# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0002000324-26-002538
**Filing Date:** 2026-6
**Character Count:** 36583
**Document Hash:** 394c025c8c39f2b5a780e1c7c7b431d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-002538.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0002000324-26-002538

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**PERIOD START**: 20260731

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23312
- **FILM NUMBER:** 261120357

**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 DRUKMacro Distribution ETF (Series ID: S000094437)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000262947 | VistaShares Target 15 DRUKMacro Distribution ETF |  |

## Nport-Ex

---

| |
|:---|
| **VistaShares Target 15 DRUKMacro Distribution ETF** |
| **Schedule of Investments** |
| **April 30, 2026 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 73.3%** | | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 3.5%** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc.<sup>(a)</sup> |  | 8800 | $709984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 12.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cogent Biosciences, Inc.<sup>(a)(b)</sup> |  | 14932 | 534416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc.<sup>(a)(b)</sup> |  | 25 | 3408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc.<sup>(a)(b)</sup> |  | 25 | 5154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newamsterdam Pharma Co. NV<sup>(a)(b)</sup> |  | 21133 | 603559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries Ltd., ADR<sup>(a)(b)</sup> |  | 38483 | 1349599 |
|  |  |  | 2496136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 11.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp. - Class A<sup>(a)(b)</sup> |  | 2744 | 777540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp.<sup>(a)</sup> |  | 1758 | 474467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc.<sup>(a)</sup> |  | 3261 | 1183710 |
|  |  |  | 2435717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 2.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa Corp.<sup>(a)</sup> |  | 8390 | 535198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 5.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A<sup>(a)</sup> |  | 2749 | 1057815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 20.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)(b)</sup> |  | 5857 | 1552457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coupang, Inc. - Class A<sup>(a)(b)</sup> |  | 61971 | 1238181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc.<sup>(a)(b)</sup> |  | 400 | 717052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - Class A, ADR<sup>(a)(b)</sup> |  | 7922 | 672419 |
|  |  |  | 4180109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 3.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB Foods, Inc. - Class A<sup>(a)(b)</sup> |  | 17242 | 629333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DocuSign, Inc.<sup>(a)(b)</sup> |  | 12269 | 564251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 11.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc.<sup>(a)</sup> |  | 3680 | 520278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.<sup>(a)(b)</sup> |  | 4860 | 594281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR<sup>(a)</sup> |  | 3166 | 1253926 |
|  |  |  | 2368485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $14,084,802)** |  |  | 14977028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PURCHASED OPTIONS - 5.1%<sup>(b)(c)(d)(e)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Call Options - 5.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa Corp., Expiration: 5/15/2026; Exercise Price: $75.00 | $529457 | 83 | 2199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Expiration: 5/15/2026; Exercise Price: $395.00 | 1038960 | 27 | 16267 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Expiration: 5/15/2026; Exercise Price: $350.00 | $1038960 | 27 | $98752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., Expiration: 5/15/2026; Exercise Price: $265.00 | 1537348 | 58 | 38570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB Foods, Inc., Expiration: 5/15/2026; Exercise Price: $45.00 | 627800 | 172 | 2150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp., Expiration: 5/15/2026; Exercise Price: $310.00 | 765072 | 27 | 32872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cogent Biosciences, Inc., Expiration: 5/15/2026; Exercise Price: $40.00 | 533271 | 149 | 11175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coupang, Inc., Expiration: 5/15/2026; Exercise Price: $26.00 | 1236762 | 619 | 2476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc., Expiration: 5/15/2026; Exercise Price: $155.00 | 508968 | 36 | 9360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc., Expiration: 5/15/2026; Exercise Price: $160.00 | 1622327 | 119 | 18743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc., Expiration: 5/15/2026; Exercise Price: $135.00 | 1622327 | 119 | 107100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp., Expiration: 5/15/2026; Exercise Price: $120.00 | 586944 | 48 | 51120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc., Expiration: 5/15/2026; Exercise Price: $2,120.00 | 717052 | 4 | 3770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc., Expiration: 5/15/2026; Exercise Price: $230.00 | 4020120 | 195 | 113100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc., Expiration: 5/15/2026; Exercise Price: $200.00 | 4020120 | 195 | 355875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newamsterdam Pharma Co. NV, Expiration: 5/15/2026; Exercise Price: $40.00 | 602616 | 211 | 7385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc., Expiration: 5/15/2026; Exercise Price: $85.00 | 709984 | 88 | 4840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd., Expiration: 5/15/2026; Exercise Price: $100.00 | 670552 | 79 | 12601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/15/2026; Exercise Price: $400.00 | 1227786 | 31 | 38828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries Ltd., Expiration: 5/15/2026; Exercise Price: $33.00 | 1346688 | 384 | 93312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp., Expiration: 5/15/2026; Exercise Price: $300.00 | 458813 | 17 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc., Expiration: 5/15/2026; Exercise Price: $410.00 | 1161568 | 32 | 5440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Call Options** |  |  | 1026828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Put Options - 0.0%<sup>(f)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Docusign, Inc., Expiration: 5/15/2026; Exercise Price: $37.50 | 561078 | 122 | 1647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PURCHASED OPTIONS (Cost $960,142)** |  |  | 1028475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 27.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 27.6%** |  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 3.58%<sup>(g)(h)</sup> |  | 5638411 | 5638411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $5,638,411)** |  |  | 5638411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 106.0% (Cost $20,683,355)** |  |  | $21643914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (6.0)% |  |  | (1220705) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  |  | $20423209 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of this security has been pledged as collateral for written options. As of April 30, 2026, the total value of securities pledged as collateral is $6,463,890.

