# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0002000324-26-000294
**Filing Date:** 2026-1
**Character Count:** 41035
**Document Hash:** 267693f4118809b9a8fd35779df604e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-000294.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0002000324-26-000294

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust III
- **CENTRAL INDEX KEY:** 0001722388

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23312
- **FILM NUMBER:** 26572462

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

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

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

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

## Series and Classes Contracts Data

### VistaShares Target 15 Berkshire Select Income ETF (Series ID: S000090687)

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **VistaShares Target 15 Berkshire Select Income ETF** | **VistaShares Target 15 Berkshire Select Income ETF** | **VistaShares Target 15 Berkshire Select Income ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 100.7%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 4.6%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 556803 | $29872481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 12.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. | 442582 | 32361596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A | 115744 | 15785167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 1169755 | 29840450 |
|  |  | 77987213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 23.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 177890 | 64977880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 65746 | 14402976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 34958 | 19245428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp. | 60072 | 29482136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 73941 | 24728828 |
|  |  | 152837248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc.<sup>(a)</sup> | 236268 | 28276554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 45983 | 15163814 |
|  |  | 43440368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 15.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 141139 | 72518630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 97490 | 28874588 |
|  |  | 101393218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 89985 | 28811397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. | 1143524 | 24311320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc. | 74724 | 18829701 |
|  |  | 71952418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 192617 | 29110207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 720665 | 30267930 |
|  |  | 59378137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 90180 | 21031780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. | 435061 | 29270904 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 240453.0 | $67050319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $625,794,708)** |  | 654214086 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PURCHASED OPTIONS - 0.6%<sup>(b)(c)(d)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Call Options - 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Expiration: 12/19/2025; Exercise Price: $345.00 | $28784182 | 899 | 241831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., Expiration: 12/19/2025; Exercise Price: $280.00 | 21013122 | 901 | 11262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., Expiration: 12/5/2025; Exercise Price: $362.50 | 45622223 | 1249 | 752523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., Expiration: 12/5/2025; Exercise Price: $357.50 | 2666471 | 73 | 69533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., Expiration: 12/19/2025; Exercise Price: $390.00 | 16656312 | 456 | 63612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., Expiration: 12/19/2025; Exercise Price: $295.00 | 32653335 | 1171 | 91924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., Expiration: 12/19/2025; Exercise Price: $285.00 | 34382205 | 1233 | 371133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Expiration: 12/19/2025; Exercise Price: $55.00 | 29872320 | 5568 | 258912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Expiration: 12/5/2025; Exercise Price: $530.00 | 72498591 | 1411 | 24692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., Expiration: 12/19/2025; Exercise Price: $240.00 | 14392899 | 657 | 37777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp., Expiration: 12/19/2025; Exercise Price: $160.00 | 29107638 | 1926 | 75114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co., Expiration: 12/5/2025; Exercise Price: $74.00 | 32355600 | 4425 | 46463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Expiration: 12/19/2025; Exercise Price: $145.00 | 15779166 | 1157 | 138840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc., Expiration: 12/19/2025; Exercise Price: $130.00 | 28196608 | 2356 | 194370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Co., Expiration: 12/5/2025; Exercise Price: $72.00 | 29266800 | 4350 | 243600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Expiration: 12/19/2025; Exercise Price: $570.00 | 19213497 | 349 | 118660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp., Expiration: 12/5/2025; Exercise Price: $42.50 | 30265200 | 7206 | 273828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc., Expiration: 12/5/2025; Exercise Price: $23.50 | 2842462 | 1337 | 2674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc., Expiration: 12/5/2025; Exercise Price: $21.50 | 306144 | 144 | 3312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc., Expiration: 12/12/2025; Exercise Price: $22.50 | 21162204 | 9954 | 124425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., Expiration: 12/5/2025; Exercise Price: $330.00 | 15037512 | 456 | 225720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., Expiration: 12/19/2025; Exercise Price: $360.00 | 98931 | 3 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc., Expiration: 12/19/2025; Exercise Price: $260.00 | 18697658 | 742 | 204050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Expiration: 12/5/2025; Exercise Price: $342.50 | 24715116 | 739 | 40645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Call Options** |  |  | 3615344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PURCHASED OPTIONS (Cost $3,619,323)** |  |  | 3615344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 0.2%** |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.92%<sup>(e)</sup> |  | 1250789 | 1250789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $1,250,789)** |  |  | 1250789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 101.5% (Cost $630,664,820)** |  |  | $659080219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (1.5)% |  |  | (9442580) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  |  | $649637639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentages are stated as a percent of net assets. |  |  |  |

