# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0001999371-26-005365
**Filing Date:** 2026-3
**Character Count:** 88666
**Document Hash:** fc03fff2c65afca3b5efc2339bf2df9a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-005365.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001999371-26-005365

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23312
- **FILM NUMBER:** 26734117

**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

### Impact Shares Women's Empowerment ETF (Series ID: S000061285)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000198447 | Impact Shares Women's Empowerment ETF | WOMN            |

### Impact Shares NAACP Minority Empowerment ETF (Series ID: S000061286)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000198448 | Impact Shares NAACP Minority Empowerment ETF | NACP            |

?xml version='1.0' encoding='ASCII'? Certified Semi-Annual Shareholder Report

**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 **(811-23312)**

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

Exact name of registrant as specified in charter)

**234 West Florida Street, Suite 700**

**Milwaukee, Wisconsin 53204**

(Address of principal executive offices) (Zip code)

**Eric W. Falkeis**

**Tidal Trust III**

**234 West Florida Street, Suite 700**

**Milwaukee, Wisconsin 53204**

(Name and address of agent for service)

**(844) 986-7700**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>June 30</u>**

Date of reporting period: **<u>December 31, 2025</u>**

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

**Impact Shares Women's Empowerment ETF** Tailored Shareholder Report

**Semi-annual shareholder reportDecember 31, 2025**

#### Impact Shares Women's Empowerment ETF
Ticker: WOMN (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the Impact Shares Women's Empowerment ETF (the "Fund") for the period July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.impactetfs.org. You can also request this information by contacting us at (844) 954-7733 or by writing to the Impact Shares Women's Empowerment ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs for the past six months? (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** |
| Impact Shares Women's Empowerment ETF | $39 | 0.75% |

---

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Fund Size (Thousands)** | $67401 |
| **Number of Holdings** | 203 |
| **Total Advisory Fee** | $240740 |
| **Portfolio Turnover Rate** | 37% |

---

#### Sector Type - Investments
(% of Total Net Assets)

![bar](qes1gaz1mltvursn.jpg)

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of total net assets)** |
| **Alphabet, Inc. - Class A** | 4.9 |
| **Microsoft Corp.** | 4.9 |
| **NVIDIA Corp.** | 3.8 |
| **JPMorgan Chase & Co.** | 3.5 |
| **Cisco Systems Inc.** | 2.7 |
| **International Business**<br> **Machines Corp.** | 2.5 |
| **Visa, Inc. - Class A** | 2.5 |
| **Exxon Mobil Corp.** | 2.1 |
| **Verizon Communications, Inc.** | 2.0 |
| **Salesforce, Inc.** | 2.0 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.impactetfs.org .

#### 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.

**Impact Shares NAACP Minority Empowerment ETF** Tailored Shareholder Report

**Semi-annual shareholder report December 31, 2025**

#### Impact Shares NAACP Minority Empowerment ETF
Ticker: NACP (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the Impact Shares NAACP Minority Empowerment ETF (the "Fund") for the period July 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.impactetfs.org. You can also request this information by contacting us at (844) 954-7733 or by writing to the Impact Shares NAACP Minority Empowerment ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

#### What were the Fund costs for the past six months? (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** |
| Impact Shares NAACP Minority Empowerment ETF | $26 | 0.49% |

---

Costs paid as a percentage of investment are annualized.

#### Key Fund Statistics
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Fund Size (Thousands)** | $62130 |
| **Number of Holdings** | 202 |
| **Total Advisory Fee** | $139552 |
| **Portfolio Turnover Rate** | 21% |

---

#### Sector Type - Investments
(% of Total Net Assets)

![bar](qesdjeno1mltvh7f0.jpg)

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of total net assets)** |
| **Amazon.com, Inc.** | 5.3 |
| **NVIDIA Corp.** | 5.1 |
| **Tesla Inc.** | 4.9 |
| **Microsoft Corp.** | 4.8 |
| **Alphabet, Inc. - Class A** | 4.5 |
| **Meta Platforms, Inc. - Class A** | 4.1 |
| **JPMorgan Chase & Co.** | 3.8 |
| **Advanced Micro Devices, Inc.** | 3.3 |
| **Micron Technology, Inc.** | 3.2 |
| **Oracle Corp.** | 2.8 |

---

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.impactetfs.org .

#### 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>**

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

**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) ![](nacpncsr123125001.jpg)

**Financial Statements**

**December 31, 2025 (Unaudited)**

**Tidal Trust III** 

Impact Shares NAACP Minority Empowerment ETF \| NACP \| NYSE Arca, Inc.

Impact Shares Women's Empowerment ETF&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \| WOMN \| NYSE Arca, Inc.

**Impact Shares ETFs**

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| [Schedules of Investments:](#nacpncsra001) | 1 |
| [Statements of Assets and Liabilities](#nacpncsra002) | 13 |
| [Statements of Operations](#nacpncsra003) | 14 |
| [Statements of Changes in Net Assets](#nacpncsra004) | 15 |
| [Financial Highlights](#nacpncsra005) | 16 |
| [Notes to Financial Statements](#nacpncsra006) | 18 |

---

**Impact Shares NAACP Minority Empowerment ETF** 

**Schedule of Investments**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.4%** | **Shares** | **Value** |
| **Banking - 5.0%** |  |  |
| Bank of America Corp. | 12122 | $666710 |
| Citigroup, Inc. | 3096 | 361272 |
| Fifth Third Bancorp | 1371 | 64177 |
| Huntington Bancshares, Inc. | 2979 | 51686 |
| JPMorgan Chase & Co. | 4922 | 1585967 |
| M&T Bank Corp. | 313 | 63063 |
| PNC Financial Services Group, Inc. | 689 | 143815 |
| Regions Financial Corp. | 1781 | 48265 |
| Truist Financial Corp. | 2287 | 112543 |
|  |  | 3097498 |
| **Consumer Discretionary Products - 5.7%** |  |  |
| Ford Motor Co. | 9773 | 128222 |
| General Motors Co. | 2214 | 180042 |
| Nike, Inc. - Class B | 2987 | 190302 |
| Tesla, Inc.<sup>(a)</sup> | 6696 | 3011325 |
|  |  | 3509891 |
| **Consumer Discretionary Services - 0.8%** |  |  |
| Hilton Worldwide Holdings, Inc. | 546 | 156839 |
| Marriott International, Inc. - Class A | 564 | 174975 |
| Royal Caribbean Cruises Ltd. | 615 | 171536 |
|  |  | 503350 |
| **Consumer Staple Products - 1.8%** |  |  |
| Clorox Co. | 223 | 22485 |
| Coca-Cola Co. | 7413 | 518243 |
| Hershey Co. | 288 | 52410 |
| Mondelez International, Inc. - Class A | 2563 | 137966 |
| PepsiCo, Inc. | 2546 | 365402 |
|  |  | 1096506 |
| **Financial Services - 5.9%** |  |  |
| Bank of New York Mellon Corp. | 1195 | 138728 |
| Charles Schwab Corp. | 3052 | 304925 |
| LPL Financial Holdings, Inc. | 166 | 59290 |
| Mastercard, Inc. - Class A | 1515 | 864883 |
| Moody's Corp. | 309 | 157853 |
| Morgan Stanley | 2143 | 380447 |
| Nasdaq, Inc. | 764 | 74207 |
| PayPal Holdings, Inc. | 1745 | 101873 |
| S&P Global, Inc. | 559 | 292128 |
| Synchrony Financial | 766 | 63907 |
| T. Rowe Price Group, Inc. | 436 | 44638 |