(b) Non-income producing security.

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

(g) The rate shown represents the 7-day annualized effective yield as of April 30, 2026.

(h) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

---

| |
|:---|
| **VistaShares Target 15 DRUKMacro Distribution ETF** |
| **Schedule of Written Options Contracts** |
| **April 30, 2026 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**WRITTEN OPTIONS - (6.3)%<sup>(a)(b)</sup>** | **Notional<br> Amount** | **Contracts** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Call Options - (4.7)%** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa Corp., Expiration: 5/15/2026; Exercise Price: $70.00 | $(529457) | (83) | $(6765) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Expiration: 5/15/2026; Exercise Price: $385.00 | (1038960) | (27) | (27810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Expiration: 5/15/2026; Exercise Price: $330.00 | (1038960) | (27) | (150592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., Expiration: 5/15/2026; Exercise Price: $250.00 | (1537348) | (58) | (99760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB Foods, Inc., Expiration: 5/15/2026; Exercise Price: $40.00 | (627800) | (172) | (6450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp., Expiration: 5/15/2026; Exercise Price: $300.00 | (765072) | (27) | (44145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cogent Biosciences, Inc., Expiration: 5/15/2026; Exercise Price: $38.00 | (533271) | (149) | (18625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coupang, Inc., Expiration: 5/15/2026; Exercise Price: $24.00 | (1236762) | (619) | (13308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc., Expiration: 5/15/2026; Exercise Price: $145.00 | (508968) | (36) | (19980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc., Expiration: 5/15/2026; Exercise Price: $150.00 | (1622327) | (119) | (38080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp., Expiration: 5/15/2026; Exercise Price: $115.00 | (586944) | (48) | (64080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc., Expiration: 5/15/2026; Exercise Price: $2,000.00 | (717052) | (4) | (6980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc., Expiration: 5/15/2026; Exercise Price: $220.00 | (4020120) | (195) | (175500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newamsterdam Pharma Co. NV, Expiration: 5/15/2026; Exercise Price: $35.00 | (602616) | (211) | (10550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc., Expiration: 5/15/2026; Exercise Price: $80.00 | (709984) | (88) | (22000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd., Expiration: 5/15/2026; Exercise Price: $95.00 | (670552) | (79) | (20145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., Expiration: 5/15/2026; Exercise Price: $380.00 | (1227786) | (31) | (73548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries Ltd., Expiration: 5/15/2026; Exercise Price: $31.00 | (1346688) | (384) | (159360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp., Expiration: 5/15/2026; Exercise Price: $280.00 | (458813) | (17) | (4335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc., Expiration: 5/15/2026; Exercise Price: $390.00 | (1161568) | (32) | (10640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Call Options** |  |  | (972653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Put Options - (1.6)%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Docusign, Inc., Expiration: 5/15/2026; Exercise Price: $40.00 | (561078) | (122) | (3477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc., Expiration: 5/15/2026; Exercise Price: $135.01 | (1622327) | (119) | (91448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc., Expiration: 5/15/2026; Exercise Price: $200.01 | (4020120) | (195) | (227779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Put Options** |  |  | (322704) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL WRITTEN OPTIONS (Premiums received $1,313,707)** |  |  | $(1295357) |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100 shares per contract.

## 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 Drukmacro Distribution ETF

- **b. EDGAR series identifier (if any):** S000094437

- **c. LEI of Series:** 254900RF5YJZNNQUR573

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2026-04-30

**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:** $21710315.35

**Total Liabilities:** $1283103.04

**Net Assets:** $20427212.31

**Cash Not Reported:** $80200.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000262947 | -4.62%               | -3.42%               | 7.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-443979.04              | $-563174.75                                |
| Month 2  | $0.00                    | $-815428.65                                |
| Month 3  | $-815222.65              | $2177831.77                                |