---

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **VistaShares Target 15 Berkshire Select Income ETF** | **VistaShares Target 15 Berkshire Select Income ETF** | **VistaShares Target 15 Berkshire Select Income ETF** | **VistaShares Target 15 Berkshire Select Income ETF** |
| **Schedule of Written Options Contracts** | **Schedule of Written Options Contracts** | **Schedule of Written Options Contracts** | **Schedule of Written Options Contracts** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**WRITTEN OPTIONS - (1.8)%<sup>(a)(b)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Call Options - (1.8)%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Expiration: 12/19/2025; Exercise Price: $330.00 | $(28784182) | (899) | $(575360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., Expiration: 12/19/2025; Exercise Price: $265.00 | (21013122) | (901) | (33337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., Expiration: 12/5/2025; Exercise Price: $352.50 | (45622223) | (1249) | (1751723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., Expiration: 12/5/2025; Exercise Price: $347.50 | (2666471) | (73) | (135597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co., Expiration: 12/19/2025; Exercise Price: $370.00 | (16656312) | (456) | (307800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., Expiration: 12/19/2025; Exercise Price: $280.00 | (32653335) | (1171) | (605992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., Expiration: 12/19/2025; Exercise Price: $275.00 | (34382205) | (1233) | (1001812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Expiration: 12/19/2025; Exercise Price: $52.50 | (29872320) | (5568) | (968832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Expiration: 12/5/2025; Exercise Price: $520.00 | (72498591) | (1411) | (170026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., Expiration: 12/19/2025; Exercise Price: $220.00 | (14392899) | (657) | (374490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp., Expiration: 12/19/2025; Exercise Price: $155.00 | (29107638) | (1926) | (264825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd., Expiration: 12/19/2025; Exercise Price: $305.00 | (28847932) | (974) | (97400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co., Expiration: 12/5/2025; Exercise Price: $73.00 | (32355600) | (4425) | (163725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Expiration: 12/19/2025; Exercise Price: $135.00 | (15779166) | (1157) | (613210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc., Expiration: 12/19/2025; Exercise Price: $125.00 | (3267264) | (273) | (47092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc., Expiration: 12/19/2025; Exercise Price: $120.00 | (25001152) | (2089) | (783375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Co., Expiration: 12/5/2025; Exercise Price: $26.00 | (29839047) | (11697) | (87728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Co., Expiration: 12/5/2025; Exercise Price: $69.00 | (29266800) | (4350) | (478500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Expiration: 12/19/2025; Exercise Price: $550.00 | (19213497) | (349) | (391753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp., Expiration: 12/19/2025; Exercise Price: $490.00 | (29446800) | (600) | (675000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp., Expiration: 12/5/2025; Exercise Price: $41.50 | (30265200) | (7206) | (652143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc., Expiration: 12/5/2025; Exercise Price: $22.50 | (2842462) | (1337) | (2674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc., Expiration: 12/5/2025; Exercise Price: $21.00 | (306144) | (144) | (7344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc., Expiration: 12/12/2025; Exercise Price: $21.50 | (21162204) | (9954) | (447930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., Expiration: 12/5/2025; Exercise Price: $322.50 | (15037512) | (456) | (463980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc., Expiration: 12/19/2025; Exercise Price: $340.00 | (98931) | (3) | (1530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc., Expiration: 12/19/2025; Exercise Price: $270.00 | (125995) | (5) | (525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc., Expiration: 12/19/2025; Exercise Price: $250.00 | (18697658) | (742) | (552790) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Expiration: 12/5/2025; Exercise Price: $335.00 | (24715116) | (739) | (209507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Call Options** |  |  | (11866000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL WRITTEN OPTIONS (Premiums received $9,706,991)** |  |  | $(11866000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentages are stated as a percent of net assets. |  |  |  |

---

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53204

  - **Telephone number:** 8449867676

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

- **a. Name of Series:** Vistashares Target 15 Berkshire Select Income ETF

- **b. EDGAR series identifier (if any):** S000090687

- **c. LEI of Series:** 2549008FILVA5TLCC693

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

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

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $662634755.59

**Total Liabilities:** $12698540.67

**Net Assets:** $649936214.92

**Cash Not Reported:** $2474413.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000257971 | -0.14%               | -0.50%               | 2.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $186947.62               | $-5492372.32                               |
| Month 2  | $-26757.42               | $-6597089.64                               |
| Month 3  | $-5183617.69             | $18694048.84                               |