---

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

---

| | | |
|:---|:---|:---|
| Verisk Analytics, Inc. - Class A | 269.0 | $60173 |
| Visa, Inc. - Class A | 3154.0 | 1106139 |
|  |  | 3649191 |
| **Health Care - 10.5%** |  |  |
| Abbott Laboratories, ADR | 3343.0 | 418844 |
| AbbVie, Inc. | 3282.0 | 749904 |
| Agilent Technologies, Inc. | 556.0 | 75655 |
| Becton Dickinson & Co. | 574.0 | 111396 |
| Biogen, Inc.<sup>(a)</sup> | 260.0 | 45757 |
| Boston Scientific Corp.<sup>(a)</sup> | 2874.0 | 274036 |
| Bristol-Myers Squibb Co. | 3530.0 | 190408 |
| Cigna Group | 496.0 | 136514 |
| CVS Health Corp. | 2418.0 | 191893 |
| Danaher Corp. | 1184.0 | 271041 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 1216.0 | 103664 |
| Elevance Health, Inc. | 413.0 | 144777 |
| Gilead Sciences, Inc. | 2425.0 | 297645 |
| Humana, Inc. | 210.0 | 53787 |
| Illumina, Inc.<sup>(a)</sup> | 325.0 | 42627 |
| Incyte Corp.<sup>(a)</sup> | 317.0 | 31310 |
| Johnson & Johnson | 4503.0 | 931896 |
| Labcorp Holdings, Inc. | 160.0 | 40141 |
| Medtronic PLC | 2510.0 | 241111 |
| Merck & Co., Inc. | 4860.0 | 511564 |
| Pfizer, Inc. | 10317.0 | 256893 |
| ResMed, Inc. | 279.0 | 67203 |
| Stryker Corp. | 710.0 | 249544 |
| Thermo Fisher Scientific, Inc. | 711.0 | 411989 |
| UnitedHealth Group, Inc. | 1681.0 | 554915 |
| Zoetis, Inc. - Class A | 926.0 | 116509 |
|  |  | 6521023 |
| **Industrial Products - 6.3%** |  |  |
| 3M Co. | 1067.0 | 170827 |
| AMETEK, Inc. | 444.0 | 91158 |
| Boeing Co.<sup>(a)</sup> | 1305.0 | 283342 |
| Carrier Global Corp. | 1576.0 | 83276 |
| Cummins, Inc. | 269.0 | 137311 |
| Deere & Co. | 451.0 | 209972 |
| Eaton Corp. PLC | 712.0 | 226779 |
| Emerson Electric Co. | 1007.0 | 133649 |
| GE Aerospace | 1992.0 | 613596 |
| GE Vernova, Inc. | 475.0 | 310446 |
| Honeywell International, Inc. | 1158.0 | 225914 |
| Howmet Aerospace, Inc. | 745.0 | 152740 |
| Hubbell, Inc. | 95.0 | 42190 |
| Illinois Tool Works, Inc. | 576.0 | 141869 |
| Ingersoll Rand, Inc. | 826.0 | 65436 |
| Johnson Controls International PLC | 1125.0 | 134719 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 659.0 | 133902 |

---

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

---

| | | |
|:---|:---|:---|
| L3Harris Technologies, Inc. | 374 | $109795 |
| Lennox International, Inc. | 65 | 31563 |
| Northrop Grumman Corp. | 272 | 155097 |
| nVent Electric PLC | 318 | 32426 |
| Otis Worldwide Corp. | 770 | 67259 |
| Rockwell Automation, Inc. | 217 | 84428 |
| Textron, Inc. | 383 | 33386 |
| Trane Technologies PLC | 440 | 171248 |
| Xylem, Inc. | 506 | 68907 |
|  |  | 3911235 |
| **Industrial Services - 2.1%** |  |  |
| AECOM | 250 | 23832 |
| Cintas Corp. | 639 | 120177 |
| CSX Corp. | 3305 | 119806 |
| Delta Air Lines, Inc. | 1130 | 78422 |
| Expeditors International of Washington, Inc. | 273 | 40680 |
| FedEx Corp. | 401 | 115833 |
| J.B. Hunt Transport Services, Inc. | 167 | 32455 |
| Jacobs Solutions, Inc. | 260 | 34440 |
| Norfolk Southern Corp. | 453 | 130790 |
| Southwest Airlines Co. | 941 | 38891 |
| Union Pacific Corp. | 1063 | 245893 |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 668 | 74696 |
| United Parcel Service, Inc. - Class B | 1457 | 144520 |
| United Rentals, Inc. | 124 | 100356 |
|  |  | 1300791 |
| **Insurance - 1.0%** |  |  |
| Aon PLC - Class A | 424 | 149621 |
| MetLife, Inc. | 986 | 77835 |
| Principal Financial Group, Inc. | 445 | 39253 |
| Progressive Corp. | 1090 | 248215 |
| Travelers Cos., Inc. | 438 | 127046 |
|  |  | 641970 |
| **Materials - 1.5%** |  |  |
| Carlisle Cos., Inc. | 40 | 12794 |
| CRH PLC | 1161 | 144893 |
| DuPont de Nemours, Inc. | 819 | 32924 |
| Ecolab, Inc. | 506 | 132835 |
| Freeport-McMoRan, Inc. | 2730 | 138657 |
| International Flavors & Fragrances, Inc. | 515 | 34706 |
| Martin Marietta Materials, Inc. | 109 | 67870 |
| Newmont Corp. | 2024 | 202096 |
| PPG Industries, Inc. | 451 | 46209 |
| Southern Copper Corp. | 184 | 26431 |
| Vulcan Materials Co. | 255 | 72731 |
|  |  | 912146 |

