# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0001999371-26-010336
**Filing Date:** 2026-5
**Character Count:** 143263
**Document Hash:** 9b651f7171a500a0eacb467c63fc1fe6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-010336.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0001999371-26-010336

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260508

**DATE AS OF CHANGE**: 20260508

**EFFECTIVENESS DATE**: 20260508

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23312
- **FILM NUMBER:** 26958006

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** 4694428424

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 700
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204

**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 Berkshire Select Income ETF (Series ID: S000090687)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000257971 | VistaShares Target 15 Berkshire Select Income ETF | OMAH            |

### 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            |

?xml version='1.0' encoding='ASCII'? 04-30-2026_proofs

**UNITED STATES** **SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>(811-23312)</u>**

**<u>Tidal Trust III</u>**

(Exact name of registrant as specified in charter)

**<u>234 West Florida Street, Suite 700</u>**

**<u>Milwaukee, Wisconsin 53204</u>**

(Address of principal executive offices) (Zip code)

**<u>Eric W. Falkeis</u>**

**<u>Tidal Trust III</u>**

**<u>234 West Florida Street, Suite 700</u>**

**<u>Milwaukee, Wisconsin 53204</u>**

(Name and address of agent for service)

**<u>(844) 986-7700</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>February 28</u>**

Date of reporting period: **<u>February 28, 2026</u>**

**<u>Item 1. Reports to Stockholders.</u>**

**VistaShares Target 15 Berkshire Select Income ETF** Tailored Shareholder Report

**annual shareholder reportFebruary 28, 2026**

**VistaShares Target 15 Berkshire Select Income ETF**

TICKER: OMAH (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the VistaShares Target 15 Berkshire Select Income ETF (the "Fund") for the period March 4, 2025 (the Fund's "Inception") to February 28, 2026. You can find additional information about the Fund at www.vistashares.com. You can also request this information by contacting us at (844) 875-2288 or by writing to VistaShares Target 15 Berkshire Select Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

**What were the Fund costs since inception?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| VistaShares Target 15 Berkshire Select Income ETF | $100 | 0.98% |

---

**Cumulative Performance**

(Initial Investment of $10,000)

![line](qes18e3up1mnj61ghc.jpg)

**Annual Performance**

---

| | |
|:---|:---|
|  | **Since Inception**<br> **(3/4/2025)** |
| **VistaShares Target 15 Berkshire Select Income ETF** | 6.61% |
| **S&P 500 TR** | 20.55% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.**

Visit www.vistashares.com for more recent performance information.

**How did the Fund perform during the fiscal year ended December 31, 2025?**

During the fiscal year ended December 31, 2025, the VistaShares Target 15™ Berkshire Select Income ETF ("OMAH" or the "Fund") delivered strong results relative to its peer group within the options-based income ETF category. OMAH launched during the first quarter of 2025 and rapidly accumulated assets, growing from initial net assets of approximately $5.4 million at the end of March 2025 to approximately $682.9 million by December 31, 2025. This trajectory made OMAH one of the most rapidly growing options income ETFs of its launch vintage.

OMAH seeks to provide core equity exposure through a portfolio comprised of Berkshire Hathaway (BRK.B) and its top 20 publicly disclosed holdings, while generating monthly income through an options-based investment strategy targeting 15% annual income, distributed monthly. The Fund is not affiliated with Berkshire Hathaway or Warren Buffett. Throughout the fiscal year, the Fund pursued its investment objective by maintaining broad equity exposure to a high-quality, concentrated portfolio of businesses associated with Berkshire Hathaway's documented investment approach, while layering an options overlay strategy intended to produce consistent monthly distributions.

The Fund experienced substantial net inflows across each quarter of 2025, reflecting growing investor interest in the combination of Berkshire Hathaway-style equity exposure and income generation. Net inflows reached approximately $303.8 million in Q2 2025, approximately $272.0 million in Q3 2025, and approximately $101.6 million in Q4 2025. Market price performance generally tracked the Fund's net asset value, consistent with the Fund's design as an exchange-traded product.

**VistaShares Target 15 Berkshire Select Income ETF** Tailored Shareholder Report

**What factors influenced the Fund's performance?**

**Core equity exposure to Berkshire Hathaway and its disclosed holdings.**

OMAH maintains a core equity portfolio modeled on Berkshire Hathaway (BRK.B) and its top 20 publicly disclosed equity holdings—a concentrated set of large-cap, predominantly U.S.-based businesses spanning financial services, consumer staples, energy, and industrials. This underlying portfolio composition tended to benefit from the market's rotation toward quality, value-oriented equities during portions of the fiscal year. The Fund's equity exposure provided a measure of relative stability compared to higher-beta or more growth-oriented options income strategies, particularly during periods of heightened market volatility.

**Options overlay strategy and income generation.**

The Fund employed an options-based strategy targeting approximately 15% annual income, distributed on a monthly basis. The options overlay was designed to monetize implied volatility in the underlying equity holdings while retaining broad participation in the core equity portfolio. During the fiscal year, options premiums and the Fund's distribution activity were influenced by broader equity market volatility levels, interest rate movements, and investor demand for income-oriented solutions. The Adviser managed the overlay with the aim of maintaining distribution consistency while seeking to avoid undue erosion of the Fund's net asset value over time. There is no guarantee the Fund will make a distribution in any given month, and distribution amounts may vary.

**Market environment and quality-factor performance.**

Shifts in interest rates, macroeconomic expectations, and equity market sentiment shaped the performance environment throughout 2025. Berkshire Hathaway and its principal disclosed holdings—including large positions in financial institutions and consumer brands—demonstrated resilience during periods of heightened rate sensitivity and economic uncertainty. The quality characteristics of the underlying portfolio, including strong balance sheets, durable free cash flow generation, and minimal leverage at the underlying business level, contributed to relatively stable net asset value performance across the fiscal year.

**Rapid AUM growth and portfolio management.**

OMAH's rapid growth in assets under management—from approximately $5.4 million at the end of its launch month to approximately $682.9 million at December 31, 2025—required active management of cash flows associated with creation and redemption activity. The Adviser managed portfolio transitions and inflow deployment with the objective of maintaining alignment with the Fund's investment mandate throughout periods of significant asset growth. OMAH represented the largest concentration of assets within the VistaShares platform by December 31, 2025, constituting approximately 79% of total firm AUM, which underscores the investor interest in the Fund's Target 15™ income strategy applied to a Berkshire Hathaway-focused equity portfolio.

**Portfolio construction and rebalancing.**

The Adviser maintained a rules-based portfolio construction methodology designed to reflect the top 20 publicly disclosed holdings of Berkshire Hathaway, along with a direct position in Berkshire Hathaway (BRK.B) itself. Periodic portfolio rebalancing was conducted to reflect updates in Berkshire Hathaway's disclosed position changes and to manage any drift in the relative weights of individual holdings. The rebalancing process was managed with attention to transaction costs, liquidity, and the Fund's ongoing options activity to preserve alignment with the Fund's investment objective across changing market conditions.

**VistaShares Target 15 Berkshire Select Income ETF** Tailored Shareholder Report

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **Fund Size (Thousands)** | $688503 |
| **Number of Holdings** | 101 |
| **Total Advisory Fee** | $3960945 |
| **Portfolio Turnover Rate** | 34% |

---

**What did the Fund invest in?**

(as of February 28, 2026)

**Sector Type - Investments**

(% of total net assets)

![bar](qes18e3up1mnj6a39r.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total Net Assets)** |
| **Apple, Inc.** | 10.2 |
| **Berkshire Hathaway, Inc. - Class B** | 10.1 |
| **American Express Co.** | 8.4 |
| **Coca-Cola Co.** | 5.5 |
| **Occidental Petroleum Corp.** | 5.4 |
| **Moody's Corp.** | 4.9 |
| **DaVita, Inc.** | 4.8 |
| **Chevron Corp.** | 4.7 |
| **Kraft Heinz Co.** | 4.7 |
| **Alphabet, Inc. - Class A** | 4.6 |

---

**For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.vistashares.com.**

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

VistaShares Target 15 USA Quality Income ETF Tailored Shareholder Report

**annual Shareholder Report February 28, 2026**

**VistaShares Target 15 USA Quality Income ETF**

TICKER: QUSA (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the VistaShares Target 15 USA Quality Income ETF (the "Fund") for the period May 5, 2025 (the Fund's "Inception") to February 28, 2026. You can find additional information about the Fund at www.vistashares.com. You can also request this information by contacting us at (844) 875-2288 or by writing to VistaShares Target 15 USA Quality Income ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

**What were the Fund costs since inception?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| VistaShares Target 15 USA Quality Income ETF | $81 | 0.97% |

---

**Cumulative Performance**

(Initial Investment of $10,000)

![line](qes18e3up1mnj7e0bk.jpg)

**Annual Performance**

---

| | |
|:---|:---|
|  | **Since Inception**<br> **(5/5/2025)** |
| **VistaShares Target 15 USA Quality Income ETF** | 3.15% |
| **S&P 500 TR** | 23.02% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.**

Visit www.vistashares.com for more recent performance information.

**How did the Fund perform during the fiscal year ended December 31, 2025?**

During the fiscal year ended December 31, 2025, the VistaShares Target 15™ USA Quality Income ETF ("QUSA" or the "Fund") completed its first full period of operations following its launch in May 2025. From initial net assets of approximately $6.2 million at inception, the Fund grew to approximately $18.3 million in assets under management by December 31, 2025. QUSA is part of the VistaShares Target 15™ options income ETF suite and seeks to provide core equity exposure to a quality-tilted universe of U.S. equities while generating monthly income through an options-based investment strategy targeting 15% annual income, distributed monthly.