**Designated Index Information**

- **Index Name:** NYSE FANG+ Total Return Index

- **Index Identifier:** NYFANGT

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alcoa Corp                     | Alcoa Corp                                 | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |      8390 | NS      | $535198.10    | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      2749 | NS      | $1057815.20   | 5.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      5857 | NS      | $1552456.42   | 7.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BBB Foods Inc                  | BBB Foods Inc                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |     17242 | NS      | $629333.00    | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corp              | Bloom Energy Corp                          | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |      2744 | NS      | $777539.84    | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Biosciences Inc         | Cogent Biosciences Inc                     | CUSIP: 19240Q201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14932 | NS      | $534416.28    | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                    | Coupang Inc                                | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |     61971 | NS      | $1238180.58   | 6.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Docusign Inc                   | Docusign Inc                               | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |     12269 | NS      | $564251.31    | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                   | Entegris Inc                               | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |      3680 | NS      | $520278.40    | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   5638411 | NS      | $5638411.38   | 27.60%            |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                     | Insmed Inc                                 | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |        25 | NS      | $3408.25      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Lattice Semiconductor Corp     | Lattice Semiconductor Corp                 | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |      4860 | NS      | $594280.80    | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                           | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       400 | NS      | $717052.00    | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                     | Natera Inc                                 | CUSIP: 632307104<br>LEI: 529900CQ3OZ0A0VYVU59 | Long             | EC               | CORP              | US        |        25 | NS      | $5154.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Newamsterdam Pharma Co NV      | Newamsterdam Pharma Co NV                  | CUSIP: N/A<br>LEI: 984500B6549TF6E14D36       | Long             | EC               | CORP              | NL        |     21133 | NS      | $603558.48    | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands Internationa | Restaurant Brands International Inc        | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Long             | EC               | CORP              | US        |      8800 | NS      | $709984.00    | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                        | Sea Ltd                                    | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |      7922 | NS      | $672419.36    | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Teva Pharmaceutical Industries | Teva Pharmaceutical Industries Ltd         | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |     38483 | NS      | $1349598.81   | 6.61%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      3166 | NS      | $1253925.96   | 6.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technol | Westinghouse Air Brake Technologies Corp   | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      1758 | NS      | $474466.62    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Inc                   | Woodward Inc                               | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |      3261 | NS      | $1183710.39   | 5.79%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Alcoa Corp                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -83 | NC      | $-6764.50     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Alcoa Corp                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        83 | NC      | $2199.50      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Alphabet Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -27 | NC      | $-150592.50   | -0.74%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Alphabet Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        27 | NC      | $98752.50     | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Amazon.com Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -58 | NC      | $-99760.00    | -0.49%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Amazon.com Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        58 | NC      | $38570.00     | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | BBB Foods Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -172 | NC      | $-6450.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | BBB Foods Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       172 | NC      | $2150.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Bloom Energy Corp                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -27 | NC      | $-44145.00    | -0.22%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Bloom Energy Corp                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        27 | NC      | $32872.50     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Cogent Biosciences Inc                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -149 | NC      | $-18625.00    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Cogent Biosciences Inc                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       149 | NC      | $11175.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Coupang Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -619 | NC      | $-13308.50    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Coupang Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       619 | NC      | $2476.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Docusign Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       122 | NC      | $1647.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Docusign Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -122 | NC      | $-3477.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Entegris Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -36 | NC      | $-19980.00    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Entegris Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        36 | NC      | $9360.00      | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Insmed Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       119 | NC      | $107100.00    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Insmed Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -119 | NC      | $-38080.00    | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Insmed Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       119 | NC      | $18742.50     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Lattice Semiconductor Corp                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -48 | NC      | $-64080.00    | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Lattice Semiconductor Corp                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        48 | NC      | $51120.00     | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MercadoLibre Inc                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -4 | NC      | $-6980.00     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MercadoLibre Inc                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         4 | NC      | $3770.00      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Natera Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       195 | NC      | $355875.00    | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Natera Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -195 | NC      | $-175500.00   | -0.86%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Natera Inc                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       195 | NC      | $113100.00    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Newamsterdam Pharma Co NV                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -211 | NC      | $-10550.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Newamsterdam Pharma Co NV                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       211 | NC      | $7385.00      | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | INSM 05/15/2026 135.01 P                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -119 | NC      | $-91447.93    | -0.45%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Restaurant Brands International Inc        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -88 | NC      | $-22000.00    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Restaurant Brands International Inc        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        88 | NC      | $4840.00      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Sea Ltd                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        79 | NC      | $12600.50     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Sea Ltd                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -79 | NC      | $-20145.00    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -31 | NC      | $-73547.50    | -0.36%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        31 | NC      | $38827.50     | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Teva Pharmaceutical Industries Ltd         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -384 | NC      | $-159360.00   | -0.78%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Teva Pharmaceutical Industries Ltd         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       384 | NC      | $93312.00     | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Westinghouse Air Brake Technologies Corp   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -17 | NC      | $-4335.00     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Westinghouse Air Brake Technologies Corp   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        17 | NC      | $892.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Woodward Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -32 | NC      | $-10640.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Woodward Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        32 | NC      | $5440.00      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | NTRA 05/15/2026 200.01 P                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -195 | NC      | $-227779.50   | -1.12%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-25

**Name of Applicant:** Tidal Trust III

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial Officer