT |  | 2149 | 161648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 3.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Co. |  | 10375 | 568343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 5.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> |  | 2824 | 251986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. |  | 938 | 856947 |
|  |  |  | 1108933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 11.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC - Class A |  | 2997 | 749250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.<sup>(a)</sup> |  | 1154 | 203623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. |  | 5723 | 1155760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce, Inc.<sup>(a)</sup> |  | 722 | 60157 |
|  |  |  | 2168790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $20,729,077)** |  |  | 19334339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PURCHASED OPTIONS - 0.6%<sup>(b)(c)(d)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Call Options - 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC, Expiration: 12/19/2025; Exercise Price: $285.00 | $725000 | 29 | 5655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc., Expiration: 12/19/2025; Exercise Price: $125.00 | 149700 | 12 | 3870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc., Expiration: 12/19/2025; Exercise Price: $105.00 | 240921 | 27 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc., Expiration: 12/19/2025; Exercise Price: $100.00 | 8923 | 1 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp., Expiration: 12/19/2025; Exercise Price: $205.00 | 781284 | 42 | 2520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc., Expiration: 12/19/2025; Exercise Price: $300.00 | 928818 | 33 | 2640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp., Expiration: 12/5/2025; Exercise Price: $925.00 | 822231 | 9 | 4702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc., Expiration: 12/19/2025; Exercise Price: $310.00 | 194089 | 7 | 2170 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Co., Expiration: 12/19/2025; Exercise Price: $42.50 | 884760 | 219 | 3833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp., Expiration: 12/19/2025; Exercise Price: $350.00 | 1161542 | 34 | 10285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc., Expiration: 12/19/2025; Exercise Price: $180.00 | 78870 | 5 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immunovant, Inc., Expiration: 12/19/2025; Exercise Price: $26.00 | 31395 | 13 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc., Expiration: 12/19/2025; Exercise Price: $180.00 | 98334 | 6 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Expiration: 12/5/2025; Exercise Price: $562.50 | 880848 | 16 | 1992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., Expiration: 12/19/2025; Exercise Price: $250.00 | 1151115 | 57 | 10374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc., Expiration: 12/19/2025; Exercise Price: $125.00 | 670140 | 60 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc., Expiration: 12/19/2025; Exercise Price: $200.00 | 244608 | 12 | 10200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Mini Index, Expiration: 12/5/2025; Exercise Price: $693.00 | 890383 | 13 | 1183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp., Expiration: 12/19/2025; Exercise Price: $120.00 | 642708 | 54 | 10395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempus AI, Inc., Expiration: 12/19/2025; Exercise Price: $95.00 | 109102 | 14 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Expiration: 12/19/2025; Exercise Price: $120.00 | 239492 | 22 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc., Expiration: 12/19/2025; Exercise Price: $40.00 | 77301 | 21 | 3507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Expiration: 12/19/2025; Exercise Price: $365.00 | 836100 | 25 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WD-40 Co., Expiration: 12/19/2025; Exercise Price: $210.00 | 39160 | 2 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc., Expiration: 12/19/2025; Exercise Price: $125.00 | 717808 | 56 | 31360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Call Options** |  |  | 111194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PURCHASED OPTIONS (Cost $120,382)** |  |  | 111194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 0.5%** |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.92%<sup>(e)</sup> |  | 92745 | 92745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $92,745)** |  |  | 92745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 102.1% (Cost $20,942,204)** |  |  | $19538278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (2.1)% |  |  | (397071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  |  | $19141207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentages are stated as a percent of net assets. |  |  |  |