The Fund's market price generally tracked its net asset value over the period, consistent with its structure as an exchange-traded product. Performance was driven by the interplay of the Fund's underlying equity portfolio—focused on U.S. large-cap companies with identifiable quality characteristics including earnings stability, balance sheet strength, and consistent profitability—and the options overlay strategy designed to generate monthly distributions. The Fund reached its peak AUM of approximately $19.8 million in September 2025 before experiencing modest net outflows in the fourth quarter as investor flows within the options income ETF category shifted. The Fund closed the fiscal year at approximately $18.3 million in net assets.

Net inflows were strongest in the second quarter of 2025 following the Fund's May launch, with approximately $12.0 million in net new assets raised in Q2 2025. The Fund added approximately $7.8 million in net new assets during Q3 2025. The fourth quarter of 2025 saw modest net outflows of approximately $1.6 million, reflecting normal flow variability in an early-stage fund navigating a competitive options income ETF landscape.

**What factors influenced the Fund's performance?**

**Quality-factor equity exposure in a selective market environment.**

QUSA targets a core equity portfolio comprised of U.S. large-cap companies selected for demonstrable quality attributes, including strong and consistent earnings generation, conservative balance sheet management, and durable competitive positioning. Throughout 2025, the equity market underwent periods of sector rotation and valuation reassessment, particularly as interest rate policy evolved and growth expectations were recalibrated. The Fund's orientation toward quality-factor equities provided relative support during periods of broader market stress, as investors continued to demonstrate selective preference for companies with visible earnings streams and lower financial leverage. Quality tilts within U.S. large-cap equities generally proved resilient across the fiscal year, providing a constructive backdrop for the Fund's underlying equity portfolio.

**Options overlay strategy and monthly income generation.**

The Fund employed an options-based strategy seeking to generate approximately 15% in annual income, distributed to shareholders on a monthly basis. The Adviser applied the options overlay to the Fund's underlying quality equity portfolio with the objective of harvesting implied volatility premiums while retaining broad equity participation. The level of options income achievable at any point during the period was influenced by prevailing implied volatility conditions, changes in interest rates, and the composition of the underlying equity portfolio. The Adviser actively managed the options strategy with attention to premium levels and the Fund's distribution consistency goals. There is no guarantee the Fund will make a distribution in any given month, and distribution amounts may vary.

**Interest rate sensitivity and the income-seeking investor environment.**

The broader environment for income-generating investment products was shaped throughout 2025 by evolving Federal Reserve policy, persistent uncertainty around the trajectory of interest rates, and continued strong demand from retail investors seeking regular monthly income. Options income ETFs as a category continued to attract significant investor attention during this period. QUSA competed for assets within this growing universe of income-oriented ETF products. The Fund's positioning as a quality-anchored U.S. equity income solution differentiated it from strategies with more concentrated single-stock or sector-specific exposures, though the competitive landscape for options income products also intensified across the year.

**U.S. equity market performance and sector dynamics.**

U.S. large-cap equity markets experienced meaningful dispersion across sectors in 2025, with periods of concentrated performance in technology and AI-adjacent names alongside more muted results in traditional value and defensive sectors. The Fund's quality-focused equity portfolio, oriented toward broad U.S. large-cap exposure with an emphasis on balance sheet integrity and earnings consistency, was subject to these market dynamics. Returns from the equity component of the portfolio varied across quarters as sector leadership rotated. The options overlay contributed to overall Fund performance throughout the year by monetizing volatility premiums inherent in the underlying equity positions, partially offsetting periods where core equity performance was more subdued.

**Portfolio construction and rebalancing.**

The Adviser maintained a rules-based portfolio construction methodology designed to identify and hold U.S. equities exhibiting quality characteristics consistent with the Fund's investment objective. Periodic portfolio rebalancing was conducted to manage individual position drift, respond to changes in the quality characteristics of eligible securities, and ensure ongoing alignment with the Fund's investment mandate. Rebalancing activity was managed with consideration for transaction costs, liquidity conditions, and the Fund's concurrent options positions. As an early-stage fund, QUSA also managed inflows and deployment of new assets throughout the fiscal year with attention to minimizing market impact and maintaining the integrity of the options overlay strategy.

VistaShares Target 15 USA Quality Income ETF Tailored Shareholder Report

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **Fund Size (Thousands)** | $17746 |
| **Number of Holdings** | 98 |
| **Total Advisory Fee** | $119306 |
| **Portfolio Turnover Rate** | 175% |

---

**What did the Fund invest in?**

(as of February 28, 2026)

**Sector Type - Investments**

(% of total net assets)

![bar](qesqi2x1mnj6hrm0.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of Total Net Assets)** |
| **Apple, Inc.** | 6.2 |
| **NVIDIA Corp.** | 5.9 |
| **Caterpillar, Inc.** | 5.7 |
| **Netflix, Inc.** | 5.4 |
| **Walmart, Inc.** | 5.3 |
| **Costco Wholesale Corp.** | 5.2 |
| **Microsoft Corp.** | 5.1 |
| **Berkshire Hathaway, Inc. - Class B** | 5.1 |
| **Procter & Gamble Co.** | 4.6 |
| **Broadcom, Inc.** | 4.6 |

---

**For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.vistashares.com.**

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Ms. Monica Byrd is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.** 

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal year. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

**VistaShares Target 15 Berkshire Select Income ETF**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 2/28/2026 | &nbsp;&nbsp;FYE 2/28/2025 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$11000 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

**VistaShares Target 15 USA Quality Income ETF**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 2/28/2026 | &nbsp;&nbsp;FYE 2/28/2025 |
| &nbsp;&nbsp;(a) Audit Fees | &nbsp;&nbsp;$11000 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(b) Audit-Related Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(c) Tax Fees | &nbsp;&nbsp;$3000 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;(d) All Other Fees | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 2/28/2026 | &nbsp;&nbsp;FYE 2/28/2025 |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;0% | &nbsp;&nbsp;0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

<u>Non-Audit Related Fees</u> <u>FYE 2/28/2026</u> <u>FYE 2/28/2025</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

**Item 5. Audit Committee of Listed Registrants.**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Monica Byrd, Lawrence Jules, Ethan Powell and Pamela Cryton.

(b) Not applicable

**Item 6. Investments.**

(a) Schedule
 of Investments is included within the financial statements filed under Item 7 of this Form.

(b) Not
 applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.**

(a) ![](ncsrs022826001.jpg)

**Financial Statements**

**February 28, 2026**

**Tidal Trust III**

VistaShares Target 15 Berkshire Select Income ETF OMAH NYSE Arca, Inc. <br>VistaShares Target 15 USA Quality Income ETF QUSA NYSE Arca, Inc.

**VistaShares ETFs**

**Table of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp; [Schedule of Investments](#hfspncsrsa001) | &nbsp;&nbsp;1 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#hfspncsrsa002) | &nbsp;&nbsp;9 |
| &nbsp;&nbsp; [Statement of Operations](#hfspncsrsa003) | &nbsp;&nbsp;10 |
| &nbsp;&nbsp; [Statement of Changes in Net Assets](#hfspncsrsa004) | &nbsp;&nbsp;11 |
| &nbsp;&nbsp; [Financial Highlights](#hfspncsrsa005) | &nbsp;&nbsp;12 |
| &nbsp;&nbsp; [Notes to Financial Statements](#hfspncsrsa006) | &nbsp;&nbsp;14 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#hfspncsrsa007) | &nbsp;&nbsp;28 |
| &nbsp;&nbsp; [Other Non-Audited Information](#hfspncsrsa008) | &nbsp;&nbsp;29 |