**Designated Index Information**

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

- **Index Identifier:** SPTR

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     89985 | NS      | $28811397.30  | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     90180 | NS      | $21031779.60  | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co            | American Express Co                        | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |    177890 | NS      | $64977880.30  | 10.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    240453 | NS      | $67050319.05  | 10.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                       | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    556803 | NS      | $29872480.95  | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |    141139 | NS      | $72518629.59  | 11.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp                 | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     65746 | NS      | $14402976.22  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    192617 | NS      | $29110207.21  | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                  | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |     97490 | NS      | $28874588.20  | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co/The                           | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    442582 | NS      | $32361595.84  | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc       | Constellation Brands Inc                   | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |    115744 | NS      | $15785166.72  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| DaVita Inc                     | DaVita Inc                                 | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |    236268 | NS      | $28276554.24  | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   1250789 | NS      | $1250789.02   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The             | Kraft Heinz Co/The                         | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |   1169755 | NS      | $29840450.05  | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                  | Kroger Co/The                              | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |    435061 | NS      | $29270904.08  | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                             | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     34958 | NS      | $19245427.74  | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                   | Moody's Corp                               | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     60072 | NS      | $29482136.16  | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | AAPL US 12/19/25 C280                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1171 | NC      | $-605992.50   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | AAPL US 12/19/25 C295                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1171 | NC      | $91923.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | American Express Co                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -456 | NC      | $-307800.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | AMZN US 12/19/25 C265                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -901 | NC      | $-33337.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | AMZN US 12/19/25 C280                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       901 | NC      | $11262.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Apple Inc                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1233 | NC      | $-1001812.50  | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Apple Inc                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1233 | NC      | $371133.00    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | AXP US 12/05/25 C347.5                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -73 | NC      | $-135597.50   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | AXP US 12/05/25 C352.5                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1249 | NC      | $-1751722.50  | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | AXP US 12/05/25 C357.5                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        73 | NC      | $69532.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | AXP US 12/05/25 C362.5                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1249 | NC      | $752522.50    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | AXP US 12/19/25 C390                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       456 | NC      | $63612.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Bank of America Corp                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -5568 | NC      | $-968832.00   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Bank of America Corp                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      5568 | NC      | $258912.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | BRKB US 11/28/25 C510                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1411 | NC      | $-511487.50   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | CB US 12/19/25 C305                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -974 | NC      | $-97400.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Chevron Corp                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1926 | NC      | $-264825.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Chevron Corp                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1926 | NC      | $75114.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | COF US 12/19/25 C220                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -657 | NC      | $-374490.00   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | COF US 12/19/25 C240                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       657 | NC      | $37777.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | DVA US 12/19/25 C120                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -2089 | NC      | $-783375.00   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | DVA US 12/19/25 C125                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -273 | NC      | $-47092.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | DVA US 12/19/25 C130                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2356 | NC      | $194370.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | GOOGL US 12/19/25 C330                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -899 | NC      | $-575360.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | GOOGL US 12/19/25 C345                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       899 | NC      | $241831.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | KHC US 12/05/25 C26                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -11697 | NC      | $-87727.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | KO US 12/05/25 C73                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -4425 | NC      | $-163725.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | KO US 12/05/25 C74                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      4425 | NC      | $46462.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | KR US 12/05/25 C69                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -4350 | NC      | $-478500.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | KR US 12/05/25 C72                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      4350 | NC      | $243600.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MA US 12/19/25 C550                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -349 | NC      | $-391752.50   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MA US 12/19/25 C570                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       349 | NC      | $118660.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MCO US 12/19/25 C490                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -600 | NC      | $-675000.00   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | OXY US 12/05/25 C41.5                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -7206 | NC      | $-652143.00   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | OXY US 12/05/25 C42.5                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      7206 | NC      | $273828.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SIRI US 12/05/25 C21                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -144 | NC      | $-7344.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SIRI US 12/05/25 C21.5                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       144 | NC      | $3312.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SIRI US 12/05/25 C22.5                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1337 | NC      | $-2674.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SIRI US 12/05/25 C23.5                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1337 | NC      | $2674.01      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SIRI US 12/12/25 C21.5                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -9954 | NC      | $-447930.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SIRI US 12/12/25 C22.5                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      9954 | NC      | $124425.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | STZ US 12/19/25 C135                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1157 | NC      | $-613210.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | STZ US 12/19/25 C145                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1157 | NC      | $138840.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | UNH US 12/05/25 C322.5                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -456 | NC      | $-463980.00   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | UNH US 12/05/25 C330                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       456 | NC      | $225720.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | UNH US 12/19/25 C340                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -3 | NC      | $-1530.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | UNH US 12/19/25 C360                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         3 | NC      | $444.00       | -6.83%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | V US 12/05/25 C335                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -739 | NC      | $-209506.50   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | V US 12/05/25 C342.5                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       739 | NC      | $40645.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | VRSN US 12/19/25 C250                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -742 | NC      | $-552790.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | VRSN US 12/19/25 C260                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       742 | NC      | $204050.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | VRSN US 12/19/25 C270                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -5 | NC      | $-525.00      | 8.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp      | Occidental Petroleum Corp                  | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |    720665 | NS      | $30267930.00  | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Sirius XM Holdings Inc         | Sirius XM Holdings Inc                     | CUSIP: 829933100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1143524 | NS      | $24311320.24  | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     45983 | NS      | $15163813.91  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                   | VeriSign Inc                               | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |     74724 | NS      | $18829700.76  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     73941 | NS      | $24728828.04  | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Tidal Trust III

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial Officer