# EDGAR Filing Document

**Accession Number:** 0001722388
**File Stem:** 0002000324-25-004518
**Filing Date:** 2025-11
**Character Count:** 6845
**Document Hash:** 30daacc5f5eed60d2e12a6f58c97eb88
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004518.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002000324-25-004518

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**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:** 251527370

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

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

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

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

## Series and Classes Contracts Data

### Battleshares(TM) TSLA vs F ETF (Series ID: S000089549)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000256141 | Battleshares(TM) TSLA vs F ETF | ELON            |

## Nport-Ex

---

| |
|:---|
| **BattleShares™ TSLA vs F ETF** |
| **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS - 6.1%** | | |
| **Money Market Funds - 6.1%** | **Shares** | **Value** |
| First American Government Obligations Fund - Class X, 4.05%<sup>(a)</sup> | 69268 | $69268 |
| **TOTAL SHORT-TERM INVESTMENTS (Cost $69,268)** |  | 69268 |
| **TOTAL INVESTMENTS - 6.1% (Cost $69,268)** |  | $69268 |
| Other Assets in Excess of Liabilities - 93.9% |  | 106581 |
| **TOTAL NET ASSETS - 100.0%** |  | $1135083 |
| Percentages are stated as a percent of net assets. |  |  |

---

(a) The rate shown represents the 7-day annualized effective yield as of September 30, 2025.

---

| |
|:---|
| **BattleShares™ TSLA vs F ETF** |
| **Schedule of Total Return Swaps Contracts** |
| **September 30, 2025 (Unaudited)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP - TOTAL RETURN - 33.3%** | | | | | | | |
| **Reference Entity** | **Counterparty** | **Pay/ Receive Reference Entity** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Notional Value** | **Value / Unrealized Appreciation (Depreciation)** |
| Ford Motor Co. | Marex Capital Markets, Inc. | Pay | OBFR+(2.00)% | Monthly | 09/11/28 | $(1132158) | $(22848) |
| Tesla, Inc. | Marex Capital Markets, Inc. | Receive | OBFR+4.00% | Monthly | 09/11/28 | 2267183 | 377454 |
|  |  |  |  |  |  |  | 354606 |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  |  |  |  | $354606 |

---

Percentages are stated as a percent of net assets.

There are no upfront payments or receipts associated with total return swaps in the Fund as of September 30, 2025.

OBFR - Overnight Bank Funding Rate was 4.09% as of September 30, 2025.

## 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:** Battlesharestm Tsla Vs F ETF

- **b. EDGAR series identifier (if any):** S000089549

- **c. LEI of Series:** 254900VY572YYA6V6W07

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **Yes**

### Fund Information

**Total Assets:** $1160522.53

**Total Liabilities:** $25353.18

**Net Assets:** $1135169.35

**Cash Not Reported:** $614813.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256141 | -11.65%              | 8.56%                | 70.17%               |

**Monthly Gains & Losses**

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

**Designated Index Information**

- **Index Name:** Fund's Portfolio

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |     61902 | NS      | $61901.54     | 5.45%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | FORD MOTOR CO MAREX                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-21502.83    | -1.89%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | TESLA INC MAREX                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $368088.05    | 32.43%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** Tidal Trust III

**Signature:** /s/ Aaron Perkovich

**Name of Signer:** Aaron Perkovich

**Title:** Treasurer/Principal Financial Officer