---

**VistaShares Target 15 Berkshire Select Income ETF**

**Schedule of Investments**

**February 28, 2026** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**COMMON STOCKS - 100.4%** | **Shares** | **Value** |
| &nbsp;&nbsp;**Banking - 4.6%** |  |  |
| &nbsp;&nbsp;Bank of America Corp. | 630378 | $31411736 |
| &nbsp;&nbsp;**Consumer Staple Products - 13.2%** |  |  |
| &nbsp;&nbsp;Coca-Cola Co. | 461401 | 37631866 |
| &nbsp;&nbsp;Constellation Brands, Inc. - Class A | 133880 | 21134297 |
| &nbsp;&nbsp;Kraft Heinz Co. | 1314127 | 32340665 |
|  |  | 91106828 |
| &nbsp;&nbsp;**Financial Services - 21.7%** |  |  |
| &nbsp;&nbsp;American Express Co. | 186973 | 57755960 |
| &nbsp;&nbsp;Capital One Financial Corp. | 67939 | 13291586 |
| &nbsp;&nbsp;Mastercard, Inc. - Class A | 38485 | 19904827 |
| &nbsp;&nbsp;Moody's Corp. | 69957 | 33410764 |
| &nbsp;&nbsp;Visa, Inc. - Class A | 78389 | 25095454 |
|  |  | 149458591 |
| &nbsp;&nbsp;**Health Care - 6.8%** |  |  |
| &nbsp;&nbsp;DaVita, Inc.<sup>(a)</sup> | 209607 | 32761574 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | 48033 | 14086638 |
|  |  | 46848212 |
| &nbsp;&nbsp;**Insurance - 14.7%** |  |  |
| &nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 137224 | 69291259 |
| &nbsp;&nbsp;Chubb Ltd. | 93215 | 31773265 |
|  |  | 101064524 |
| &nbsp;&nbsp;**Media - 11.5%** |  |  |
| &nbsp;&nbsp;Alphabet, Inc. - Class A | 102125 | 31838490 |
| &nbsp;&nbsp;Sirius XM Holdings, Inc. | 1157781 | 25424871 |
| &nbsp;&nbsp;VeriSign, Inc. | 96061 | 21896144 |
|  |  | 79159505 |
| &nbsp;&nbsp;**Oil & Gas - 10.1%** |  |  |
| &nbsp;&nbsp;Chevron Corp. | 173465 | 32396323 |
| &nbsp;&nbsp;Occidental Petroleum Corp. | 696473 | 36968787 |
|  |  | 69365110 |
| &nbsp;&nbsp;**Retail & Wholesale - Discretionary - 3.3%** |  |  |
| &nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 110217 | 23145570 |
| &nbsp;&nbsp;**Retail & Wholesale - Staples - 4.3%** |  |  |
| &nbsp;&nbsp;Kroger Co. | 435085 | 29690200 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Tech Hardware & Semiconductors - 10.2%** | | |
| &nbsp;&nbsp;Apple, Inc. | 265623 | 70172285 |
| &nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $658,164,660)** |  | 691422561 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**PURCHASED OPTIONS - 0.8%<sup>(a)(b)(c)(d)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Call Options - 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Expiration: 3/13/2026; Exercise Price: $325.00 | $29149560 | 935 | 237490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Expiration: 3/20/2026; Exercise Price: $340.00 | 2681136 | 86 | 10965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., Expiration: 3/6/2026; Exercise Price: $217.50 | 23142000 | 1102 | 119567 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co., Expiration: 3/6/2026; Exercise Price: $335.00 | 895810 | 29 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co., Expiration: 3/13/2026; Exercise Price: $340.00 | 56837600 | 1840 | 195040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., Expiration: 3/6/2026; Exercise Price: $272.50 | 343434 | 13 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., Expiration: 3/20/2026; Exercise Price: $310.00 | 422688 | 16 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., Expiration: 3/20/2026; Exercise Price: $295.00 | 69400086 | 2627 | 55167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Expiration: 3/6/2026; Exercise Price: $52.00 | 31407849 | 6303 | 97697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Expiration: 3/6/2026; Exercise Price: $512.50 | 68168250 | 1350 | 448875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Expiration: 3/6/2026; Exercise Price: $502.50 | 1110890 | 22 | 18150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., Expiration: 3/6/2026; Exercise Price: $202.50 | 13088316 | 669 | 123765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., Expiration: 3/13/2026; Exercise Price: $215.00 | 195640 | 10 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp., Expiration: 3/6/2026; Exercise Price: $192.50 | 32384184 | 1734 | 228021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd., Expiration: 3/20/2026; Exercise Price: $350.00 | 886236 | 26 | 7345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd., Expiration: 3/20/2026; Exercise Price: $340.00 | 30881916 | 906 | 638730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co., Expiration: 3/6/2026; Exercise Price: $84.00 | 37631784 | 4614 | 69210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Expiration: 3/6/2026; Exercise Price: $165.00 | 2020608 | 128 | 5760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Expiration: 3/13/2026; Exercise Price: $167.50 | 18785340 | 1190 | 101150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Expiration: 3/20/2026; Exercise Price: $180.00 | 315720 | 20 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc., Expiration: 3/20/2026; Exercise Price: $160.00 | 32760480 | 2096 | 817440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Co., Expiration: 3/6/2026; Exercise Price: $25.50 | 32340001 | 13141 | 98557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Co., Expiration: 3/6/2026; Exercise Price: $72.00 | 29684400 | 4350 | 289275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Expiration: 3/6/2026; Exercise Price: $512.50 | 206884 | 4 | 4220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Expiration: 3/13/2026; Exercise Price: $525.00 | 982699 | 19 | 13870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Expiration: 3/20/2026; Exercise Price: $565.00 | 18671281 | 361 | 31407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp., Expiration: 3/20/2026; Exercise Price: $510.00 | 29515062 | 618 | 123600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp., Expiration: 3/20/2026; Exercise Price: $500.00 | 429831 | 9 | 3420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp., Expiration: 3/20/2026; Exercise Price: $480.00 | 3438648 | 72 | 79200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp., Expiration: 3/6/2026; Exercise Price: $55.00 | 36370416 | 6852 | 411120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp., Expiration: 3/6/2026; Exercise Price: $53.00 | 594496 | 112 | 14784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc., Expiration: 3/6/2026; Exercise Price: $22.00 | 390888 | 178 | 6230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc., Expiration: 3/13/2026; Exercise Price: $23.50 | 25032204 | 11399 | 125389 |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., Expiration: 3/13/2026; Exercise Price: $292.50 | 14076960 | 480 | 312000 |
| &nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc., Expiration: 3/20/2026; Exercise Price: $240.00 | 4262478 | 187 | 30855 |
| &nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc., Expiration: 3/20/2026; Exercise Price: $230.00 | 17619762 | 773 | 409690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Expiration: 3/6/2026; Exercise Price: $340.00 | 24458696 | 764 | 9168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Expiration: 3/6/2026; Exercise Price: $322.50 | 256112 | 8 | 2432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Expiration: 3/20/2026; Exercise Price: $335.00 | 352154 | 11 | 2420 |
|  |  |  | 5146884 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PURCHASED OPTIONS (Cost $4,566,508)** |  |  | 5146884 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS - 0.5%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.60%<sup>(e)</sup> | 3637751 | 3637751 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS (Cost $3,637,751)** |  | 3637751 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 101.7% (Cost $666,368,919)** |  | $700207196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (1.7)% |  | (11704431) |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $688502765 |

---

Percentages are stated as a percent of net assets.

(a) Non-income
 producing security.

(b) Exchange-traded.

(c) 100
 shares per contract.

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

(e) The
 rate shown represents the 7-day annualized effective yield as of February 28, 2026.

The accompanying notes are an integral part of these financial statements.

**VistaShares Target 15 Berkshire Select Income ETF**

**Schedule of Written Options Contracts**

**February 28, 2026**

---

| | | | |
|:---|:---|:---|:---|
| <br>&nbsp;&nbsp;&nbsp;&nbsp;**WRITTEN OPTIONS - (1.7)%<sup>(a)(b)</sup>** | **Notional**<br>**Amount** | <br>**Contracts** | <br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Call Options - (1.7)%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Expiration: 3/13/2026; Exercise Price: $315.00 | $(29149560) | (935) | $(549313) |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Expiration: 3/20/2026; Exercise Price: $325.00 | (2681136) | (86) | (35905) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., Expiration: 3/6/2026; Exercise Price: $212.50 | (22932000) | (1092) | (296478) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., Expiration: 3/6/2026; Exercise Price: $210.00 | (210000) | (10) | (3950) |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co., Expiration: 3/6/2026; Exercise Price: $330.00 | (895810) | (29) | (2755) |
| &nbsp;&nbsp;&nbsp;&nbsp;American Express Co., Expiration: 3/13/2026; Exercise Price: $330.00 | (56837600) | (1840) | (455400) |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., Expiration: 3/6/2026; Exercise Price: $267.50 | (343434) | (13) | (3328) |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., Expiration: 3/20/2026; Exercise Price: $290.00 | (422688) | (16) | (616) |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., Expiration: 3/20/2026; Exercise Price: $280.00 | (69400086) | (2627) | (375661) |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Expiration: 3/6/2026; Exercise Price: $51.00 | (31407849) | (6303) | (226908) |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Expiration: 3/6/2026; Exercise Price: $507.50 | (68168250) | (1350) | (756000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Expiration: 3/6/2026; Exercise Price: $497.50 | (1110890) | (22) | (25300) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., Expiration: 3/6/2026; Exercise Price: $197.50 | (13088316) | (669) | (260910) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., Expiration: 3/13/2026; Exercise Price: $210.00 | (195640) | (10) | (1575) |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp., Expiration: 3/6/2026; Exercise Price: $187.50 | (32384184) | (1734) | (490722) |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd., Expiration: 3/20/2026; Exercise Price: $335.00 | (886236) | (26) | (26780) |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd., Expiration: 3/20/2026; Exercise Price: $330.00 | (30881916) | (906) | (1259340) |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co., Expiration: 3/6/2026; Exercise Price: $82.00 | (36661220) | (4495) | (238235) |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co., Expiration: 3/6/2026; Exercise Price: $81.00 | (970564) | (119) | (13268) |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Expiration: 3/6/2026; Exercise Price: $160.00 | (2020608) | (128) | (20480) |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Expiration: 3/13/2026; Exercise Price: $162.50 | (18785340) | (1190) | (223125) |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Expiration: 3/20/2026; Exercise Price: $170.00 | (315720) | (20) | (2100) |
| &nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc., Expiration: 3/20/2026; Exercise Price: $150.00 | (32760480) | (2096) | (2033120) |
| &nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Co., Expiration: 3/6/2026; Exercise Price: $25.00 | (32340001) | (13141) | (216827) |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Co., Expiration: 3/6/2026; Exercise Price: $71.00 | (29684400) | (4350) | (415425) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Expiration: 3/6/2026; Exercise Price: $502.50 | (206884) | (4) | (7030) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Expiration: 3/13/2026; Exercise Price: $515.00 | (982699) | (19) | (23085) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Expiration: 3/20/2026; Exercise Price: $545.00 | (18671281) | (361) | (105412) |
| &nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp., Expiration: 3/20/2026; Exercise Price: $490.00 | (29515062) | (618) | (414060) |
| &nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp., Expiration: 3/20/2026; Exercise Price: $470.00 | (429831) | (9) | (14760) |
| &nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp., Expiration: 3/20/2026; Exercise Price: $460.00 | (3438648) | (72) | (176760) |
| &nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp., Expiration: 3/6/2026; Exercise Price: $54.00 | (36370416) | (6852) | (609828) |
| &nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp., Expiration: 3/6/2026; Exercise Price: $52.00 | (594496) | (112) | (21784) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc., Expiration: 3/6/2026; Exercise Price: $21.50 | (390888) | (178) | (12193) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc., Expiration: 3/13/2026; Exercise Price: $22.50 | (25032204) | (11399) | (398965) |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., Expiration: 3/13/2026; Exercise Price: $282.50 | (14076960) | (480) | (633600) |
| &nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc., Expiration: 3/20/2026; Exercise Price: $220.00 | (21882240) | (960) | (1128000) |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Expiration: 3/6/2026; Exercise Price: $330.00 | (24458696) | (764) | (65322) |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Expiration: 3/6/2026; Exercise Price: $312.50 | (256112) | (8) | (7540) |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Expiration: 3/20/2026; Exercise Price: $320.00 | (352154) | (11) | (8690) |
|  |  |  | (11560550) |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL WRITTEN OPTIONS (Premiums received $10,199,049)** |  |  | (11560550) |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentages are stated as a percent of net assets. |  |  |  |

---

(a) 100
 shares per contract.