---

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

---

| | | |
|:---|:---|:---|
| **Media - 9.7%** | | |
| Alphabet, Inc. - Class A | 8783 | $2749079 |
| Electronic Arts, Inc. | 412 | 84184 |
| Meta Platforms, Inc. - Class A | 3857 | 2545967 |
| Uber Technologies, Inc.<sup>(a)</sup> | 7679 | 627451 |
| Zillow Group, Inc. - Class A<sup>(a)</sup> | 92 | 6277 |
| Zillow Group, Inc. - Class C<sup>(a)</sup> | 313 | 21353 |
|  |  | 6034311 |
| **Oil & Gas - 4.2%** |  |  |
| Baker Hughes Co. | 1961 | 89304 |
| Cheniere Energy, Inc. | 453 | 88059 |
| Chevron Corp. | 3455 | 526577 |
| ConocoPhillips | 2146 | 200887 |
| Devon Energy Corp. | 1216 | 44542 |
| Exxon Mobil Corp. | 7674 | 923489 |
| Halliburton Co. | 1879 | 53100 |
| Kinder Morgan, Inc. | 3984 | 109520 |
| Marathon Petroleum Corp. | 577 | 93837 |
| ONEOK, Inc. | 1100 | 80850 |
| Phillips 66 | 721 | 93038 |
| SLB NV | 2562 | 98330 |
| Valero Energy Corp. | 587 | 95558 |
| Williams Cos., Inc. | 2176 | 130799 |
|  |  | 2627890 |
| **Real Estate - 1.2%** |  |  |
| AvalonBay Communities, Inc. - REIT | 269 | 48772 |
| Equinix, Inc. - REIT | 180 | 137909 |
| Prologis, Inc. - REIT | 1717 | 219192 |
| SBA Communications Corp. - Class A - REIT | 229 | 44296 |
| Welltower, Inc. - REIT | 1294 | 240179 |
| Weyerhaeuser Co. - REIT | 1482 | 35109 |
|  |  | 725457 |
| **Renewable Energy - 0.2%** |  |  |
| First Solar, Inc.<sup>(a)</sup> | 438 | 114419 |
| **Retail & Wholesale - Discretionary - 5.7%** |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 13442 | 3102682 |
| eBay, Inc. | 1121 | 97639 |
| Lowe's Cos., Inc. | 1317 | 317608 |
|  |  | 3517929 |
| **Retail & Wholesale - Staples - 1.6%** |  |  |
| Archer-Daniels-Midland Co. | 941 | 54098 |
| Kroger Co. | 1221 | 76288 |
| US Foods Holding Corp.<sup>(a)</sup> | 487 | 36681 |

---

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

---

| | | |
|:---|:---|:---|
| Walmart, Inc. | 7622 | $849167 |
|  |  | 1016234 |
| **Software & Tech Services - 12.0%** |  |  |
| Accenture PLC - Class A | 2358 | 632651 |
| Cognizant Technology Solutions Corp. - Class A | 1884 | 156372 |
| Gartner, Inc.<sup>(a)</sup> | 314 | 79216 |
| HubSpot, Inc.<sup>(a)</sup> | 190 | 76247 |
| International Business Machines Corp. | 3784 | 1120859 |
| Microsoft Corp. | 5784 | 2797258 |
| Oracle Corp. | 6261 | 1220332 |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 2727 | 502313 |
| Salesforce, Inc. | 3321 | 879766 |
|  |  | 7465014 |
| **Tech Hardware & Semiconductors - 19.8%** |  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 6466 | 1384758 |
| Analog Devices, Inc. | 1895 | 513924 |
| Applied Materials, Inc. | 3036 | 780222 |
| Ciena Corp.<sup>(a)</sup> | 550 | 128628 |
| Cisco Systems, Inc. | 15592 | 1201052 |
| Flex Ltd.<sup>(a)</sup> | 1254 | 75767 |
| Hewlett Packard Enterprise Co. | 4915 | 118058 |
| HP, Inc. | 3720 | 82882 |
| Intel Corp.<sup>(a)</sup> | 17672 | 652097 |
| KLA Corp. | 511 | 620906 |
| Lam Research Corp. | 4880 | 835358 |
| Microchip Technology, Inc. | 1744 | 111128 |
| Micron Technology, Inc. | 4358 | 1243817 |
| NVIDIA Corp. | 16438 | 3065687 |
| NXP Semiconductors NV | 834 | 181028 |
| QUALCOMM, Inc. | 4223 | 722344 |
| Texas Instruments, Inc. | 3427 | 594550 |
|  |  | 12312206 |
| **Telecommunications - 1.0%** |  |  |
| AT&T, Inc. | 13535 | 336209 |
| Verizon Communications, Inc. | 7650 | 311585 |
|  |  | 647794 |
| **Utilities - 3.4%** |  |  |
| Alliant Energy Corp. | 519 | 33740 |
| American Electric Power Co., Inc. | 1057 | 121883 |
| CMS Energy Corp. | 610 | 42657 |
| Consolidated Edison, Inc. | 729 | 72404 |
| Dominion Energy, Inc. | 1759 | 103060 |
| DTE Energy Co. | 411 | 53011 |
| Duke Energy Corp. | 1580 | 185192 |
| Edison International | 804 | 48256 |
| Entergy Corp. | 891 | 82355 |
| Eversource Energy | 707 | 47602 |

---

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

---

| | | |
|:---|:---|:---|
| Exelon Corp. | 2045 | $89142 |
| FirstEnergy Corp. | 1035.0 | 46337 |
| NextEra Energy, Inc. | 4062.0 | 326097 |
| NiSource, Inc. | 969.0 | 40466 |
| NRG Energy, Inc. | 375.0 | 59715 |
| PG&E Corp. | 4581.0 | 73617 |
| PPL Corp. | 1469.0 | 51444 |
| Public Service Enterprise Group, Inc. | 1012.0 | 81264 |
| Sempra | 1351.0 | 119280 |
| Southern Co. | 2224.0 | 193933 |
| Vistra Corp. | 683.0 | 110188 |
| WEC Energy Group, Inc. | 609.0 | 64225 |
| Xcel Energy, Inc. | 1156.0 | 85382 |
|  |  | 2131250 |
| **TOTAL COMMON STOCKS (Cost $47,443,852)** |  | 61736105 |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS - 0.6%** | | |
| **Money Market Funds - 0.6%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class X, 3.67%<sup>(b)</sup> | 394961 | 394961 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $394,961)** |  | 394961 |
| **TOTAL INVESTMENTS - 100.0% (Cost $47,838,813)** |  | $62131066 |
| Liabilities in Excess of Other Assets - 0.0%<sup>(c)</sup> |  | (1080) |
| **TOTAL NET ASSETS - 100.0%** |  | $62129986 |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized effective yield as of December 31, 2025.