---

PLC Public Limited Company <br> REIT Real Estate Investment Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 100
shares per contract.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) The
rate shown represents the 7-day annualized effective yield as of November 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **VistaShares Target 15 USA Quality Income ETF** | **VistaShares Target 15 USA Quality Income ETF** | **VistaShares Target 15 USA Quality Income ETF** | **VistaShares Target 15 USA Quality Income ETF** |
| **Schedule of Written Options Contracts** | **Schedule of Written Options Contracts** | **Schedule of Written Options Contracts** | **Schedule of Written Options Contracts** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**WRITTEN OPTIONS - (2.1)%<sup>(a)(b)</sup>** | **Notional<br> Amount** | **Contracts** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Call Options - (2.1)%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC, Expiration: 12/19/2025; Exercise Price: $265.00 | $(725000) | (29) | $(18560) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corp., Expiration: 12/19/2025; Exercise Price: $75.00 | (157962) | (21) | (3150) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc., Expiration: 12/19/2025; Exercise Price: $195.00 | (870716) | (44) | (24420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc., Expiration: 12/19/2025; Exercise Price: $120.00 | (149700) | (12) | (7560) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co., Expiration: 12/19/2025; Exercise Price: $260.00 | (668574) | (27) | (8370) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc., Expiration: 12/5/2025; Exercise Price: $257.50 | (740370) | (29) | (5075) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badger Meter, Inc., Expiration: 12/19/2025; Exercise Price: $180.00 | (89270) | (5) | (1750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balchem Corp., Expiration: 12/19/2025; Exercise Price: $160.00 | (93726) | (6) | (1080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc., Expiration: 12/19/2025; Exercise Price: $95.00 | (249844) | (28) | (1750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brady Corp., Expiration: 12/19/2025; Exercise Price: $80.00 | (62592) | (8) | (1920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp., Expiration: 12/19/2025; Exercise Price: $195.00 | (781284) | (42) | (6300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc., Expiration: 12/19/2025; Exercise Price: $280.00 | (928818) | (33) | (20130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay, Inc., Expiration: 12/19/2025; Exercise Price: $290.00 | (354960) | (12) | (13800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp., Expiration: 12/5/2025; Exercise Price: $907.50 | (822231) | (9) | (11925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donaldson Co., Inc., Expiration: 12/19/2025; Exercise Price: $90.00 | (197780) | (22) | (6600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc., Expiration: 12/19/2025; Exercise Price: $290.00 | (194089) | (7) | (5740) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Co., Expiration: 12/19/2025; Exercise Price: $40.00 | (884760) | (219) | (24638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes, Inc., Expiration: 12/19/2025; Exercise Price: $50.00 | (70238) | (14) | (3360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp., Expiration: 12/19/2025; Exercise Price: $340.00 | (1161542) | (34) | (24480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Ltd., Expiration: 12/19/2025; Exercise Price: $6.00 | (261055) | (479) | (3592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc., Expiration: 12/19/2025; Exercise Price: $170.00 | (78870) | (5) | (287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc., Expiration: 12/19/2025; Exercise Price: $250.00 | (947264) | (38) | (16340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immunovant, Inc., Expiration: 12/19/2025; Exercise Price: $25.00 | (31395) | (13) | (1397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc., Expiration: 12/19/2025; Exercise Price: $170.00 | (244272) | (14) | (8890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates, Inc., Expiration: 12/19/2025; Exercise Price: $185.00 | (194095) | (11) | (3218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc., Expiration: 12/19/2025; Exercise Price: $170.00 | (98334) | (6) | (1590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Expiration: 12/5/2025; Exercise Price: $555.00 | (880848) | (16) | (5600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc., Expiration: 12/19/2025; Exercise Price: $630.00 | (236984) | (4) | (2500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp., Expiration: 12/19/2025; Exercise Price: $240.00 | (1151115) | (57) | (16160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc., Expiration: 12/19/2025; Exercise Price: $115.00 | (670140) | (60) | (12450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PJT Partners, Inc., Expiration: 12/19/2025; Exercise Price: $170.00 | (67204) | (4) | (1210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co., Expiration: 12/19/2025; Exercise Price: $150.00 | (844512) | (57) | (10545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc., Expiration: 12/19/2025; Exercise Price: $190.00 | (244608) | (12) | (19440) |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Mini Index, Expiration: 12/5/2025; Exercise Price: $687.00 | (890383) | (13) | (3939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce, Inc., Expiration: 12/19/2025; Exercise Price: $85.00 | (58324) | (7) | (2100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp., Expiration: 12/19/2025; Exercise Price: $115.00 | (642708) | (54) | (29970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempus AI, Inc., Expiration: 12/19/2025; Exercise Price: $85.00 | (109102) | (14) | (3360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Co., Expiration: 12/5/2025; Exercise Price: $55.00 | (564234) | (103) | (6953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Expiration: 12/19/2025; Exercise Price: $110.00 | (239492) | (22) | (5170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc., Expiration: 12/19/2025; Exercise Price: $37.50 | (77301) | (21) | (5261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Expiration: 12/19/2025; Exercise Price: $345.00 | (836100) | (25) | (5362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WD-40 Co., Expiration: 12/19/2025; Exercise Price: $200.00 | (39160) | (2) | (650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Union Co., Expiration: 12/19/2025; Exercise Price: $9.00 | (56256) | (64) | (1120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc., Expiration: 12/19/2025; Exercise Price: $120.00 | (717808) | (56) | (52640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Call Options** |  |  | (410352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL WRITTEN OPTIONS (Premiums received $349,913)** |  |  | $(410352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentages are stated as a percent of net assets. |  |  |  |

---

PLC Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) 100
shares per contract.