(b) Exchange-traded.

The accompanying notes are an integral part of these financial statements.

**VistaShares Target 15 USA Quality Income ETF**

**Schedule of Investments**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 99.6%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. | 7420 | $605175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 4867 | 813763 |
|  |  | 1418938 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackrock, Inc. | 460 | 489086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 829 | 428767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 1710 | 547439 |
|  |  | 1465292 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories, ADR | 4273 | 497164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 582 | 612258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 1528 | 379601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 1795 | 222257 |
|  |  | 1711280 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 1357 | 1008020 |
| &nbsp;&nbsp;&nbsp;&nbsp;GE Aerospace | 1634 | 559253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 620 | 408010 |
|  |  | 1975283 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 1778 | 897801 |
|  | **** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Media - 13.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 1191 | 371306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 994 | 309561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 1043 | 676052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | 9904 | 953161 |
|  |  | 2310080 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 921 | 930938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 7296 | 933523 |
|  |  | 1864461 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | 1743 | 457381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | 1642 | 129767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 2299 | 902909 |
|  |  | 1490057 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 25.6%<sup>(b)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 4185 | $1105593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 1101 | 409902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2546 | 813574 |
| &nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | 285 | 434497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | 2249 | 526019 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 5958 | 1055698 |
| &nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 1409 | 200585 |
|  |  | 4545868 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $17,278,561)** |  | 17679060 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**PURCHASED OPTIONS - 0.9%<sup>(a)(c)(d)(e)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Call Options - 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories, Expiration: 3/20/2026; Exercise Price: $122.00 | $11635 | 1 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories, Expiration: 3/20/2026; Exercise Price: $120.00 | 477035 | 41 | 4203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc., Expiration: 3/13/2026; Exercise Price: $267.50 | 446097 | 17 | 17170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Expiration: 3/6/2026; Exercise Price: $330.00 | 342936 | 11 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Expiration: 3/6/2026; Exercise Price: $330.00 | 280287 | 9 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., Expiration: 3/20/2026; Exercise Price: $290.00 | 26418 | 1 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., Expiration: 3/20/2026; Exercise Price: $285.00 | 1056720 | 40 | 2980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc., Expiration: 3/13/2026; Exercise Price: $405.00 | 37230 | 1 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc., Expiration: 3/27/2026; Exercise Price: $415.00 | 372300 | 10 | 7100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Expiration: 3/6/2026; Exercise Price: $512.50 | 858415 | 17 | 5653 |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc., Expiration: 3/6/2026; Exercise Price: $1,125.00 | 425292 | 4 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc., Expiration: 3/6/2026; Exercise Price: $360.00 | 798875 | 25 | 6925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc., Expiration: 3/13/2026; Exercise Price: $800.00 | 965679 | 13 | 4453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co., Expiration: 3/6/2026; Exercise Price: $82.00 | 603544 | 74 | 3922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp., Expiration: 3/6/2026; Exercise Price: $1,025.00 | 909711 | 9 | 12532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co., Expiration: 3/6/2026; Exercise Price: $1,045.00 | 525995 | 5 | 12250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc., Expiration: 3/6/2026; Exercise Price: $80.00 | 126448 | 16 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;GE Aerospace, Expiration: 3/13/2026; Exercise Price: $370.00 | 547616 | 16 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson, Expiration: 3/6/2026; Exercise Price: $247.50 | 372645 | 15 | 5475 |
| &nbsp;&nbsp;&nbsp;&nbsp;KLA Corp., Expiration: 3/20/2026; Exercise Price: $1,680.00 | 304910 | 2 | 5130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp., Expiration: 3/13/2026; Exercise Price: $270.00 | 514558 | 22 | 3168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp., Expiration: 3/13/2026; Exercise Price: $677.50 | 394848 | 6 | 5400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Expiration: 3/13/2026; Exercise Price: $517.50 | 413768 | 8 | 8540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc., Expiration: 3/13/2026; Exercise Price: $124.00 | 210494 | 17 | 3893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Expiration: 3/6/2026; Exercise Price: $685.00 | 648180 | 10 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp., Expiration: 3/13/2026; Exercise Price: $415.00 | 864028 | 22 | 3476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc., Expiration: 3/13/2026; Exercise Price: $89.00 | 28872 | 3 | 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc., Expiration: 3/27/2026; Exercise Price: $105.00 | 923904 | 96 | 14304 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp., Expiration: 3/20/2026; Exercise Price: $210.00 | 1045421 | 59 | 4071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co., Expiration: 3/6/2026; Exercise Price: $165.00 | 785840 | 47 | 15040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co., Expiration: 3/13/2026; Exercise Price: $170.00 | 16720 | 1 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc., Expiration: 3/13/2026; Exercise Price: $157.50 | 199304 | 14 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Expiration: 3/6/2026; Exercise Price: $340.00 | 544238 | 17 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc., Expiration: 3/6/2026; Exercise Price: $131.00 | $921240 | 72 | $4896 |
|  |  |  | 160226 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PURCHASED OPTIONS (Cost $165,855)** |  |  | 160226 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**SHORT TERM INVESTMENTS - 1.2%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.60%<sup>(f)</sup> | 206221 | 206221 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT TERM INVESTMENTS (Cost $206,221)** |  | 206221 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 101.7% (Cost $17,650,637)** |  | $18045507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (1.7)% |  | (299940) |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $17745567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Percentages are stated as a percent of net assets. |  |  |

---

ADR American Depositary Receipt

(a) Non-income
 producing security.

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

(c) Exchange-traded.

(d) 100
 shares per contract.

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

(f) The
 rate shown represents the 7-day annualized effective yield as of February 28, 2026.

The accompanying notes are an integral part of these financial statements.

**VistaShares Target 15 USA Quality Income ETF**

**Schedule of Written Options Contracts**

**February 28, 2026**

---

| | | | |
|:---|:---|:---|:---|
| <br>&nbsp;&nbsp;&nbsp;&nbsp;**WRITTEN OPTIONS - (1.8)%<sup>(a)(b)</sup>** | **Notional**<br>**Amount** | <br>**Contracts** | <br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Call Options - (1.8)%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories, Expiration: 3/20/2026; Exercise Price: $117.00 | $(11635) | (1) | $(208) |
| &nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories, Expiration: 3/20/2026; Exercise Price: $115.00 | (477035) | (41) | (13202) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc., Expiration: 3/13/2026; Exercise Price: $260.00 | (446097) | (17) | (23672) |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Expiration: 3/6/2026; Exercise Price: $320.00 | (342936) | (11) | (2404) |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Expiration: 3/6/2026; Exercise Price: $320.00 | (280287) | (9) | (1778) |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., Expiration: 3/20/2026; Exercise Price: $275.00 | (26418) | (1) | (259) |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., Expiration: 3/20/2026; Exercise Price: $270.00 | (1056720) | (40) | (17500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc., Expiration: 3/13/2026; Exercise Price: $395.00 | (37230) | (1) | (675) |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc., Expiration: 3/27/2026; Exercise Price: $395.00 | (372300) | (10) | (12600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Expiration: 3/6/2026; Exercise Price: $507.50 | (858415) | (17) | (9520) |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock, Inc., Expiration: 3/6/2026; Exercise Price: $1,105.00 | (425292) | (4) | (1900) |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc., Expiration: 3/6/2026; Exercise Price: $352.50 | (798875) | (25) | (9750) |
| &nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc., Expiration: 3/13/2026; Exercise Price: $775.00 | (965679) | (13) | (11277) |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co., Expiration: 3/6/2026; Exercise Price: $81.00 | (603544) | (74) | (8251) |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp., Expiration: 3/6/2026; Exercise Price: $1,010.00 | (909711) | (9) | (18630) |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co., Expiration: 3/6/2026; Exercise Price: $1,025.00 | (525995) | (5) | (18650) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc., Expiration: 3/6/2026; Exercise Price: $78.00 | (126448) | (16) | (3792) |
| &nbsp;&nbsp;&nbsp;&nbsp;GE Aerospace, Expiration: 3/13/2026; Exercise Price: $355.00 | (547616) | (16) | (5016) |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson, Expiration: 3/6/2026; Exercise Price: $245.00 | (372645) | (15) | (7800) |
| &nbsp;&nbsp;&nbsp;&nbsp;KLA Corp., Expiration: 3/20/2026; Exercise Price: $1,600.00 | (304910) | (2) | (9840) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp., Expiration: 3/13/2026; Exercise Price: $260.00 | (514558) | (22) | (6259) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp., Expiration: 3/13/2026; Exercise Price: $657.50 | (394848) | (6) | (10350) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Expiration: 3/13/2026; Exercise Price: $505.00 | (413768) | (8) | (14660) |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc., Expiration: 3/13/2026; Exercise Price: $121.00 | (210494) | (17) | (7055) |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Expiration: 3/6/2026; Exercise Price: $670.00 | (648180) | (10) | (3150) |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp., Expiration: 3/13/2026; Exercise Price: $400.00 | (864028) | (22) | (12155) |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc., Expiration: 3/13/2026; Exercise Price: $87.00 | (28872) | (3) | (3007) |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc., Expiration: 3/27/2026; Exercise Price: $100.00 | (923904) | (96) | (26496) |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp., Expiration: 3/20/2026; Exercise Price: $197.50 | (1045421) | (59) | (10944) |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co., Expiration: 3/6/2026; Exercise Price: $160.00 | (785840) | (47) | (34310) |
| &nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co., Expiration: 3/13/2026; Exercise Price: $165.00 | (16720) | (1) | (393) |
| &nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc., Expiration: 3/13/2026; Exercise Price: $150.00 | (199304) | (14) | (1253) |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Expiration: 3/6/2026; Exercise Price: $330.00 | (544238) | (17) | (1454) |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc., Expiration: 3/6/2026; Exercise Price: $128.00 | (921240) | (72) | (13356) |
|  |  |  | (321566) |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL WRITTEN OPTIONS (Premiums received $312,234)** |  |  | (321566) |