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

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

**Impact Shares Women's Empowerment ETF** 

**Schedule of Investments**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7%** | **Shares** | **Value** |
| **Banking - 6.4%** |  |  |
| Bank of America Corp. | 18138 | $997590 |
| Citigroup, Inc. | 4636 | 540975 |
| Citizens Financial Group, Inc. | 1160 | 67756 |
| Fifth Third Bancorp | 1741 | 81496 |
| JPMorgan Chase & Co. | 7366 | 2373473 |
| KeyCorp | 2433 | 50217 |
| U.S. Bancorp | 4043 | 215734 |
|  |  | 4327241 |
| **Consumer Discretionary Products - 1.0%** |  |  |
| Aptiv PLC<sup>(a)</sup> | 569 | 43295 |
| D.R. Horton, Inc. | 750 | 108023 |
| Ford Motor Co. | 10826 | 142037 |
| General Motors Co. | 2465 | 200454 |
| PulteGroup, Inc. | 539 | 63203 |
| Rivian Automotive, Inc. - Class A<sup>(a)</sup> | 1966 | 38750 |
| Tapestry, Inc. | 525 | 67079 |
|  |  | 662841 |
| **Consumer Discretionary Services - 1.8%** |  |  |
| Chipotle Mexican Grill, Inc. - Class A<sup>(a)</sup> | 3676 | 136012 |
| Darden Restaurants, Inc. | 316 | 58150 |
| McDonald's Corp. | 1955 | 597507 |
| Starbucks Corp. | 3232 | 272167 |
| Yum! Brands, Inc. | 820 | 124049 |
|  |  | 1187885 |
| **Consumer Staple Products - 4.7%** |  |  |
| Church & Dwight Co., Inc. | 682 | 57186 |
| Clorox Co. | 466 | 46987 |
| Coca-Cola Co. | 11090 | 775302 |
| Colgate-Palmolive Co. | 2332 | 184275 |
| Estee Lauder Cos., Inc. - Class A | 605 | 63355 |
| General Mills, Inc. | 1497 | 69610 |
| Hershey Co. | 417 | 75886 |
| Kimberly-Clark Corp. | 970 | 97863 |
| Kraft Heinz Co. | 2470 | 59897 |
| Mondelez International, Inc. - Class A | 3714 | 199925 |
| PepsiCo, Inc. | 3812 | 547098 |
| Procter & Gamble Co. | 6825 | 978091 |
|  |  | 3155475 |
| **Financial Services - 7.8%** |  |  |
| Affirm Holdings, Inc. - Class A<sup>(a)</sup> | 1709 | 127201 |

---

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

---

| | | |
|:---|:---|:---|
| American Express Co. | 1483 | $548636 |
| Bank of New York Mellon Corp. | 1790.0 | 207801 |
| Blackrock, Inc. | 371.0 | 397096 |
| Capital One Financial Corp. | 39.0 | 9452 |
| Equifax, Inc. | 338.0 | 73339 |
| Fidelity National Information Services, Inc. | 3273.0 | 217524 |
| Global Payments, Inc. | 644.0 | 49846 |
| Moody's Corp. | 425.0 | 217111 |
| Morgan Stanley | 3209.0 | 569694 |
| Northern Trust Corp. | 508.0 | 69388 |
| PayPal Holdings, Inc. | 2614.0 | 152605 |
| Raymond James Financial, Inc. | 442.0 | 70981 |
| S&P Global, Inc. | 834.0 | 435840 |
| State Street Corp. | 729.0 | 94048 |
| Synchrony Financial | 950.0 | 79258 |
| T. Rowe Price Group, Inc. | 576.0 | 58971 |
| Toast, Inc. - Class A<sup>(a)</sup> | 3007.0 | 106779 |
| TransUnion | 546.0 | 46819 |
| Verisk Analytics, Inc. - Class A | 393.0 | 87910 |
| Visa, Inc. - Class A | 4717.0 | 1654299 |
|  |  | 5274598 |
| **Health Care - 11.9%** |  |  |
| Abbott Laboratories, ADR | 5006.0 | 627202 |
| AbbVie, Inc. | 4912.0 | 1122343 |
| Agilent Technologies, Inc. | 835.0 | 113618 |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 362.0 | 143949 |
| Amgen, Inc. | 1576.0 | 515840 |
| Biogen, Inc.<sup>(a)</sup> | 386.0 | 67932 |
| Boston Scientific Corp.<sup>(a)</sup> | 4363.0 | 416012 |
| Bristol-Myers Squibb Co. | 5283.0 | 284965 |
| Cardinal Health, Inc. | 692.0 | 142206 |
| Centene Corp.<sup>(a)</sup> | 1326.0 | 54565 |
| Cigna Group | 739.0 | 203395 |
| Elevance Health, Inc. | 617.0 | 216289 |
| Gilead Sciences, Inc. | 3528.0 | 433027 |
| Hologic, Inc.<sup>(a)</sup> | 610.0 | 45439 |
| Illumina, Inc.<sup>(a)</sup> | 428.0 | 56136 |
| Merck & Co., Inc. | 7172.0 | 754925 |
| Pfizer, Inc. | 12935.0 | 322081 |
| Regeneron Pharmaceuticals, Inc. | 303.0 | 233877 |
| Stryker Corp. | 1032.0 | 362717 |
| Thermo Fisher Scientific, Inc. | 1064.0 | 616535 |
| UnitedHealth Group, Inc. | 2516.0 | 830557 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 677.0 | 306925 |
| Zoetis, Inc. - Class A | 1319.0 | 165957 |
|  |  | 8036492 |
| **Industrial Products - 5.5%** |  |  |
| Carrier Global Corp. | 2220.0 | 117305 |
| Cummins, Inc. | 366.0 | 186825 |