&nbsp;&nbsp;&nbsp;&nbsp;(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:** 2025-11-30

**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:** $19579372.33

**Total Liabilities:** $438142.19

**Net Assets:** $19141230.14

**Cash Not Reported:** $22462.94

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000257974 | -0.68%               | -3.29%               | -1.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-101200.22                                |
| Month 2  | $0.00                    | $-931703.49                                |
| Month 3  | $76773.22                | $-384417.06                                |

**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        |      2997 | NS      | $749250.00    | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp              | Agree Realty Corp                          | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2149 | NS      | $161647.78    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                     | AMETEK Inc                                 | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      4454 | NS      | $881402.06    | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                 | AptarGroup Inc                             | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      1281 | NS      | $159804.75    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co                    | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |      2796 | NS      | $692345.52    | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing Inc              | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      2952 | NS      | $753645.60    | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc               | Badger Meter Inc                           | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |       558 | NS      | $99625.32     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                   | Balchem Corp                               | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |       620 | NS      | $96850.20     | 0.51%             |  |  |  | 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        |      2824 | NS      | $251985.52    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Brady Corp                     | Brady Corp                                 | CUSIP: 104674106<br>LEI: 549300G2LEQOFQC8GY34 | Long             | EC               | CORP              | US        |       820 | NS      | $64156.80     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                    | Cintas Corp                                | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4273 | NS      | $794863.46    | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                              | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      3371 | NS      | $948801.66    | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                     | Corpay Inc                                 | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |      1288 | NS      | $380990.40    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp                      | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       938 | NS      | $856947.42    | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc               | Donaldson Co Inc                           | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |      2277 | NS      | $204702.30    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc   | FactSet Research Systems Inc               | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |       730 | NS      | $202407.10    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                    | Fastenal Co                                | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     21935 | NS      | $886174.00    | 4.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc           | Federated Hermes Inc                       | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |      1453 | NS      | $72897.01     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |     92745 | NS      | $92745.42     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bankshares Inc | First Financial Bankshares Inc             | CUSIP: 32020R109<br>LEI: 549300XN3GTGOENGNV49 | Long             | EC               | CORP              | US        |      2586 | NS      | $80786.64     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp                      | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      3402 | NS      | $1162225.26   | 6.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Grab Holdings Ltd              | Grab Holdings Ltd                          | CUSIP: N/A<br>LEI: 549300N4VQX83VPJF439       | Long             | EC               | CORP              | SG        |     47966 | NS      | $261414.70    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc     | Grand Canyon Education Inc                 | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |       549 | NS      | $86599.26     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc        | Illinois Tool Works Inc                    | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |      3807 | NS      | $949008.96    | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Immunovant Inc                 | Immunovant Inc                             | CUSIP: 45258J102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1321 | NS      | $31902.15     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc    | Jack Henry & Associates Inc                | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      1418 | NS      | $247412.64    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc       | Manhattan Associates Inc                   | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |      1154 | NS      | $203623.30    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc       | MarketAxess Holdings Inc                   | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |       696 | NS      | $114067.44    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1625 | NS      | $894611.25    | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc           | Medpace Holdings Inc                       | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |       439 | NS      | $260089.94    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Accenture PLC                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -29 | NC      | $-18560.00    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Accenture PLC                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        29 | NC      | $5655.00      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Agree Realty Corp                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -21 | NC      | $-3150.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | AMETEK Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -44 | NC      | $-24420.00    | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | AptarGroup Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -12 | NC      | $-7560.00     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | AptarGroup Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        12 | NC      | $3870.00      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Arthur J Gallagher & Co                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -27 | NC      | $-8370.00     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Automatic Data Processing Inc              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -29 | NC      | $-5075.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Badger Meter Inc                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -5 | NC      | $-1750.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Balchem Corp                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -6 | NC      | $-1080.00     | -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        |         1 | NC      | $10.00        | -5.22%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | BJ's Wholesale Club Holdings Inc           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        27 | NC      | $540.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | BJ's Wholesale Club Holdings Inc           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -28 | NC      | $-1750.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Brady Corp                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -8 | NC      | $-1920.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Cintas Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -42 | NC      | $-6300.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Cintas Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        42 | NC      | $2520.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | CME Group Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -33 | NC      | $-20130.00    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | CME Group Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        33 | NC      | $2640.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Corpay Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -12 | NC      | $-13800.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Costco Wholesale Corp                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -9 | NC      | $-11925.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Costco Wholesale Corp                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         9 | NC      | $4702.50      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Donaldson Co Inc                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -22 | NC      | $-6600.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | FactSet Research Systems Inc               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -7 | NC      | $-5740.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | FactSet Research Systems Inc               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         7 | NC      | $2170.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Fastenal Co                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -219 | NC      | $-24637.50    | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Fastenal Co                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       219 | NC      | $3832.50      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Federated Hermes Inc                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -14 | NC      | $-3360.