---

Percentages are stated as a percent of net assets.

(a) 100
 shares per contract.

(b) Exchange-traded.

The accompanying notes are an integral part of these financial statements.

**Statements of Assets and Liabilities**

**February 28, 2026**

---

| | | |
|:---|:---|:---|
|  | **VistaShares**<br>**Target 15**<br>**Berkshire Select**<br>**Income ETF** | **VistaShares**<br>**Target 15 USA**<br>**Quality Income**<br>**ETF** |
| **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $666,368,919 and $17,650,637) (Note 2) | $700207196 | $18045507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit at broker for option contracts |  | 26715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 614273 | 7178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 165845 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 9062 | 310 |
| **Total assets** | 700996376 | 18079710 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written option contracts, premium received ($10,199,049 and $312,234) | 11560550 | 321566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 492840 | 12577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to broker | 440221 | – |
| **Total liabilities** | 12493611 | 334143 |
| **NET ASSETS** | $688502765 | $17745567 |
| **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $691984345 | $18536830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (3481580) | (791263) |
| **Total Net Assets** | $688502765 | $17745567 |
| Net assets | $688502765 | $17745567 |
| Shares issued and outstanding<sup>(a)</sup> | 37525000 | 975000 |
| Net asset value per share | $18.35 | $18.20 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

**Statements of Operations**

**For the Period Ended February 28, 2026**

---

| | | |
|:---|:---|:---|
|  | **VistaShares Target 15**<br> **Berkshire Select**<br> **Income ETF<sup>(a)</sup>** | **VistaShares Target 15 USA**<br> **Quality**<br> **Income ETF<sup>(b)</sup>** |
| **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $6634520 | $155631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 77635 | 5029 |
| **Total investment income** | 6712155 | 160660 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 3960945 | 119306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 111809 | 2096 |
| **Total expenses** | 4072754 | 121402 |
| **NET INVESTMENT INCOME (LOSS)** | 2639401 | 39258 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 726690 | (817684) |
| &nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 4629610 | 97943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Written option contracts | (4904937) | 267991 |
| **Net realized gain (loss)** | 451363 | (451750) |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 33838277 | 394870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Written option contracts | (1361501) | (9332) |
| **Net change in unrealized appreciation (depreciation)** | 32476776 | 385538 |
| Net realized and unrealized gain (loss) | 32928139 | (66212) |
| **NET INCREASE (DECREASE) IN NET ASSETS** |  |  |
| **RESULTING FROM OPERATIONS** | $35567540 | $(26954) |

---

(a) Inception date of the Fund was March 4, 2025.

(b) Inception date of the Fund was May 5, 2025.

The accompanying notes are an integral part of these financial statements.

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **VistaShares**<br>**Target 15**<br>**Berkshire Select**<br>**Income ETF** | **VistaShares**<br>**Target 15 USA**<br>**Quality Income**<br>**ETF** |
|  | **Period Ended**<br>**February 28,**<br>**2026<sup>(a)</sup>** | **Period Ended**<br>**February 28,**<br>**2026<sup>(b)</sup>** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $2639401 | $39258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 451363 | (451750) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 32476776 | 385538 |
| Net increase (decrease) in net assets resulting from operations | 35567540 | (26954) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | (34989236) | (686090) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | (31565538) | (1283222) |
| Total distributions to shareholders | (66554774) | (1969312) |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 755763956 | 22958682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (36345533) | (3218532) |
| &nbsp;&nbsp;&nbsp;&nbsp;ETF transaction fees (Note 8) | 71576 | 1683 |
| Net increase (decrease) in net assets from capital transactions | 719489999 | 19741833 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 688502765 | 17745567 |
| **NET ASSETS:** |  |  |
| Beginning of the period | – | – |
| End of the period | $688502765 | $17745567 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 39450000 | 1150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1925000) | (175000) |
| Total increase (decrease) in shares outstanding | 37525000 | 975000 |

---

(a) Inception date of the Fund was March 4, 2025.

(b) Inception date of the Fund was May 5, 2025.

The accompanying notes are an integral part of these financial statements.

**Financial Highlights**

**For a share outstanding throughout the period presented**

---

| | |
|:---|:---|
|  | **VistaShares Target 15 Berkshire**<br>**Select Income ETF** |
|  | **Period Ended February 28,**<br>**2026<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $20.00 |
| **INVESTMENTS OPERATIONS:** |  |
| Net investment income (loss)<sup>(b)</sup> | 0.12 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 1.10 |
| Total from investment operations | 1.22 |
| **LESS DISTRIBUTIONS FROM:** |  |
| Net investment income | (1.51) |
| Return of capital | (1.36) |
| Total distributions | (2.87) |
| ETF transaction fees per share | 0.00 %<sup>(d)</sup> |
| Net asset value, end of period | $18.35 |
| **TOTAL RETURN<sup>(e)</sup>** | 6.61% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $688503 |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.98% |
| Ratio of interest expense to average net assets<sup>(f)</sup> | 0.03% |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on written options<sup>(f)</sup> | 0.95% |
| Ratio of net investment income to average net assets<sup>(f)</sup> | 0.63% |
| Portfolio turnover rate<sup>(e)(g)</sup> | 34 %<sup>(e)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date of the Fund was March 4, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net
 investment income per share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized
 and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per
 share for the periods, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions
 for the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount
 represents less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not
 annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized
 for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Portfolio
 turnover rate excludes in-kind transactions, if any.

The accompanying notes are an integral part of these financial statements.

**Financial Highlights**

**For a share outstanding throughout the period presented**

---

| | |
|:---|:---|
|  | **VistaShares Target 15**<br>**USA Quality Income**<br>**ETF** |
|  | **Period Ended February**<br>**28, 2026<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $20.00 |
| **INVESTMENTS OPERATIONS:** |  |
| Net investment income (loss)<sup>(b)</sup> | 0.05 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.56 |
| Total from investment operations | 0.61 |
| **LESS DISTRIBUTIONS FROM:** |  |
| Net investment income | (0.84) |
| Return of capital | (1.57) |
| Total distributions | (2.41) |
| ETF transaction fees per share | 0.00 %<sup>(d)</sup> |
| Net asset value, end of period | $18.20 |
| **TOTAL RETURN<sup>(e)</sup>** | 3.15% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $17746 |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.97% |
| Ratio of interest expense to average net assets<sup>(f)</sup> | 0.02% |
| Ratio of operational expenses to average net assets excluding dividends, interest, and |  |
| borrowing expense on written options<sup>(f)</sup> | 0.95% |
| Ratio of net investment income to average net assets<sup>(f)</sup> | 0.32% |
| Portfolio turnover rate<sup>(e)(g)</sup> | 175 %<sup>(e)</sup> |

---

(a) Inception
 date of the Fund was May 5, 2025.

(b) Net
 investment income per share has been calculated based on average shares outstanding during the periods.

(c) Realized and
 unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share
 for the periods, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for
 the periods.

(d) Amount
 represents less than $0.005 per share.

(e) Not
 annualized for periods less than one year.

(f) Annualized
 for periods less than one year.

(g) Portfolio
 turnover rate excludes in-kind transactions, if any.

The accompanying notes are an integral part of these financial statements.

Notes to Financial Statements

February 28, 2026

**NOTE 1 - ORGANIZATION**

The VistaShares Target 15 Berkshire Select Income ETF (the "OMAH ETF") and the VistaShares Target 15 USA Quality Income ETF (the "QUSA ETF") are each non-diversified series of shares (each, a "Fund," and collectively, the "Funds") of beneficial interest of Tidal Trust III (the "Trust"). The Trust was organized as a Delaware statutory trust on May 19, 2016 and is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of each Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended. The Trust is governed by its Board of Trustees (the "Board"). Tidal Investments LLC ("Tidal Investments" or the "Adviser"), a Tidal Financial Group company, serves as investment adviser to the Funds and VistaShares Advisors LLC (a "Sub-Adviser" or "VistaShares") serves as investment sub-adviser to the Funds. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services — Investment Companies." The OMAH ETF commenced operations on March 4, 2025 and the QUSA ETF commenced operations on May 5, 2025.

The investment objective of each of the OMAH ETF and the QUSA ETF is to seek income. The secondary investment objective of each of the OMAH ETF and the QUSA ETF is to seek long term capital appreciation.

**NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

**Security Valuation -** Equity securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on The Nasdaq Stock Market, LLC ("NASDAQ")), including securities traded over-the-counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents each day that the Funds are open for business.

Investments in money market mutual funds are valued at each underlying fund's published net asset value ("NAV") per share as of the valuation time. Each underlying money market fund calculates NAV using the amortized cost method (which approximates fair value) as permitted by Rule 2a-7 under the 1940 Act.

Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, both long and short positions are valued at the mean between the most recent quoted bid and ask prices.

Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser's Pricing and Valuation Policy and Fair Value Procedures, as applicable.

Notes to Financial Statements

February 28, 2026

Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a Fund may cause the NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value each Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **OMAH ETF** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| **Asstes:** |  |  |  |  |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $691422561 | $– | $– | $691422561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options |  | 5146884 |  | 5146884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 3637751 | – | – | 3637751 |
| **Total Investments** | $695060312 | $5146884 | $– | $700207196 |
| **Liabilities:** |  |  |  |  |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | $– | $(11560550) | $– | $(11560550) |
| **Total Investments** | $– | $(11560550) | $– | $(11560550) |

---

Notes to Financial Statements

February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **QUSA ETF** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| **Asstes:** |  |  |  |  |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $17679060 | $– | $– | $17679060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options |  | 160226 |  | 160226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 206221 | – | – | 206221 |
| **Total Investments** | $17885281 | $160226 | $– | $18045507 |
| **Liabilities:** |  |  |  |  |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options | – | (321566) | – | (321566) |
| **Total Investments** | $– | $(321566) | $– | $(321566) |

---

Refer to the Schedules of Investments for further disaggregation of investment categories.

**Derivatives Transactions -** Pursuant to Rule 18f-4 under the 1940 Act, the SEC imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments currently used by funds to comply with Section 18 of the 1940 Act and treats derivatives as senior securities. Under Rule 18f-4, a fund's derivatives exposure is limited through a value-at-risk test. Funds whose use of derivatives is more than a limited specified exposure amount are required to establish and maintain a comprehensive derivatives risk management program, subject to oversight by a fund's board of trustees, and appoint a derivatives risk manager. The Funds have implemented a Rule 18f-4 Derivative Risk Management Program that complies with Rule 18f-4.

**Short Sales -** Each Fund may make short sales as part of its overall portfolio management strategies or to offset a potential decline in value of a security. A short sale involves the sale of a security that is borrowed from a broker or other institution to complete the sale. The Funds may engage in short sales with respect to securities it owns, as well as securities that it does not own. Short sales expose the Funds to the risk that it will be required to acquire, convert or exchange securities to replace the borrowed security (also known as "covering" the short position) at a time when the security sold short has appreciated in value, thus resulting in a loss to the Funds. The Funds' investment performance may also suffer if the Funds are required to close out a short position earlier than it had intended. Each Fund must segregate assets determined to be liquid in accordance with procedures established by the Board, or otherwise cover its positions in a permissible manner. The Funds will be required to pledge their liquid assets to the broker to secure its performance on short sales. As a result, the assets pledged may not be available to meet the Funds' need for immediate cash or other liquidity. In addition, the Funds may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with each Fund's open short positions. These types of short sales expenses are sometimes referred to as the "negative cost of carry," and will tend to cause the Funds to lose money on a short sale even in instances where the price of the security sold short does not change over the duration of the short sale. Dividend expenses on securities sold short will be borne by the shareholders of each Fund.

**Derivative Instruments -** As the buyer of a call option, each Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options) . Each Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, a Fund may buy call options on underlying reference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by a Fund may expire without any value to the Fund, in which case such Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.

Notes to Financial Statements

February 28, 2026

As the buyer of a put option, each Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). Like a call option, each Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. A Fund may buy a put option on an underlying reference instrument owned by the Fund (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when a Fund, as the buyer of the put option, is able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument's market price. Each Fund may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. Put options may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Sub-Adviser deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.

If a put option was not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.

Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing "covered" call options means that the writer owns the underlying reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.

If a Fund writes a covered call option, any underlying reference instruments that are held by the Fund and are subject to the call option will be earmarked on the books of such Fund as segregated to satisfy its obligations under the option. A Fund will be unable to sell the underlying reference instruments that are subject to the written call option until it either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation. As the writer of a covered call option, a Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference instrument will likely be "called away," requiring a Fund to sell the underlying instrument at the exercise price. In that case, the Fund will sell the underlying reference instrument to the option buyer for less than its market value, and such Fund will experience a loss (which will be offset by the premium received by the Fund as the writer of such option). If a call option expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and the Fund will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the-money), or above the current value of the underlying reference instrument at the time the option is written.

Notes to Financial Statements

February 28, 2026

As the writer of a put option, each Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Funds, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. Each Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put option. If a put option written by the Funds expires unexercised, such Funds will realize a gain in the amount of the premium received.

By virtue of each Fund's investments in option contracts, equity ETFs and equity indices, the Funds are exposed to common stocks indirectly which subjects the Funds to equity market risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Funds invest.

Each Fund has adopted financial reporting rules and derivatives and hedging activity intending to improve investors to understand how an entity uses derivative regulations that require enhanced disclosure regarding financial reporting of derivative instruments by enabling

For the period ended February 28, 2026, each Fund's monthly average notional amount are described below:

---

| | | |
|:---|:---|:---|
|  |  | **Average Notional Amount** |
| **OMAH ETF** | Purchased Options | $311428194 |
|  | Written Options | $(454292772) |
|  |  | **Average Notional Amount** |
| **QUSA ETF** | Purchased Options | $8160185 |
|  | Written Options | $(15126750) |

---

Notes to Financial Statements

February 28, 2026

*Statements of Assets and Liabilities*

Fair value of derivative instruments as of February 28, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Asset Derivatives as of** | **Asset Derivatives as of** | **Asset Derivatives as of** | **Asset Derivatives as of** |
| | | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| <br>**Fund** | <br>**Instrument** | Balance Sheet<br> **Location** | **Fair Value** | **Balance Sheet**<br> **Location** | **Fair Value** |
| **OMAH ETF** |  |  |  |  |  |
|  | Equity Contracts: |  |  |  |  |
|  |  | Investments, at |  |  |  |
|  | Purchased Options | value | $5146884 |  | $– |
|  |  |  |  | Written option |  |
|  | Written Options |  | $– | contracts, at value | $11560550 |
| **QUSA ETF** |  |  |  |  |  |
|  | Equity Contracts: |  |  |  |  |
|  |  | Investments, at |  |  |  |
|  | Purchased Options | value | $160226 |  | $– |
|  |  |  |  | Written option |  |
|  | Written Options |  | $– | contracts, at value | $321566 |

---

*Statements of Operations*

The effect of derivative instruments on the Statements of Operations for the period ended February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** | <br>**Instrument** | **Location of Gain (Loss) on**<br>**Derivatives Recognized in**<br>**Income** | <br>**Realized Gain (Loss)** | **Change in Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **OMAH ETF** |  |  |  |  |
|  | Equity Contracts: |  |  |  |
|  |  | Net realized and change in |  |  |
|  |  | unrealized gain (loss) from |  |  |
|  | Purchased Options | Investments | $7058205 | $580376 |
|  |  | Net realized and change in |  |  |
|  |  | unrealized gain (loss) from |  |  |
|  | Written Options | Written option contracts | $(4904937) | $(1361501) |
| **QUSA ETF** |  |  |  |  |
|  | Equity Contracts: |  |  |  |
|  |  | Net realized and change in |  |  |
|  |  | unrealized gain (loss) from |  |  |
|  | Purchased Options | Investments | $64855 | $(5629) |
|  |  | Net realized and change in |  |  |
|  |  | unrealized gain (loss) from |  |  |
|  | Written Options | Written option contracts | $267991 | $(9332) |

---

Notes to Financial Statements

February 28, 2026

The Funds are not subject to master netting agreements; therefore, no additional disclosures regarding netting arrangements are required.

**Federal Income Taxes -** Each Fund has elected to be taxed as a regulated investment company ("RIC") and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to RICs. Therefore, no provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to RICs, the Funds intend to declare as dividends in each calendar year, at least 98% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, each Fund is subject to a 4% excise tax that is imposed if a Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made to use the Funds' fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations, if applicable.

As of February 28, 2026, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations.

**Securities Transactions and Investment Income -** Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

**Distributions to Shareholders -** Distributions to shareholders from net investment income, if any, for the Funds are declared and paid monthly. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid at least annually. Distributions are recorded on the ex-dividend date.

**Use of Estimates -** The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Notes to Financial Statements

February 28, 2026

**Share Valuation -** The NAV per Share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of Shares outstanding for each Fund, rounded to the nearest cent. Fund Shares will not be priced on the days on which the New York Stock Exchange ("NYSE") is closed for trading.

**Guarantees and Indemnifications -** In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**Illiquid Securities -** Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the "Program") that requires, among other things, that each Fund limit its illiquid investments that are assets to no more than 15% of the value of the Fund's net assets. An illiquid investment is any security that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a Fund should be in a position where the value of illiquid investments held by a Fund exceeds 15% of the Fund's net assets, the Fund will take such steps as set forth in the Program.