---

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

---

| | | |
|:---|:---|:---|
| Eaton Corp. PLC | 1066 | $339532 |
| Emerson Electric Co. | 1507.0 | 200009 |
| GE Aerospace | 2981.0 | 918237 |
| GE Vernova, Inc. | 711.0 | 464688 |
| Johnson Controls International PLC | 1683.0 | 201539 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 1030.0 | 209286 |
| nVent Electric PLC | 436.0 | 44459 |
| Otis Worldwide Corp. | 1110.0 | 96958 |
| Pentair PLC | 455.0 | 47384 |
| Rockwell Automation, Inc. | 301.0 | 117110 |
| TE Connectivity PLC | 1758.0 | 399962 |
| Trane Technologies PLC | 638.0 | 248310 |
| Xylem, Inc. | 667.0 | 90832 |
|  |  | 3682436 |
| **Industrial Services - 2.4%** |  |  |
| Automatic Data Processing, Inc. | 2451.0 | 630471 |
| Delta Air Lines, Inc. | 1693.0 | 117494 |
| Jacobs Solutions, Inc. | 319.0 | 42255 |
| Republic Services, Inc. - Class A | 562.0 | 119104 |
| Southwest Airlines Co. | 1145.0 | 47323 |
| Union Pacific Corp. | 1590.0 | 367799 |
| United Parcel Service, Inc. - Class B | 2020.0 | 200364 |
| W.W. Grainger, Inc. | 118.0 | 119068 |
|  |  | 1643878 |
| **Insurance - 1.7%** |  |  |
| Allstate Corp. | 763.0 | 158818 |
| American International Group, Inc. | 1458.0 | 124732 |
| Hartford Financial Services Group, Inc. | 813.0 | 112031 |
| MetLife, Inc. | 1476.0 | 116515 |
| Principal Financial Group, Inc. | 596.0 | 52573 |
| Progressive Corp. | 1634.0 | 372095 |
| Prudential Financial, Inc. | 926.0 | 104527 |
| Willis Towers Watson PLC | 248.0 | 81493 |
|  |  | 1122784 |
| **Materials - 1.9%** |  |  |
| Amcor PLC | 6421.0 | 53551 |
| Corteva, Inc. | 1934.0 | 129636 |
| Dow, Inc. | 1992.0 | 46573 |
| DuPont de Nemours, Inc. | 1116.0 | 44863 |
| Ecolab, Inc. | 740.0 | 194265 |
| Freeport-McMoRan, Inc. | 3739.0 | 189904 |
| International Flavors & Fragrances, Inc. | 931.0 | 62740 |
| International Paper Co. | 1372.0 | 54043 |
| Newmont Corp. | 3029.0 | 302446 |
| Packaging Corp. of America | 249.0 | 51351 |
| PPG Industries, Inc. | 616.0 | 63115 |

---

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

---

| | | |
|:---|:---|:---|
| Smurfit WestRock PLC | 1392 | $53829 |
|  |  | 1246316 |
| **Media - 10.0%** |  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 1089.0 | 147799 |
| Alphabet, Inc. - Class A | 10516.0 | 3291508 |
| Alphabet, Inc. - Class C | 119.0 | 37342 |
| Booking Holdings, Inc. | 82.0 | 439137 |
| Comcast Corp. - Class A | 28751.0 | 859367 |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 891.0 | 201794 |
| Electronic Arts, Inc. | 1785.0 | 364729 |
| Expedia Group, Inc. - Class A | 305.0 | 86410 |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 4521.0 | 117049 |
| Uber Technologies, Inc.<sup>(a)</sup> | 11613.0 | 948898 |
| VeriSign, Inc. | 490.0 | 119046 |
| Zillow Group, Inc. - Class A<sup>(a)</sup> | 306.0 | 20878 |
| Zillow Group, Inc. - Class C<sup>(a)</sup> | 1358.0 | 92643 |
|  |  | 6726600 |
| **Oil & Gas - 4.7%** |  |  |
| Baker Hughes Co. | 2856.0 | 130062 |
| Chevron Corp. | 5169.0 | 787807 |
| ConocoPhillips | 3214.0 | 300863 |
| Exxon Mobil Corp. | 11482.0 | 1381744 |
| Occidental Petroleum Corp. | 1811.0 | 74468 |
| Phillips 66 | 1078.0 | 139105 |
| SLB NV | 3831.0 | 147034 |
| Williams Cos., Inc. | 3258.0 | 195839 |
|  |  | 3156922 |
| **Real Estate - 1.8%** |  |  |
| American Tower Corp. - REIT | 1257.0 | 220692 |
| AvalonBay Communities, Inc. - REIT | 379.0 | 68716 |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 841.0 | 135224 |
| Equinix, Inc. - REIT | 271.0 | 207629 |
| Equity Residential - REIT | 952.0 | 60014 |
| Essex Property Trust, Inc. - REIT | 173.0 | 45271 |
| Invitation Homes, Inc. - REIT | 1982.0 | 55080 |
| Ventas, Inc. - REIT | 1212.0 | 93785 |
| Welltower, Inc. - REIT | 1938.0 | 359712 |
|  |  | 1246123 |
| **Renewable Energy - 0.3%** |  |  |
| First Solar, Inc.<sup>(a)</sup> | 676.0 | 176591 |
| **Retail & Wholesale - Discretionary - 4.0%** |  |  |
| AutoZone, Inc.<sup>(a)</sup> | 46.0 | 156009 |
| Best Buy Co., Inc. | 579.0 | 38753 |
| Burlington Stores, Inc.<sup>(a)</sup> | 162.0 | 46794 |
| eBay, Inc. | 1215.0 | 105827 |
| Home Depot, Inc. | 2763.0 | 950748 |