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | General Dynamics Corp                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -34 | NC      | $-24480.00    | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | General Dynamics Corp                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        34 | NC      | $10285.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Grab Holdings Ltd                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -479 | NC      | $-3592.50     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Grand Canyon Education Inc                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -5 | NC      | $-287.50      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Grand Canyon Education Inc                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         5 | NC      | $62.50        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Illinois Tool Works Inc                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -38 | NC      | $-16340.00    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Immunovant Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -13 | NC      | $-1397.50     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Immunovant Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        13 | NC      | $1527.50      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Jack Henry & Associates Inc                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -14 | NC      | $-8890.00     | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Manhattan Associates Inc                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -11 | NC      | $-3217.50     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MarketAxess Holdings Inc                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -6 | NC      | $-1590.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MarketAxess Holdings Inc                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         6 | NC      | $420.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Mastercard Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -16 | NC      | $-640.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Mastercard Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        16 | NC      | $8.00         | -4.18%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Medpace Holdings Inc                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -4 | NC      | $-2500.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Oracle Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -57 | NC      | $-16159.50    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Oracle Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        57 | NC      | $10374.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Paychex Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -60 | NC      | $-12450.00    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Paychex Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        60 | NC      | $1650.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | PJT Partners Inc                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -4 | NC      | $-1210.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Procter & Gamble Co/The                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -57 | NC      | $-10545.00    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Royal Gold Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -12 | NC      | $-19440.00    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Royal Gold Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        12 | NC      | $10200.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPS Commerce Inc                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -7 | NC      | $-2100.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street Corp                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -54 | NC      | $-29970.00    | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | State Street Corp                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        54 | NC      | $10395.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Tempus AI Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -14 | NC      | $-3360.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Tempus AI Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        14 | NC      | $1085.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Tractor Supply Co                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -103 | NC      | $-6952.50     | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Tradeweb Markets Inc                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -22 | NC      | $-5170.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Tradeweb Markets Inc                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        22 | NC      | $440.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Viking Therapeutics Inc                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -21 | NC      | $-5260.50     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Viking Therapeutics Inc                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        21 | NC      | $3507.00      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Visa Inc                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -25 | NC      | $-5362.50     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Visa Inc                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        25 | NC      | $537.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | WD-40 Co                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $-650.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | WD-40 Co                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         2 | NC      | $235.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Western Union Co/The                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -64 | NC      | $-1120.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | XSP US 11/28/25 C669                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -13 | NC      | $-21677.50    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | XSP US 11/28/25 C676                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        13 | NC      | $10686.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Zoetis Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -56 | NC      | $-52640.00    | -0.28%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Zoetis Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        56 | NC      | $31360.00     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| NMI Holdings Inc               | NMI Holdings Inc                           | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      1459 | NS      | $55660.85     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      5723 | NS      | $1155759.85   | 6.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                    | Paychex Inc                                | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      6054 | NS      | $676171.26    | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc               | PJT Partners Inc                           | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |       429 | NS      | $72076.29     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The                    | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      5714 | NS      | $846586.24    | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc      | Prosperity Bancshares Inc                  | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1735 | NS      | $119211.85    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                 | Royal Gold Inc                             | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      1272 | NS      | $259284.48    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc     | ServisFirst Bancshares Inc                 | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       931 | NS      | $66222.03     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc               | SPS Commerce Inc                           | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |       722 | NS      | $60157.04     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp              | State Street Corp                          | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      5425 | NS      | $645683.50    | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Tempus AI Inc                  | Tempus AI Inc                              | CUSIP: 88023B103<br>LEI: 2549009LA0KWRAGQBX50 | Long             | EC               | CORP              | US        |      1480 | NS      | $115336.40    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| TFS Financial Corp             | TFS Financial Corp                         | CUSIP: 87240R107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       975 | NS      | $13893.75     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co              | Tractor Supply Co                          | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |     10375 | NS      | $568342.50    | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc           | Tradeweb Markets Inc                       | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2298 | NS      | $250160.28    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| United Bankshares Inc/WV       | United Bankshares Inc/WV                   | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |      2609 | NS      | $97159.16     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Therapeutics Inc        | Viking Therapeutics Inc                    | CUSIP: 92686J106<br>LEI: 529900IVC72YPFA25M37 | Long             | EC               | CORP              | US        |      2162 | NS      | $79583.22     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2590 | NS      | $866199.60    | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| WD-40 Co                       | WD-40 Co                                   | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Long             | EC               | CORP              | US        |       262 | NS      | $51299.60     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Union Co/The           | Western Union Co/The                       | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |      6411 | NS      | $56352.69     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                     | Zoetis Inc                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      5687 | NS      | $728959.66    | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-28

**Name of Applicant:** Tidal Trust III

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial Officer