**Reclassification of Capital Accounts.** U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per Share. These differences are primarily due to redemptions in kind. For the period ended February 28, 2026, the following adjustments were made:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | <br>**Paid-In Capital** | **Total distributable**<br>**earnings/(accumulated losses)** |
| OMAH ETF | $4059884 | $(4059884) |
| QUSA ETF | $78219 | $(78219) |

---

**NOTE 3 - PRINCIPAL INVESTMENT RISKS**

**Counterparty Risk.** The Funds are subject to counterparty risk by virtue of their investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared ("cleared derivatives"). In a transaction involving cleared derivatives, the Funds' counterparties are clearing houses rather than banks or brokers. Since the Funds are not a member of clearing houses and only members of a clearing house ("clearing members") can participate directly in the clearing house, the Funds will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Funds will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a commingled omnibus account and are not identified to the names of the clearing members' individual customers. As a result, assets deposited by the Funds with any clearing members as margin for options may, in certain circumstances, be used to satisfy losses of other clients of the Funds' clearing members. In addition, although clearing members guarantee performance of their clients' obligations to the clearing house, there is a risk that the assets of the Funds might not be fully protected in the event of the clearing member's bankruptcy, as the Funds would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing members' customers for the relevant account class. The Funds are also subject to the risk that a limited number of clearing members are willing to transact on the Funds' behalf, which heightens the risks associated with a clearing member's default. If a clearing member defaults, the Funds could lose some or all of the benefits of transactions entered into by the Funds with the clearing member. If the Funds cannot find a clearing member to transact with on their behalf, the Funds may be unable to effectively implement their investment strategies.

Notes to Financial Statements

February 28, 2026

**Derivatives Risk.** Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Funds' investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Funds' other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Funds use derivatives, there may be an imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Funds from achieving their investment objectives. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Funds to losses in excess of those amounts initially invested. In addition, the Funds' investments in derivatives are subject to the following risks:

● **Options Contracts.** The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instruments, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility of the reference assets, the time remaining until the expiration of the option contract and economic events. For the Funds in particular, the values of the options contracts in which they invest are substantially influenced by the values of the relevant Underlying Securities. The Funds may experience substantial downside from specific option positions and certain option positions held by the Funds may expire worthless. The options held by the Funds are exercisable at the strike price on their expiration dates. As an option approaches its expiration date, its value typically increasingly move with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying instruments, and there may at times not be a liquid secondary market for certain options contracts. The values of the options held by the Funds will be determined based on market quotations or other recognized pricing methods. Additionally, as the Funds intend to continuously maintain indirect exposure to one or more of the Underlying Securities through the use of options contracts, as the options contracts they holds are exercised or expire they will enter into new options contracts, a practice referred to as "rolling." If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Funds may experience losses.

**Index / Strategy Risks (OMAH ETF Only).** The Index's holdings are derived from publicly available data, which may be delayed relative to the then-current portfolio of Berkshire Hathaway. Consequently, the Fund's holdings, which are based on the Index, may not accurately reflect Berkshire Hathaway's most recent publicly-disclosed investment positions and may deviate substantially from its actual current portfolio. The equity securities represented in the Index are subject to a range of risks, including, but not limited to, fluctuations in market conditions, increased competition, and evolving regulatory environments, all of which could adversely affect their performance. Moreover, while the Fund seeks to incorporate aspects of Berkshire Hathaway's investment philosophy, past performance of the companies included in the Index does not guarantee future results. There is no assurance that these companies will deliver positive performance or generate long-term capital appreciation.

Notes to Financial Statements

February 28, 2026

In addition, the Index includes an approximately 10% allocation to Berkshire Hathaway's class B shares (BRK.B). Investing in BRK.B through the Fund presents several risks. Fund investors have no direct ownership in Berkshire Hathaway and lack voting rights or influence over corporate decisions, while remaining exposed to fluctuations in BRK.B's stock price. Public perception and other factors outside of the control of Berkshire Hathaway may additionally impact BRK.B's stock price due to Berkshire Hathaway garnering a disproportionate degree of public attention, regardless of actual operating performance. Additionally, Berkshire Hathaway's performance may not meet expectations due to inaccurate projections or unforeseen challenges, and as part of the diversified financial services industry, BRK.B is exposed to broader economic risks, regulatory changes, and market competition.

**Quality Style Investing Risks (QUSA ETF Only).** Securities included in the Fund's Equity Strategy are deemed by VistaShares to be quality stocks, but there is no guarantee that the past performance of these stocks will continue. Companies that issue these stocks may experience a decline in value, as well as increased leverage, resulting in lower than expected or negative returns to Fund shareholders. Many factors can affect a stock's quality and performance, and the impact of these factors on a stock or its price can be difficult to predict.

As with any investment, there is a risk that you could lose all or a portion of your principal investment in the Funds. The Funds are subject to the above principal risks, as well as other principal risks which may adversely affect each Fund's NAV, trading price, yield, total return and/or ability to meet their objectives. For more information about the risks of investing in the Funds, see the section in each Fund's Prospectus titled "Additional Information About the Fund — Principal Investment Risks."

**NOTE 4 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS**

The Adviser serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the "Advisory Agreement"), and, pursuant to the Advisory Agreement, provides investment advice to the Funds and oversees the day-to -day operations of the Funds, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Funds, including selecting broker -dealers to execute purchase and sale transactions. The Adviser provides oversight of the Sub-Adviser and review of the Sub-Adviser's performance.

Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the "Investment Advisory Fee") based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| **Fund** | **Investment Advisory Fee** |
| OMAH ETF | 0.95% |
| QUSA ETF | 0.95% |

---

Out of the Investment Advisory Fees, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay, or require the Sub-Adviser to pay, all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, "Excluded Expenses") and the Investment Advisory Fees payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the period ended February 28, 2026 are disclosed in the Statements of Operations.

Notes to Financial Statements

February 28, 2026

The Sub-Adviser serves as investment sub-adviser to the Funds, pursuant to a sub-advisory agreement between the Adviser and the Sub- Adviser with respect to the Funds (the "Sub-Advisory Agreement"). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day management of each Fund's portfolio, including determining the securities purchased and sold by the Funds, subject to the supervision of the Adviser and the Board. The Sub-Adviser is paid a fee by the Adviser, which is calculated daily and paid monthly, at an annual rate of 0.04% of each Fund's average daily net assets (the "Sub-Advisory Fee"). The Sub-Adviser has agreed to assume all or a portion of the Adviser's obligation to pay all expenses incurred by the Funds, except for the Sub-Advisory Fee payable to the Sub-Adviser and Excluded Expenses. For assuming the payment obligation for a portion of each Fund's expenses, the Adviser has agreed to pay to the Sub -Adviser the profits, if any, generated by the Funds' Investment Advisory Fees, less a contractual fee retained by the Adviser. Expenses incurred by the Funds and paid by the Sub-Adviser include fees charged by Tidal (defined below), which is an affiliate of the Adviser.

Tidal ETF Services LLC ("Tidal"), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds' administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust's relationships with its various service providers. Tidal prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds' custodian.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Funds' fund accountant and transfer agent. In those capacities, Fund Services performs various accounting and transfer agency services for the Funds. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' custodian.

Foreside Fund Services, LLC (the "Distributor") acts as the Funds' principal underwriter in a continuous public offering of the Funds' Shares.

Certain officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust's officers receive compensation from the Funds.

The Board has adopted a Distribution (Rule 12b-1) Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of their average daily net assets each year to pay distribution fees for the sale and distribution of its Shares. No Rule 12b-1 fees are currently paid by the Funds, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out each Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

**NOTE 5 - SEGMENT REPORTING**

In accordance with the FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), each Fund has evaluated their business activities and determined that they each operate as a single reportable segment.

Notes to Financial Statements

February 28, 2026

Each Fund's investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker ("CODM"). The Principal Financial Officer is responsible for assessing each Fund's financial performance and allocating resources. In making these assessments, the Principal Financial Officer evaluates each Fund's financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

**NOTE 6 - PURCHASES AND SALES OF SECURITIES**

For the period ended February 28, 2026, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;OMAH ETF | $153604616 | $208805962 |
| &nbsp;&nbsp;QUSA ETF | 29882194 | 28218612 |

---

For the period ended, there were no purchases or sales of long-term U.S. government securities.

For the period ended, in-kind transactions associated with creations and redemptions for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;OMAH ETF | $751403919 | $36249935 |
| &nbsp;&nbsp;QUSA ETF | 19755247 | 3173946 |

---

**NOTE 7 - INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid during the period ended February 28, 2026 were as follows:

---

| | | |
|:---|:---|:---|
| **Distributions paid from:** | **OMAH ETF** | **QUSA ETF** |
| Ordinary Income | $34989236 | $686005 |
| Return of Capital | 31565538 | 1283222 |
| Long Term Capital Gains |  | 85 |

---

Notes to Financial Statements

February 28, 2026

As of the fiscal period ended February 28, 2026, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **OMAH ETF** | **QUSA ETF** |
| Cost of investments<sup>(a)</sup> | $702122603 | $18295636 |
| Gross tax unrealized appreciation | 21558741 | 16614152 |
| Gross tax unrealized depreciation | (23474148) | (16864281) |
| Net tax unrealized appreciation (depreciation) | (1915407) | (250129) |
| Undistributed ordinary income (loss) |  |  |
| Undistributed long-term capital gain (loss) | – | – |
| Total distributable earnings | – | – |
| Other accumulated gain (loss) | (1566173) | (541134) |
| Total distributable earnings/(accumulated losses) | $(3481580) | $(791263) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The difference between book and tax-basis unrealized appreciation
 is primarily due to wash sale adjustments.

Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of each Fund's next taxable year. As of the fiscal period ended February 28, 2026, the Funds had elected to defer the following post-October or late-year losses:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Post-October**<br>**Losses** | **Late-Year**<br>**Losses** |
| VistaShares Target 15 Berkshire Select Income ETF | $– | $– |
| VistaShares Target 15 USA Quality Income ETF | 522473 | 7154 |

---

As of February 28, 2026, the Funds had no long-term and short-term capital loss carryovers.