---

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

---

| | | |
|:---|:---|:---|
| Lowe's Cos., Inc. | 1512 | $364634 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 288.0 | 59849 |
| MercadoLibre, Inc.<sup>(a)</sup> | 124.0 | 249768 |
| Ross Stores, Inc. | 860.0 | 154920 |
| TJX Cos., Inc. | 3003.0 | 461291 |
| Tractor Supply Co. | 1422.0 | 71114 |
| Williams-Sonoma, Inc. | 336.0 | 60006 |
|  |  | 2719713 |
| **Retail & Wholesale - Staples - 1.9%** |  |  |
| Archer-Daniels-Midland Co. | 1293.0 | 74335 |
| Kroger Co. | 1776.0 | 110964 |
| Walmart, Inc. | 9970.0 | 1110758 |
|  |  | 1296057 |
| **Software & Tech Services - 17.5%** |  |  |
| Accenture PLC - Class A | 3565.0 | 956489 |
| Adobe, Inc.<sup>(a)</sup> | 2425.0 | 848726 |
| Atlassian Corp. - Class A<sup>(a)</sup> | 949.0 | 153871 |
| Autodesk, Inc.<sup>(a)</sup> | 1288.0 | 381261 |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 1901.0 | 374782 |
| DocuSign, Inc.<sup>(a)</sup> | 1308.0 | 89467 |
| Gartner, Inc.<sup>(a)</sup> | 510.0 | 128663 |
| HubSpot, Inc.<sup>(a)</sup> | 292.0 | 117180 |
| International Business Machines Corp. | 5767.0 | 1708243 |
| Intuit, Inc. | 1614.0 | 1069146 |
| Microsoft Corp. | 6797.0 | 3287165 |
| Salesforce, Inc. | 5024.0 | 1330908 |
| ServiceNow, Inc.<sup>(a)</sup> | 6062.0 | 928638 |
| Tyler Technologies, Inc.<sup>(a)</sup> | 256.0 | 116211 |
| Workday, Inc. - Class A<sup>(a)</sup> | 1291.0 | 277281 |
|  |  | 11768031 |
| **Tech Hardware & Semiconductors - 10.6%** |  |  |
| Analog Devices, Inc. | 2870.0 | 778344 |
| Ciena Corp.<sup>(a)</sup> | 829.0 | 193878 |
| Cisco Systems, Inc. | 23582.0 | 1816521 |
| F5, Inc.<sup>(a)</sup> | 343.0 | 87554 |
| Hewlett Packard Enterprise Co. | 7781.0 | 186900 |
| HP, Inc. | 5850.0 | 130338 |
| Motorola Solutions, Inc. | 1043.0 | 399803 |
| NetApp, Inc. | 1162.0 | 124439 |
| NVIDIA Corp. | 13633.0 | 2542555 |
| Texas Instruments, Inc. | 5182.0 | 899025 |
|  |  | 7159357 |
| **Telecommunications - 2.0%** |  |  |
| Verizon Communications, Inc. | 33151.0 | 1350240 |
| **Utilities - 1.8%** |  |  |
| Alliant Energy Corp. | 937.0 | 60914 |

---

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

---

| | | |
|:---|:---|:---|
| American Electric Power Co., Inc. | 1502 | $173196 |
| American Water Works Co., Inc. | 537.0 | 70078 |
| CMS Energy Corp. | 868.0 | 60699 |
| Consolidated Edison, Inc. | 1030.0 | 102300 |
| Edison International | 1097.0 | 65842 |
| Entergy Corp. | 1272.0 | 117571 |
| Eversource Energy | 687.0 | 46256 |
| Exelon Corp. | 2994.0 | 130508 |
| PPL Corp. | 2092.0 | 73262 |
| Sempra | 1909.0 | 168546 |
| Vistra Corp. | 991.0 | 159878 |
|  |  | 1229050 |
| **TOTAL COMMON STOCKS (Cost $60,111,175)** |  | 67168630 |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS - 0.3%** | | |
| **Money Market Funds - 0.3%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class X, 3.67%<sup>(b)</sup> | 230355 | 230355 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $230,355)** |  | 230355 |
| **TOTAL INVESTMENTS - 100.0% (Cost $60,341,530)** |  | $67398985 |
| Other Assets in Excess of Liabilities - 0.0%<sup>(c)</sup> |  | 2129 |
| **TOTAL NET ASSETS - 100.0%** |  | $67401114 |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized effective yield as of December 31, 2025.

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

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

**Statements of Assets and Liabilities**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Impact Shares** <br> **NAACP Minority** <br> **Empowerment ETF**  | **Impact Shares** <br> **Women's** <br> **Empowerment ETF**  |
| **ASSETS:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $47,838,813 and $60,341,530) (Note 2) | $62131066 | $67398985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable | 22462 | 43363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 811 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend tax reclaim receivable | 552 | 273 |
| **Total assets** | 62154891 | 67443126 |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 24905 | 42012 |
| **Total liabilities** | 24905 | 42012 |
| **NET ASSETS** | $62129986 | $67401114 |
| **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $40455401 | $54101068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | 21674585 | 13300046 |
| **Total Net Assets** | $62129986 | $67401114 |
| Net assets | $62129986 | $67401114 |
| Shares issued and outstanding<sup>(a)</sup> | 1250000 | 1625000 |
| Net asset value per share | $49.70 | $41.48 |

---

(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 December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Impact Shares** <br> **NAACP Minority** <br> **Empowerment ETF**  | **Impact Shares** <br> **Women's** <br> **Empowerment ETF** |
| **INVESTMENT INCOME:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $391576 | $561838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Issuance fees | (4) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 2626 | 2858 |
| **Total investment income** | 394198 | 564687 |
| **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 139522 | 240740 |
| **Total expenses** | 139522 | 240740 |
| **NET INVESTMENT INCOME (LOSS)** | 254676 | 323947 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (538673) | (863335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 8334870 | 8302305 |
| **Net realized gain (loss)** | 7796197 | 7438970 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (663704) | (4685219) |
| **Net change in unrealized appreciation (depreciation)** | (663704) | (4685219) |
| Net realized and unrealized gain (loss) | 7132493 | 2753751 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $7387169 | $3077698 |