**NOTE 8 - SHARES TRANSACTIONS**

Shares of the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the Shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV, generally in large blocks of Shares, called Creation Units. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, Shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from the Funds. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Notes to Financial Statements

February 28, 2026

Each Fund currently offer one class of Shares, which have no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for each Fund is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees are imposed to compensate the Funds for transaction costs associated with the cash transactions. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of Shares of beneficial interest, with no par value. All Shares of the Funds have equal rights and privileges.

**NOTE 9 - RECENT MARKET EVENTS**

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated. The Adviser and Sub-Adviser will monitor developments and seek to manage the Funds in a manner consistent with achieving each Fund's investment objective, but there can be no assurance that they will be successful in doing so.

**NOTE 10 - NEW ACCOUNTING PRONOUNCEMENTS**

In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which enhances the transparency and decision usefulness of income tax disclosures. The amendments are effective for annual periods beginning after December 15, 2024. The Funds have adopted ASU 2023-09, which did not have a material impact on the Funds' financial statements or disclosures.

**NOTE 11 - SUBSEQUENT EVENTS**

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there are no subsequent events that would need to be recognized or disclosed in the Funds' financial statements.

![](ncsrs022826002.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders of**

**VistaShares Target 15 Berkshire Select Income ETF and**

**VistaShares Target 15 USA Quality Income ETF**

**The Board of Trustees of**

**Tidal Trust III**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of VistaShares Target 15 Berkshire Select Income ETF and VistaShares Target 15 USA Quality Income ETF (collectively the "Funds"), each a series of Tidal Trust III (the "Trust"), including the schedules of investments, as of February 28, 2026, and with respect to VistaShares Target 15 Berkshire Select Income ETF, the related statements of operations, the statements of changes in net assets and the financial highlights for the period March 4, 2025 (commencement of operations) through February 28, 2026, and with respect to VistaShares Target 15 USA Quality Income ETF, the related statements of operations, the statements of changes in net assets and the financial highlights for the period May 5, 2025 (commencement of operations) through February 28, 2026 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of February 28, 2026, and the results of their operations, the changes in their net assets and the financial highlights for the periods stated above, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2025.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian and prime brokers. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](ncsrs022826003.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

**Philadelphia, Pennsylvania**

**April 28, 2026**

Other Non-Audited Information

February 28, 2026

**<u>QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION</u>**

For the period ended February 28. 2026, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| VistaShares Target 15 Berkshire Select Income ETF | 18.59% |
| VistaShares Target 15 USA Quality Income ETF | 21.46% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the period ended November 30, 2025, was as follows:

---

| | |
|:---|:---|
| VistaShares Target 15 Berkshire Select Income ETF | 18.05% |
| VistaShares Target 15 USA Quality Income ETF | 18.98% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the period ended November 30, 2025, was as follows:

---

| | |
|:---|:---|
| VistaShares Target 15 Berkshire Select Income ETF | 0.00% |
| VistaShares Target 15 USA Quality Income ETF | 0.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial
 Highlights are included within the financial statements filed under Item 7(a) of this Form."

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.**

There have been no changes in or disagreements with the Fund's accountants.

**Item 9. Proxy Disclosure for Open-End Investment Companies.**

There were no matters submitted to a vote of shareholders during the period covered by the report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.**

See Item 7(a). Under the Investment Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser has agreed to pay all expenses incurred by the Fund, including Trustee compensation, except for certain excluded expenses.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

Not Applicable.

**<u>Item 16. Controls and Procedures.</u>**

(a) The
 Registrant's President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date
 within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b)
 under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures
 are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and
 reported and made known to them by others within the Registrant and by the Registrant's service provider.

(b) There
 were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred
 during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's
 internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable

(b) Not Applicable

**<u>Item 19. Exhibits.</u>**

*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](ex99-coe.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](ex99-cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Tidal Trust III

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Eric W. Falkeis, President/Principal Executive Officer |

---

Date <u>May 4, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Eric W. Falkeis, President/Principal Executive Officer |

---

Date <u>May 4, 2026 </u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Aaron J. Perkovich |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Aaron J. Perkovich, Treasurer/Principal Financial Officer |

---

Date <u>May 6, 2026 </u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

[Tidal Trust III N-CSR](vistashares-ncsr_022826.htm)

**EX.99.CODE ETH**

**TIDAL TRUST III**

<u>Purposes of the Code</u>

The reputation and integrity of Impact Shares Trust I (the "Trust") are valuable assets that are vital to the Trust's success. Each officer and employee of the Trust, including each of the Trust's senior financial officers ("SFOs"), is responsible for conducting the Trust's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a code of ethics pursuant Rule 17j-1 under the Investment Company Act of 1940, as amended ("Code of Ethics"). The Trust's Rule 17j-1 Code of Ethics is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt a senior financial officer code of ethics ("SFO Code") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· Honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
 between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· Full,
 fair, accurate, timely and understandable disclosure in reports and documents that the Trust
 files with, or submits to, the U.S. Securities and Exchange Commission, and in other public
 communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;· Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 prompt internal reporting of violations of the SFO Code to an appropriate person or persons
 identified in the SFO Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· Accountability
 for adherence to the SFO Code.

This SFO Code should be read in conjunction with the Trust's other policy statements, including its Code of Ethics and its Disclosure Controls and Procedures.

<u>Principles for the Handling of Financial Information</u> 

The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Trust officer or employee who performs a similar function or who participates in the preparation of any part of the Trust's financial statements. Specifically, persons subject to this SFO Code shall:

&nbsp;&nbsp;&nbsp;&nbsp;· Act
 with honesty and integrity

&nbsp;&nbsp;&nbsp;&nbsp;· Avoid
 actual or apparent conflicts of interest with the Trust in personal and professional relationships

&nbsp;&nbsp;&nbsp;&nbsp;· Provide
 information to the Trust's employees and service providers (adviser, sub, administrator,
 administrator, outside auditor, outside counsel, custodian, etc..) that is accurate, complete,
 objective, relevant, timely, and understandable

&nbsp;&nbsp;&nbsp;&nbsp;· Endeavor
 to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's
 periodic reports

&nbsp;&nbsp;&nbsp;&nbsp;· Comply
 with the federal securities laws and other applicable laws and rules, such as the Internal
 Revenue Code

&nbsp;&nbsp;&nbsp;&nbsp;· Act
 in good faith, responsibly, and with due care, competence and diligence, without misrepresenting
 material facts or subordinating independent judgment to another end

&nbsp;&nbsp;&nbsp;&nbsp;· Respect
 the confidentiality of information acquired in the course of their work, except where disclosure
 is expressly permitted or is otherwise legally mandated

&nbsp;&nbsp;&nbsp;&nbsp;· Record
 (or participate in the recording of) entries in the Trust's books and records that
 are accurate

&nbsp;&nbsp;&nbsp;&nbsp;· Refrain
 from using confidential information for personal advantage

<u>Violations of the SFO Code</u>

Any action that directly or indirectly contravenes one or more of the Principles outlined above shall be treated as a violation of this SFO Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this SFO Code, regardless of whether this Code refers to that particular conduct.

A violation of this SFO Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

<u>Enforcement of the SFO Code</u>

Violations

All persons subject to this SFO Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the SFO Code must immediately report the violation in writing to the Compliance Officer, another member of the Trust's senior management, or to the Audit Committee of the Board. An example of a possible SFO Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

Disclosures

All persons subject to this SFO Code shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the compliance officer, or if it is not possible to disclose the matter to the compliance officer, then the Disclosure Letter shall be submitted to another member of the Trust's senior management or to the Audit Committee of the Board of Trustees.

An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the compliance officer or other appropriate officers of the Trust.

Outside Service Providers

Because service providers to the Trust, such as the sub-administrator, administrator, outside accounting firm, and custodian, provide much of the work relating to the Trust's financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the compliance officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees.

Non-Retaliation Policy

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

<u>Annual Certification</u>

SFOs will receive training on the contents and importance of this SFO Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the SFO Code and any related policy statements.

<u>Questions about the Code</u>

The Trust's Board of Trustees has designated the Trust's Chief Compliance Officer to be the compliance officer for purposes of implementing and administering this SFO Code. Any questions about this SFO Code should be directed to the compliance officer.

## Ex-99.Cert

[Tidal Trust III N-CSR](vistashares-ncsr_022826.htm)

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Eric W. Falkeis, certify that:

1. I
 have reviewed this report on Form N-CSR of Tidal Trust III;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/4/2026 | /s/ Eric W. Falkeis |
|  |  | Eric W. Falkeis |
|  |  | President/Principal Executive Officer |

---

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Aaron J. Perkovich, certify that:

1. I
 have reviewed this report on Form N-CSR of Tidal Trust III;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/6/2026 | /s/ Aaron J. Perkovich |
|  |  | Aaron J Perkovich |
|  |  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

[Tidal Trust III N-CSR](vistashares-ncsr_022826.htm)

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Tidal Trust III, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Tidal Trust III for the period covered in this report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Tidal Trust III for the stated period.

---

| | |
|:---|:---|
| /s/ Eric W. Falkeis | /s/ Aaron J. Perkovich<br>|
| Eric W. Falkeis | Aaron J. Perkovich |
| President/Principal Executive Officer, | Treasurer/Principal Financial Officer, |
| Tidal Trust III | Tidal Trust III |

---

Dated: <u>5/4/2026</u> Dated: <u>5/6/2026</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Tidal Trust III for purposes of Section 18 of the Securities Exchange Act of 1934.