---

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

**Statements of Changes in Net Assets** 

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Impact Shares NAACP Minority** <br> **Empowerment ETF** | **Impact Shares NAACP Minority** <br> **Empowerment ETF** | **Impact Shares Women's**<br>**Empowerment ETF**  | **Impact Shares Women's**<br>**Empowerment ETF**  |
|  | **Period Ended** <br> **December 31, 2025** <br> **(Unaudited)**  | **Year Ended**<br> **June 30, 2025**  | **Period Ended** <br> **December 31,** <br> **2025 (Unaudited)** | **Year Ended** <br> **June 30, 2025**  |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $254676 | $546747 | $323947 | $587234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 7796197 | 1682669 | 7438970 | 4248083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation depreciation) | (663704) | 4562774 | (4685219) | 1769088 |
| Net increase (decrease) in net assets resulting from operations | 7387169 | 6792190 | 3077698 | 6604405 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | (121908) | (1562664) | (180707) | (724822) |
| Total distributions to shareholders | (121908) | (1562664) | (180707) | (724822) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 18420238 | 10275965 | 24764879 | 14391536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (19274665) | (7122047) | (22711475) | (13600235) |
| Net increase (decrease) in net assets from capital transactions | (854427) | 3153918 | 2053404 | 791301 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 6410834 | 8383444 | 4950395 | 6670884 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 55719152 | 47335708 | 62450719 | 55779835 |
| End of the period | $62129986 | $55719152 | $67401114 | $62450719 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 375000 | 250000 | 600000 | 375000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (400000) | (175000) | (550000) | (350000) |
| Total increase (decrease) in shares outstanding | (25000) | 75000 | 50000 | 25000 |

---

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

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Impact Shares NAACP Minority Empowerment ETF** | **Impact Shares NAACP Minority Empowerment ETF** | **Impact Shares NAACP Minority Empowerment ETF** | **Impact Shares NAACP Minority Empowerment ETF** | **Impact Shares NAACP Minority Empowerment ETF** | **Impact Shares NAACP Minority Empowerment ETF** |
|  | **Period Ended** <br> **December 31,** <br> **2025** <br> **(Unaudited)**  | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2023** | **Year Ended**<br>**June 30, 2022** | **Year Ended** <br> **June 30, 2021** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $43.70 | $39.45 | $31.61 | $27.64 | $32.69 | $23.17 |
| **INVESTMENTS OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.21 | 0.42 | 0.42 | 0.40 | 0.33 | 0.30 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 5.89 | 5.03 | 7.86 | 4.63 | (4.25) | 9.68 |
| Total from investment operations | 6.10 | 5.45 | 8.28 | 5.03 | (3.92) | 9.98 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | (0.10) | (0.42) | (0.44) | (0.40) | (0.32) | (0.35) |
| Net realized gains |  | (0.78) |  | (0.66) | (0.81) | (0.11) |
| Total distributions | (0.10) | (1.20) | 0.44 | (1.06) | (1.13) | (0.46) |
| Net asset value, end of period | $49.70 | $43.70 | $39.45 | $31.61 | $27.64 | $32.69 |
| **TOTAL RETURN<sup>(c)</sup>** | 13.98% | 14.04% | 26.38% | 18.90% | (12.70)% | 43.35% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $62130 | $55719 | $47336 | $45051 | $35236 | $31875 |
| Ratio of expenses to average net assets<sup>(d)</sup> | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% | 0.50 %<sup>(e)</sup> |
| Ratio of net investment income to average net assets<sup>(d)</sup> | 0.89% | 1.03% | 1.22% | 1.41% | 1.00% | 1.03% |
| Portfolio turnover rate<sup>(c)(f)</sup> | 21% | 24% | 37% | 9% | 35% | 49% |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) The ratio of expenses to average net assets includes voluntary expense reimbursements. If these reimbursements were excluded, the ratio would have been 0.61% for the year ended June 30, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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 periods presented**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Impact Shares Women's Empowerment ETF** | **Impact Shares Women's Empowerment ETF** | **Impact Shares Women's Empowerment ETF** | **Impact Shares Women's Empowerment ETF** | **Impact Shares Women's Empowerment ETF** | **Impact Shares Women's Empowerment ETF** |
|  | **Period Ended** <br> **December 31,** <br> **2025** <br> **(Unaudited)**  | **Year Ended** <br> **June 30, 2025**  | **Year Ended** <br> **June 30, 2024**  | **Year Ended** <br> **June 30, 2023**  | **Year Ended** <br> **June 30, 2022** | **Year Ended**<br>**June 30, 2021** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $39.65 | $35.99 | $30.63 | $27.97 | $32.85 | $22.81 |
| **INVESTMENTS OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.21 | 0.37 | 0.33 | 0.35 | 0.27 | 0.21 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 1.74 | 3.74 | 5.63 | 4.63 | (3.99) | 11.59 |
| Total from investment operations | 1.95 | 4.11 | 5.96 | 4.98 | (3.72) | 11.80 |
| Net investment income | (0.12) | (0.45) | (0.33) | (0.34) | (0.27) | (0.47) |
| Net realized gains |  |  | (0.27) | (1.98) | (0.89) | (1.29) |
| Total distributions | (0.12) | (0.45) | (0.60) | (2.32) | (1.16) | (1.76) |
| Net asset value, end of period | $41.48 | $39.65 | $35.99 | $30.63 | $27.97 | $32.85 |
| **TOTAL RETURN<sup>(c)</sup>** |  |  |  |  |  |  |
|  | 4.90% | 11.46% | 19.64% | 19.16% | (11.98)% | 52.85% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $67401 | $62451 | $55780 | $40588 | $30069 | $29562 |
| Ratio of expenses to average net assets<sup>(d)</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75 %<sup>(e)</sup> |
| Ratio of net investment income to average net assets<sup>(d)</sup> | 1.01% | 0.95% | 1.01% | 1.22% | 0.83% | 0.73% |
| Portfolio turnover rate<sup>(c)(f)</sup> | 37% | 21% | 33% | 17% | 36% | 39% |

---

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

(b) 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.

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

(d) Annualized for periods less than one year.

(e) The ratio of expenses to average net assets includes voluntary expense reimbursements. If these reimbursements were excluded, the ratio would have been 0.86% for the year ended June 30, 2021.

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

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

Notes to Financial Statements

December 31, 2025 (Unaudited)

**NOTE 1 - ORGANIZATION**

The Impact Shares NAACP Minority Empowerment ETF (the "Minority ETF") and the Impact Shares Women's Empowerment ETF (the "Women's ETF"), (each, a "Fund," and collectively, the "Funds") are each a diversified series of shares 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. 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 Minority ETF commenced operations on July 18, 2018 and the Women's ETF commenced operations on August 24, 2018.

The investment objective of the Minority ETF is to seek investment results that, before fees and expenses, track the performance of the Morningstar® Minority Empowerment Index. The investment objective of the Women's ETF is to seek investment results that, before fees and expenses, track the performance of the Morningstar® Women's Empowerment Index.

**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, which may include Real Estate Investment Trusts ("REITs"), Business Development Companies ("BDCs"), and Master Limited Partnerships ("MLPs"), 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 (the "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 the 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.

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. 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.

Notes to Financial Statements

December 31, 2025 (Unaudited)

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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Minority ETF** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| **Assets:** | | | | |
| **Investments:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $61736105 | $— | $— | $61736105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 394961 |  |  | 394961 |
| **Total Investments** | $62131066 | $— | $— | $62131066 |
| **Women's ETF** |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| **Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $67168630 | $— | $— | $67168630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | $230355 | $— | $— | $230355 |
| **Total Investments** | $67398985 | $— | $— | $67398985 |

---

Notes to Financial Statements

December 31, 2025 (Unaudited)

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

**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 December 31, 2025, 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. Dividends received from REITs generally are comprised of ordinary income, capital gains, and may include return of capital. 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 annually. 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.

Notes to Financial Statements

December 31, 2025 (Unaudited)

**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.

**Share Valuation -** The NAV per Share 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 the 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.

**NOTE 3 - PRINCIPAL INVESTMENT RISKS**

**Equity Investing Risk.** The market prices of equity securities owned by the Funds may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer, such as management performance, financial leverage, non-compliance with regulatory requirements, and reduced demand for the issuer's goods or services and also may decline due to general industry or market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

**Ethnic Diversity Risk (NACP ETF Only).** The returns on a portfolio of securities that excludes companies that are not ethnically diverse may trail the returns on a portfolio of securities that includes companies that are not ethnically diverse. Investing only in a portfolio of securities that are ethnically diverse may affect the Fund's exposure to certain types of investments and may adversely impact the Fund's performance depending on whether such investments are in or out of favor in the market.

**Gender Diversity Risk (WOMN ETF Only).** The returns on a portfolio of securities that excludes companies that are not gender diverse may trail the returns on a portfolio of securities that includes companies that are not gender diverse. Investing only in a portfolio of securities that are gender diverse may affect the Fund's exposure to certain types of investments and may adversely impact the Fund's performance depending on whether such investments are in or out of favor in the market.

Notes to Financial Statements

December 31, 2025 (Unaudited)

**Index Performance Risk.** The Funds seek to track indexes maintained by a third-party provider unaffiliated with the Funds or the Adviser. There can be no guarantee or assurance that the methodology used by the third-party provider to create the indexes will result in the Funds achieving high, or even positive, returns. Further, there can be no guarantee that the methodology underlying the indexes, or the daily calculation of the indexes, will be free from error. It is also possible that the value of the indexes may be subject to intentional manipulation by third-party market participants. The indexes used by the Funds may underperform other asset classes and may underperform other similar indexes. Each of these factors could have a negative impact on the performance of the Funds.

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, subject to the supervision of the Board.

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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment Advisory Fee** |
| &nbsp;&nbsp;Minority ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;Women's ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% |

---

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 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 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 Fee payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the period ended December 31, 2025 are disclosed in the Statements of Operations.

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.

Notes to Financial Statements

December 31, 2025 (Unaudited)

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.

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.

Notes to Financial Statements

December 31, 2025 (Unaudited)

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

For the period ended December 31, 2025, 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;Minority ETF | $11730994 | $12585743 |
| &nbsp;&nbsp;Women's ETF | $23430026 | $23712583 |

---

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;Minority ETF | $17992372 | $18133285 |
| &nbsp;&nbsp;Women's ETF | $24264446 | $21927451 |

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

The tax character of distributions paid during the period ended December 31, 2025 and the prior fiscal year ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Distributions paid from:** | **Minority ETF** | **Minority ETF** | **Women's ETF** | **Women's ETF** |
| Ordinary Income | $121908 | $546194 | $180707 | $724822 |
| Long-Term Capital Gains |  | 1016470 |  |  |

---

As of the most recent fiscal year ended June 30, 2025, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Minority ETF** | **Women's ETF** |
| Cost of investments(a) | $41025733 | $51359651 |
| Gross tax unrealized appreciation | 16025951 | 13662298 |
| Gross tax unrealized depreciation | (1330488) | (2573946) |
| Net tax unrealized appreciation (depreciation) | 14695463 | 11088352 |
| Undistributed ordinary income (loss) | 120882 |  |
| Undistributed long-term capital gain (loss) |  |  |
| Total distributable earnings | 120882 |  |
| Other accumulated gain (loss) | (407021) | (685297) |
| Total distributable earnings/(accumulated losses) | $14409324 | $10403055 |

---

(a) The difference between book and tax-basis unrealized appreciation is primarily due to XX .

Notes to Financial Statements

December 31, 2025 (Unaudited)

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 most recent fiscal year ended June 30, 2025, the Funds had not elected to defer any post-October or late-year losses.

As of June 30, 2025, the Funds had long-term and short-term capital loss carryovers of the following, which do not expire.

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| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| Minority ETF | $207363 | $199658 |
| Women's ETF | 109155 | 576142 |

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**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.

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 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.

Notes to Financial Statements

December 31, 2025 (Unaudited)

**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.

&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.**

The aggregate remuneration paid to the Registrant's trustees, officers and others, if any, is included in Item 7 of this report.

**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>**

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this report.

**<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.* Not Applicable.

&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.*](ex99-cert.htm)Filed herewith.

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

**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>March 9, 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> March 9, 2026</u>

---

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

---

Date <u>March 9, 2026</u>

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

## Ex-99.Cert

**[Tidal Trust III N-CSRS](nacp-ncsrs_123125.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: | March 9, 2026 | /s/ Eric W. Falkeis |
| | | Eric W. Falkeis<br> 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: | March 9, 2026 | /s/ Aaron J. Perkovich |
| | | Aaron J Perkovich<br> Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**[Tidal Trust III N-CSRS](nacp-ncsrs_123125.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/ Eric W. Falkeis | /s/ Aaron J. Perkovich | /s/ Aaron J. Perkovich |
| <br> Eric W. Falkeis <br> President/Principal Executive Officer, <br> Tidal Trust III | <br> Eric W. Falkeis <br> President/Principal Executive Officer, <br> Tidal Trust III | <br> Aaron J. Perkovich <br> Treasurer/Principal Financial Officer, <br> Tidal Trust III | <br> Aaron J. Perkovich <br> Treasurer/Principal Financial Officer, <br> Tidal Trust III |
| Dated: | March 9, 2026 | Dated: | March 9, 2026 |

---

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.